FPAG vs. TBIL

Last updated Jun 4, 2026

FPAG (FPA Global Equity ETF) and TBIL (US Treasury 3 Month Bill ETF) are both exchange-traded funds - FPAG is a Global Equities fund actively managed by FPA, while TBIL is a Ultrashort Bond fund tracking the ICE BofA US Treasury Bill 3 Month Index. FPAG is actively managed, while TBIL is passively managed. Over the past 3 years, FPAG returned 21.24%/yr vs 4.64%/yr for TBIL. At a 0.03 correlation, their price movements are largely independent. FPAG charges 0.49%/yr vs 0.15%/yr for TBIL.

Performance

FPAG vs. TBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FPA Global Equity ETF (FPAG) and US Treasury 3 Month Bill ETF (TBIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPAG achieves a 7.57% return, which is significantly higher than TBIL's 1.49% return.

FPAG

• 1D: -0.60%
• 1M: 4.07%
• YTD: 7.57%
• 6M: 8.13%
• 1Y: 25.35%
• 3Y*: 21.24%
• 5Y*: —
• 10Y*: —

TBIL

• 1D: 0.00%
• 1M: 0.30%
• YTD: 1.49%
• 6M: 1.78%
• 1Y: 3.93%
• 3Y*: 4.64%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FPAG vs. TBIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FPAG FPA Global Equity ETF	7.57%	25.17%	15.64%	29.55%	-4.44%
TBIL US Treasury 3 Month Bill ETF	1.49%	4.19%	5.15%	5.12%	1.30%

Correlation

The correlation between FPAG and TBIL is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022	0.03

Return for Risk

FPAG vs. TBIL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FPAG

FPAG Risk / Return Rank: 48
FPAG Sharpe Ratio Rank: 50
FPAG Sortino Ratio Rank: 51
FPAG Omega Ratio Rank: 49
FPAG Calmar Ratio Rank: 42
FPAG Martin Ratio Rank: 47

TBIL

TBIL Risk / Return Rank: 100
TBIL Sharpe Ratio Rank: 100
TBIL Sortino Ratio Rank: 100
TBIL Omega Ratio Rank: 100
TBIL Calmar Ratio Rank: 100
TBIL Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FPAG vs. TBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FPA Global Equity ETF (FPAG) and US Treasury 3 Month Bill ETF (TBIL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	FPAG	TBIL	Difference
Sharpe ratio: Return per unit of total volatility	1.74	13.78	-12.04
Sortino ratio: Return per unit of downside risk	2.51	58.40	-55.88
Omega ratio: Gain probability vs. loss probability	1.31	17.16	-15.85
Calmar ratio: Return relative to maximum drawdown	2.10	196.84	-194.74
Martin ratio: Return relative to average drawdown	7.94	934.41	-926.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPAG vs. TBIL - Sharpe Ratio Comparison

The current FPAG Sharpe Ratio is 1.74, which is lower than the TBIL Sharpe Ratio of 13.78. The chart below compares the historical Sharpe Ratios of FPAG and TBIL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FPAG	TBIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	13.78	-12.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	14.07	-13.41

Drawdowns

FPAG vs. TBIL - Drawdown Comparison

The maximum FPAG drawdown since its inception was -28.43%, which is greater than TBIL's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for FPAG and TBIL.

Drawdown Indicators

	FPAG	TBIL	Difference
Max Drawdown Largest peak-to-trough decline	-28.43%	-0.10%	-28.33%
Max Drawdown (1Y) Largest decline over 1 year	-12.14%	-0.02%	-12.12%
Max Drawdown (3Y) Largest decline over 3 years	-18.06%	-0.02%	-18.04%
Current Drawdown Current decline from peak	-0.60%	0.00%	-0.60%
Average Drawdown Average peak-to-trough decline	-6.37%	-0.00%	-6.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	0.00%	+3.20%

Volatility

FPAG vs. TBIL - Volatility Comparison

FPA Global Equity ETF (FPAG) has a higher volatility of 4.16% compared to US Treasury 3 Month Bill ETF (TBIL) at 0.08%. This indicates that FPAG's price experiences larger fluctuations and is considered to be riskier than TBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPAG	TBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.16%	0.08%	+4.08%
Volatility (6M) Calculated over the trailing 6-month period	11.38%	0.19%	+11.19%
Volatility (1Y) Calculated over the trailing 1-year period	14.64%	0.29%	+14.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.39%	0.32%	+19.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.39%	0.32%	+19.07%

FPAG vs. TBIL - Expense Ratio Comparison

FPAG has a 0.49% expense ratio, which is higher than TBIL's 0.15% expense ratio.

Dividends

FPAG vs. TBIL - Dividend Comparison

FPAG's dividend yield for the trailing twelve months is around 1.41%, less than TBIL's 3.82% yield.

Position	TTM	2025	2024	2023	2022
FPAG FPA Global Equity ETF	1.41%	1.99%	1.42%	1.51%	1.22%
TBIL US Treasury 3 Month Bill ETF	3.82%	4.07%	5.02%	5.00%	1.10%

Frequently Asked Questions

Can I hold both FPAG and TBIL in my portfolio?

FPAG and TBIL have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPAG or TBIL?

FPAG has higher volatility (4.16%) compared to TBIL (0.08%). In terms of maximum drawdown, FPAG dropped -28.43% vs TBIL's -0.10%.

Which ETF is better, FPAG or TBIL?

On 3-year performance, FPAG leads with 21.24% vs 4.64% for TBIL. On fees, TBIL is cheaper at 0.15% per year. On volatility, TBIL has been the lower-risk option at 0.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPAG or TBIL?

Over the 3-year period, FPAG has performed better with a 21.24% return vs 4.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPAG or TBIL?

TBIL is cheaper with a 0.15% expense ratio, compared with 0.49% for FPAG.

Which ETF pays a higher dividend yield, FPAG or TBIL?

TBIL has the higher dividend yield at 3.82%, compared with 1.41% for FPAG.

What is the main difference between FPAG and TBIL?

FPAG is categorized as Global Equities, while TBIL is Ultrashort Bond. They also come from different issuers: FPA and US Benchmark Series. Their fees differ too: 0.49% for FPAG and 0.15% for TBIL.

Which has better risk-adjusted returns?

TBIL currently has the higher Sharpe Ratio (13.78 vs 1.74), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.