FPAS vs. VTG

Last updated Aug 1, 2026

FPAS (FPA Short Duration Government ETF) and VTG (Vanguard Total Treasury ETF) are both Government Bonds funds. FPAS is actively managed, while VTG is passively managed. Over the past year, FPAS returned 0.74% vs 1.06% for VTG. Their correlation of 0.84 means they have usually moved in the same direction. FPAS charges 0.09%/yr vs 0.03%/yr for VTG.

Performance

FPAS vs. VTG - Performance Comparison

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

Returns By Period

In the year-to-date period, FPAS achieves a -1.14% return, which is significantly lower than VTG's -0.78% return.

FPAS

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

VTG

• 1D: -0.22%
• 1M: -1.11%
• 6M: -0.79%
• YTD: -0.78%
• 1Y: 1.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.14%

*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
VTG Vanguard Total Treasury ETF	$2.81M	$3.14M	$2.90M

FPAS vs. VTG - Yearly Performance Comparison

	2026 (YTD)	2025
FPAS FPA Short Duration Government ETF	-1.14%	3.22%
VTG Vanguard Total Treasury ETF	-0.78%	3.07%

Correlation

The correlation between FPAS and VTG is 0.84, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.84
Correlation (All Time) Calculated using the full available price history since Jul 9, 2025	0.84

The correlation between FPAS and VTG has been stable across timeframes, ranging from 0.84 to 0.84 - a consistent structural relationship.

Return for Risk

FPAS vs. VTG — 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

VTG

VTG Risk / Return Rank: 23
VTG Sharpe Ratio Rank: 25
VTG Sortino Ratio Rank: 23
VTG Omega Ratio Rank: 22
VTG Calmar Ratio Rank: 23
VTG Martin Ratio Rank: 23

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. VTG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FPA Short Duration Government ETF (FPAS) and Vanguard Total Treasury ETF (VTG). 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	VTG	Difference
Sharpe ratio: Return per unit of total volatility	0.51	0.57	-0.06
Sortino ratio: Return per unit of downside risk	0.77	0.85	-0.09
Omega ratio: Gain probability vs. loss probability	1.09	1.10	-0.01
Calmar ratio: Return relative to maximum drawdown	0.66	0.68	-0.02
Martin ratio: Return relative to average drawdown	1.50	1.62	-0.12

FPAS vs. VTG - Sharpe Ratio Comparison

The current FPAS Sharpe Ratio is 0.51, which is comparable to the VTG Sharpe Ratio of 0.57. The chart below compares the historical Sharpe Ratios of FPAS and VTG, 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. VTG - Drawdown Comparison

The maximum FPAS drawdown since its inception was -2.47%, smaller than the maximum VTG drawdown of -2.89%. Use the drawdown chart below to compare losses from any high point for FPAS and VTG.

Drawdown Indicators

	FPAS	VTG	Difference
Max Drawdown Largest peak-to-trough decline	-2.47%	-2.89%	+0.42%
Max Drawdown (1Y) Largest decline over 1 year	-2.47%	-2.89%	+0.42%
Current Drawdown Current decline from peak	-2.23%	-2.55%	+0.32%
Average Drawdown Average peak-to-trough decline	-0.78%	-0.90%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.08%	1.22%	-0.14%

Volatility

FPAS vs. VTG - Volatility Comparison

The current volatility for FPA Short Duration Government ETF (FPAS) is 0.81%, while Vanguard Total Treasury ETF (VTG) has a volatility of 0.88%. This indicates that FPAS experiences smaller price fluctuations and is considered to be less risky than VTG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPAS	VTG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.81%	0.88%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	2.51%	2.68%	-0.17%
Volatility (1Y) Calculated over the trailing 1-year period	3.20%	3.49%	-0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.05%	3.51%	+0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.05%	3.51%	+0.54%

FPAS vs. VTG - Expense Ratio Comparison

FPAS has a 0.09% expense ratio, which is higher than VTG'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. VTG - Dividend Comparison

FPAS's dividend yield for the trailing twelve months is around 4.80%, more than VTG's 3.57% yield.

Position	TTM	2025	2024
FPAS FPA Short Duration Government ETF	4.80%	4.75%	0.68%
VTG Vanguard Total Treasury ETF	3.31%	1.65%	0.00%

Frequently Asked Questions

Can I hold both FPAS and VTG in my portfolio?

FPAS and VTG have a correlation of 0.84, 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 VTG?

VTG has higher volatility (0.88%) compared to FPAS (0.81%). In terms of maximum drawdown, FPAS dropped -2.47% vs VTG's -2.89%.

Which ETF is better, FPAS or VTG?

On 1-year performance, VTG leads with 1.06% vs 0.74% for FPAS. On fees, VTG is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPAS or VTG?

Over the 1-year period, VTG has performed better with a 1.06% return vs 0.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPAS or VTG?

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

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

FPAS has the higher dividend yield at 4.80%, compared with 3.31% for VTG.

What is the main difference between FPAS and VTG?

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

Which has better risk-adjusted returns?

VTG currently has the higher Sharpe Ratio (0.57 vs 0.51), 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.