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Component v ERA - why the gap?
Q: Why is Carlos Zambrano's era always so much better than his fip?
A: I am no expert on FIP (In fact, it is Tango's invention I think), but for one thing, FIP is NOT an unbiased estimate of a pitcher's true run prevention talent. There is some bias inherent in the stat, by definition. For example, since it doesn't include non-HR hits, and we KNOW that pitcher have SOME control over their BABIP, it will not accurately reflect a pitcher's true BABIP. Maybe Carlos' true BABIP is a little lower than league average. If it is, than we would expect his FIP to overstate his expected ERA. FIP also does not include a pitcher's WP (wild pitch) rate, which is obviously reflected in his ERA. So to for the SB/CS rate that a pitcher is responsible for.
And even if FIP were an exact proxy for ERA (which it isn't), we would expect plenty of pitchers to have ERA's different from their FIP's, by chance alone. So your question does not really have an answer other than, "We expect pitchers' ERAs to be different from their FIPs's by chance AND because FIP is a biased, and not nearly exact, estimate of ERA.
All FIP (or DIPS ERA) does is eliminate the noise (and a little bit of the skill) in BABIP. That allows us to get a better estimate of a pitcher's run prevention skill, in the short run. In the long run, ERA, RA or ERC is MUCH better because it captures the differences in BABIP skill among pitchers, as well as the other things I mentioned above that contribute to a pitcher's run prevention skill but are not addressed at all in FIP (like WP rate)--Mgl 13:39, 2 June 2008 (PDT)).