CGVIX vs. XAR

Last updated Jun 24, 2026

CGVIX (Causeway Global Value Fund) and XAR (SPDR S&P Aerospace & Defense ETF) are both funds - CGVIX is a Global Equities fund managed by Causeway, while XAR is a Aerospace & Defense fund tracking the S&P Aerospace & Defense Select Industry Index. Over the past 10 years, CGVIX returned 12.72%/yr vs 18.43%/yr for XAR. A 0.65 correlation means they provide meaningful diversification when combined. CGVIX charges 0.85%/yr vs 0.35%/yr for XAR.

Performance

CGVIX vs. XAR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Causeway Global Value Fund (CGVIX) and SPDR S&P Aerospace & Defense ETF (XAR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CGVIX achieves a 5.46% return, which is significantly lower than XAR's 14.20% return. Over the past 10 years, CGVIX has underperformed XAR with an annualized return of 12.72%, while XAR has yielded a comparatively higher 18.43% annualized return.

CGVIX

• 1D: 0.12%
• 1M: 3.49%
• YTD: 5.46%
• 6M: 5.46%
• 1Y: 28.19%
• 3Y*: 21.05%
• 5Y*: 13.16%
• 10Y*: 12.72%

XAR

• 1D: -0.92%
• 1M: 1.55%
• YTD: 14.20%
• 6M: 10.14%
• 1Y: 37.38%
• 3Y*: 33.41%
• 5Y*: 16.10%
• 10Y*: 18.43%

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

CGVIX vs. XAR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CGVIX Causeway Global Value Fund	5.46%	34.03%	12.85%	29.80%	-12.06%	16.44%	7.39%	21.26%	-11.23%	20.22%
XAR SPDR S&P Aerospace & Defense ETF	14.20%	46.15%	23.32%	23.79%	-5.02%	2.31%	6.18%	39.33%	-4.58%	33.00%

Correlation

The correlation between CGVIX and XAR is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Sep 29, 2011	0.65

The correlation between CGVIX and XAR shifts across timeframes, from 0.54 (1 year) to 0.65 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

CGVIX vs. XAR — Risk / Return Rank

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

CGVIX

CGVIX Risk / Return Rank: 39
CGVIX Sharpe Ratio Rank: 44
CGVIX Sortino Ratio Rank: 46
CGVIX Omega Ratio Rank: 43
CGVIX Calmar Ratio Rank: 30
CGVIX Martin Ratio Rank: 31

XAR

XAR Risk / Return Rank: 40
XAR Sharpe Ratio Rank: 39
XAR Sortino Ratio Rank: 41
XAR Omega Ratio Rank: 35
XAR Calmar Ratio Rank: 45
XAR Martin Ratio Rank: 40

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.

CGVIX vs. XAR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Causeway Global Value Fund (CGVIX) and SPDR S&P Aerospace & Defense ETF (XAR). 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.

	CGVIX	XAR	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.34	+0.46
Sortino ratio: Return per unit of downside risk	2.63	2.01	+0.62
Omega ratio: Gain probability vs. loss probability	1.33	1.23	+0.10
Calmar ratio: Return relative to maximum drawdown	1.95	2.18	-0.23
Martin ratio: Return relative to average drawdown	6.60	6.08	+0.51

CGVIX vs. XAR - Sharpe Ratio Comparison

The current CGVIX Sharpe Ratio is 1.80, which is higher than the XAR Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of CGVIX and XAR, 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

CGVIX vs. XAR - Drawdown Comparison

The maximum CGVIX drawdown since its inception was -62.29%, which is greater than XAR's maximum drawdown of -46.37%. Use the drawdown chart below to compare losses from any high point for CGVIX and XAR.

Drawdown Indicators

	CGVIX	XAR	Difference
Max Drawdown Largest peak-to-trough decline	-62.29%	-46.37%	-15.92%
Max Drawdown (1Y) Largest decline over 1 year	-15.00%	-17.22%	+2.22%
Max Drawdown (3Y) Largest decline over 3 years	-26.84%	-19.73%	-7.11%
Max Drawdown (5Y) Largest decline over 5 years	-29.26%	-32.40%	+3.14%
Max Drawdown (10Y) Largest decline over 10 years	-44.30%	-46.37%	+2.07%
Current Drawdown Current decline from peak	-1.54%	-5.89%	+4.35%
Average Drawdown Average peak-to-trough decline	-10.15%	-6.78%	-3.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.40%	6.16%	-1.76%

Volatility

CGVIX vs. XAR - Volatility Comparison

The current volatility for Causeway Global Value Fund (CGVIX) is 5.33%, while SPDR S&P Aerospace & Defense ETF (XAR) has a volatility of 10.65%. This indicates that CGVIX experiences smaller price fluctuations and is considered to be less risky than XAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGVIX	XAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.33%	10.65%	-5.32%
Volatility (6M) Calculated over the trailing 6-month period	13.59%	23.46%	-9.87%
Volatility (1Y) Calculated over the trailing 1-year period	16.24%	27.98%	-11.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.43%	23.69%	-1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.06%	24.74%	-2.68%

CGVIX vs. XAR - Expense Ratio Comparison

CGVIX has a 0.85% expense ratio, which is higher than XAR's 0.35% expense ratio.

Dividends

CGVIX vs. XAR - Dividend Comparison

CGVIX's dividend yield for the trailing twelve months is around 9.35%, more than XAR's 0.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CGVIX Causeway Global Value Fund	9.35%	9.86%	24.61%	2.36%	0.88%	3.30%	1.36%	4.77%	18.28%	8.49%	1.37%	3.26%
XAR SPDR S&P Aerospace & Defense ETF	0.29%	0.40%	0.66%	0.54%	0.50%	0.83%	0.63%	0.75%	1.19%	0.76%	1.09%	2.31%

Frequently Asked Questions

Can I hold both CGVIX and XAR in my portfolio?

CGVIX and XAR have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CGVIX or XAR?

XAR has higher volatility (10.65%) compared to CGVIX (5.33%). In terms of maximum drawdown, CGVIX dropped -62.29% vs XAR's -46.37%.

Which has better risk-adjusted returns?

CGVIX currently has the higher Sharpe Ratio (1.80 vs 1.34), 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.