BLDG vs. GAA

Last updated Jun 26, 2026

BLDG (Cambria Global Real Estate ETF) and GAA (Cambria Global Asset Allocation ETF) are both exchange-traded funds - BLDG is a REIT fund actively managed by Cambria, while GAA is a Diversified Portfolio fund actively managed by Cambria. Both are actively managed. Over the past 5 years, BLDG returned 3.09%/yr vs 6.18%/yr for GAA. A 0.50 correlation means they provide meaningful diversification when combined. BLDG charges 0.59%/yr vs 0.41%/yr for GAA.

Performance

BLDG vs. GAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria Global Real Estate ETF (BLDG) 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, BLDG achieves a 10.88% return, which is significantly higher than GAA's 7.45% return.

BLDG

• 1D: 0.24%
• 1M: 2.31%
• YTD: 10.88%
• 6M: 11.11%
• 1Y: 13.96%
• 3Y*: 10.82%
• 5Y*: 3.09%
• 10Y*: —

GAA

• 1D: 0.07%
• 1M: -1.82%
• YTD: 7.45%
• 6M: 6.53%
• 1Y: 17.66%
• 3Y*: 13.18%
• 5Y*: 6.18%
• 10Y*: 7.69%

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

BLDG vs. GAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BLDG Cambria Global Real Estate ETF	10.88%	4.26%	8.18%	1.76%	-14.66%	22.47%	15.25%
GAA Cambria Global Asset Allocation ETF	7.45%	18.76%	6.67%	7.65%	-8.47%	11.17%	12.59%

Correlation

The correlation between BLDG and GAA is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (All Time) Calculated using the full available price history since Sep 24, 2020	0.50

The correlation between BLDG and GAA has been stable across timeframes, ranging from 0.44 to 0.52 - a consistent structural relationship.

Return for Risk

BLDG vs. GAA — Risk / Return Rank

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

BLDG

BLDG Risk / Return Rank: 34
BLDG Sharpe Ratio Rank: 38
BLDG Sortino Ratio Rank: 35
BLDG Omega Ratio Rank: 34
BLDG Calmar Ratio Rank: 30
BLDG Martin Ratio Rank: 35

GAA

GAA Risk / Return Rank: 68
GAA Sharpe Ratio Rank: 67
GAA Sortino Ratio Rank: 66
GAA Omega Ratio Rank: 67
GAA Calmar Ratio Rank: 70
GAA Martin Ratio Rank: 71

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.

BLDG vs. GAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Global Real Estate ETF (BLDG) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BLDG	GAA	Difference
Sharpe ratio: Return per unit of total volatility	1.22	1.88	-0.67
Sortino ratio: Return per unit of downside risk	1.70	2.63	-0.93
Omega ratio: Gain probability vs. loss probability	1.21	1.35	-0.14
Calmar ratio: Return relative to maximum drawdown	1.39	3.07	-1.68
Martin ratio: Return relative to average drawdown	4.88	11.38	-6.50

BLDG vs. GAA - Sharpe Ratio Comparison

The current BLDG Sharpe Ratio is 1.22, which is lower than the GAA Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of BLDG 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.

Drawdowns

BLDG vs. GAA - Drawdown Comparison

The maximum BLDG drawdown since its inception was -27.25%, roughly equal to the maximum GAA drawdown of -26.57%. Use the drawdown chart below to compare losses from any high point for BLDG and GAA.

Drawdown Indicators

	BLDG	GAA	Difference
Max Drawdown Largest peak-to-trough decline	-27.25%	-26.57%	-0.68%
Max Drawdown (1Y) Largest decline over 1 year	-10.08%	-5.78%	-4.30%
Max Drawdown (3Y) Largest decline over 3 years	-18.57%	-7.18%	-11.39%
Max Drawdown (5Y) Largest decline over 5 years	-27.25%	-18.47%	-8.78%
Max Drawdown (10Y) Largest decline over 10 years	—	-26.57%	—
Current Drawdown Current decline from peak	-0.83%	-2.43%	+1.60%
Average Drawdown Average peak-to-trough decline	-9.14%	-3.84%	-5.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.87%	1.56%	+1.31%

Volatility

BLDG vs. GAA - Volatility Comparison

Cambria Global Real Estate ETF (BLDG) has a higher volatility of 4.61% compared to Cambria Global Asset Allocation ETF (GAA) at 3.56%. This indicates that BLDG'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

	BLDG	GAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.61%	3.56%	+1.05%
Volatility (6M) Calculated over the trailing 6-month period	9.06%	8.01%	+1.05%
Volatility (1Y) Calculated over the trailing 1-year period	11.58%	9.43%	+2.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.28%	11.35%	+3.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.55%	11.10%	+4.45%

BLDG vs. GAA - Expense Ratio Comparison

BLDG has a 0.59% expense ratio, which is higher than GAA's 0.41% expense ratio.

Dividends

BLDG vs. GAA - Dividend Comparison

BLDG's dividend yield for the trailing twelve months is around 5.30%, more than GAA's 3.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BLDG Cambria Global Real Estate ETF	5.30%	7.46%	7.97%	4.99%	3.99%	10.40%	0.59%	0.00%	0.00%	0.00%	0.00%	0.00%
GAA Cambria Global Asset Allocation ETF	3.54%	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 BLDG and GAA in my portfolio?

BLDG and GAA have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BLDG or GAA?

BLDG has higher volatility (4.61%) compared to GAA (3.56%). In terms of maximum drawdown, BLDG dropped -27.25% vs GAA's -26.57%.

Which ETF is better, BLDG or GAA?

On 5-year performance, GAA leads with 6.18% vs 3.09% for BLDG. On fees, GAA is cheaper at 0.41% per year. On volatility, GAA has been the lower-risk option at 3.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BLDG or GAA?

Over the 5-year period, GAA has performed better with a 6.18% return vs 3.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BLDG or GAA?

GAA is cheaper with a 0.41% expense ratio, compared with 0.59% for BLDG.

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

BLDG has the higher dividend yield at 5.30%, compared with 3.54% for GAA.

What is the main difference between BLDG and GAA?

BLDG is categorized as REIT, while GAA is Diversified Portfolio. Their fees differ too: 0.59% for BLDG and 0.41% for GAA.

Which has better risk-adjusted returns?

GAA currently has the higher Sharpe Ratio (1.88 vs 1.22), 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.