AHTPX vs. GAA

Last updated Jun 4, 2026

AHTPX (American Beacon AHL TargetRisk Fund) and GAA (Cambria Global Asset Allocation ETF) are both funds - AHTPX is a Tactical Allocation fund managed by American Beacon, while GAA is a Diversified Portfolio fund actively managed by Cambria. Over the past 5 years, AHTPX returned 5.52%/yr vs 6.37%/yr for GAA. At a 0.49 correlation, their price movements are largely independent. AHTPX charges 1.41%/yr vs 0.41%/yr for GAA.

Performance

AHTPX vs. GAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Beacon AHL TargetRisk Fund (AHTPX) 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, AHTPX achieves a 8.71% return, which is significantly lower than GAA's 9.39% return.

AHTPX

• 1D: 0.43%
• 1M: 2.02%
• YTD: 8.71%
• 6M: 9.19%
• 1Y: 22.87%
• 3Y*: 10.48%
• 5Y*: 5.52%
• 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)

AHTPX vs. GAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
AHTPX American Beacon AHL TargetRisk Fund	8.71%	7.76%	6.73%	13.48%	-16.81%	13.63%	5.18%	26.87%
GAA Cambria Global Asset Allocation ETF	9.39%	18.76%	6.67%	7.65%	-8.47%	11.17%	9.11%	15.12%

Correlation

The correlation between AHTPX and GAA is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (All Time) Calculated using the full available price history since Jan 2, 2019	0.49

The correlation between AHTPX and GAA has been stable across timeframes, ranging from 0.49 to 0.56 - a consistent structural relationship.

Return for Risk

AHTPX vs. GAA — Risk / Return Rank

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

AHTPX

AHTPX Risk / Return Rank: 66
AHTPX Sharpe Ratio Rank: 77
AHTPX Sortino Ratio Rank: 69
AHTPX Omega Ratio Rank: 75
AHTPX Calmar Ratio Rank: 69
AHTPX Martin Ratio Rank: 42

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.

AHTPX vs. GAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Beacon AHL TargetRisk Fund (AHTPX) 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.

	AHTPX	GAA	Difference
Sharpe ratio: Return per unit of total volatility	2.54	2.48	+0.06
Sortino ratio: Return per unit of downside risk	3.46	3.50	-0.04
Omega ratio: Gain probability vs. loss probability	1.49	1.46	+0.03
Calmar ratio: Return relative to maximum drawdown	3.22	3.93	-0.71
Martin ratio: Return relative to average drawdown	9.02	15.04	-6.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AHTPX vs. GAA - Sharpe Ratio Comparison

The current AHTPX Sharpe Ratio is 2.54, which is comparable to the GAA Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of AHTPX 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

	AHTPX	GAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.54	2.48	+0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.57	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.70	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	0.63	+0.28

Drawdowns

AHTPX vs. GAA - Drawdown Comparison

The maximum AHTPX drawdown since its inception was -19.23%, smaller than the maximum GAA drawdown of -26.57%. Use the drawdown chart below to compare losses from any high point for AHTPX and GAA.

Drawdown Indicators

	AHTPX	GAA	Difference
Max Drawdown Largest peak-to-trough decline	-19.23%	-26.57%	+7.34%
Max Drawdown (1Y) Largest decline over 1 year	-7.26%	-5.78%	-1.48%
Max Drawdown (3Y) Largest decline over 3 years	-12.89%	-7.18%	-5.71%
Max Drawdown (5Y) Largest decline over 5 years	-19.23%	-18.47%	-0.76%
Max Drawdown (10Y) Largest decline over 10 years	—	-26.57%	—
Current Drawdown Current decline from peak	-2.03%	-0.66%	-1.37%
Average Drawdown Average peak-to-trough decline	-5.66%	-3.85%	-1.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	1.51%	+1.07%

Volatility

AHTPX vs. GAA - Volatility Comparison

The current volatility for American Beacon AHL TargetRisk Fund (AHTPX) is 1.38%, while Cambria Global Asset Allocation ETF (GAA) has a volatility of 2.60%. This indicates that AHTPX experiences smaller price fluctuations and is considered to be less risky than GAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AHTPX	GAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.38%	2.60%	-1.22%
Volatility (6M) Calculated over the trailing 6-month period	6.82%	7.41%	-0.59%
Volatility (1Y) Calculated over the trailing 1-year period	9.20%	9.19%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.64%	11.28%	-1.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.94%	11.09%	-2.15%

AHTPX vs. GAA - Expense Ratio Comparison

AHTPX has a 1.41% expense ratio, which is higher than GAA's 0.41% expense ratio.

Dividends

AHTPX vs. GAA - Dividend Comparison

AHTPX's dividend yield for the trailing twelve months is around 7.34%, more than GAA's 3.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AHTPX American Beacon AHL TargetRisk Fund	7.34%	7.98%	4.80%	3.63%	5.07%	18.73%	0.54%	4.51%	0.00%	0.00%	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 AHTPX and GAA in my portfolio?

AHTPX and GAA have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AHTPX or GAA?

GAA has higher volatility (2.60%) compared to AHTPX (1.38%). In terms of maximum drawdown, AHTPX dropped -19.23% vs GAA's -26.57%.

Which has better risk-adjusted returns?

AHTPX currently has the higher Sharpe Ratio (2.54 vs 2.48), 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.