EUFN vs. GVAL

Last updated Jun 13, 2026

EUFN (iShares MSCI Europe Financials ETF) and GVAL (Cambria Global Value ETF) are both exchange-traded funds - EUFN is a Financials Equities fund tracking the MSCI Europe Financials Index, while GVAL is a Global Equities fund actively managed by Cambria. EUFN is passively managed, while GVAL is actively managed. Over the past 10 years, EUFN returned 13.48%/yr vs 11.46%/yr for GVAL. A 0.75 correlation means they provide meaningful diversification when combined. EUFN charges 0.48%/yr vs 0.64%/yr for GVAL.

Performance

EUFN vs. GVAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Europe Financials ETF (EUFN) and Cambria Global Value ETF (GVAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EUFN achieves a 4.75% return, which is significantly lower than GVAL's 16.63% return. Over the past 10 years, EUFN has outperformed GVAL with an annualized return of 13.48%, while GVAL has yielded a comparatively lower 11.46% annualized return.

EUFN

• 1D: 1.20%
• 1M: 3.43%
• YTD: 4.75%
• 6M: 9.10%
• 1Y: 28.57%
• 3Y*: 32.04%
• 5Y*: 18.43%
• 10Y*: 13.48%

GVAL

• 1D: 1.47%
• 1M: 3.88%
• YTD: 16.63%
• 6M: 18.08%
• 1Y: 40.92%
• 3Y*: 26.84%
• 5Y*: 13.64%
• 10Y*: 11.46%

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

EUFN vs. GVAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EUFN iShares MSCI Europe Financials ETF	4.75%	65.73%	17.20%	26.15%	-8.78%	19.13%	-8.55%	20.73%	-23.14%	26.94%
GVAL Cambria Global Value ETF	16.63%	55.87%	2.59%	13.30%	-7.98%	10.70%	-8.51%	17.24%	-14.30%	29.50%

Correlation

The correlation between EUFN and GVAL is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Mar 12, 2014	0.75

The correlation between EUFN and GVAL has been stable across timeframes, ranging from 0.72 to 0.76 - a consistent structural relationship.

EUFN vs. GVAL - Sectors Allocation Comparison

Sectors	EUFN	GVAL
Financial Services	97.1%	16.5%
Technology	1.0%	6.5%
Industrials	0.4%	3.6%
Consumer Cyclical	0.2%	2.6%
Basic Materials	-	8.3%
Communication Services	-	4.6%
Consumer Defensive	-	1.9%
Energy	-	7.7%
Healthcare	-	-
Real Estate	-	6.9%
Utilities	-	4.0%

Return for Risk

EUFN vs. GVAL — Risk / Return Rank

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

EUFN

EUFN Risk / Return Rank: 42
EUFN Sharpe Ratio Rank: 42
EUFN Sortino Ratio Rank: 42
EUFN Omega Ratio Rank: 39
EUFN Calmar Ratio Rank: 41
EUFN Martin Ratio Rank: 44

GVAL

GVAL Risk / Return Rank: 84
GVAL Sharpe Ratio Rank: 90
GVAL Sortino Ratio Rank: 88
GVAL Omega Ratio Rank: 87
GVAL Calmar Ratio Rank: 77
GVAL Martin Ratio Rank: 79

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.

EUFN vs. GVAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Europe Financials ETF (EUFN) and Cambria Global Value ETF (GVAL). 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.

	EUFN	GVAL	Difference
Sharpe ratio: Return per unit of total volatility	1.31	2.64	-1.33
Sortino ratio: Return per unit of downside risk	1.92	3.50	-1.58
Omega ratio: Gain probability vs. loss probability	1.23	1.47	-0.24
Calmar ratio: Return relative to maximum drawdown	1.79	3.48	-1.69
Martin ratio: Return relative to average drawdown	6.24	13.27	-7.03

EUFN vs. GVAL - Sharpe Ratio Comparison

The current EUFN Sharpe Ratio is 1.31, which is lower than the GVAL Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of EUFN and GVAL, 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

EUFN vs. GVAL - Drawdown Comparison

The maximum EUFN drawdown since its inception was -53.25%, which is greater than GVAL's maximum drawdown of -46.82%. Use the drawdown chart below to compare losses from any high point for EUFN and GVAL.

Drawdown Indicators

	EUFN	GVAL	Difference
Max Drawdown Largest peak-to-trough decline	-53.25%	-46.82%	-6.43%
Max Drawdown (1Y) Largest decline over 1 year	-14.77%	-11.50%	-3.27%
Max Drawdown (3Y) Largest decline over 3 years	-15.95%	-15.72%	-0.23%
Max Drawdown (5Y) Largest decline over 5 years	-35.15%	-30.83%	-4.32%
Max Drawdown (10Y) Largest decline over 10 years	-53.25%	-46.82%	-6.43%
Current Drawdown Current decline from peak	-0.10%	0.00%	-0.10%
Average Drawdown Average peak-to-trough decline	-14.53%	-13.85%	-0.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.23%	3.02%	+1.21%

Volatility

EUFN vs. GVAL - Volatility Comparison

iShares MSCI Europe Financials ETF (EUFN) has a higher volatility of 6.96% compared to Cambria Global Value ETF (GVAL) at 6.00%. This indicates that EUFN's price experiences larger fluctuations and is considered to be riskier than GVAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EUFN	GVAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.96%	6.00%	+0.96%
Volatility (6M) Calculated over the trailing 6-month period	17.05%	13.40%	+3.65%
Volatility (1Y) Calculated over the trailing 1-year period	20.17%	15.18%	+4.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.88%	18.56%	+3.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.53%	19.20%	+5.33%

EUFN vs. GVAL - Expense Ratio Comparison

EUFN has a 0.48% expense ratio, which is lower than GVAL's 0.64% expense ratio.

Dividends

EUFN vs. GVAL - Dividend Comparison

EUFN's dividend yield for the trailing twelve months is around 3.41%, more than GVAL's 2.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EUFN iShares MSCI Europe Financials ETF	3.41%	3.57%	5.36%	5.00%	4.24%	4.15%	1.38%	4.55%	6.48%	3.04%	4.03%	3.65%
GVAL Cambria Global Value ETF	2.77%	2.93%	4.75%	6.12%	5.05%	2.97%	1.90%	2.84%	4.65%	2.00%	2.54%	2.11%

Frequently Asked Questions

Can I hold both EUFN and GVAL in my portfolio?

EUFN and GVAL have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EUFN or GVAL?

EUFN has higher volatility (6.96%) compared to GVAL (6.00%). In terms of maximum drawdown, EUFN dropped -53.25% vs GVAL's -46.82%.

Which ETF is better, EUFN or GVAL?

On 10-year performance, EUFN leads with 13.48% vs 11.46% for GVAL. On fees, EUFN is cheaper at 0.48% per year. On volatility, GVAL has been the lower-risk option at 6.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EUFN or GVAL?

Over the 10-year period, EUFN has performed better with a 13.48% return vs 11.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EUFN or GVAL?

EUFN is cheaper with a 0.48% expense ratio, compared with 0.64% for GVAL.

Which ETF pays a higher dividend yield, EUFN or GVAL?

EUFN has the higher dividend yield at 3.41%, compared with 2.77% for GVAL.

What is the main difference between EUFN and GVAL?

EUFN is categorized as Financials Equities, while GVAL is Global Equities. They also come from different issuers: iShares and Cambria. Their fees differ too: 0.48% for EUFN and 0.64% for GVAL.

Which has better risk-adjusted returns?

GVAL currently has the higher Sharpe Ratio (2.64 vs 1.31), 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.