FPAS vs. QTJL

Last updated Jun 24, 2026

FPAS (FPA Short Duration Government ETF) and QTJL (Innovator Growth Accelerated Plus ETF - July) are both exchange-traded funds - FPAS is a Government Bonds fund actively managed by FPA, while QTJL is a Leveraged Equities fund actively managed by Innovator. Both are actively managed. Over the past year, FPAS returned 2.14% vs 18.59% for QTJL. At a correlation of -0.03, they often move in opposite directions. FPAS charges 0.09%/yr vs 0.79%/yr for QTJL.

Performance

FPAS vs. QTJL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FPA Short Duration Government ETF (FPAS) and Innovator Growth Accelerated Plus ETF - July (QTJL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPAS achieves a -0.79% return, which is significantly lower than QTJL's 7.38% return.

FPAS

• 1D: -0.02%
• 1M: 0.25%
• YTD: -0.79%
• 6M: -0.38%
• 1Y: 2.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QTJL

• 1D: -0.04%
• 1M: 0.44%
• YTD: 7.38%
• 6M: 6.82%
• 1Y: 18.59%
• 3Y*: 19.09%
• 5Y*: —
• 10Y*: —

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

FPAS vs. QTJL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FPAS FPA Short Duration Government ETF	-0.79%	7.15%	-0.42%
QTJL Innovator Growth Accelerated Plus ETF - July	7.38%	21.07%	5.12%

Correlation

The correlation between FPAS and QTJL is 0.07, 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	0.07
Correlation (All Time) Calculated using the full available price history since Nov 1, 2024	-0.03

The correlation between FPAS and QTJL shifts across timeframes, from -0.03 (all time) to 0.07 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FPAS vs. QTJL — Risk / Return Rank

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

FPAS

FPAS Risk / Return Rank: 20
FPAS Sharpe Ratio Rank: 20
FPAS Sortino Ratio Rank: 19
FPAS Omega Ratio Rank: 18
FPAS Calmar Ratio Rank: 20
FPAS Martin Ratio Rank: 21

QTJL

QTJL Risk / Return Rank: 67
QTJL Sharpe Ratio Rank: 61
QTJL Sortino Ratio Rank: 63
QTJL Omega Ratio Rank: 71
QTJL Calmar Ratio Rank: 61
QTJL Martin Ratio Rank: 80

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.

FPAS vs. QTJL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FPA Short Duration Government ETF (FPAS) and Innovator Growth Accelerated Plus ETF - July (QTJL). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FPAS	QTJL	Difference
Sharpe ratio: Return per unit of total volatility	0.66	1.89	-1.23
Sortino ratio: Return per unit of downside risk	0.99	2.70	-1.72
Omega ratio: Gain probability vs. loss probability	1.11	1.39	-0.27
Calmar ratio: Return relative to maximum drawdown	0.87	2.79	-1.92
Martin ratio: Return relative to average drawdown	2.35	14.72	-12.37

FPAS vs. QTJL - Sharpe Ratio Comparison

The current FPAS Sharpe Ratio is 0.66, which is lower than the QTJL Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of FPAS and QTJL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FPAS vs. QTJL - Drawdown Comparison

The maximum FPAS drawdown since its inception was -2.47%, smaller than the maximum QTJL drawdown of -33.40%. Use the drawdown chart below to compare losses from any high point for FPAS and QTJL.

Drawdown Indicators

	FPAS	QTJL	Difference
Max Drawdown Largest peak-to-trough decline	-2.47%	-33.40%	+30.93%
Max Drawdown (1Y) Largest decline over 1 year	-2.47%	-6.68%	+4.21%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.43%	—
Current Drawdown Current decline from peak	-1.88%	-0.04%	-1.84%
Average Drawdown Average peak-to-trough decline	-0.71%	-7.85%	+7.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	1.27%	-0.36%

Volatility

FPAS vs. QTJL - Volatility Comparison

FPA Short Duration Government ETF (FPAS) has a higher volatility of 1.18% compared to Innovator Growth Accelerated Plus ETF - July (QTJL) at 0.60%. This indicates that FPAS's price experiences larger fluctuations and is considered to be riskier than QTJL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPAS	QTJL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.18%	0.60%	+0.58%
Volatility (6M) Calculated over the trailing 6-month period	2.42%	7.42%	-5.00%
Volatility (1Y) Calculated over the trailing 1-year period	3.29%	9.88%	-6.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.12%	20.31%	-16.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.12%	20.31%	-16.19%

FPAS vs. QTJL - Expense Ratio Comparison

FPAS has a 0.09% expense ratio, which is lower than QTJL's 0.79% expense ratio.

Dividends

FPAS vs. QTJL - Dividend Comparison

FPAS's dividend yield for the trailing twelve months is around 4.78%, while QTJL has not paid dividends to shareholders.

Position	TTM	2025	2024
FPAS FPA Short Duration Government ETF	4.78%	4.75%	0.68%
QTJL Innovator Growth Accelerated Plus ETF - July	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FPAS and QTJL in my portfolio?

FPAS and QTJL have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPAS or QTJL?

FPAS has higher volatility (1.18%) compared to QTJL (0.60%). In terms of maximum drawdown, FPAS dropped -2.47% vs QTJL's -33.40%.

Which ETF is better, FPAS or QTJL?

On 1-year performance, QTJL leads with 18.59% vs 2.14% for FPAS. On fees, FPAS is cheaper at 0.09% per year. On volatility, QTJL has been the lower-risk option at 0.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPAS or QTJL?

Over the 1-year period, QTJL has performed better with a 18.59% return vs 2.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPAS or QTJL?

FPAS is cheaper with a 0.09% expense ratio, compared with 0.79% for QTJL.

Which ETF pays a higher dividend yield, FPAS or QTJL?

FPAS has the higher dividend yield at 4.78%, compared with 0.00% for QTJL.

What is the main difference between FPAS and QTJL?

FPAS is categorized as Government Bonds, while QTJL is Leveraged Equities. They also come from different issuers: FPA and Innovator. Their fees differ too: 0.09% for FPAS and 0.79% for QTJL.

Which has better risk-adjusted returns?

QTJL currently has the higher Sharpe Ratio (1.89 vs 0.66), 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.