SPAX vs. FPAS

Last updated Jun 4, 2026

SPAX (Robinson Alternative Yield Pre-merger SPAC ETF) and FPAS (FPA Short Duration Government ETF) are both exchange-traded funds - SPAX is a Event Driven fund actively managed by Toroso Investments, while FPAS is a Government Bonds fund actively managed by FPA. Both are actively managed. At a 0.07 correlation, their price movements are largely independent. SPAX charges 0.85%/yr vs 0.09%/yr for FPAS.

Performance

SPAX vs. FPAS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Robinson Alternative Yield Pre-merger SPAC ETF (SPAX) and FPA Short Duration Government ETF (FPAS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPAX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FPAS

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

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

SPAX vs. FPAS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPAX Robinson Alternative Yield Pre-merger SPAC ETF	0.00%	0.02%	1.92%
FPAS FPA Short Duration Government ETF	-0.75%	7.15%	-0.03%

Correlation

The correlation between SPAX and FPAS is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 4, 2024	0.07

Return for Risk

SPAX vs. FPAS — 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

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.

SPAX vs. FPAS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Robinson Alternative Yield Pre-merger SPAC ETF (SPAX) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SPAX	FPAS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.93	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.98	—

Drawdowns

Drawdown Indicators

	SPAX	FPAS	Difference
Max Drawdown Largest peak-to-trough decline	—	-2.47%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-2.47%	—
Current Drawdown Current decline from peak	—	-1.85%	—
Average Drawdown Average peak-to-trough decline	—	-0.67%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.82%	—

Volatility

Volatility by Period

	SPAX	FPAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.10%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.24%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	3.25%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	4.09%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	4.09%	—

SPAX vs. FPAS - Expense Ratio Comparison

SPAX has a 0.85% expense ratio, which is higher than FPAS's 0.09% expense ratio.

Dividends

SPAX vs. FPAS - Dividend Comparison

SPAX has not paid dividends to shareholders, while FPAS's dividend yield for the trailing twelve months is around 4.78%.

Position	TTM	2025	2024	2023	2022
FPAS FPA Short Duration Government ETF	4.78%	4.75%	0.68%	0.00%	0.00%
SPAX Robinson Alternative Yield Pre-merger SPAC ETF	0.00%	0.00%	5.50%	7.54%	0.97%

Frequently Asked Questions

Can I hold both SPAX and FPAS in my portfolio?

SPAX and FPAS have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPAX or FPAS?

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.

Which ETF is cheaper, SPAX or FPAS?

FPAS is cheaper with a 0.09% expense ratio, compared with 0.85% for SPAX.

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

FPAS has the higher dividend yield at 4.78%, compared with 0.00% for SPAX.

What is the main difference between SPAX and FPAS?

SPAX is categorized as Event Driven, while FPAS is Government Bonds. They also come from different issuers: Toroso Investments and FPA. Their fees differ too: 0.85% for SPAX and 0.09% for FPAS.