FPAS vs. VGLT

Last updated Jun 4, 2026

FPAS (FPA Short Duration Government ETF) and VGLT (Vanguard Long-Term Treasury ETF) are both Government Bonds funds. FPAS is actively managed, while VGLT is passively managed. Over the past year, FPAS returned 3.02% vs 5.25% for VGLT. A 0.74 correlation means they provide meaningful diversification when combined. FPAS charges 0.09%/yr vs 0.03%/yr for VGLT.

Performance

FPAS vs. VGLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FPA Short Duration Government ETF (FPAS) and Vanguard Long-Term Treasury ETF (VGLT). 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 VGLT's -0.41% return.

FPAS

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

VGLT

• 1D: -0.40%
• 1M: 0.71%
• YTD: -0.41%
• 6M: -1.68%
• 1Y: 5.25%
• 3Y*: -0.72%
• 5Y*: -5.30%
• 10Y*: -1.10%

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

FPAS vs. VGLT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FPAS FPA Short Duration Government ETF	-0.75%	7.15%	-0.03%
VGLT Vanguard Long-Term Treasury ETF	-0.41%	5.35%	-2.44%

Correlation

The correlation between FPAS and VGLT is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (All Time) Calculated using the full available price history since Nov 4, 2024	0.74

The correlation between FPAS and VGLT has been stable across timeframes, ranging from 0.73 to 0.74 - a consistent structural relationship.

Return for Risk

FPAS vs. VGLT — 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

VGLT

VGLT Risk / Return Rank: 18
VGLT Sharpe Ratio Rank: 18
VGLT Sortino Ratio Rank: 17
VGLT Omega Ratio Rank: 16
VGLT Calmar Ratio Rank: 18
VGLT Martin Ratio Rank: 18

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. VGLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FPA Short Duration Government ETF (FPAS) and Vanguard Long-Term Treasury ETF (VGLT). 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	VGLT	Difference
Sharpe ratio: Return per unit of total volatility	0.93	0.59	+0.34
Sortino ratio: Return per unit of downside risk	1.39	0.92	+0.48
Omega ratio: Gain probability vs. loss probability	1.16	1.10	+0.06
Calmar ratio: Return relative to maximum drawdown	1.23	0.75	+0.48
Martin ratio: Return relative to average drawdown	3.71	1.96	+1.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPAS vs. VGLT - Sharpe Ratio Comparison

The current FPAS Sharpe Ratio is 0.93, which is higher than the VGLT Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of FPAS and VGLT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FPAS	VGLT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.93	0.59	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.37	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.08	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.98	0.19	+0.79

Drawdowns

FPAS vs. VGLT - Drawdown Comparison

The maximum FPAS drawdown since its inception was -2.47%, smaller than the maximum VGLT drawdown of -46.18%. Use the drawdown chart below to compare losses from any high point for FPAS and VGLT.

Drawdown Indicators

	FPAS	VGLT	Difference
Max Drawdown Largest peak-to-trough decline	-2.47%	-46.18%	+43.71%
Max Drawdown (1Y) Largest decline over 1 year	-2.47%	-7.01%	+4.54%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.68%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-40.98%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.18%	—
Current Drawdown Current decline from peak	-1.85%	-36.83%	+34.98%
Average Drawdown Average peak-to-trough decline	-0.67%	-15.06%	+14.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	2.68%	-1.86%

Volatility

FPAS vs. VGLT - Volatility Comparison

The current volatility for FPA Short Duration Government ETF (FPAS) is 1.10%, while Vanguard Long-Term Treasury ETF (VGLT) has a volatility of 2.59%. This indicates that FPAS experiences smaller price fluctuations and is considered to be less risky than VGLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPAS	VGLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.10%	2.59%	-1.49%
Volatility (6M) Calculated over the trailing 6-month period	2.24%	5.94%	-3.70%
Volatility (1Y) Calculated over the trailing 1-year period	3.25%	8.88%	-5.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.09%	14.58%	-10.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.09%	13.81%	-9.72%

FPAS vs. VGLT - Expense Ratio Comparison

FPAS has a 0.09% expense ratio, which is higher than VGLT's 0.03% expense ratio. However, 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. VGLT - Dividend Comparison

FPAS's dividend yield for the trailing twelve months is around 4.78%, more than VGLT's 4.61% 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%
VGLT Vanguard Long-Term Treasury ETF	4.61%	4.44%	4.33%	3.33%	2.84%	1.82%	2.15%	2.46%	2.71%	2.55%	2.69%	3.21%

Frequently Asked Questions

Can I hold both FPAS and VGLT in my portfolio?

FPAS and VGLT have a correlation of 0.73, 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 VGLT?

VGLT has higher volatility (2.59%) compared to FPAS (1.10%). In terms of maximum drawdown, FPAS dropped -2.47% vs VGLT's -46.18%.

Which ETF is better, FPAS or VGLT?

On 1-year performance, VGLT leads with 5.25% vs 3.02% for FPAS. On fees, VGLT is cheaper at 0.03% per year. On volatility, FPAS has been the lower-risk option at 1.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPAS or VGLT?

Over the 1-year period, VGLT has performed better with a 5.25% return vs 3.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPAS or VGLT?

VGLT is cheaper with a 0.03% expense ratio, compared with 0.09% for FPAS.

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

FPAS has the higher dividend yield at 4.78%, compared with 4.61% for VGLT.

What is the main difference between FPAS and VGLT?

They also come from different issuers: FPA and Vanguard. Their fees differ too: 0.09% for FPAS and 0.03% for VGLT.

Which has better risk-adjusted returns?

FPAS currently has the higher Sharpe Ratio (0.93 vs 0.59), 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.