GAA vs. MDIV
GAA (Cambria Global Asset Allocation ETF) and MDIV (First Trust Multi-Asset Diversified Income Index Fund) are both Diversified Portfolio funds. GAA is actively managed, while MDIV is passively managed. Over the past 10 years, GAA returned 7.35%/yr vs 4.88%/yr for MDIV. Their 0.54 correlation means they have sometimes moved together and sometimes differently. GAA charges 0.41%/yr vs 0.73%/yr for MDIV.
Performance
GAA vs. MDIV - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GAA achieves a 8.59% return, which is significantly lower than MDIV's 11.49% return. Over the past 10 years, GAA has outperformed MDIV with an annualized return of 7.35%, while MDIV has yielded a comparatively lower 4.88% annualized return.
GAA
- 1D
- -0.13%
- 1M
- 1.23%
- 6M
- 3.76%
- YTD
- 8.59%
- 1Y
- 18.83%
- 3Y*
- 12.44%
- 5Y*
- 6.27%
- 10Y*
- 7.35%
- ALL TIME*
- 6.60%
MDIV
- 1D
- -0.03%
- 1M
- 1.64%
- 6M
- 7.60%
- YTD
- 11.49%
- 1Y
- 13.64%
- 3Y*
- 10.52%
- 5Y*
- 6.69%
- 10Y*
- 4.88%
- ALL TIME*
- 4.97%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $220.71K | $181.13K | $218.77K | |
| $767.59K | $991.13K | $1.00M |
GAA vs. MDIV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GAA Cambria Global Asset Allocation ETF | 8.59% | 18.76% | 6.67% | 7.65% | -8.47% | 11.17% | 9.11% | 15.12% | -7.15% | 15.11% |
MDIV First Trust Multi-Asset Diversified Income Index Fund | 11.49% | 3.77% | 10.05% | 11.50% | -3.86% | 16.51% | -14.84% | 18.59% | -5.78% | 5.61% |
Correlation
The correlation between GAA and MDIV is 0.37, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.37 |
Correlation (3Y) Balances recent behavior with more history. | 0.46 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.50 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.51 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2014 | 0.54 |
The correlation between GAA and MDIV shifts across timeframes, from 0.37 (1 year) to 0.54 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GAA vs. MDIV — Risk / Return Rank
GAA
MDIV
GAA vs. MDIV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Cambria Global Asset Allocation ETF (GAA) and First Trust Multi-Asset Diversified Income Index Fund (MDIV). 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.
| GAA | MDIV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.35 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.23 | 3.90 | -0.67 |
| Martin ratioReturn relative to average drawdown | 11.51 | 10.94 | +0.56 |
Loading charts...
Drawdowns
GAA vs. MDIV - Drawdown Comparison
The maximum GAA drawdown since its inception was -26.57%, smaller than the maximum MDIV drawdown of -48.50%. Use the drawdown chart below to compare losses from any high point for GAA and MDIV.
Loading charts...
Drawdown Indicators
| GAA | MDIV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.57% | -48.50% | +21.93% |
Max Drawdown (1Y)Largest decline over 1 year | -5.78% | -3.39% | -2.39% |
Max Drawdown (3Y)Largest decline over 3 years | -7.18% | -9.62% | +2.44% |
Max Drawdown (5Y)Largest decline over 5 years | -18.47% | -13.02% | -5.45% |
Max Drawdown (10Y)Largest decline over 10 years | -26.57% | -48.50% | +21.93% |
Current DrawdownCurrent decline from peak | -1.39% | -0.52% | -0.87% |
Average DrawdownAverage peak-to-trough decline | -3.82% | -4.54% | +0.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.62% | 1.21% | +0.41% |
Volatility
GAA vs. MDIV - Volatility Comparison
The current volatility for Cambria Global Asset Allocation ETF (GAA) is 1.83%, while First Trust Multi-Asset Diversified Income Index Fund (MDIV) has a volatility of 2.00%. This indicates that GAA experiences smaller price fluctuations and is considered to be less risky than MDIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GAA | MDIV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.83% | 2.00% | -0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 7.80% | 4.64% | +3.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.42% | 6.66% | +2.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.31% | 10.87% | +0.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.09% | 15.20% | -4.11% |
GAA vs. MDIV - Expense Ratio Comparison
GAA has a 0.41% expense ratio, which is lower than MDIV's 0.73% expense ratio.
Dividends
GAA vs. MDIV - Dividend Comparison
GAA's dividend yield for the trailing twelve months is around 3.50%, less than MDIV's 6.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GAA Cambria Global Asset Allocation ETF | 3.50% | 4.24% | 3.88% | 3.73% | 6.05% | 4.21% | 2.73% | 3.32% | 3.01% | 2.36% | 2.82% | 2.49% |
MDIV First Trust Multi-Asset Diversified Income Index Fund | 6.74% | 6.51% | 6.40% | 6.08% | 6.71% | 5.30% | 6.00% | 5.90% | 6.76% | 6.04% | 6.35% | 7.38% |
Frequently Asked Questions
GAA and MDIV have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MDIV has higher volatility (2.00%) compared to GAA (1.83%). In terms of maximum drawdown, GAA dropped -26.57% vs MDIV's -48.50%.
On 10-year performance, GAA leads with 7.35% vs 4.88% for MDIV. On fees, GAA is cheaper at 0.41% per year. On volatility, GAA has been the lower-risk option at 1.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GAA has performed better with a 7.35% return vs 4.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GAA is cheaper with a 0.41% expense ratio, compared with 0.73% for MDIV.
MDIV has the higher dividend yield at 6.74%, compared with 3.50% for GAA.
They also come from different issuers: Cambria and First Trust. Their fees differ too: 0.41% for GAA and 0.73% for MDIV.
MDIV currently has the higher Sharpe Ratio (2.00 vs 1.99), 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.
Find the right allocation for GAA and MDIV
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer