FPAG vs SPY
FPA Global Equity ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. FPAG delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | FPAG | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.49% | 0.09% | |
| AUM | $611M | $821.1B | |
| Dividend Yield | 1.30% | 1.01% | |
| Holdings | 70 | 505 | |
| YTD Return | +13.43% | +13.17% | |
| 1Y Return | +22.58% | +21.53% | |
| 3Y Return (annualized) | +22.38% | +22.06% | |
| 5Y Return (annualized) | - | +13.35% | |
| Volatility (annualized) | 17.0% | 15.3% | |
| Max Drawdown | -28.4% | -56.5% | |
| Fund Family | FPA Investors First | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Dec 16, 2021 | Jan 22, 1993 |
FPAG vs SPY Performance
FPA Global Equity ETF (FPAG) is a ETF from FPA Investors First and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year FPAG returned +22.58% while SPY returned +21.53%. Year to date, FPAG is up 13.43% versus a gain of 13.17% for SPY.
Over three years, FPAG compounded at +22.38% per year against +22.06% for SPY. Across the full 5-year window we track, FPAG has the edge at +13.61% annualized vs +8.82%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FPAG has been the more volatile fund, with annualized monthly volatility of 17.0% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -28.4% for FPAG and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.90. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FPAG charges 0.49% per year while SPY charges 0.09%. On a $10,000 position that is $49 vs $9 annually, a gap of $40 per year that compounds over a long holding period. On income, FPAG currently yields 1.30% against 1.01% for SPY.
Holdings Overlap
FPAG and SPY share 27 holdings out of 541 unique holdings combined, representing a 13.4% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, FPAG or SPY?
FPAG has an expense ratio of 0.49% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $40 per year of difference.
Which performed better, FPAG or SPY?
Over the past year FPAG returned +22.58% vs +21.53% for SPY, so FPAG leads on 1-year performance. Over the longest common window we track (5 years), FPAG annualized +13.61% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, FPAG or SPY?
FPAG has been the more volatile fund at 17.0% annualized versus 15.3% for SPY. Worst drawdown: FPAG -28.4% vs SPY -56.5%.
Should I hold both FPAG and SPY?
FPAG and SPY have a monthly-return correlation of 0.90, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between FPAG and SPY?
FPAG and SPY share 27 common holdings with a 13.4% weight overlap. Combined, they hold 541 unique securities.
Which pays a higher dividend, FPAG or SPY?
FPAG yields 1.30% while SPY yields 1.01%, so FPAG currently pays the higher dividend yield.
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