FPAS vs IVV
FPA Short Duration Government ETF vs iShares Core S&P 500 ETF
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. IVV offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | FPAS | IVV | Winner |
|---|---|---|---|
| Expense Ratio | 0.10% | 0.03% | |
| AUM | $11M | $865.2B | |
| Dividend Yield | 4.77% | 1.09% | |
| Holdings | 5 | 508 | |
| YTD Return | -2.17% | +13.43% | |
| 1Y Return | -0.31% | +22.61% | |
| 3Y Return (annualized) | - | +21.47% | |
| 5Y Return (annualized) | - | +13.26% | |
| Volatility (annualized) | 3.0% | 15.1% | |
| Max Drawdown | -3.7% | -56.5% | |
| Fund Family | FPA Investors First | iShares by BlackRock (US) | |
| Category | Fixed Income | Equity | |
| Inception | Oct 31, 2024 | May 15, 2000 |
FPAS vs IVV Performance
FPA Short Duration Government ETF (FPAS) is a ETF from FPA Investors First and iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US). Over the past year FPAS returned -0.31% while IVV returned +22.61%. Year to date, FPAS is down 2.17% versus a gain of 13.43% for IVV.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 15.1% compared with 3.0% for FPAS. 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 -3.7% for FPAS and -56.5% for IVV. 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 -0.12. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
FPAS charges 0.10% per year while IVV charges 0.03%. On a $10,000 position that is $10 vs $3 annually, a gap of $7 per year that compounds over a long holding period. On income, FPAS currently yields 4.77% against 1.09% for IVV.
Frequently Asked Questions
Which is cheaper, FPAS or IVV?
FPAS has an expense ratio of 0.10% while IVV charges 0.03%. IVV is the cheaper option. On a $10,000 investment, that is $7 per year of difference.
Which performed better, FPAS or IVV?
Over the past year FPAS returned -0.31% vs +22.61% for IVV, so IVV leads on 1-year performance. Over the longest common window we track (2 years), FPAS annualized +2.51% vs +7.03% for IVV. Past performance does not guarantee future results.
Which is riskier, FPAS or IVV?
IVV has been the more volatile fund at 15.1% annualized versus 3.0% for FPAS. Worst drawdown: FPAS -3.7% vs IVV -56.5%.
Should I hold both FPAS and IVV?
FPAS and IVV have a monthly-return correlation of -0.12, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, FPAS or IVV?
FPAS yields 4.77% while IVV yields 1.09%, so FPAS currently pays the higher dividend yield.
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