FPAS vs QQQ
FPA Short Duration Government ETF vs Invesco QQQ Trust, Series 1
Quick Verdict
FPAS has a lower expense ratio. QQQ delivered stronger 1-year returns. QQQ offers more diversification with 103 holdings.
Side-by-Side Comparison
| Metric | FPAS | QQQ | Winner |
|---|---|---|---|
| Expense Ratio | 0.10% | 0.18% | |
| AUM | $11M | $455.8B | |
| Dividend Yield | 4.77% | 0.41% | |
| Holdings | 5 | 108 | |
| YTD Return | -2.17% | +17.46% | |
| 1Y Return | -0.31% | +26.02% | |
| 3Y Return (annualized) | - | +25.51% | |
| 5Y Return (annualized) | - | +15.12% | |
| Volatility (annualized) | 3.0% | 30.6% | |
| Max Drawdown | -3.7% | -83.0% | |
| Fund Family | FPA Investors First | Invesco (US) | |
| Category | Fixed Income | Equity | |
| Inception | Oct 31, 2024 | Mar 10, 1999 |
FPAS vs QQQ Performance
FPA Short Duration Government ETF (FPAS) is a ETF from FPA Investors First and Invesco QQQ Trust, Series 1 (QQQ) is a ETF from Invesco (US). Over the past year FPAS returned -0.31% while QQQ returned +26.02%. Year to date, FPAS is down 2.17% versus a gain of 17.46% for QQQ.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 30.6% 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 -83.0% for QQQ. 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 -0.20. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
FPAS charges 0.10% per year while QQQ charges 0.18%. On a $10,000 position that is $10 vs $18 annually, a gap of $8 per year that compounds over a long holding period. On income, FPAS currently yields 4.77% against 0.41% for QQQ.
Frequently Asked Questions
Which is cheaper, FPAS or QQQ?
FPAS has an expense ratio of 0.10% while QQQ charges 0.18%. FPAS is the cheaper option. On a $10,000 investment, that is $8 per year of difference.
Which performed better, FPAS or QQQ?
Over the past year FPAS returned -0.31% vs +26.02% for QQQ, so QQQ leads on 1-year performance. Over the longest common window we track (2 years), FPAS annualized +2.51% vs +13.08% for QQQ. Past performance does not guarantee future results.
Which is riskier, FPAS or QQQ?
QQQ has been the more volatile fund at 30.6% annualized versus 3.0% for FPAS. Worst drawdown: FPAS -3.7% vs QQQ -83.0%.
Should I hold both FPAS and QQQ?
FPAS and QQQ have a monthly-return correlation of -0.20, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, FPAS or QQQ?
FPAS yields 4.77% while QQQ yields 0.41%, so FPAS currently pays the higher dividend yield.
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