SPAB vs. CPAG
SPAB (SPDR Portfolio Aggregate Bond ETF) and CPAG (F/m Compoundr U.S. Aggregate Bond ETF) are both Total Bond Market funds - SPAB tracks the Bloomberg U.S. Aggregate Bond Index while CPAG tracks the Nasdaq Compoundr U.S. Aggregate Bond Index. Both are passively managed. With a 0.98 correlation, they move nearly in lockstep. SPAB charges 0.03%/yr vs 0.31%/yr for CPAG.
Performance
SPAB vs. CPAG - Performance Comparison
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Returns By Period
In the year-to-date period, SPAB achieves a 0.29% return, which is significantly higher than CPAG's -0.02% return.
SPAB
- 1D
- -0.12%
- 1M
- 0.31%
- YTD
- 0.29%
- 6M
- 0.14%
- 1Y
- 5.24%
- 3Y*
- 3.93%
- 5Y*
- 0.07%
- 10Y*
- 1.54%
CPAG
- 1D
- -0.21%
- 1M
- 0.14%
- YTD
- -0.02%
- 6M
- -0.26%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPAB vs. CPAG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SPAB SPDR Portfolio Aggregate Bond ETF | 0.29% | 2.52% |
CPAG F/m Compoundr U.S. Aggregate Bond ETF | -0.02% | 2.22% |
Correlation
The correlation between SPAB and CPAG is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 13, 2025 | 0.98 |
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Return for Risk
SPAB vs. CPAG — Risk / Return Rank
SPAB
CPAG
SPAB vs. CPAG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Aggregate Bond ETF (SPAB) and F/m Compoundr U.S. Aggregate Bond ETF (CPAG). 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.
| SPAB | CPAG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.25 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.92 | — | — |
| Martin ratioReturn relative to average drawdown | 5.72 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPAB | CPAG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.40 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.01 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.28 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.75 | -0.24 |
Drawdowns
SPAB vs. CPAG - Drawdown Comparison
The maximum SPAB drawdown since its inception was -18.56%, which is greater than CPAG's maximum drawdown of -2.78%. Use the drawdown chart below to compare losses from any high point for SPAB and CPAG.
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Drawdown Indicators
| SPAB | CPAG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.56% | -2.78% | -15.78% |
Max Drawdown (1Y)Largest decline over 1 year | -2.74% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -6.08% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -17.96% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -18.56% | — | — |
Current DrawdownCurrent decline from peak | -2.27% | -1.68% | -0.59% |
Average DrawdownAverage peak-to-trough decline | -3.08% | -0.74% | -2.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | — | — |
Volatility
SPAB vs. CPAG - Volatility Comparison
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Volatility by Period
| SPAB | CPAG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.15% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.57% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.77% | 3.67% | +0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.92% | 3.67% | +2.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.54% | 3.67% | +1.87% |
SPAB vs. CPAG - Expense Ratio Comparison
SPAB has a 0.03% expense ratio, which is lower than CPAG's 0.31% expense ratio.
Dividends
SPAB vs. CPAG - Dividend Comparison
SPAB's dividend yield for the trailing twelve months is around 4.05%, while CPAG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CPAG F/m Compoundr U.S. Aggregate Bond ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPAB SPDR Portfolio Aggregate Bond ETF | 4.05% | 3.97% | 3.86% | 3.34% | 2.59% | 2.11% | 2.43% | 2.92% | 2.96% | 2.67% | 2.63% | 2.59% |
Frequently Asked Questions
With a correlation of 0.98, SPAB and CPAG move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, SPAB is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPAB is cheaper with a 0.03% expense ratio, compared with 0.31% for CPAG.
SPAB has the higher dividend yield at 4.05%, compared with 0.00% for CPAG.
SPAB tracks Bloomberg U.S. Aggregate Bond Index, while CPAG tracks Nasdaq Compoundr U.S. Aggregate Bond Index. They also come from different issuers: State Street and F/m Investments. Their fees differ too: 0.03% for SPAB and 0.31% for CPAG.
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