GAA vs. AHTPX

Last updated Jun 4, 2026

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

Performance

GAA vs. AHTPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria Global Asset Allocation ETF (GAA) and American Beacon AHL TargetRisk Fund (AHTPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GAA achieves a 9.39% return, which is significantly higher than AHTPX's 8.71% return.

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%

AHTPX

• 1D: 0.43%
• 1M: 2.02%
• YTD: 8.71%
• 6M: 9.19%
• 1Y: 22.87%
• 3Y*: 10.48%
• 5Y*: 5.52%
• 10Y*: —

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

GAA vs. AHTPX - Yearly Performance Comparison

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

Correlation

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

Return for Risk

GAA vs. AHTPX — Risk / Return Rank

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

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

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

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.

GAA vs. AHTPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Global Asset Allocation ETF (GAA) and American Beacon AHL TargetRisk Fund (AHTPX). 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.

	GAA	AHTPX	Difference
Sharpe ratio Return per unit of total volatility	2.48	2.54	-0.06
Sortino ratio Return per unit of downside risk	3.50	3.46	+0.04
Omega ratio Gain probability vs. loss probability	1.46	1.49	-0.03
Calmar ratio Return relative to maximum drawdown	3.93	3.22	+0.71
Martin ratio Return relative to average drawdown	15.04	9.02	+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.

GAA vs. AHTPX - Sharpe Ratio Comparison

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

	GAA	AHTPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.48	2.54	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.58	-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	0.63	0.92	-0.28

Drawdowns

GAA vs. AHTPX - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

GAA vs. AHTPX - Volatility Comparison

Cambria Global Asset Allocation ETF (GAA) has a higher volatility of 2.60% compared to American Beacon AHL TargetRisk Fund (AHTPX) at 1.38%. This indicates that GAA's price experiences larger fluctuations and is considered to be riskier than AHTPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

GAA vs. AHTPX - Expense Ratio Comparison

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

Dividends

GAA vs. AHTPX - Dividend Comparison

GAA's dividend yield for the trailing twelve months is around 3.59%, less than AHTPX's 7.34% 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 GAA and AHTPX in my portfolio?

GAA and AHTPX 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, GAA or AHTPX?

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

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.