FPAS vs. TFLO
FPAS (FPA Short Duration Government ETF) and TFLO (iShares Treasury Floating Rate Bond ETF) are both Government Bonds funds. FPAS is actively managed, while TFLO is passively managed. Over the past year, FPAS returned 3.02% vs 3.97% for TFLO. At a correlation of -0.05, they often move in opposite directions. FPAS charges 0.09%/yr vs 0.15%/yr for TFLO.
Performance
FPAS vs. TFLO - 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 TFLO's 1.59% return.
FPAS
- 1D
- -0.14%
- 1M
- -0.21%
- YTD
- -0.75%
- 6M
- -0.62%
- 1Y
- 3.02%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TFLO
- 1D
- 0.02%
- 1M
- 0.31%
- YTD
- 1.59%
- 6M
- 1.92%
- 1Y
- 3.97%
- 3Y*
- 4.74%
- 5Y*
- 3.63%
- 10Y*
- 2.37%
FPAS vs. TFLO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FPAS FPA Short Duration Government ETF | -0.75% | 7.15% | -0.03% |
TFLO iShares Treasury Floating Rate Bond ETF | 1.59% | 4.22% | 0.85% |
Correlation
The correlation between FPAS and TFLO 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 4, 2024 | -0.05 |
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Return for Risk
FPAS vs. TFLO — Risk / Return Rank
FPAS
TFLO
FPAS vs. TFLO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FPA Short Duration Government ETF (FPAS) and iShares Treasury Floating Rate Bond ETF (TFLO). 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 | TFLO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -13.15 | ||
| Sortino ratioReturn per unit of downside risk | -49.47 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 13.94 | -12.78 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | 201.22 | -200.00 |
| Martin ratioReturn relative to average drawdown | 3.71 | 823.26 | -819.55 |
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 | TFLO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.93 | 14.09 | -13.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 10.30 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 5.21 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.98 | 0.99 | -0.01 |
Drawdowns
FPAS vs. TFLO - Drawdown Comparison
The maximum FPAS drawdown since its inception was -2.47%, smaller than the maximum TFLO drawdown of -5.01%. Use the drawdown chart below to compare losses from any high point for FPAS and TFLO.
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Drawdown Indicators
| FPAS | TFLO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.47% | -5.01% | +2.54% |
Max Drawdown (1Y)Largest decline over 1 year | -2.47% | -0.02% | -2.45% |
Max Drawdown (3Y)Largest decline over 3 years | — | -0.04% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.13% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.16% | — |
Current DrawdownCurrent decline from peak | -1.85% | 0.00% | -1.85% |
Average DrawdownAverage peak-to-trough decline | -0.67% | -0.10% | -0.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.82% | 0.00% | +0.82% |
Volatility
FPAS vs. TFLO - Volatility Comparison
FPA Short Duration Government ETF (FPAS) has a higher volatility of 1.10% compared to iShares Treasury Floating Rate Bond ETF (TFLO) at 0.07%. This indicates that FPAS's price experiences larger fluctuations and is considered to be riskier than TFLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FPAS | TFLO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 0.07% | +1.03% |
Volatility (6M)Calculated over the trailing 6-month period | 2.24% | 0.20% | +2.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.25% | 0.28% | +2.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.09% | 0.35% | +3.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.09% | 0.46% | +3.63% |
FPAS vs. TFLO - Expense Ratio Comparison
FPAS has a 0.09% expense ratio, which is lower than TFLO's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
FPAS vs. TFLO - Dividend Comparison
FPAS's dividend yield for the trailing twelve months is around 4.78%, more than TFLO's 3.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FPAS FPA Short Duration Government ETF | 4.78% | 4.75% | 0.68% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TFLO iShares Treasury Floating Rate Bond ETF | 3.90% | 4.16% | 5.21% | 4.88% | 1.68% | 0.00% | 0.36% | 2.08% | 1.65% | 0.86% | 0.31% | 0.15% |
Frequently Asked Questions
FPAS and TFLO 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.
FPAS has higher volatility (1.10%) compared to TFLO (0.07%). In terms of maximum drawdown, FPAS dropped -2.47% vs TFLO's -5.01%.
On 1-year performance, TFLO leads with 3.97% vs 3.02% for FPAS. On fees, FPAS is cheaper at 0.09% per year. On volatility, TFLO has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TFLO has performed better with a 3.97% return vs 3.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FPAS is cheaper with a 0.09% expense ratio, compared with 0.15% for TFLO.
FPAS has the higher dividend yield at 4.78%, compared with 3.90% for TFLO.
They also come from different issuers: FPA and iShares. Their fees differ too: 0.09% for FPAS and 0.15% for TFLO.
TFLO currently has the higher Sharpe Ratio (14.09 vs 0.93), 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.
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