GAA vs. TLT
GAA (Cambria Global Asset Allocation ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - GAA is a Diversified Portfolio fund actively managed by Cambria, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. GAA is actively managed, while TLT is passively managed. Over the past 10 years, GAA returned 7.72%/yr vs -1.66%/yr for TLT. At a 0.02 correlation, their price movements are largely independent. GAA charges 0.41%/yr vs 0.15%/yr for TLT.
Performance
GAA vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, GAA achieves a 9.39% return, which is significantly higher than TLT's -0.27% return. Over the past 10 years, GAA has outperformed TLT with an annualized return of 7.72%, while TLT has yielded a comparatively lower -1.66% 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%
TLT
- 1D
- -0.40%
- 1M
- 0.81%
- YTD
- -0.27%
- 6M
- -2.02%
- 1Y
- 4.93%
- 3Y*
- -1.80%
- 5Y*
- -6.31%
- 10Y*
- -1.66%
GAA vs. TLT - 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% |
TLT iShares 20+ Year Treasury Bond ETF | -0.27% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between GAA and TLT is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Dec 11, 2014 | 0.02 |
Over the past year, GAA and TLT have become more correlated (0.28) than their long-term average of 0.02, meaning their price movements have been converging.
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Return for Risk
GAA vs. TLT — Risk / Return Rank
GAA
TLT
GAA vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Cambria Global Asset Allocation ETF (GAA) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.48 | 0.51 | +1.97 |
Sortino ratioReturn per unit of downside risk | 3.50 | 0.80 | +2.70 |
Omega ratioGain probability vs. loss probability | 1.46 | 1.09 | +0.37 |
Calmar ratioReturn relative to maximum drawdown | 3.93 | 0.65 | +3.28 |
Martin ratioReturn relative to average drawdown | 15.04 | 1.63 | +13.41 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GAA | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.48 | 0.51 | +1.97 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.57 | -0.40 | +0.97 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.70 | -0.11 | +0.81 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.63 | 0.26 | +0.38 |
Drawdowns
GAA vs. TLT - Drawdown Comparison
The maximum GAA drawdown since its inception was -26.57%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for GAA and TLT.
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Drawdown Indicators
| GAA | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.57% | -48.35% | +21.78% |
Max Drawdown (1Y)Largest decline over 1 year | -5.78% | -7.58% | +1.80% |
Max Drawdown (3Y)Largest decline over 3 years | -7.18% | -19.18% | +12.00% |
Max Drawdown (5Y)Largest decline over 5 years | -18.47% | -43.70% | +25.23% |
Max Drawdown (10Y)Largest decline over 10 years | -26.57% | -48.35% | +21.78% |
Current DrawdownCurrent decline from peak | -0.66% | -40.44% | +39.78% |
Average DrawdownAverage peak-to-trough decline | -3.85% | -13.82% | +9.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.51% | 3.04% | -1.53% |
Volatility
GAA vs. TLT - Volatility Comparison
The current volatility for Cambria Global Asset Allocation ETF (GAA) is 2.60%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.76%. This indicates that GAA experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GAA | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.60% | 2.76% | -0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 7.41% | 6.50% | +0.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.19% | 9.77% | -0.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.28% | 15.87% | -4.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.09% | 14.91% | -3.82% |
GAA vs. TLT - Expense Ratio Comparison
GAA has a 0.41% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
GAA vs. TLT - Dividend Comparison
GAA's dividend yield for the trailing twelve months is around 3.59%, less than TLT's 4.59% 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% |
TLT iShares 20+ Year Treasury Bond ETF | 4.59% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
GAA and TLT have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.76%) compared to GAA (2.60%). In terms of maximum drawdown, GAA dropped -26.57% vs TLT's -48.35%.
On 10-year performance, GAA leads with 7.72% vs -1.66% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, GAA has been the lower-risk option at 2.60%. 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 7.72% return vs -1.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.41% for GAA.
TLT has the higher dividend yield at 4.59%, compared with 3.59% for GAA.
GAA is categorized as Diversified Portfolio, while TLT is Government Bonds. They also come from different issuers: Cambria and iShares. Their fees differ too: 0.41% for GAA and 0.15% for TLT.
GAA currently has the higher Sharpe Ratio (2.48 vs 0.51), 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.
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