FPASvsSCHOETF Comparison
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FPA Short Duration Government ETF (FPAS) belongs to the US Aggregate Bonds segment. Schwab Short-Term U.S. Treasury ETF (SCHO) is part of the US Government Bonds segment. Both ETFs have the same top 1 sector exposures: Sovereign. FPAS is more expensive with a Total Expense Ratio (TER) of 8.9%, versus 0.03% for SCHO. FPAS is down -1.99% year-to-date (YTD) with +$12M in YTD flows. SCHO performs better with 0.9% YTD performance, and +$3.56B in YTD flows. Run a side-by-side ETF comparison of FPAS and SCHO below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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FPAS vs SCHO performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | FPAS SCHO | +0.45%+0.34% | -1.41%+0.14% | -1.99%+0.90% | -1.93%+1.54% | n/a+13.08% | n/a+10.20% |
| Flows | FPAS SCHO | +$2M+$372M | +$5M+$3.04B | +$12M+$3.56B | +$12M+$4.52B | -+$3.42B | -+$7.28B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FPAS SCHO | +3.49%+1.34% | +3.17%+1.26% | n/a+1.56% | n/a+1.96% |
| Max drawdown | FPAS SCHO | -2.71%-0.91% | -4.18%-0.91% | n/a-0.96% | n/a-5.38% |
| Max drawdown duration | FPAS SCHO | 52d55d | 229d55d | n/a122d | n/a795d |
Trading data
FPAS | SCHO | |
Last sale 10/19/2026 at 1:46 PM | $23.93 | $23.91 |
| Previous close 10/19/2026 | $23.97 | $23.90 |
| Consolidated volume 10/19/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 30, 2026
1-year trailing difference
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FPAS
is actively managed and doesn’t replicate an indexFPAS | SCHO | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/19/2026 at 1:46 PM
Live
Closed
FPAS | SCHO | |
|---|---|---|
| Last price | $23.93 | $23.91 |
| 1D performance | -0.18% | +0.02% |
| AuM | $15.59 M | $15.66 B |
| E/R | 8.9% | 0.03% |
Characteristics
FPAS | SCHO | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | First Pacific Advisors | Schwab ETFs |
| Benchmark | - | Bloomberg US Treasury 1-3 Year Index |
| N° of holdings | 3 | 96 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 31, 2024 | August 5, 2010 |
| ESG | No | No |
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Exposure
Countries
FPAS
USA
97.99%
Other
2.01%
SCHO
USA
100%
Sectors
FPAS
Sovereign
97.99%
Other
2.01%
SCHO
Sovereign
100%
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Diversification
FPAS
Total weight of top 3 holdings out of 3
97.99%
SCHO
Total weight of top 15 holdings out of 15
21.2%
Top 15 holdings
Data as of August 31, 2026
FPAS
USA, Notes 4.125% 30jun2031, USD (AA-2031)
57.93%
USA, Notes 4.125% 31may2031, USD (Z-2031)
22.29%
USA, Notes 4.375% 31jul2031, USD (AB-2031)
17.77%
SCHO
USA, Notes 3.5% 31jan2028, USD (U-2028)
2.20%
USA, Notes 4.625% 30apr2029, USD (Y-2029)
1.38%
USA, Notes 4.5% 31may2029, USD (Z-2029)
1.37%
USA, Notes 4.25% 31jul2028, USD (BE-2028)
1.37%
USA, Notes 4.25% 30jun2029, USD (AA-2029)
1.36%
USA, Notes 4.125% 30jun2028, USD (BD-2028)
1.36%
USA, Notes 4% 31may2028, USD (BC-2028)
1.36%
USA, Notes 3.875% 31mar2028, USD (AZ-2028)
1.36%
USA, Notes 3.5% 30sep2027, USD (BH-2027)
1.36%
USA, Notes 4% 31jul2029, USD (AB-2029)
1.36%
USA, Notes 3.75% 30apr2028, USD (BA-2028)
1.36%
USA, Notes 3.375% 30nov2027, USD (BL-2027)
1.35%
USA, Notes 3.375% 31dec2027, USD (BM-2027)
1.35%
USA, Notes 3.375% 29feb2028, USD (AY-2028)
1.35%
USA, Notes 4.125% 31mar2029, USD (W-2029)
1.32%
Frequently asked questions about FPAS and SCHO
How have the FPAS and SCHO ETFs performed in 2026?
As of October 16, 2026, FPAS is down -1.99% year-to-date (YTD), while SCHO has returned 0.9%. That puts SCHO better performer ahead so far this year.
Which ETF is attracting more investor money: FPAS or SCHO?
Year-to-date, the FPAS ETF saw +$12M in flows, compared to +$3.56B for SCHO.
Which ETF is more volatile: FPAS or SCHO?
Over the past year, FPAS had a volatility of 3.17%, while SCHO experienced 1.26%.
Which ETF is bigger: FPAS or SCHO?
As of October 16, 2026, FPAS holds $15.59 M in assets under management (AUM), while SCHO manages $15.66 B.
What sectors do the FPAS and SCHO ETFs invest in?
FPAS leans toward sectors like Sovereign. Meanwhile, SCHO focuses on Sovereign.
What are the top holdings of the FPAS ETF and SCHO ETF?
FPAS top holdings include USA, Notes 4.125% 30jun2031, USD (AA-2031), USA, Notes 4.125% 31may2031, USD (Z-2031) and USA, Notes 4.375% 31jul2031, USD (AB-2031). SCHO holds in its top three: USA, Notes 3.5% 31jan2028, USD (U-2028), USA, Notes 4.625% 30apr2029, USD (Y-2029) and USA, Notes 4.5% 31may2029, USD (Z-2029).
Which ETF is more diversified: FPAS or SCHO?
FPAS has 3 securities. SCHO has 96 securities and a top 15 weight of 21.2%.
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Latest news about FPAS & SCHO
Schwab Launches New High-Yield Bond ETF on NYSE ARCA
July 13, 2023
SCHO
U.S. Treasuries: An Opportunity for the Risk Conscious Investor
March 3, 2023
SCHO
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