GVAL vs. APHKX

Last updated Jun 4, 2026

GVAL (Cambria Global Value ETF) and APHKX (Artisan International Value Fund) are both funds - GVAL is a Global Equities fund actively managed by Cambria, while APHKX is a Foreign Large Cap Equities fund actively managed by Artisan. Both are actively managed. Over the past 10 years, GVAL returned 10.76%/yr vs 10.96%/yr for APHKX. A 0.73 correlation means they provide meaningful diversification when combined. GVAL charges 0.64%/yr vs 0.97%/yr for APHKX.

Performance

GVAL vs. APHKX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria Global Value ETF (GVAL) and Artisan International Value Fund (APHKX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GVAL achieves a 14.37% return, which is significantly higher than APHKX's 10.64% return. Both investments have delivered pretty close results over the past 10 years, with GVAL having a 10.76% annualized return and APHKX not far ahead at 10.96%.

GVAL

• 1D: -1.24%
• 1M: 3.64%
• YTD: 14.37%
• 6M: 15.35%
• 1Y: 39.69%
• 3Y*: 26.42%
• 5Y*: 13.14%
• 10Y*: 10.76%

APHKX

• 1D: 0.59%
• 1M: 5.75%
• YTD: 10.64%
• 6M: 14.00%
• 1Y: 23.35%
• 3Y*: 16.96%
• 5Y*: 10.55%
• 10Y*: 10.96%

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

GVAL vs. APHKX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GVAL Cambria Global Value ETF	14.37%	55.87%	2.59%	13.30%	-7.98%	10.70%	-8.51%	17.24%	-14.30%	29.50%
APHKX Artisan International Value Fund	10.64%	22.84%	6.64%	22.95%	-6.78%	16.94%	8.81%	24.22%	-15.48%	24.09%

Correlation

The correlation between GVAL and APHKX is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Mar 13, 2014	0.73

The correlation between GVAL and APHKX shifts across timeframes, from 0.61 (1 year) to 0.73 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GVAL vs. APHKX — Risk / Return Rank

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

GVAL

GVAL Risk / Return Rank: 77
GVAL Sharpe Ratio Rank: 83
GVAL Sortino Ratio Rank: 80
GVAL Omega Ratio Rank: 81
GVAL Calmar Ratio Rank: 69
GVAL Martin Ratio Rank: 71

APHKX

APHKX Risk / Return Rank: 37
APHKX Sharpe Ratio Rank: 35
APHKX Sortino Ratio Rank: 36
APHKX Omega Ratio Rank: 42
APHKX Calmar Ratio Rank: 38
APHKX Martin Ratio Rank: 35

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.

GVAL vs. APHKX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Global Value ETF (GVAL) and Artisan International Value Fund (APHKX). 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.

	GVAL	APHKX	Difference
Sharpe ratio: Return per unit of total volatility	2.75	1.70	+1.05
Sortino ratio: Return per unit of downside risk	3.64	2.50	+1.14
Omega ratio: Gain probability vs. loss probability	1.49	1.35	+0.14
Calmar ratio: Return relative to maximum drawdown	3.47	2.32	+1.15
Martin ratio: Return relative to average drawdown	13.33	7.83	+5.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GVAL vs. APHKX - Sharpe Ratio Comparison

The current GVAL Sharpe Ratio is 2.75, which is higher than the APHKX Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of GVAL and APHKX, 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

	GVAL	APHKX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	1.70	+1.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.76	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.68	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.44	-0.09

Drawdowns

GVAL vs. APHKX - Drawdown Comparison

The maximum GVAL drawdown since its inception was -46.82%, smaller than the maximum APHKX drawdown of -56.33%. Use the drawdown chart below to compare losses from any high point for GVAL and APHKX.

Drawdown Indicators

	GVAL	APHKX	Difference
Max Drawdown Largest peak-to-trough decline	-46.82%	-56.33%	+9.51%
Max Drawdown (1Y) Largest decline over 1 year	-11.50%	-9.96%	-1.54%
Max Drawdown (3Y) Largest decline over 3 years	-15.72%	-10.87%	-4.85%
Max Drawdown (5Y) Largest decline over 5 years	-30.83%	-24.83%	-6.00%
Max Drawdown (10Y) Largest decline over 10 years	-46.82%	-38.07%	-8.75%
Current Drawdown Current decline from peak	-1.24%	0.00%	-1.24%
Average Drawdown Average peak-to-trough decline	-13.88%	-9.10%	-4.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	2.94%	+0.05%

Volatility

GVAL vs. APHKX - Volatility Comparison

Cambria Global Value ETF (GVAL) has a higher volatility of 5.10% compared to Artisan International Value Fund (APHKX) at 4.36%. This indicates that GVAL's price experiences larger fluctuations and is considered to be riskier than APHKX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GVAL	APHKX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.10%	4.36%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	12.72%	10.61%	+2.11%
Volatility (1Y) Calculated over the trailing 1-year period	14.52%	13.59%	+0.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.46%	13.94%	+4.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.21%	16.16%	+3.05%

GVAL vs. APHKX - Expense Ratio Comparison

GVAL has a 0.64% expense ratio, which is lower than APHKX's 0.97% expense ratio.

Dividends

GVAL vs. APHKX - Dividend Comparison

GVAL's dividend yield for the trailing twelve months is around 2.83%, less than APHKX's 6.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APHKX Artisan International Value Fund	6.45%	7.10%	4.34%	3.10%	2.28%	10.00%	0.98%	3.92%	5.69%	4.15%	3.31%	6.40%
GVAL Cambria Global Value ETF	2.83%	2.93%	4.75%	6.12%	5.05%	2.97%	1.90%	2.84%	4.65%	2.00%	2.54%	2.11%

Frequently Asked Questions

Can I hold both GVAL and APHKX in my portfolio?

GVAL and APHKX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GVAL or APHKX?

GVAL has higher volatility (5.10%) compared to APHKX (4.36%). In terms of maximum drawdown, GVAL dropped -46.82% vs APHKX's -56.33%.

Which has better risk-adjusted returns?

GVAL currently has the higher Sharpe Ratio (2.75 vs 1.70), 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.