FPAS vs. SPAX

Last updated Aug 1, 2026

FPAS (FPA Short Duration Government ETF) and SPAX (Robinson Alternative Yield Pre-merger SPAC ETF) are both exchange-traded funds - FPAS is a Government Bonds fund actively managed by FPA, while SPAX is a Actively Managed fund actively managed by Toroso Investments. Both are actively managed. Their 0.06 correlation means their historical movements had little consistent relationship. FPAS charges 0.09%/yr vs 0.85%/yr for SPAX.

Performance

FPAS vs. SPAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FPA Short Duration Government ETF (FPAS) and Robinson Alternative Yield Pre-merger SPAC ETF (SPAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FPAS

• 1D: -0.26%
• 1M: -0.50%
• 6M: -0.81%
• YTD: -1.14%
• 1Y: 0.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.11%

SPAX

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FPAS FPA Short Duration Government ETF	$9.71K	$47.51K	$135.30K

FPAS vs. SPAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FPAS FPA Short Duration Government ETF	-1.14%	7.15%	-0.42%
SPAX Robinson Alternative Yield Pre-merger SPAC ETF	0.00%	0.02%	1.94%

Correlation

The correlation between FPAS and SPAX is 0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 1, 2024	0.06

Return for Risk

FPAS vs. SPAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FPAS

FPAS Risk / Return Rank: 22
FPAS Sharpe Ratio Rank: 24
FPAS Sortino Ratio Rank: 21
FPAS Omega Ratio Rank: 21
FPAS Calmar Ratio Rank: 23
FPAS Martin Ratio Rank: 22

SPAX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FPAS vs. SPAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FPA Short Duration Government ETF (FPAS) and Robinson Alternative Yield Pre-merger SPAC ETF (SPAX). 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	SPAX	Difference
Sharpe ratio: Return per unit of total volatility	0.51	—	—
Sortino ratio: Return per unit of downside risk	0.77	—	—
Omega ratio: Gain probability vs. loss probability	1.09	—	—
Calmar ratio: Return relative to maximum drawdown	0.66	—	—
Martin ratio: Return relative to average drawdown	1.50	—	—

Drawdowns

Drawdown Indicators

	FPAS	SPAX	Difference
Max Drawdown Largest peak-to-trough decline	-2.47%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-2.47%	—	—
Current Drawdown Current decline from peak	-2.23%	—	—
Average Drawdown Average peak-to-trough decline	-0.78%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.08%	—	—

Volatility

Volatility by Period

	FPAS	SPAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.81%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.51%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.20%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.05%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.05%	—	—

FPAS vs. SPAX - Expense Ratio Comparison

FPAS has a 0.09% expense ratio, which is lower than SPAX's 0.85% expense ratio.

Dividends

FPAS vs. SPAX - Dividend Comparison

FPAS's dividend yield for the trailing twelve months is around 4.80%, while SPAX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
FPAS FPA Short Duration Government ETF	4.80%	4.75%	0.68%	0.00%	0.00%
SPAX Robinson Alternative Yield Pre-merger SPAC ETF	0.00%	0.00%	5.50%	7.54%	0.97%

Frequently Asked Questions

Can I hold both FPAS and SPAX in my portfolio?

FPAS and SPAX 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 ETF is better, FPAS or SPAX?

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.

Which ETF is cheaper, FPAS or SPAX?

FPAS is cheaper with a 0.09% expense ratio, compared with 0.85% for SPAX.

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

FPAS has the higher dividend yield at 4.80%, compared with 0.00% for SPAX.

What is the main difference between FPAS and SPAX?

FPAS is categorized as Government Bonds, while SPAX is Actively Managed. They also come from different issuers: FPA and Toroso Investments. Their fees differ too: 0.09% for FPAS and 0.85% for SPAX.