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 7.21%/yr vs -2.33%/yr for TLT. Their 0.02 correlation means their historical movements had little consistent relationship. GAA charges 0.40%/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 8.56% return, which is significantly higher than TLT's -3.18% return. Over the past 10 years, GAA has outperformed TLT with an annualized return of 7.21%, while TLT has yielded a comparatively lower -2.33% annualized return.
GAA
- 1D
- -0.03%
- 1M
- 1.21%
- 6M
- 4.23%
- YTD
- 8.56%
- 1Y
- 18.80%
- 3Y*
- 12.76%
- 5Y*
- 6.43%
- 10Y*
- 7.21%
- ALL TIME*
- 6.59%
TLT
- 1D
- 0.33%
- 1M
- -3.49%
- 6M
- -2.86%
- YTD
- -3.18%
- 1Y
- -2.12%
- 3Y*
- -1.15%
- 5Y*
- -8.33%
- 10Y*
- -2.33%
- ALL TIME*
- 3.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $221.78K | $178.12K | $220.71K | |
| $2.39B | $2.06B | $2.20B |
GAA vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GAA Cambria Global Asset Allocation ETF | 8.56% | 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 | -3.18% | 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 0.27, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.27 |
Correlation (3Y) Balances recent behavior with more history. | 0.24 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.17 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.05 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2014 | 0.02 |
Over the past year, GAA and TLT have become more correlated (0.27) 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.
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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.24 | ||
| Sortino ratioReturn per unit of downside risk | +3.07 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 0.97 | +0.40 |
| Calmar ratioReturn relative to maximum drawdown | 3.27 | -0.28 | +3.54 |
| Martin ratioReturn relative to average drawdown | 11.60 | -0.59 | +12.19 |
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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% | -7.74% | +1.96% |
Max Drawdown (3Y)Largest decline over 3 years | -7.18% | -14.79% | +7.61% |
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 | -1.42% | -42.17% | +40.75% |
Average DrawdownAverage peak-to-trough decline | -3.82% | -14.00% | +10.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.62% | 3.60% | -1.98% |
Volatility
GAA vs. TLT - Volatility Comparison
The current volatility for Cambria Global Asset Allocation ETF (GAA) is 1.83%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.51%. 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 | 1.83% | 2.51% | -0.68% |
Volatility (6M)Calculated over the trailing 6-month period | 7.67% | 6.84% | +0.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.42% | 9.24% | +0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.31% | 15.74% | -4.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.09% | 14.83% | -3.74% |
GAA vs. TLT - Expense Ratio Comparison
GAA has a 0.40% 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 3.50%, less than TLT's 4.75% 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% |
TLT iShares 20+ Year Treasury Bond ETF | 4.75% | 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 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.51%) compared to GAA (1.83%). In terms of maximum drawdown, GAA dropped -26.57% vs TLT's -48.35%.
On 10-year performance, GAA leads with 7.21% vs -2.33% for TLT. On fees, TLT is cheaper at 0.15% 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 7.21% return vs -2.33%. 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 0.40% for GAA.
TLT has the higher dividend yield at 4.75%, compared with 3.50% 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: 0.40% for GAA and 0.15% for TLT.
GAA currently has the higher Sharpe Ratio (2.01 vs -0.23), 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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