GAA vs. SPLS

Last updated Jun 24, 2026

GAA (Cambria Global Asset Allocation ETF) and SPLS (PIMCO U.S. Stocks PLUS Active Bond ETF) are both Diversified Portfolio funds. Both are actively managed. A 0.65 correlation means they provide meaningful diversification when combined. GAA charges 0.41%/yr vs 0.18%/yr for SPLS.

Performance

GAA vs. SPLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria Global Asset Allocation ETF (GAA) and PIMCO U.S. Stocks PLUS Active Bond ETF (SPLS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GAA

• 1D: -2.33%
• 1M: -1.58%
• YTD: 6.98%
• 6M: 7.10%
• 1Y: 17.83%
• 3Y*: 13.29%
• 5Y*: 6.12%
• 10Y*: 7.57%

SPLS

• 1D: -1.47%
• 1M: -1.28%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GAA vs. SPLS - Yearly Performance Comparison

	2026 (YTD)
GAA Cambria Global Asset Allocation ETF	4.12%
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	6.75%

Correlation

The correlation between GAA and SPLS is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 16, 2026	0.65

Return for Risk

GAA vs. SPLS — Risk / Return Rank

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

GAA

GAA Risk / Return Rank: 62
GAA Sharpe Ratio Rank: 59
GAA Sortino Ratio Rank: 56
GAA Omega Ratio Rank: 61
GAA Calmar Ratio Rank: 66
GAA Martin Ratio Rank: 66

SPLS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. SPLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Global Asset Allocation ETF (GAA) and PIMCO U.S. Stocks PLUS Active Bond ETF (SPLS). 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	SPLS	Difference
Sharpe ratio: Return per unit of total volatility	1.87	—	—
Sortino ratio: Return per unit of downside risk	2.58	—	—
Omega ratio: Gain probability vs. loss probability	1.35	—	—
Calmar ratio: Return relative to maximum drawdown	3.10	—	—
Martin ratio: Return relative to average drawdown	11.58	—	—

Drawdowns

GAA vs. SPLS - Drawdown Comparison

The maximum GAA drawdown since its inception was -26.57%, which is greater than SPLS's maximum drawdown of -9.24%. Use the drawdown chart below to compare losses from any high point for GAA and SPLS.

Drawdown Indicators

	GAA	SPLS	Difference
Max Drawdown Largest peak-to-trough decline	-26.57%	-9.24%	-17.33%
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	-2.85%	-3.05%	+0.20%
Average Drawdown Average peak-to-trough decline	-3.84%	-1.87%	-1.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.54%	—	—

Volatility

Volatility by Period

	GAA	SPLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.96%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.16%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.56%	15.61%	-6.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.37%	15.61%	-4.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.12%	15.61%	-4.49%

GAA vs. SPLS - Expense Ratio Comparison

GAA has a 0.41% expense ratio, which is higher than SPLS's 0.18% expense ratio.

Dividends

GAA vs. SPLS - Dividend Comparison

GAA's dividend yield for the trailing twelve months is around 3.67%, more than SPLS's 0.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GAA Cambria Global Asset Allocation ETF	3.67%	4.24%	3.88%	3.73%	6.05%	4.21%	2.73%	3.32%	3.01%	2.36%	2.82%	2.49%
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GAA and SPLS in my portfolio?

GAA and SPLS have a correlation of 0.65, 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 SPLS?

On fees, SPLS is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GAA or SPLS?

SPLS is cheaper with a 0.18% expense ratio, compared with 0.41% for GAA.

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

GAA has the higher dividend yield at 3.67%, compared with 0.22% for SPLS.

What is the main difference between GAA and SPLS?

They also come from different issuers: Cambria and PIMCO. Their fees differ too: 0.41% for GAA and 0.18% for SPLS.