GAA vs. PMYYX

Last updated Jun 4, 2026

GAA (Cambria Global Asset Allocation ETF) and PMYYX (Putnam Multi-Cap Core Fund) are both funds - GAA is a Diversified Portfolio fund actively managed by Cambria, while PMYYX is a Large Cap Blend Equities fund managed by Putnam. Over the past 10 years, GAA returned 7.72%/yr vs 16.38%/yr for PMYYX. A 0.58 correlation means they provide meaningful diversification when combined. GAA charges 0.41%/yr vs 0.71%/yr for PMYYX.

Performance

GAA vs. PMYYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria Global Asset Allocation ETF (GAA) and Putnam Multi-Cap Core Fund (PMYYX). 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 PMYYX's 8.74% return. Over the past 10 years, GAA has underperformed PMYYX with an annualized return of 7.72%, while PMYYX has yielded a comparatively higher 16.38% annualized 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%

PMYYX

• 1D: 0.09%
• 1M: 5.24%
• YTD: 8.74%
• 6M: 9.42%
• 1Y: 27.23%
• 3Y*: 22.38%
• 5Y*: 13.80%
• 10Y*: 16.38%

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

GAA vs. PMYYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GAA Cambria Global Asset Allocation ETF	9.39%	18.76%	6.67%	7.65%	-8.47%	11.17%	9.11%	15.12%	-7.15%	15.11%
PMYYX Putnam Multi-Cap Core Fund	8.74%	17.33%	26.46%	27.98%	-15.94%	30.93%	17.69%	32.52%	-7.91%	24.00%

Correlation

The correlation between GAA and PMYYX is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Dec 11, 2014	0.58

The correlation between GAA and PMYYX has been stable across timeframes, ranging from 0.54 to 0.59 - a consistent structural relationship.

Return for Risk

GAA vs. PMYYX — 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

PMYYX

PMYYX Risk / Return Rank: 59
PMYYX Sharpe Ratio Rank: 63
PMYYX Sortino Ratio Rank: 58
PMYYX Omega Ratio Rank: 57
PMYYX Calmar Ratio Rank: 54
PMYYX Martin Ratio Rank: 63

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. PMYYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Global Asset Allocation ETF (GAA) and Putnam Multi-Cap Core Fund (PMYYX). 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	PMYYX	Difference
Sharpe ratio Return per unit of total volatility	2.48	2.33	+0.14
Sortino ratio Return per unit of downside risk	3.50	3.21	+0.29
Omega ratio Gain probability vs. loss probability	1.46	1.42	+0.04
Calmar ratio Return relative to maximum drawdown	3.93	2.80	+1.13
Martin ratio Return relative to average drawdown	15.04	12.30	+2.74
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. PMYYX - Sharpe Ratio Comparison

The current GAA Sharpe Ratio is 2.48, which is comparable to the PMYYX Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of GAA and PMYYX, 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	PMYYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.48	2.33	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.82	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.89	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.93	-0.30

Drawdowns

GAA vs. PMYYX - Drawdown Comparison

The maximum GAA drawdown since its inception was -26.57%, smaller than the maximum PMYYX drawdown of -35.25%. Use the drawdown chart below to compare losses from any high point for GAA and PMYYX.

Drawdown Indicators

	GAA	PMYYX	Difference
Max Drawdown Largest peak-to-trough decline	-26.57%	-35.25%	+8.68%
Max Drawdown (1Y) Largest decline over 1 year	-5.78%	-10.02%	+4.24%
Max Drawdown (3Y) Largest decline over 3 years	-7.18%	-18.92%	+11.74%
Max Drawdown (5Y) Largest decline over 5 years	-18.47%	-23.52%	+5.05%
Max Drawdown (10Y) Largest decline over 10 years	-26.57%	-35.25%	+8.68%
Current Drawdown Current decline from peak	-0.66%	0.00%	-0.66%
Average Drawdown Average peak-to-trough decline	-3.85%	-4.12%	+0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.51%	2.28%	-0.77%

Volatility

GAA vs. PMYYX - Volatility Comparison

The current volatility for Cambria Global Asset Allocation ETF (GAA) is 2.60%, while Putnam Multi-Cap Core Fund (PMYYX) has a volatility of 2.99%. This indicates that GAA experiences smaller price fluctuations and is considered to be less risky than PMYYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GAA	PMYYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.60%	2.99%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	7.41%	9.08%	-1.67%
Volatility (1Y) Calculated over the trailing 1-year period	9.19%	12.01%	-2.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.28%	16.81%	-5.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.09%	18.40%	-7.31%

GAA vs. PMYYX - Expense Ratio Comparison

GAA has a 0.41% expense ratio, which is lower than PMYYX's 0.71% expense ratio.

Dividends

GAA vs. PMYYX - Dividend Comparison

GAA's dividend yield for the trailing twelve months is around 3.59%, more than PMYYX's 2.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PMYYX Putnam Multi-Cap Core Fund	2.54%	2.76%	4.47%	2.62%	5.26%	9.25%	2.41%	4.76%	2.36%	2.71%	1.21%	1.26%

Frequently Asked Questions

Can I hold both GAA and PMYYX in my portfolio?

GAA and PMYYX have a correlation of 0.59, 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 PMYYX?

PMYYX has higher volatility (2.99%) compared to GAA (2.60%). In terms of maximum drawdown, GAA dropped -26.57% vs PMYYX's -35.25%.

Which has better risk-adjusted returns?

GAA currently has the higher Sharpe Ratio (2.48 vs 2.33), 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.