FPAS vs. GGOV
FPAS (FPA Short Duration Government ETF) and GGOV (iShares Global Government Bond USD Hedged Active ETF) are both exchange-traded funds - FPAS is a Government Bonds fund actively managed by FPA, while GGOV is a Global Bonds fund managed by iShares. A 0.52 correlation means they provide meaningful diversification when combined. FPAS charges 0.09%/yr vs 0.39%/yr for GGOV.
Performance
FPAS vs. GGOV - Performance Comparison
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Returns By Period
In the year-to-date period, FPAS achieves a -0.75% return, which is significantly lower than GGOV's 2.30% return.
FPAS
- 1D
- -0.14%
- 1M
- -0.21%
- YTD
- -0.75%
- 6M
- -0.62%
- 1Y
- 3.02%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GGOV
- 1D
- -0.16%
- 1M
- 0.60%
- YTD
- 2.30%
- 6M
- -1.11%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FPAS vs. GGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FPAS FPA Short Duration Government ETF | -0.75% | 2.31% |
GGOV iShares Global Government Bond USD Hedged Active ETF | 2.30% | -2.81% |
Correlation
The correlation between FPAS and GGOV is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jun 27, 2025 | 0.52 |
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Return for Risk
FPAS vs. GGOV — Risk / Return Rank
FPAS
GGOV
FPAS vs. GGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FPA Short Duration Government ETF (FPAS) and iShares Global Government Bond USD Hedged Active ETF (GGOV). 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.
| FPAS | GGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.16 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | — | — |
| Martin ratioReturn relative to average drawdown | 3.71 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FPAS | GGOV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.93 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.98 | -0.11 | +1.09 |
Drawdowns
FPAS vs. GGOV - Drawdown Comparison
The maximum FPAS drawdown since its inception was -2.47%, smaller than the maximum GGOV drawdown of -4.69%. Use the drawdown chart below to compare losses from any high point for FPAS and GGOV.
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Drawdown Indicators
| FPAS | GGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.47% | -4.69% | +2.22% |
Max Drawdown (1Y)Largest decline over 1 year | -2.47% | — | — |
Current DrawdownCurrent decline from peak | -1.85% | -1.50% | -0.35% |
Average DrawdownAverage peak-to-trough decline | -0.67% | -1.59% | +0.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.82% | — | — |
Volatility
FPAS vs. GGOV - Volatility Comparison
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Volatility by Period
| FPAS | GGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.24% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.25% | 5.38% | -2.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.09% | 5.38% | -1.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.09% | 5.38% | -1.29% |
FPAS vs. GGOV - Expense Ratio Comparison
FPAS has a 0.09% expense ratio, which is lower than GGOV's 0.39% expense ratio.
Dividends
FPAS vs. GGOV - Dividend Comparison
FPAS's dividend yield for the trailing twelve months is around 4.78%, while GGOV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
FPAS FPA Short Duration Government ETF | 4.78% | 4.75% | 0.68% |
GGOV iShares Global Government Bond USD Hedged Active ETF | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FPAS and GGOV have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FPAS is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FPAS is cheaper with a 0.09% expense ratio, compared with 0.39% for GGOV.
FPAS has the higher dividend yield at 4.78%, compared with 0.00% for GGOV.
FPAS is categorized as Government Bonds, while GGOV is Global Bonds. They also come from different issuers: FPA and iShares. Their fees differ too: 0.09% for FPAS and 0.39% for GGOV.
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