FPASvsTLHETF Comparison
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FPA Short Duration Government ETF (FPAS) belongs to the US Aggregate Bonds segment. iShares 10-20 Year Treasury Bond ETF (TLH) is part of the US Government Bonds segment. FPAS's top 1 sector exposures are Sovereign. In contrast, TLH's top sector exposures are Sovereign and Non-Corporate. FPAS is more expensive with a Total Expense Ratio (TER) of 8.9%, versus 0.15% for TLH. FPAS is down -1.99% year-to-date (YTD) with +$12M in YTD flows. TLH performs worse with -4.78% YTD performance, and +$121M in YTD flows. Run a side-by-side ETF comparison of FPAS and TLH 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 TLH 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 TLH | +0.45%-1.96% | -1.41%-3.56% | -1.99%-4.78% | -1.93%-6.73% | n/a+14.14% | n/a-22.83% |
| Flows | FPAS TLH | +$2M+$804M | +$5M+$986M | +$12M+$121M | +$12M-$23M | -+$5.62B | -+$12.42B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FPAS TLH | +3.49%+8.74% | +3.17%+7.91% | n/a+10.47% | n/a+12.55% |
| Max drawdown | FPAS TLH | -2.71%-6.06% | -4.18%-10.32% | n/a-11.67% | n/a-35.37% |
| Max drawdown duration | FPAS TLH | 52d55d | 229d232d | n/a763d | n/a1779d |
Trading data
FPAS | TLH | |
Last sale 10/19/2026 at 1:46 PM | $23.93 | $94.13 |
| Previous close 10/19/2026 | $23.97 | $93.54 |
| 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 October 20, 2026
1-year trailing difference
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FPAS
is actively managed and doesn’t replicate an indexFPAS | TLH | |
|---|---|---|
| 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 | TLH | |
|---|---|---|
| Last price | $23.93 | $94.13 |
| 1D performance | -0.18% | +0.63% |
| AuM | $15.59 M | $11.60 B |
| E/R | 8.9% | 0.15% |
Characteristics
FPAS | TLH | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | First Pacific Advisors | iShares |
| Benchmark | - | ICE 10-20 Year US Treasury Index |
| N° of holdings | 3 | 62 |
| Asset class | - | Bonds |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 31, 2024 | January 5, 2007 |
| ESG | No | No |
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Exposure
Countries
FPAS
USA
97.99%
Other
2.01%
TLH
USA
99.97%
Other
0.03%
Sectors
FPAS
Sovereign
97.99%
Other
2.01%
TLH
Sovereign
98.75%
Other
1.25%
Diversification
FPAS
Total weight of top 3 holdings out of 3
97.99%
TLH
Total weight of top 15 holdings out of 15
48.64%
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%
TLH
USA, Bonds 4.5% 15feb2044, USD
3.98%
USA, Bonds 4.125% 15aug2044, USD
3.96%
USA, Bonds 3.875% 15may2043, USD
3.55%
USA, Bonds 4.625% 15nov2045, USD
3.37%
USA, Bonds 4% 15nov2042, USD
3.36%
USA, Bonds 4.75% 15feb2045, USD
3.32%
USA, Bonds 4.375% 15aug2043, USD
3.29%
USA, Bonds 4.75% 15nov2043, USD
3.24%
USA, Bonds 3.875% 15feb2043, USD
3.18%
USA, Bonds 3.375% 15aug2042, USD
3.13%
USA, Bonds 1.75% 15aug2041, USD
3.02%
USA, Bonds 2% 15nov2041, USD
2.97%
USA, Bonds 1.875% 15feb2041, USD
2.89%
USA, Bonds 2.375% 15feb2042, USD
2.71%
USA, Bonds 5% 15may2046, USD
2.67%
Frequently asked questions about FPAS and TLH
How have the FPAS and TLH ETFs performed in 2026?
As of October 16, 2026, FPAS is down -1.99% year-to-date (YTD), while TLH has lost -4.78%. That puts FPAS better performer ahead so far this year.
Which ETF is attracting more investor money: FPAS or TLH?
Year-to-date, the FPAS ETF saw +$12M in flows, compared to +$121M for TLH.
Which ETF is more volatile: FPAS or TLH?
Over the past year, FPAS had a volatility of 3.17%, while TLH experienced 7.91%.
Which ETF is bigger: FPAS or TLH?
As of October 16, 2026, FPAS holds $15.59 M in assets under management (AUM), while TLH manages $11.60 B.
What sectors do the FPAS and TLH ETFs invest in?
FPAS leans toward sectors like Sovereign. Meanwhile, TLH focuses on Sovereign.
What are the top holdings of the FPAS ETF and TLH 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). TLH holds in its top three: USA, Bonds 4.5% 15feb2044, USD, USA, Bonds 4.125% 15aug2044, USD and USA, Bonds 3.875% 15may2043, USD.
Which ETF is more diversified: FPAS or TLH?
FPAS has 3 securities. TLH has 62 securities and a top 15 weight of 48.64%.
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Latest news about FPAS & TLH
U.S. Yield Curve Normalization Signals Economic Resilience
December 16, 2024
TLH
Treasury Yields Soar to November High Amid Hot CPI
April 15, 2024
TLH
Long-Dated Treasuries No Longer Considered a Safe Haven
October 24, 2023
TLH
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