GAA vs. CTAP

Last updated Jun 4, 2026

GAA (Cambria Global Asset Allocation ETF) and CTAP (Simplify US Equity PLUS Managed Futures Strategy ETF) are both Diversified Portfolio funds. Both are actively managed. At a 0.28 correlation, their price movements are largely independent. GAA charges 0.41%/yr vs 0.10%/yr for CTAP.

Performance

GAA vs. CTAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria Global Asset Allocation ETF (GAA) and Simplify US Equity PLUS Managed Futures Strategy ETF (CTAP). 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 lower than CTAP's 21.95% 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%

CTAP

• 1D: -0.32%
• 1M: -3.24%
• YTD: 21.95%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GAA vs. CTAP - Yearly Performance Comparison

	2026 (YTD)	2025
GAA Cambria Global Asset Allocation ETF	9.39%	1.71%
CTAP Simplify US Equity PLUS Managed Futures Strategy ETF	21.95%	2.44%

Correlation

The correlation between GAA and CTAP is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 10, 2025	0.28

GAA vs. CTAP - Sectors Allocation Comparison

Sectors	GAA	CTAP
Financial Services	17.5%	49.3%
Industrials	14.2%	-
Real Estate	13.9%	-
Energy	13.2%	-
Basic Materials	9.7%	-
Technology	8.7%	-
Consumer Cyclical	8.5%	-
Communication Services	4.0%	-
Utilities	3.8%	-
Consumer Defensive	3.5%	-
Healthcare	3.2%	-

Return for Risk

GAA vs. CTAP — 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

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. CTAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Global Asset Allocation ETF (GAA) and Simplify US Equity PLUS Managed Futures Strategy ETF (CTAP). 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	CTAP	Difference
Sharpe ratio Return per unit of total volatility	2.48	—	—
Sortino ratio Return per unit of downside risk	3.50	—	—
Omega ratio Gain probability vs. loss probability	1.46	—	—
Calmar ratio Return relative to maximum drawdown	3.93	—	—
Martin ratio Return relative to average drawdown	15.04	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	GAA	CTAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.48	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	—	—
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	2.50	-1.86

Drawdowns

GAA vs. CTAP - Drawdown Comparison

The maximum GAA drawdown since its inception was -26.57%, which is greater than CTAP's maximum drawdown of -9.02%. Use the drawdown chart below to compare losses from any high point for GAA and CTAP.

Drawdown Indicators

	GAA	CTAP	Difference
Max Drawdown Largest peak-to-trough decline	-26.57%	-9.02%	-17.55%
Max Drawdown (1Y) Largest decline over 1 year	-5.78%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-7.18%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.47%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-26.57%	—	—
Current Drawdown Current decline from peak	-0.66%	-4.47%	+3.81%
Average Drawdown Average peak-to-trough decline	-3.85%	-2.18%	-1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.51%	—	—

Volatility

Volatility by Period

	GAA	CTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.60%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.41%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.19%	23.94%	-14.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.28%	23.94%	-12.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.09%	23.94%	-12.85%

GAA vs. CTAP - Expense Ratio Comparison

GAA has a 0.41% expense ratio, which is higher than CTAP's 0.10% expense ratio.

Dividends

GAA vs. CTAP - Dividend Comparison

GAA's dividend yield for the trailing twelve months is around 3.59%, more than CTAP's 0.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CTAP Simplify US Equity PLUS Managed Futures Strategy ETF	0.65%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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 CTAP in my portfolio?

GAA and CTAP have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GAA or CTAP?

On fees, CTAP is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GAA or CTAP?

CTAP is cheaper with a 0.10% expense ratio, compared with 0.41% for GAA.

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

GAA has the higher dividend yield at 3.59%, compared with 0.65% for CTAP.

What is the main difference between GAA and CTAP?

They also come from different issuers: Cambria and Simplify. Their fees differ too: 0.41% for GAA and 0.10% for CTAP.