GCAD vs. WAR

Last updated Apr 2, 2026

Compare and contrast key facts about Gabelli Commercial Aerospace & Defense ETF (GCAD) and U.S. Global Technology and Aerospace & Defense ETF (WAR).

GCAD and WAR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GCAD is an actively managed fund by Gabelli. It was launched on Jan 3, 2023. WAR is an actively managed fund by US Global. It was launched on Dec 30, 2024.

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.

GCAD vs. WAR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GCAD Gabelli Commercial Aerospace & Defense ETF	10.13%	39.28%	-0.13%
WAR U.S. Global Technology and Aerospace & Defense ETF	5.54%	31.17%	-0.16%

Returns By Period

In the year-to-date period, GCAD achieves a 10.13% return, which is significantly higher than WAR's 5.54% return.

GCAD

• 1D: 2.80%
• 1M: -9.19%
• YTD: 10.13%
• 6M: 14.63%
• 1Y: 52.72%
• 3Y*: 31.74%
• 5Y*: —
• 10Y*: —

WAR

• 1D: 1.92%
• 1M: -3.34%
• YTD: 5.54%
• 6M: 3.65%
• 1Y: 39.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GCAD vs. WAR - Expense Ratio Comparison

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

WAR

U.S. Global Technology and Aerospace & Defense ETF

GCAD

Gabelli Commercial Aerospace & Defense ETF

Return for Risk

GCAD vs. WAR — Risk / Return Rank

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

GCAD

GCAD Risk / Return Rank: 94
GCAD Sharpe Ratio Rank: 95
GCAD Sortino Ratio Rank: 96
GCAD Omega Ratio Rank: 94
GCAD Calmar Ratio Rank: 92
GCAD Martin Ratio Rank: 95

WAR

WAR Risk / Return Rank: 76
WAR Sharpe Ratio Rank: 76
WAR Sortino Ratio Rank: 74
WAR Omega Ratio Rank: 69
WAR Calmar Ratio Rank: 84
WAR Martin Ratio Rank: 78

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. 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.

	GCAD	WAR	Difference
Sharpe ratio Return per unit of total volatility	2.45	1.46	+0.98
Sortino ratio Return per unit of downside risk	3.26	1.99	+1.28
Omega ratio Gain probability vs. loss probability	1.46	1.27	+0.19
Calmar ratio Return relative to maximum drawdown	3.57	2.84	+0.73
Martin ratio Return relative to average drawdown	16.09	9.48	+6.61
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. WAR - Sharpe Ratio Comparison

The current GCAD Sharpe Ratio is 2.45, which is higher than the WAR Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of GCAD and WAR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GCAD	WAR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	1.46	+0.98
Sharpe Ratio (All Time) Calculated using the full available price history	1.61	1.12	+0.49

Correlation

The correlation between GCAD and WAR is 0.69, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

GCAD vs. WAR - Dividend Comparison

GCAD's dividend yield for the trailing twelve months is around 1.87%, less than WAR's 12.12% yield.

	TTM	2025	2024	2023
GCAD Gabelli Commercial Aerospace & Defense ETF	1.87%	2.06%	4.94%	3.62%
WAR U.S. Global Technology and Aerospace & Defense ETF	12.12%	12.79%	0.00%	0.00%

Drawdowns

GCAD vs. WAR - Drawdown Comparison

The maximum GCAD drawdown since its inception was -16.14%, smaller than the maximum WAR drawdown of -19.13%. 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%	-19.13%	+2.99%
Max Drawdown (1Y) Largest decline over 1 year	-14.96%	-14.06%	-0.90%
Current Drawdown Current decline from peak	-9.19%	-6.88%	-2.31%
Average Drawdown Average peak-to-trough decline	-2.80%	-4.08%	+1.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.32%	4.21%	-0.89%

Volatility

GCAD vs. WAR - Volatility Comparison

The current volatility for Gabelli Commercial Aerospace & Defense ETF (GCAD) is 8.58%, while U.S. Global Technology and Aerospace & Defense ETF (WAR) has a volatility of 12.46%. This indicates that GCAD experiences smaller price fluctuations and is considered to be less risky than WAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GCAD	WAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.58%	12.46%	-3.88%
Volatility (6M) Calculated over the trailing 6-month period	14.72%	20.78%	-6.06%
Volatility (1Y) Calculated over the trailing 1-year period	21.66%	27.33%	-5.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.20%	26.52%	-8.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.20%	26.52%	-8.32%