GCAD vs. UFO

Last updated Jun 4, 2026

GCAD (Gabelli Commercial Aerospace & Defense ETF) and UFO (Procure Space ETF) are both exchange-traded funds - GCAD is a Aerospace & Defense fund actively managed by Gabelli, while UFO is a Global Equities fund tracking the S-Network Space Index. GCAD is actively managed, while UFO is passively managed. Over the past 3 years, GCAD returned 33.27%/yr vs 46.01%/yr for UFO. A 0.64 correlation means they provide meaningful diversification when combined. GCAD charges 0.00%/yr vs 0.75%/yr for UFO.

Performance

GCAD vs. UFO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gabelli Commercial Aerospace & Defense ETF (GCAD) and Procure Space ETF (UFO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GCAD achieves a 14.09% return, which is significantly lower than UFO's 49.39% return.

GCAD

• 1D: -1.56%
• 1M: 5.29%
• YTD: 14.09%
• 6M: 19.16%
• 1Y: 35.52%
• 3Y*: 33.27%
• 5Y*: —
• 10Y*: —

UFO

• 1D: -5.68%
• 1M: 12.53%
• YTD: 49.39%
• 6M: 71.06%
• 1Y: 135.88%
• 3Y*: 46.01%
• 5Y*: 15.60%
• 10Y*: —

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

GCAD vs. UFO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GCAD Gabelli Commercial Aerospace & Defense ETF	14.09%	39.28%	26.61%	17.61%
UFO Procure Space ETF	49.39%	67.36%	27.22%	-3.68%

Correlation

The correlation between GCAD and UFO is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (All Time) Calculated using the full available price history since Jan 5, 2023	0.64

The correlation between GCAD and UFO has been stable across timeframes, ranging from 0.64 to 0.68 - a consistent structural relationship.

GCAD vs. UFO - Sectors Allocation Comparison

Sectors	GCAD	UFO
Industrials	78.6%	47.2%
Consumer Cyclical	6.4%	-
Technology	3.3%	22.0%
Basic Materials	0.7%	-
Real Estate	0.7%	-
Communication Services	-	30.8%
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Utilities	-	-

Return for Risk

GCAD vs. UFO — Risk / Return Rank

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

GCAD

GCAD Risk / Return Rank: 52
GCAD Sharpe Ratio Rank: 54
GCAD Sortino Ratio Rank: 57
GCAD Omega Ratio Rank: 52
GCAD Calmar Ratio Rank: 48
GCAD Martin Ratio Rank: 49

UFO

UFO Risk / Return Rank: 88
UFO Sharpe Ratio Rank: 93
UFO Sortino Ratio Rank: 86
UFO Omega Ratio Rank: 78
UFO Calmar Ratio Rank: 92
UFO Martin Ratio Rank: 89

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.

GCAD vs. UFO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gabelli Commercial Aerospace & Defense ETF (GCAD) and Procure Space ETF (UFO). 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.

	GCAD	UFO	Difference
Sharpe ratio: Return per unit of total volatility	1.86	3.59	-1.73
Sortino ratio: Return per unit of downside risk	2.70	3.95	-1.25
Omega ratio: Gain probability vs. loss probability	1.32	1.48	-0.15
Calmar ratio: Return relative to maximum drawdown	2.38	6.23	-3.84
Martin ratio: Return relative to average drawdown	8.24	20.29	-12.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GCAD vs. UFO - Sharpe Ratio Comparison

The current GCAD Sharpe Ratio is 1.86, which is lower than the UFO Sharpe Ratio of 3.59. The chart below compares the historical Sharpe Ratios of GCAD and UFO, 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

	GCAD	UFO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	3.59	-1.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.56	0.46	+1.11

Drawdowns

GCAD vs. UFO - Drawdown Comparison

The maximum GCAD drawdown since its inception was -16.14%, smaller than the maximum UFO drawdown of -50.33%. Use the drawdown chart below to compare losses from any high point for GCAD and UFO.

Drawdown Indicators

	GCAD	UFO	Difference
Max Drawdown Largest peak-to-trough decline	-16.14%	-50.33%	+34.19%
Max Drawdown (1Y) Largest decline over 1 year	-14.96%	-21.95%	+6.99%
Max Drawdown (3Y) Largest decline over 3 years	-16.14%	-25.91%	+9.77%
Max Drawdown (5Y) Largest decline over 5 years	—	-50.33%	—
Current Drawdown Current decline from peak	-5.92%	-14.84%	+8.92%
Average Drawdown Average peak-to-trough decline	-3.03%	-21.82%	+18.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.32%	6.72%	-2.40%

Volatility

GCAD vs. UFO - Volatility Comparison

The current volatility for Gabelli Commercial Aerospace & Defense ETF (GCAD) is 7.14%, while Procure Space ETF (UFO) has a volatility of 16.64%. This indicates that GCAD experiences smaller price fluctuations and is considered to be less risky than UFO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GCAD	UFO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.14%	16.64%	-9.50%
Volatility (6M) Calculated over the trailing 6-month period	16.33%	31.27%	-14.94%
Volatility (1Y) Calculated over the trailing 1-year period	19.25%	38.08%	-18.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.49%	29.92%	-11.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.49%	30.76%	-12.27%

GCAD vs. UFO - Expense Ratio Comparison

GCAD has a 0.00% expense ratio, which is lower than UFO's 0.75% expense ratio.

Dividends

GCAD vs. UFO - Dividend Comparison

GCAD's dividend yield for the trailing twelve months is around 1.81%, more than UFO's 0.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
GCAD Gabelli Commercial Aerospace & Defense ETF	1.81%	2.06%	4.94%	3.62%	0.00%	0.00%	0.00%	0.00%
UFO Procure Space ETF	0.29%	0.46%	1.98%	1.90%	3.19%	1.00%	1.07%	0.45%

Frequently Asked Questions

Can I hold both GCAD and UFO in my portfolio?

GCAD and UFO have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GCAD or UFO?

UFO has higher volatility (16.64%) compared to GCAD (7.14%). In terms of maximum drawdown, GCAD dropped -16.14% vs UFO's -50.33%.

Which ETF is better, GCAD or UFO?

On 3-year performance, UFO leads with 46.01% vs 33.27% for GCAD. On fees, GCAD is cheaper at 0.00% per year. On volatility, GCAD has been the lower-risk option at 7.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GCAD or UFO?

Over the 3-year period, UFO has performed better with a 46.01% return vs 33.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GCAD or UFO?

GCAD is cheaper with a 0.00% expense ratio, compared with 0.75% for UFO.

Which ETF pays a higher dividend yield, GCAD or UFO?

GCAD has the higher dividend yield at 1.81%, compared with 0.29% for UFO.

What is the main difference between GCAD and UFO?

GCAD is categorized as Aerospace & Defense, while UFO is Global Equities. They also come from different issuers: Gabelli and ProcureAM. Their fees differ too: 0.00% for GCAD and 0.75% for UFO.

Which has better risk-adjusted returns?

UFO currently has the higher Sharpe Ratio (3.59 vs 1.86), 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.