GBFFX vs. GAA

Last updated Aug 1, 2026

GBFFX (GMO Benchmark-Free Fund) and GAA (Cambria Global Asset Allocation ETF) are both funds - GBFFX is a Global Allocation fund managed by GMO, while GAA is a Diversified Portfolio fund actively managed by Cambria. Over the past 10 years, GBFFX returned 6.99%/yr vs 7.35%/yr for GAA. Their 0.63 correlation means they have sometimes moved together and sometimes differently. GBFFX charges 0.35%/yr vs 0.41%/yr for GAA.

Performance

GBFFX vs. GAA - Performance Comparison

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

Returns By Period

In the year-to-date period, GBFFX achieves a 13.32% return, which is significantly higher than GAA's 8.59% return. Over the past 10 years, GBFFX has underperformed GAA with an annualized return of 6.99%, while GAA has yielded a comparatively higher 7.35% annualized return.

GBFFX

• 1D: 0.86%
• 1M: 3.35%
• 6M: 8.61%
• YTD: 13.32%
• 1Y: 26.59%
• 3Y*: 14.01%
• 5Y*: 9.38%
• 10Y*: 6.99%
• ALL TIME*: 6.38%

GAA

• 1D: -0.13%
• 1M: 1.23%
• 6M: 3.76%
• YTD: 8.59%
• 1Y: 18.83%
• 3Y*: 12.44%
• 5Y*: 6.27%
• 10Y*: 7.35%
• ALL TIME*: 6.60%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GAA Cambria Global Asset Allocation ETF	$220.71K	$181.13K	$218.77K
GBFFX GMO Benchmark-Free Fund	$0.00	$0.00	$0.00

GBFFX vs. GAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GBFFX GMO Benchmark-Free Fund	13.32%	24.07%	0.40%	15.24%	-3.36%	4.38%	-3.35%	13.79%	-7.12%	17.06%
GAA Cambria Global Asset Allocation ETF	8.59%	18.76%	6.67%	7.65%	-8.47%	11.17%	9.11%	15.12%	-7.15%	15.11%

Correlation

The correlation between GBFFX and GAA is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.60
Correlation (3Y) Balances recent behavior with more history.	0.56
Correlation (5Y) Shows whether the relationship held over a longer period.	0.58
Correlation (10Y) Provides a long-term view across more market conditions.	0.60
Correlation (All Time) Calculated using the full available price history since Jul 10, 2015	0.63

The correlation between GBFFX and GAA has been stable across timeframes, ranging from 0.56 to 0.63 - a consistent structural relationship.

Return for Risk

GBFFX vs. GAA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GBFFX

GBFFX Risk / Return Rank: 97
GBFFX Sharpe Ratio Rank: 99
GBFFX Sortino Ratio Rank: 98
GBFFX Omega Ratio Rank: 97
GBFFX Calmar Ratio Rank: 96
GBFFX Martin Ratio Rank: 96

GAA

GAA Risk / Return Rank: 85
GAA Sharpe Ratio Rank: 85
GAA Sortino Ratio Rank: 84
GAA Omega Ratio Rank: 85
GAA Calmar Ratio Rank: 85
GAA Martin Ratio Rank: 84

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GBFFX vs. GAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO Benchmark-Free Fund (GBFFX) and Cambria Global Asset Allocation ETF (GAA). 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.

	GBFFX	GAA	Difference
Sharpe ratio: Return per unit of total volatility	3.73	1.99	+1.75
Sortino ratio: Return per unit of downside risk	5.35	2.78	+2.57
Omega ratio: Gain probability vs. loss probability	1.75	1.37	+0.38
Calmar ratio: Return relative to maximum drawdown	4.69	3.23	+1.46
Martin ratio: Return relative to average drawdown	17.01	11.51	+5.51

GBFFX vs. GAA - Sharpe Ratio Comparison

The current GBFFX Sharpe Ratio is 3.73, which is higher than the GAA Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of GBFFX and GAA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GBFFX vs. GAA - Drawdown Comparison

The maximum GBFFX drawdown since its inception was -26.62%, roughly equal to the maximum GAA drawdown of -26.57%. Use the drawdown chart below to compare losses from any high point for GBFFX and GAA.

Drawdown Indicators

	GBFFX	GAA	Difference
Max Drawdown Largest peak-to-trough decline	-26.62%	-26.57%	-0.05%
Max Drawdown (1Y) Largest decline over 1 year	-5.67%	-5.78%	+0.11%
Max Drawdown (3Y) Largest decline over 3 years	-10.18%	-7.18%	-3.00%
Max Drawdown (5Y) Largest decline over 5 years	-15.16%	-18.47%	+3.31%
Max Drawdown (10Y) Largest decline over 10 years	-26.62%	-26.57%	-0.05%
Current Drawdown Current decline from peak	0.00%	-1.39%	+1.39%
Average Drawdown Average peak-to-trough decline	-4.33%	-3.82%	-0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.56%	1.62%	-0.06%

Volatility

GBFFX vs. GAA - Volatility Comparison

GMO Benchmark-Free Fund (GBFFX) and Cambria Global Asset Allocation ETF (GAA) have volatilities of 1.83% and 1.83%, 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

	GBFFX	GAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.83%	1.83%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	5.84%	7.80%	-1.96%
Volatility (1Y) Calculated over the trailing 1-year period	7.14%	9.42%	-2.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.11%	11.31%	-3.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.03%	11.09%	-2.06%

GBFFX vs. GAA - Expense Ratio Comparison

GBFFX has a 0.35% expense ratio, which is lower than GAA's 0.41% expense ratio.

Dividends

GBFFX vs. GAA - Dividend Comparison

GBFFX's dividend yield for the trailing twelve months is around 4.90%, more than GAA's 3.50% 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%
GBFFX GMO Benchmark-Free Fund	4.90%	5.11%	1.81%	5.72%	5.48%	4.60%	3.32%	4.00%	3.92%	2.90%	2.72%	6.67%

Frequently Asked Questions

Can I hold both GBFFX and GAA in my portfolio?

GBFFX and GAA have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GBFFX or GAA?

GAA has higher volatility (1.83%) compared to GBFFX (1.83%). In terms of maximum drawdown, GBFFX dropped -26.62% vs GAA's -26.57%.

Which has better risk-adjusted returns?

GBFFX currently has the higher Sharpe Ratio (3.73 vs 1.99), 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.