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EWO vs. GVAL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWO vs. GVAL

Last updated Jun 13, 2026

EWO (iShares MSCI Austria ETF) and GVAL (Cambria Global Value ETF) are both exchange-traded funds - EWO is a Europe Equities fund tracking the MSCI Austria Investable Market Index, while GVAL is a Global Equities fund actively managed by Cambria. EWO is passively managed, while GVAL is actively managed. Over the past 10 years, EWO returned 15.10%/yr vs 11.46%/yr for GVAL. A 0.77 correlation means they provide meaningful diversification when combined. EWO charges 0.49%/yr vs 0.64%/yr for GVAL.

Performance

EWO vs. GVAL - Performance Comparison

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

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Returns By Period

In the year-to-date period, EWO achieves a 18.55% return, which is significantly higher than GVAL's 16.63% return. Over the past 10 years, EWO has outperformed GVAL with an annualized return of 15.10%, while GVAL has yielded a comparatively lower 11.46% annualized return.

EWO

1D
1.37%
1M
6.75%
YTD
18.55%
6M
23.71%
1Y
48.35%
3Y*
33.19%
5Y*
15.56%
10Y*
15.10%

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)

EWO vs. GVAL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWO
iShares MSCI Austria ETF		18.55%74.21%4.05%20.63%-21.95%31.50%-3.67%17.05%-22.88%52.47%
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 EWO and GVAL is 0.74, 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

0.74

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

0.76

Correlation (All Time)
Calculated using the full available price history since Mar 12, 2014

0.77

The correlation between EWO and GVAL has been stable across timeframes, ranging from 0.73 to 0.77 - a consistent structural relationship.

EWO vs. GVAL - Sectors Allocation Comparison

Sectors
EWO
GVAL

Financial Services

46.5%
16.5%

Industrials

14.3%
3.6%

Basic Materials

10.5%
8.3%

Energy

9.5%
7.7%

Utilities

6.4%
4.0%

Technology

5.6%
6.5%

Real Estate

4.0%
6.9%

Consumer Cyclical

1.7%
2.6%

Communication Services

-

4.6%

Consumer Defensive

-

1.9%

Healthcare

-

-

Financial Services

EWO
46.5%
GVAL
16.5%

Industrials

EWO
14.3%
GVAL
3.6%

Basic Materials

EWO
10.5%
GVAL
8.3%

Energy

EWO
9.5%
GVAL
7.7%

Utilities

EWO
6.4%
GVAL
4.0%

Technology

EWO
5.6%
GVAL
6.5%

Real Estate

EWO
4.0%
GVAL
6.9%

Consumer Cyclical

EWO
1.7%
GVAL
2.6%

Communication Services

EWO

-

GVAL
4.6%

Consumer Defensive

EWO

-

GVAL
1.9%

Healthcare

EWO

-

GVAL

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Austria ETF

Cambria Global Value ETF

Often compared with EWO:
EWO vs. EWAEWO vs. EWQEWO vs. EWLEWO vs. IBZL.LEWO vs. EEMEWO vs. EWGEWO vs. VOO
Often compared with GVAL:
GVAL vs. EYLDGVAL vs. AUSFGVAL vs. SPMOGVAL vs. DFIVGVAL vs. VOOGVAL vs. AVESGVAL vs. VUG

Return for Risk

EWO vs. GVAL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWO
EWO Risk / Return Rank: 7979
Overall Rank
EWO Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
EWO Sortino Ratio Rank: 8585
Sortino Ratio Rank
EWO Omega Ratio Rank: 7979
Omega Ratio Rank
EWO Calmar Ratio Rank: 7474
Calmar Ratio Rank
EWO Martin Ratio Rank: 6969
Martin Ratio Rank
GVAL
GVAL Risk / Return Rank: 8484
Overall Rank
GVAL Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
GVAL Sortino Ratio Rank: 8888
Sortino Ratio Rank
GVAL Omega Ratio Rank: 8787
Omega Ratio Rank
GVAL Calmar Ratio Rank: 7777
Calmar Ratio Rank
GVAL Martin Ratio Rank: 7979
Martin Ratio Rank
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.

EWO vs. GVAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Austria ETF (EWO) 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.

EWOGVALDifference
Sharpe ratioReturn per unit of total volatility
2.41
2.64

-0.23

Sortino ratioReturn per unit of downside risk
3.35
3.50

-0.15

Omega ratioGain probability vs. loss probability

1.41

1.47

-0.06

Calmar ratioReturn relative to maximum drawdown

3.28

3.48

-0.20

Martin ratioReturn relative to average drawdown

11.10

13.27

-2.17

EWO vs. GVAL - Sharpe Ratio Comparison

The current EWO Sharpe Ratio is 2.41, which is comparable to the GVAL Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of EWO 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.

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Drawdowns

EWO vs. GVAL - Drawdown Comparison

The maximum EWO drawdown since its inception was -75.69%, which is greater than GVAL's maximum drawdown of -46.82%. Use the drawdown chart below to compare losses from any high point for EWO and GVAL.

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Drawdown Indicators

EWOGVALDifference

Max Drawdown

Largest peak-to-trough decline

-75.69%

-46.82%

-28.87%

Max Drawdown (1Y)

Largest decline over 1 year

-14.08%

-11.50%

-2.58%

Max Drawdown (3Y)

Largest decline over 3 years

-16.75%

-15.72%

-1.03%

Max Drawdown (5Y)

Largest decline over 5 years

-41.82%

-30.83%

-10.99%

Max Drawdown (10Y)

Largest decline over 10 years

-58.10%

-46.82%

-11.28%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-28.10%

-13.85%

-14.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.16%

3.02%

+1.14%

Volatility

EWO vs. GVAL - Volatility Comparison

iShares MSCI Austria ETF (EWO) has a higher volatility of 7.31% compared to Cambria Global Value ETF (GVAL) at 6.00%. This indicates that EWO'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.

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Volatility by Period

EWOGVALDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.31%

6.00%

+1.31%

Volatility (6M)

Calculated over the trailing 6-month period

15.88%

13.40%

+2.48%

Volatility (1Y)

Calculated over the trailing 1-year period

19.19%

15.18%

+4.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.95%

18.56%

+3.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.88%

19.20%

+3.68%

EWO vs. GVAL - Expense Ratio Comparison

EWO has a 0.49% expense ratio, which is lower than GVAL's 0.64% expense ratio.

Dividends

EWO vs. GVAL - Dividend Comparison

EWO's dividend yield for the trailing twelve months is around 2.01%, less than GVAL's 2.77% yield.

PositionTTM20252024202320222021202020192018201720162015
EWO
iShares MSCI Austria ETF		2.01%2.38%7.40%5.66%4.75%2.42%0.98%3.11%4.04%2.03%1.99%1.51%
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

EWO and GVAL have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWO has higher volatility (7.31%) compared to GVAL (6.00%). In terms of maximum drawdown, EWO dropped -75.69% vs GVAL's -46.82%.

On 10-year performance, EWO leads with 15.10% vs 11.46% for GVAL. On fees, EWO is cheaper at 0.49% 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.

Over the 10-year period, EWO has performed better with a 15.10% return vs 11.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWO is cheaper with a 0.49% expense ratio, compared with 0.64% for GVAL.

GVAL has the higher dividend yield at 2.77%, compared with 2.01% for EWO.

EWO is categorized as Europe Equities, while GVAL is Global Equities. They also come from different issuers: iShares and Cambria. Their fees differ too: 0.49% for EWO and 0.64% for GVAL.

GVAL currently has the higher Sharpe Ratio (2.64 vs 2.41), 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.

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