GGOV vs. FPAS
GGOV (iShares Global Government Bond USD Hedged Active ETF) and FPAS (FPA Short Duration Government ETF) are both exchange-traded funds - GGOV is a Global Bonds fund actively managed by iShares, while FPAS is a Government Bonds fund actively managed by FPA. Both are actively managed. Over the past year, GGOV returned -0.42% vs 0.90% for FPAS. Their 0.52 correlation means they have sometimes moved together and sometimes differently. GGOV charges 0.39%/yr vs 0.09%/yr for FPAS.
Performance
GGOV vs. FPAS - Performance Comparison
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Returns By Period
In the year-to-date period, GGOV achieves a 2.61% return, which is significantly higher than FPAS's -0.98% return.
GGOV
- 1D
- 0.12%
- 1M
- -0.10%
- 6M
- 3.17%
- YTD
- 2.61%
- 1Y
- -0.42%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -0.23%
FPAS
- 1D
- 0.16%
- 1M
- -0.34%
- 6M
- -0.54%
- YTD
- -0.98%
- 1Y
- 0.90%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.19%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $9.02K | $44.05K | $137.14K | |
| $49.16M | $62.50M | $78.51M |
GGOV vs. FPAS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GGOV iShares Global Government Bond USD Hedged Active ETF | 2.61% | -2.80% |
FPAS FPA Short Duration Government ETF | -0.98% | 2.65% |
Correlation
The correlation between GGOV and FPAS is 0.50, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.50 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025 | 0.52 |
The correlation between GGOV and FPAS has been stable across timeframes, ranging from 0.50 to 0.52 - a consistent structural relationship.
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Return for Risk
GGOV vs. FPAS — Risk / Return Rank
GGOV
FPAS
GGOV vs. FPAS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global Government Bond USD Hedged Active ETF (GGOV) and FPA Short Duration Government ETF (FPAS). 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.
| GGOV | FPAS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.50 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.05 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | 0.37 | -0.46 |
| Martin ratioReturn relative to average drawdown | -0.19 | 0.83 | -1.02 |
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Drawdowns
GGOV vs. FPAS - Drawdown Comparison
The maximum GGOV drawdown since its inception was -4.69%, which is greater than FPAS's maximum drawdown of -2.47%. Use the drawdown chart below to compare losses from any high point for GGOV and FPAS.
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Drawdown Indicators
| GGOV | FPAS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.69% | -2.47% | -2.22% |
Max Drawdown (1Y)Largest decline over 1 year | -4.69% | -2.47% | -2.22% |
Current DrawdownCurrent decline from peak | -1.20% | -2.08% | +0.88% |
Average DrawdownAverage peak-to-trough decline | -1.54% | -0.79% | -0.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.15% | 1.09% | +1.06% |
Volatility
GGOV vs. FPAS - Volatility Comparison
The current volatility for iShares Global Government Bond USD Hedged Active ETF (GGOV) is 0.78%, while FPA Short Duration Government ETF (FPAS) has a volatility of 0.83%. This indicates that GGOV experiences smaller price fluctuations and is considered to be less risky than FPAS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GGOV | FPAS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | 0.83% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 3.57% | 2.51% | +1.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.22% | 3.09% | +2.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.08% | 4.05% | +1.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.08% | 4.05% | +1.03% |
GGOV vs. FPAS - Expense Ratio Comparison
GGOV has a 0.39% expense ratio, which is higher than FPAS's 0.09% expense ratio.
Dividends
GGOV vs. FPAS - Dividend Comparison
GGOV has not paid dividends to shareholders, while FPAS's dividend yield for the trailing twelve months is around 4.80%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
FPAS FPA Short Duration Government ETF | 4.80% | 4.75% | 0.68% |
GGOV iShares Global Government Bond USD Hedged Active ETF | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GGOV and FPAS have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FPAS has higher volatility (0.83%) compared to GGOV (0.78%). In terms of maximum drawdown, GGOV dropped -4.69% vs FPAS's -2.47%.
On 1-year performance, FPAS leads with 0.90% vs -0.42% for GGOV. On fees, FPAS is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FPAS has performed better with a 0.90% return vs -0.42%. 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 0.39% for GGOV.
FPAS has the higher dividend yield at 4.80%, compared with 0.00% for GGOV.
GGOV is categorized as Global Bonds, while FPAS is Government Bonds. They also come from different issuers: iShares and FPA. Their fees differ too: 0.39% for GGOV and 0.09% for FPAS.
FPAS currently has the higher Sharpe Ratio (0.29 vs -0.08), 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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