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 managed by iShares, while FPAS is a Government Bonds fund actively managed by FPA. A 0.53 correlation means they provide meaningful diversification when combined. GGOV charges 0.39%/yr vs 0.09%/yr for FPAS.
Performance
GGOV vs. FPAS - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GGOV achieves a 2.75% return, which is significantly higher than FPAS's -0.79% return.
GGOV
- 1D
- 0.02%
- 1M
- 0.60%
- YTD
- 2.75%
- 6M
- 2.61%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FPAS
- 1D
- -0.02%
- 1M
- 0.25%
- YTD
- -0.79%
- 6M
- -0.38%
- 1Y
- 2.14%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GGOV vs. FPAS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GGOV iShares Global Government Bond USD Hedged Active ETF | 2.75% | -2.80% |
FPAS FPA Short Duration Government ETF | -0.79% | 2.65% |
Correlation
The correlation between GGOV and FPAS is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025 | 0.53 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GGOV vs. FPAS — Risk / Return Rank
GGOV
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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 | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.11 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 0.87 | — |
| Martin ratioReturn relative to average drawdown | — | 2.35 | — |
Loading charts...
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.
Loading charts...
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 | — | -2.47% | — |
Current DrawdownCurrent decline from peak | -1.06% | -1.88% | +0.82% |
Average DrawdownAverage peak-to-trough decline | -1.57% | -0.71% | -0.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.91% | — |
Volatility
GGOV vs. FPAS - Volatility Comparison
Loading charts...
Volatility by Period
| GGOV | FPAS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.18% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.42% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 5.28% | 3.29% | +1.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.28% | 4.12% | +1.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.28% | 4.12% | +1.16% |
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 4.78%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
FPAS FPA Short Duration Government ETF | 4.78% | 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 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
FPAS is cheaper with a 0.09% expense ratio, compared with 0.39% for GGOV.
FPAS has the higher dividend yield at 4.78%, 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.
Find the right allocation for GGOV and FPAS
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer