GCAD vs. WAR

Last updated Aug 2, 2026

GCAD (Gabelli Commercial Aerospace & Defense ETF) and WAR (U.S. Global Technology and Aerospace & Defense ETF) are both Aerospace & Defense funds. Both are actively managed. Their 0.52 correlation means they have sometimes moved together and sometimes differently. GCAD charges 0.00%/yr vs 0.60%/yr for WAR.

Performance

GCAD vs. WAR - Performance Comparison

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

Returns By Period

GCAD

• 1D: 0.02%
• 1M: -3.10%
• 6M: 5.89%
• YTD: 18.44%
• 1Y: 32.06%
• 3Y*: 31.69%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 28.55%

WAR

• 1D: 0.10%
• 1M: -11.85%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
GCAD Gabelli Commercial Aerospace & Defense ETF	$562.37K	$467.75K	$488.04K
WAR U.S. Global Technology and Aerospace & Defense ETF	$393.99K	$600.52K	$802.98K

GCAD vs. WAR - Yearly Performance Comparison

	2026 (YTD)
GCAD Gabelli Commercial Aerospace & Defense ETF	4.90%
WAR U.S. Global Technology and Aerospace & Defense ETF	-14.51%

Correlation

The correlation between GCAD and WAR is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 26, 2026	0.52

GCAD vs. WAR - Sectors Allocation Comparison

Sectors	GCAD	WAR
Industrials	85.0%	44.0%
Consumer Cyclical	7.0%	-
Basic Materials	2.1%	-
Communication Services	1.1%	1.4%
Technology	1.0%	54.5%
Real Estate	0.6%	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	2.7%
Healthcare	-	-
Utilities	-	-

Return for Risk

GCAD vs. WAR — Risk / Return Rank

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

GCAD

GCAD Risk / Return Rank: 63
GCAD Sharpe Ratio Rank: 65
GCAD Sortino Ratio Rank: 69
GCAD Omega Ratio Rank: 63
GCAD Calmar Ratio Rank: 60
GCAD Martin Ratio Rank: 59

WAR

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

GCAD vs. WAR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gabelli Commercial Aerospace & Defense ETF (GCAD) and U.S. Global Technology and Aerospace & Defense ETF (WAR). 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.

	GCAD	WAR	Difference
Sharpe ratio: Return per unit of total volatility	1.51	—	—
Sortino ratio: Return per unit of downside risk	2.25	—	—
Omega ratio: Gain probability vs. loss probability	1.27	—	—
Calmar ratio: Return relative to maximum drawdown	2.13	—	—
Martin ratio: Return relative to average drawdown	6.97	—	—

Drawdowns

GCAD vs. WAR - Drawdown Comparison

The maximum GCAD drawdown since its inception was -16.14%, smaller than the maximum WAR drawdown of -25.04%. Use the drawdown chart below to compare losses from any high point for GCAD and WAR.

Drawdown Indicators

	GCAD	WAR	Difference
Max Drawdown Largest peak-to-trough decline	-16.14%	-25.04%	+8.90%
Max Drawdown (1Y) Largest decline over 1 year	-14.96%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-16.14%	—	—
Current Drawdown Current decline from peak	-4.35%	-19.88%	+15.53%
Average Drawdown Average peak-to-trough decline	-3.03%	-10.62%	+7.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.55%	—	—

Volatility

Volatility by Period

	GCAD	WAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.11%	—	—
Volatility (6M) Calculated over the trailing 6-month period	17.61%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	21.14%	49.86%	-28.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.85%	49.86%	-31.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.85%	49.86%	-31.01%

GCAD vs. WAR - Expense Ratio Comparison

GCAD has a 0.00% expense ratio, which is lower than WAR's 0.60% expense ratio.

Dividends

GCAD vs. WAR - Dividend Comparison

GCAD's dividend yield for the trailing twelve months is around 1.74%, while WAR has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
GCAD Gabelli Commercial Aerospace & Defense ETF	1.74%	2.06%	4.94%	3.62%
WAR U.S. Global Technology and Aerospace & Defense ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GCAD and WAR in my portfolio?

GCAD and WAR have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GCAD or WAR?

On fees, GCAD is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GCAD or WAR?

GCAD is cheaper with a 0.00% expense ratio, compared with 0.60% for WAR.

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

GCAD has the higher dividend yield at 1.74%, compared with 0.00% for WAR.

What is the main difference between GCAD and WAR?

They also come from different issuers: Gabelli and US Global. Their fees differ too: 0.00% for GCAD and 0.60% for WAR.