GAA vs. SWOBX

Last updated Jun 3, 2026

GAA (Cambria Global Asset Allocation ETF) and SWOBX (Schwab Balanced Fund™) are both Diversified Portfolio funds. Over the past 10 years, GAA returned 7.79%/yr vs 8.92%/yr for SWOBX. A 0.59 correlation means they provide meaningful diversification when combined. GAA charges 0.41%/yr vs 0.00%/yr for SWOBX.

Performance

GAA vs. SWOBX - Performance Comparison

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

Returns By Period

In the year-to-date period, GAA achieves a 10.12% return, which is significantly higher than SWOBX's 6.21% return. Over the past 10 years, GAA has underperformed SWOBX with an annualized return of 7.79%, while SWOBX has yielded a comparatively higher 8.92% annualized return.

GAA

• 1D: 0.87%
• 1M: 1.33%
• YTD: 10.12%
• 6M: 11.79%
• 1Y: 24.35%
• 3Y*: 14.68%
• 5Y*: 6.60%
• 10Y*: 7.79%

SWOBX

• 1D: 0.21%
• 1M: 2.65%
• YTD: 6.21%
• 6M: 6.34%
• 1Y: 17.51%
• 3Y*: 13.37%
• 5Y*: 6.83%
• 10Y*: 8.92%

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

GAA vs. SWOBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GAA Cambria Global Asset Allocation ETF	10.12%	18.76%	6.67%	7.65%	-8.47%	11.17%	9.11%	15.12%	-7.15%	15.11%
SWOBX Schwab Balanced Fund™	6.21%	12.76%	12.51%	18.25%	-18.86%	14.76%	14.73%	20.13%	-4.35%	15.52%

Correlation

The correlation between GAA and SWOBX is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.55
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	0.59

The correlation between GAA and SWOBX has been stable across timeframes, ranging from 0.55 to 0.61 - a consistent structural relationship.

GAA vs. SWOBX - Sectors Allocation Comparison

Sectors	GAA	SWOBX
Financial Services	17.5%	9.2%
Industrials	14.2%	11.1%
Real Estate	13.9%	1.1%
Energy	13.2%	4.0%
Basic Materials	9.7%	2.7%
Technology	8.7%	34.8%
Consumer Cyclical	8.5%	9.7%
Communication Services	4.0%	10.0%
Utilities	3.8%	2.6%
Consumer Defensive	3.5%	4.2%
Healthcare	3.2%	10.7%

Return for Risk

GAA vs. SWOBX — Risk / Return Rank

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

GAA

GAA Risk / Return Rank: 81
GAA Sharpe Ratio Rank: 81
GAA Sortino Ratio Rank: 83
GAA Omega Ratio Rank: 81
GAA Calmar Ratio Rank: 80
GAA Martin Ratio Rank: 81

SWOBX

SWOBX Risk / Return Rank: 52
SWOBX Sharpe Ratio Rank: 50
SWOBX Sortino Ratio Rank: 50
SWOBX Omega Ratio Rank: 49
SWOBX Calmar Ratio Rank: 50
SWOBX Martin Ratio Rank: 61

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. SWOBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Global Asset Allocation ETF (GAA) and Schwab Balanced Fund™ (SWOBX). 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	SWOBX	Difference
Sharpe ratio Return per unit of total volatility	2.67	2.09	+0.58
Sortino ratio Return per unit of downside risk	3.76	3.00	+0.76
Omega ratio Gain probability vs. loss probability	1.50	1.39	+0.11
Calmar ratio Return relative to maximum drawdown	4.22	2.72	+1.50
Martin ratio Return relative to average drawdown	16.19	12.11	+4.08
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. SWOBX - Sharpe Ratio Comparison

The current GAA Sharpe Ratio is 2.67, which is comparable to the SWOBX Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of GAA and SWOBX, 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	SWOBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.67	2.09	+0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.49	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.70	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.61	+0.03

Drawdowns

GAA vs. SWOBX - Drawdown Comparison

The maximum GAA drawdown since its inception was -26.57%, smaller than the maximum SWOBX drawdown of -35.99%. Use the drawdown chart below to compare losses from any high point for GAA and SWOBX.

Drawdown Indicators

	GAA	SWOBX	Difference
Max Drawdown Largest peak-to-trough decline	-26.57%	-35.99%	+9.42%
Max Drawdown (1Y) Largest decline over 1 year	-5.78%	-6.58%	+0.80%
Max Drawdown (3Y) Largest decline over 3 years	-7.18%	-11.72%	+4.54%
Max Drawdown (5Y) Largest decline over 5 years	-18.47%	-28.30%	+9.83%
Max Drawdown (10Y) Largest decline over 10 years	-26.57%	-28.30%	+1.73%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.85%	-6.22%	+2.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.51%	1.48%	+0.03%

Volatility

GAA vs. SWOBX - Volatility Comparison

Cambria Global Asset Allocation ETF (GAA) and Schwab Balanced Fund™ (SWOBX) have volatilities of 2.60% and 2.53%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GAA	SWOBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.60%	2.53%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	7.37%	6.74%	+0.63%
Volatility (1Y) Calculated over the trailing 1-year period	9.16%	8.59%	+0.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.28%	13.96%	-2.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.09%	12.88%	-1.79%

GAA vs. SWOBX - Expense Ratio Comparison

GAA has a 0.41% expense ratio, which is higher than SWOBX's 0.00% expense ratio.

Dividends

GAA vs. SWOBX - Dividend Comparison

GAA's dividend yield for the trailing twelve months is around 3.56%, less than SWOBX's 5.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GAA Cambria Global Asset Allocation ETF	3.56%	4.24%	3.88%	3.73%	6.05%	4.21%	2.73%	3.32%	3.01%	2.36%	2.82%	2.49%
SWOBX Schwab Balanced Fund™	5.15%	5.47%	4.94%	5.67%	10.21%	6.47%	2.97%	5.21%	7.11%	3.20%	7.83%	7.66%

Frequently Asked Questions

Can I hold both GAA and SWOBX in my portfolio?

GAA and SWOBX have a correlation of 0.61, 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 SWOBX?

GAA has higher volatility (2.60%) compared to SWOBX (2.53%). In terms of maximum drawdown, GAA dropped -26.57% vs SWOBX's -35.99%.

Which has better risk-adjusted returns?

GAA currently has the higher Sharpe Ratio (2.67 vs 2.09), 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.