AAVM vs. GAA

Last updated Jun 4, 2026

AAVM (Alpha Architect Global Factor Equity ETF) and GAA (Cambria Global Asset Allocation ETF) are both exchange-traded funds - AAVM is a Multi-factor fund actively managed by Alpha Architect, while GAA is a Diversified Portfolio fund actively managed by Cambria. Both are actively managed. Over the past 5 years, AAVM returned 6.94%/yr vs 6.37%/yr for GAA. A 0.57 correlation means they provide meaningful diversification when combined. AAVM charges 0.45%/yr vs 0.41%/yr for GAA.

Performance

AAVM vs. GAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alpha Architect Global Factor Equity ETF (AAVM) and Cambria Global Asset Allocation ETF (GAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAVM achieves a 17.28% return, which is significantly higher than GAA's 9.39% return.

AAVM

• 1D: -0.37%
• 1M: 3.80%
• YTD: 17.28%
• 6M: 20.07%
• 1Y: 34.59%
• 3Y*: 19.57%
• 5Y*: 6.94%
• 10Y*: —

GAA

• 1D: -0.66%
• 1M: 1.35%
• YTD: 9.39%
• 6M: 11.23%
• 1Y: 22.62%
• 3Y*: 14.43%
• 5Y*: 6.37%
• 10Y*: 7.72%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AAVM vs. GAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AAVM Alpha Architect Global Factor Equity ETF	17.28%	18.54%	12.07%	-0.74%	-7.00%	3.52%	4.69%	4.59%	-15.64%	14.62%
GAA Cambria Global Asset Allocation ETF	9.39%	18.76%	6.67%	7.65%	-8.47%	11.17%	9.11%	15.12%	-7.15%	7.72%

Correlation

The correlation between AAVM and GAA is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (All Time) Calculated using the full available price history since Jun 14, 2017	0.57

The correlation between AAVM and GAA has been stable across timeframes, ranging from 0.56 to 0.65 - a consistent structural relationship.

AAVM vs. GAA - Sectors Allocation Comparison

Sectors	AAVM	GAA
Industrials	28.7%	14.2%
Basic Materials	15.4%	9.7%
Consumer Cyclical	15.3%	8.5%
Technology	14.4%	8.7%
Energy	6.0%	13.2%
Healthcare	5.8%	3.2%
Utilities	4.3%	3.8%
Consumer Defensive	4.0%	3.5%
Communication Services	3.4%	4.0%
Real Estate	1.4%	13.9%
Financial Services	1.3%	17.5%

Return for Risk

AAVM vs. GAA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AAVM

AAVM Risk / Return Rank: 69
AAVM Sharpe Ratio Rank: 69
AAVM Sortino Ratio Rank: 70
AAVM Omega Ratio Rank: 69
AAVM Calmar Ratio Rank: 65
AAVM Martin Ratio Rank: 72

GAA

GAA Risk / Return Rank: 76
GAA Sharpe Ratio Rank: 75
GAA Sortino Ratio Rank: 77
GAA Omega Ratio Rank: 76
GAA Calmar Ratio Rank: 77
GAA Martin Ratio Rank: 77

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AAVM vs. GAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alpha Architect Global Factor Equity ETF (AAVM) and Cambria Global Asset Allocation ETF (GAA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AAVM	GAA	Difference
Sharpe ratio Return per unit of total volatility	2.28	2.48	-0.20
Sortino ratio Return per unit of downside risk	3.20	3.50	-0.30
Omega ratio Gain probability vs. loss probability	1.42	1.46	-0.04
Calmar ratio Return relative to maximum drawdown	3.20	3.93	-0.73
Martin ratio Return relative to average drawdown	13.42	15.04	-1.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AAVM vs. GAA - Sharpe Ratio Comparison

The current AAVM Sharpe Ratio is 2.28, which is comparable to the GAA Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of AAVM and GAA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AAVM	GAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.28	2.48	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.57	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.70	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.63	-0.28

Drawdowns

AAVM vs. GAA - Drawdown Comparison

The maximum AAVM drawdown since its inception was -34.71%, which is greater than GAA's maximum drawdown of -26.57%. Use the drawdown chart below to compare losses from any high point for AAVM and GAA.

Drawdown Indicators

	AAVM	GAA	Difference
Max Drawdown Largest peak-to-trough decline	-34.71%	-26.57%	-8.14%
Max Drawdown (1Y) Largest decline over 1 year	-10.85%	-5.78%	-5.07%
Max Drawdown (3Y) Largest decline over 3 years	-20.23%	-7.18%	-13.05%
Max Drawdown (5Y) Largest decline over 5 years	-23.73%	-18.47%	-5.26%
Max Drawdown (10Y) Largest decline over 10 years	—	-26.57%	—
Current Drawdown Current decline from peak	-0.55%	-0.66%	+0.11%
Average Drawdown Average peak-to-trough decline	-13.32%	-3.85%	-9.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	1.51%	+1.07%

Volatility

AAVM vs. GAA - Volatility Comparison

Alpha Architect Global Factor Equity ETF (AAVM) has a higher volatility of 5.00% compared to Cambria Global Asset Allocation ETF (GAA) at 2.60%. This indicates that AAVM's price experiences larger fluctuations and is considered to be riskier than GAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAVM	GAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.00%	2.60%	+2.40%
Volatility (6M) Calculated over the trailing 6-month period	12.87%	7.41%	+5.46%
Volatility (1Y) Calculated over the trailing 1-year period	15.26%	9.19%	+6.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.68%	11.28%	+4.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.90%	11.09%	+3.81%

AAVM vs. GAA - Expense Ratio Comparison

AAVM has a 0.45% expense ratio, which is higher than GAA's 0.41% expense ratio.

Dividends

AAVM vs. GAA - Dividend Comparison

AAVM's dividend yield for the trailing twelve months is around 1.75%, less than GAA's 3.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAVM Alpha Architect Global Factor Equity ETF	1.75%	2.05%	2.54%	4.13%	2.24%	0.82%	0.00%	1.76%	0.93%	0.81%	0.00%	0.00%
GAA Cambria Global Asset Allocation ETF	3.59%	4.24%	3.88%	3.73%	6.05%	4.21%	2.73%	3.32%	3.01%	2.36%	2.82%	2.49%

Frequently Asked Questions

Can I hold both AAVM and GAA in my portfolio?

AAVM and GAA have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAVM or GAA?

AAVM has higher volatility (5.00%) compared to GAA (2.60%). In terms of maximum drawdown, AAVM dropped -34.71% vs GAA's -26.57%.

Which ETF is better, AAVM or GAA?

On 5-year performance, AAVM leads with 6.94% vs 6.37% for GAA. On fees, GAA is cheaper at 0.41% per year. On volatility, GAA has been the lower-risk option at 2.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAVM or GAA?

Over the 5-year period, AAVM has performed better with a 6.94% return vs 6.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAVM or GAA?

GAA is cheaper with a 0.41% expense ratio, compared with 0.45% for AAVM.

Which ETF pays a higher dividend yield, AAVM or GAA?

GAA has the higher dividend yield at 3.59%, compared with 1.75% for AAVM.

What is the main difference between AAVM and GAA?

AAVM is categorized as Multi-factor, while GAA is Diversified Portfolio. They also come from different issuers: Alpha Architect and Cambria. Their fees differ too: 0.45% for AAVM and 0.41% for GAA.

Which has better risk-adjusted returns?

GAA currently has the higher Sharpe Ratio (2.48 vs 2.28), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.