FPASvsTLTETF Comparison
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FPA Short Duration Government ETF (FPAS) belongs to the US Aggregate Bonds segment. iShares 20+ Year Treasury Bond ETF (TLT) is part of the US Government Bonds segment. FPAS's top 1 sector exposures are Sovereign. In contrast, TLT'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 TLT. FPAS is down -2.07% year-to-date (YTD) with +$12M in YTD flows. TLT performs worse with -5.08% YTD performance, and +$3.12B in YTD flows. Run a side-by-side ETF comparison of FPAS and TLT 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 TLT performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/15/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | FPAS TLT | +0.11%-0.69% | -1.53%-3.86% | -2.07%-5.08% | -1.70%-8.34% | n/a+5.47% | n/a-34.32% |
| Flows | FPAS TLT | +$2M+$228M | +$5M+$6.29B | +$12M+$3.12B | +$12M+$2.28B | -+$12.12B | -+$49.51B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FPAS TLT | +3.48%+10.41% | +3.18%+9.32% | n/a+12.82% | n/a+15.43% |
| Max drawdown | FPAS TLT | -2.71%-7.66% | -4.18%-12.42% | n/a-16.55% | n/a-43.68% |
| Max drawdown duration | FPAS TLT | 51d89d | 228d229d | n/a760d | n/a1776d |
Trading data
FPAS | TLT | |
Last sale 10/19/2026 at 1:46 PM | $23.97 | $79.41 |
| Previous close 10/16/2026 | $23.97 | $80.05 |
| Consolidated volume 10/16/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 19, 2026
1-year trailing difference
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FPAS
is actively managed and doesn’t replicate an indexFPAS | TLT | |
|---|---|---|
| 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 | TLT | |
|---|---|---|
| Last price | $23.97 | $79.41 |
| 1D performance | +0.00% | -0.80% |
| AuM | $15.58 M | $47.01 B |
| E/R | 8.9% | 0.15% |
Characteristics
FPAS | TLT | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | First Pacific Advisors | iShares |
| Benchmark | - | ICE U.S. Treasury 20+ Year Bond Index |
| N° of holdings | 3 | 48 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 31, 2024 | July 22, 2002 |
| ESG | No | No |
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Exposure
Countries
FPAS
USA
97.99%
Other
2.01%
TLT
USA
99.66%
Other
0.34%
Sectors
FPAS
Sovereign
97.99%
Other
2.01%
TLT
Sovereign
98.58%
Other
1.42%
Diversification
FPAS
Total weight of top 3 holdings out of 3
97.99%
TLT
Total weight of top 15 holdings out of 15
58.22%
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%
TLT
USA, Bonds 4.75% 15may2055, USD
4.51%
USA, Bonds 4.625% 15may2054, USD
4.28%
USA, Bonds 4.125% 15aug2053, USD
4.19%
USA, Bonds 4.75% 15feb2056, USD
4.14%
USA, Bonds 4.25% 15feb2054, USD
4.04%
USA, Bonds 5% 15may2056, USD
4.03%
USA, Bonds 4.75% 15nov2053, USD
3.98%
USA, Bonds 4.25% 15aug2054, USD
3.95%
USA, Bonds 4.625% 15nov2055, USD
3.85%
USA, Bonds 4.625% 15feb2055, USD
3.81%
USA, Bonds 4.5% 15nov2054, USD
3.80%
USA, Bonds 1.875% 15nov2051, USD
3.80%
USA, Bonds 2% 15aug2051, USD
3.35%
USA, Bonds 4.75% 15aug2055, USD
3.31%
USA, Bonds 3.625% 15may2053, USD
3.16%
Frequently asked questions about FPAS and TLT
How have the FPAS and TLT ETFs performed in 2026?
As of October 15, 2026, FPAS is down -2.07% year-to-date (YTD), while TLT has lost -5.08%. That puts FPAS better performer ahead so far this year.
Which ETF is attracting more investor money: FPAS or TLT?
Year-to-date, the FPAS ETF saw +$12M in flows, compared to +$3.12B for TLT.
Which ETF is more volatile: FPAS or TLT?
Over the past year, FPAS had a volatility of 3.18%, while TLT experienced 9.32%.
Which ETF is bigger: FPAS or TLT?
As of October 15, 2026, FPAS holds $15.58 M in assets under management (AUM), while TLT manages $47.01 B.
What sectors do the FPAS and TLT ETFs invest in?
FPAS leans toward sectors like Sovereign. Meanwhile, TLT focuses on Sovereign.
What are the top holdings of the FPAS ETF and TLT 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). TLT holds in its top three: USA, Bonds 4.75% 15may2055, USD, USA, Bonds 4.625% 15may2054, USD and USA, Bonds 4.125% 15aug2053, USD.
Which ETF is more diversified: FPAS or TLT?
FPAS has 3 securities. TLT has 48 securities and a top 15 weight of 58.22%.
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