Translucent items can occlude other translucent items in Fabulous graphics

The bug

Some translucent items will not be visible behind other translucent items, even in the Fabulous graphics setting, which is intended to fix this.

This is not exclusive to items - similar effects can be seen for experience orbs.

How to reproduce

1. Drop one stained glass pane on the ground
2. Drop another stained glass pane (of a different color?) nearby
3. Look at one item through the other
4. Repeat through the other item at the original

Expected results

Both items would be visible through each other.

Actual results

Only the older item is visible through the newer item, as the older item occludes the newer item when looked through.