GAA vs. HGLB

Last updated Apr 2, 2026

Compare and contrast key facts about Cambria Global Asset Allocation ETF (GAA) and Highland Global Allocation Fund (HGLB).

GAA is an actively managed fund by Cambria. It was launched on Dec 9, 2014. HGLB is managed by Highland Funds. It was launched on Jan 5, 1998.

Performance

GAA vs. HGLB - Performance Comparison

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

GAA vs. HGLB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GAA Cambria Global Asset Allocation ETF	4.83%	18.76%	6.67%	7.65%	-8.47%	11.17%	9.11%	8.02%
HGLB Highland Global Allocation Fund	-8.19%	51.74%	-1.52%	-6.15%	14.53%	53.22%	-17.98%	-31.46%

Returns By Period

In the year-to-date period, GAA achieves a 4.83% return, which is significantly higher than HGLB's -8.19% return.

GAA

• 1D: 0.91%
• 1M: -2.65%
• YTD: 4.83%
• 6M: 8.44%
• 1Y: 20.85%
• 3Y*: 12.32%
• 5Y*: 6.47%
• 10Y*: 7.46%

HGLB

• 1D: 1.37%
• 1M: -9.86%
• YTD: -8.19%
• 6M: -4.95%
• 1Y: 9.83%
• 3Y*: 9.35%
• 5Y*: 13.28%
• 10Y*: —

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

GAA vs. HGLB - Expense Ratio Comparison

GAA has a 0.41% expense ratio, which is higher than HGLB's 0.02% expense ratio.

GAA

Cambria Global Asset Allocation ETF

HGLB

Highland Global Allocation Fund

Return for Risk

GAA vs. HGLB — Risk / Return Rank

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

GAA

GAA Risk / Return Rank: 89
GAA Sharpe Ratio Rank: 90
GAA Sortino Ratio Rank: 91
GAA Omega Ratio Rank: 89
GAA Calmar Ratio Rank: 87
GAA Martin Ratio Rank: 89

HGLB

HGLB Risk / Return Rank: 11
HGLB Sharpe Ratio Rank: 11
HGLB Sortino Ratio Rank: 12
HGLB Omega Ratio Rank: 12
HGLB Calmar Ratio Rank: 10
HGLB Martin Ratio Rank: 9

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. HGLB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Global Asset Allocation ETF (GAA) and Highland Global Allocation Fund (HGLB). 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	HGLB	Difference
Sharpe ratio Return per unit of total volatility	2.03	0.39	+1.64
Sortino ratio Return per unit of downside risk	2.70	0.71	+2.00
Omega ratio Gain probability vs. loss probability	1.38	1.10	+0.28
Calmar ratio Return relative to maximum drawdown	2.87	0.44	+2.43
Martin ratio Return relative to average drawdown	11.69	1.16	+10.54
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. HGLB - Sharpe Ratio Comparison

The current GAA Sharpe Ratio is 2.03, which is higher than the HGLB Sharpe Ratio of 0.39. The chart below compares the historical Sharpe Ratios of GAA and HGLB, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GAA	HGLB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.03	0.39	+1.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.60	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.12	+0.48

Correlation

The correlation between GAA and HGLB is 0.30, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

GAA vs. HGLB - Dividend Comparison

GAA's dividend yield for the trailing twelve months is around 3.74%, less than HGLB's 12.86% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GAA Cambria Global Asset Allocation ETF	3.74%	4.24%	3.88%	3.73%	6.05%	4.21%	2.73%	3.32%	3.01%	2.36%	2.82%	2.49%
HGLB Highland Global Allocation Fund	12.86%	11.57%	14.27%	12.82%	10.32%	9.39%	15.44%	11.35%	0.00%	0.00%	0.00%	0.00%

Drawdowns

GAA vs. HGLB - Drawdown Comparison

The maximum GAA drawdown since its inception was -26.57%, smaller than the maximum HGLB drawdown of -70.40%. Use the drawdown chart below to compare losses from any high point for GAA and HGLB.

Drawdown Indicators

	GAA	HGLB	Difference
Max Drawdown Largest peak-to-trough decline	-26.57%	-70.40%	+43.83%
Max Drawdown (1Y) Largest decline over 1 year	-7.18%	-23.34%	+16.16%
Max Drawdown (5Y) Largest decline over 5 years	-18.47%	-29.88%	+11.41%
Max Drawdown (10Y) Largest decline over 10 years	-26.57%	—	—
Current Drawdown Current decline from peak	-3.40%	-18.32%	+14.92%
Average Drawdown Average peak-to-trough decline	-3.90%	-18.21%	+14.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.76%	8.85%	-7.09%

Volatility

GAA vs. HGLB - Volatility Comparison

The current volatility for Cambria Global Asset Allocation ETF (GAA) is 3.81%, while Highland Global Allocation Fund (HGLB) has a volatility of 8.27%. This indicates that GAA experiences smaller price fluctuations and is considered to be less risky than HGLB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GAA	HGLB	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.81%	8.27%	-4.46%
Volatility (6M) Calculated over the trailing 6-month period	7.24%	18.22%	-10.98%
Volatility (1Y) Calculated over the trailing 1-year period	10.34%	25.37%	-15.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.27%	22.36%	-11.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.05%	27.92%	-16.87%