FPAS vs SPY
FPAS vs SPY
FPA Short Duration Government ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | FPAS | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.10% | 0.09% | |
| AUM | $11M | $789.1B | |
| Dividend Yield | 4.77% | 1.01% | |
| Holdings | 5 | 505 | |
| YTD Return | -1.99% | +13.79% | |
| 1Y Return | -0.26% | +23.66% | |
| 3Y Return (annualized) | - | +21.40% | |
| 5Y Return (annualized) | - | +13.37% | |
| Volatility (annualized) | 3.0% | 15.3% | |
| Max Drawdown | -3.7% | -56.5% | |
| Fund Family | FPA Investors First | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Oct 31, 2024 | Jan 22, 1993 |
FPAS vs SPY Performance
FPA Short Duration Government ETF (FPAS) 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 FPAS returned -0.26% while SPY returned +23.66%. Year to date, FPAS is down 1.99% versus a gain of 13.79% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% 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 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 -0.11. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
FPAS charges 0.10% per year while SPY charges 0.09%. On a $10,000 position that is $10 vs $9 annually, a gap of $1 per year that compounds over a long holding period. On income, FPAS currently yields 4.77% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, FPAS or SPY?
FPAS has an expense ratio of 0.10% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $1 per year of difference.
Which performed better, FPAS or SPY?
Over the past year FPAS returned -0.26% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), FPAS annualized +2.63% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, FPAS or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 3.0% for FPAS. Worst drawdown: FPAS -3.7% vs SPY -56.5%.
Should I hold both FPAS and SPY?
FPAS and SPY have a monthly-return correlation of -0.11, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, FPAS or SPY?
FPAS yields 4.77% while SPY yields 1.01%, so FPAS currently pays the higher dividend yield.
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