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FPAG vs HWO

FPA Global Equity ETF

FPAGBCboe

Hotchkis & Wiley Opportunities Fund

HWODNasdaq

Overlap

Expense ratio

FPAG −0.41pt a year

FPAG0.49%HWO0.90%

Avg volume · 30D

FPAG 151.0×the volume

FPAG41.5KHWO275

FPAG vs HWO Performance

Jul 31, 2026 – Oct 30, 2026

+1.0%FPAG+5.6%HWO

Jul 31, 2026 to Oct 30, 2026. FPAG +1.0%. HWO +5.6%. Use the arrow keys to read each point.−2%0%2%4%Jul 2026Sep 2026Oct 2026
Expense ratio
FPAG 0.49%, better
HWO 0.90%
Fund size
FPAG $662M
HWO $1M
1Y total return
FPAG +17.1%
HWO No data
Yield (12M)
FPAG 1.29%
HWO No data
Holdings
FPAG 72
HWO 58
Avg volume (30D)
FPAG 41.5K sh, better
HWO 275 sh
NAV per share
FPAG $41.86
HWO $27.36
52W range

ETF.net Grade

FPAG: Cost 82, Risk 44, Mission not scored, Tradability 44, Holdings 63, Durability 73. HWO: Cost 18, Risk 88, Mission not scored, Tradability 29, Holdings 46, Durability 21.
Pillar letters and Scores for FPAG, HWO, with each pillar’s weight
PillarFPAGHWO
Cost30% weightA82HigherF18
Mission25% weightNot scoredNot scored
Risk15% weightC44A88Higher
Tradability15% weightC44HigherD29
Holdings10% weightB63HigherC46
Durability5% weightA73HigherF21

Rank among Global Active Value funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. FPAG and HWO are both graded against the same 15 Global Active Value funds, so their Grades compare head to head.

Global Active Value⁠

Category · 15 funds
See all 15 ›

FPAG ranks 4th and HWO 10th of 15 funds in the Global Active Value Category.

  1. Rank 1AAVGVAvantis All Equity Markets Value ETF 9Score 77
  2. Rank 2AFEGEFirst Eagle Global Equity ETFScore 74
  3. Rank 3ASFGVSequoia Global Value ETFScore 73
  4. Rank 4BFPAGFPA Global Equity ETFScore 63
  5. Rank 5BGKATScharf Global Opportunity ETFScore 60
  6. Rank 9COAKGOakmark Global Large Cap ETFScore 44
  7. Rank 10DHWOHotchkis & Wiley Opportunities FundScore 37
  8. Rank 11DWBIFWBI BullBear Value 3000 ETFScore 36

Our read on each fund

ETF.net Research

FPAGBFPA Global Equity ETF

HWODHotchkis & Wiley Opportunities Fund

In short

FPAG FPA's contrarian value desk in ETF form: about 40 out-of-favor global large and mid caps, no sector constraints, 0.49% net of a waiver through January 31, 2027.

HWO No data

Stated mandate

FPAG The Fund seeks long-term growth of principal and income. It normally invests at least 95% of assets in equities, primarily publicly traded common stocks of mid- and large-cap U.S. and non-U.S. companies, including emerging-market companies.

HWO No data

Why people hold it

  • FPAG The ETF wrapper for a strategy FPA has run for years: bottom-up fundamental research, global large and mid caps, bought when businesses look out of favor, with no sector constraints on the portfolio.fpa.com
  • 0.49% net of a waiver through January 31, 2027 sits below the global value category median, and just under First Eagle's FEGE at 0.50% net of a waiver through December 31, 2026.
  • Genuinely active, not index-hugging: roughly 40 positions, cash typically under 5%, and active share FPA describes as typically above 90% versus its MSCI ACWI reference.fpa.com
  • Prospectus keeps it simple: normally at least 95% of assets in equities, mid- and large-cap U.S. and non-U.S. names, emerging markets included. One of the stronger builds on a crowded global value shelf.

HWO No data

Worth knowing

  • FPAG That 0.49% is a waived rate. Gross is 0.86%, so what you pay after January 31, 2027 depends on FPA extending the waiver.
  • One of the thinner-traded funds in its category. Spreads can widen, and the open and close are the rougher moments of the day.
  • A focused, unconstrained book of about 40 names with no sector limits can look nothing like a global index, and move nothing like one either. Income arrives quarterly.fpa.com

HWO No data

Full FPAG profile⁠

Full HWO profile⁠

FPAG vs HWO Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FPAG vs HWO Cost

Overpaying HWO vs FPAG

$7,248

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • FPAG 0.49%

    $9,792

  • HWO 0.90%

    $17,040

$10,000
30 years

Cost over time

  • FPAG 0.49%
  • HWO 0.90%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530HWO $17,040FPAG $9,792

Year by year

YearFPAGHWOOverpaying
10$883$1,593$710
20$3,394$6,015$2,621
30$9,792$17,040$7,248

Expense ratio

  • 0.49%FPAG, cheaper
  • 0.90%HWO
  • Middle half of Global Active Value funds
  • Median 0.68%

FPAG 3rd cheapest of 15 funds

HWO 12th cheapest of 15 funds

FPAG vs HWO Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
FPAG 1.29%
HWO No data
Payout (12M)
FPAG $0.54
HWO None
Last payment
FPAG $0.09
HWO No data
Ex-dividend
FPAG Sep 15, 2026
HWO No data
Paid on
FPAG Sep 22, 2026
HWO No data
Frequency
FPAG Quarterly
HWO No data

Distribution history

Per share, 2022 to 2026, same scale for both

FPAGQuarterly · 18 paymentsAll FPAG payments⁠
One bar per payment. 18 payments from 2022 to 2026 YTD. Mar 15, 2022 $0.01; Jun 15, 2022 $0.11; Sep 15, 2022 $0.07; Dec 15, 2022 $0.06; Mar 15, 2023 $0.02; Jun 15, 2023 $0.15; Sep 14, 2023 $0.10; Dec 14, 2023 $0.12; Mar 15, 2024 $0.05; Jun 14, 2024 $0.09; Sep 13, 2024 $0.08; Dec 13, 2024 $0.21; Mar 13, 2025 $0.18; Jun 13, 2025 $0.16; Sep 15, 2025 $0.08; Dec 12, 2025 $0.32; Jun 16, 2026 $0.13; Sep 15, 2026 $0.09. Use the arrow keys to read each point.$0$0.2520232026YTD
HWOAll HWO payments⁠

No distribution history available.

FPAG vs HWO Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
FPAG 12.4%since Apr 2024HWO No data
Return per unit of riskSharpe ratio, 3 years
FPAG 1.01since Apr 2024HWO No data
Worst fallMax drawdown, 5 years
FPAG −18.1%since Mar 2024HWO No data
Market sensitivityBeta, 5 years
FPAG 0.97HWO 0.70

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