FPAS vs. TLTX

Last updated Jun 4, 2026

FPAS (FPA Short Duration Government ETF) and TLTX (Global X Treasury Bond Enhanced Income ETF) are both Government Bonds funds. Both are actively managed. At a 0.40 correlation, their price movements are largely independent. FPAS charges 0.09%/yr vs 0.29%/yr for TLTX.

Performance

FPAS vs. TLTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FPA Short Duration Government ETF (FPAS) and Global X Treasury Bond Enhanced Income ETF (TLTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPAS achieves a -0.75% return, which is significantly lower than TLTX's -0.36% return.

FPAS

• 1D: -0.14%
• 1M: -0.21%
• YTD: -0.75%
• 6M: -0.62%
• 1Y: 3.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TLTX

• 1D: -0.37%
• 1M: -0.19%
• YTD: -0.36%
• 6M: -1.55%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FPAS vs. TLTX - Yearly Performance Comparison

	2026 (YTD)	2025
FPAS FPA Short Duration Government ETF	-0.75%	3.13%
TLTX Global X Treasury Bond Enhanced Income ETF	-0.36%	5.40%

Correlation

The correlation between FPAS and TLTX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 17, 2025	0.40

Return for Risk

FPAS vs. TLTX — Risk / Return Rank

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

FPAS

FPAS Risk / Return Rank: 26
FPAS Sharpe Ratio Rank: 27
FPAS Sortino Ratio Rank: 26
FPAS Omega Ratio Rank: 25
FPAS Calmar Ratio Rank: 26
FPAS Martin Ratio Rank: 27

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. TLTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FPA Short Duration Government ETF (FPAS) and Global X Treasury Bond Enhanced Income ETF (TLTX). 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	TLTX	Difference
Sharpe ratio: Return per unit of total volatility	0.93	—	—
Sortino ratio: Return per unit of downside risk	1.39	—	—
Omega ratio: Gain probability vs. loss probability	1.16	—	—
Calmar ratio: Return relative to maximum drawdown	1.23	—	—
Martin ratio: Return 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.

Sharpe Ratios by Period

	FPAS	TLTX	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	0.63	+0.35

Drawdowns

FPAS vs. TLTX - Drawdown Comparison

The maximum FPAS drawdown since its inception was -2.47%, smaller than the maximum TLTX drawdown of -6.35%. Use the drawdown chart below to compare losses from any high point for FPAS and TLTX.

Drawdown Indicators

	FPAS	TLTX	Difference
Max Drawdown Largest peak-to-trough decline	-2.47%	-6.35%	+3.88%
Max Drawdown (1Y) Largest decline over 1 year	-2.47%	—	—
Current Drawdown Current decline from peak	-1.85%	-4.05%	+2.20%
Average Drawdown Average peak-to-trough decline	-0.67%	-2.27%	+1.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	—	—

Volatility

Volatility by Period

	FPAS	TLTX	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%	9.14%	-5.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.09%	9.14%	-5.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.09%	9.14%	-5.05%

FPAS vs. TLTX - Expense Ratio Comparison

FPAS has a 0.09% expense ratio, which is lower than TLTX's 0.29% expense ratio.

Dividends

FPAS vs. TLTX - Dividend Comparison

FPAS's dividend yield for the trailing twelve months is around 4.78%, less than TLTX's 15.79% yield.

Position	TTM	2025	2024
FPAS FPA Short Duration Government ETF	4.78%	4.75%	0.68%
TLTX Global X Treasury Bond Enhanced Income ETF	15.79%	7.54%	0.00%

Frequently Asked Questions

Can I hold both FPAS and TLTX in my portfolio?

FPAS and TLTX have a correlation of 0.40, 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 TLTX?

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 TLTX?

FPAS is cheaper with a 0.09% expense ratio, compared with 0.29% for TLTX.

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

TLTX has the higher dividend yield at 15.79%, compared with 4.78% for FPAS.

What is the main difference between FPAS and TLTX?

They also come from different issuers: FPA and Global X. Their fees differ too: 0.09% for FPAS and 0.29% for TLTX.