GVAL vs. FEGE

Last updated Jun 4, 2026

GVAL (Cambria Global Value ETF) and FEGE (First Eagle Global Equity ETF) are both exchange-traded funds - GVAL is a Global Equities fund actively managed by Cambria, while FEGE is a Large Cap Value Equities fund actively managed by First Eagle. Both are actively managed. Over the past year, GVAL returned 39.69% vs 28.67% for FEGE. A 0.70 correlation means they provide meaningful diversification when combined. GVAL charges 0.64%/yr vs 0.50%/yr for FEGE.

Performance

GVAL vs. FEGE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria Global Value ETF (GVAL) and First Eagle Global Equity ETF (FEGE). 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 FEGE's 8.48% return.

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%

FEGE

• 1D: -0.99%
• 1M: 2.80%
• YTD: 8.48%
• 6M: 10.24%
• 1Y: 28.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GVAL vs. FEGE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GVAL Cambria Global Value ETF	14.37%	55.87%	0.65%
FEGE First Eagle Global Equity ETF	8.48%	34.19%	-1.12%

Correlation

The correlation between GVAL and FEGE is 0.73, 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	0.73
Correlation (All Time) Calculated using the full available price history since Dec 23, 2024	0.70

The correlation between GVAL and FEGE has been stable across timeframes, ranging from 0.70 to 0.73 - a consistent structural relationship.

GVAL vs. FEGE - Sectors Allocation Comparison

Sectors	GVAL	FEGE
Financial Services	16.4%	12.0%
Basic Materials	8.2%	8.8%
Energy	7.8%	9.1%
Real Estate	7.0%	4.0%
Technology	6.4%	14.1%
Communication Services	4.6%	8.9%
Utilities	4.1%	-
Industrials	3.6%	10.2%
Consumer Cyclical	2.6%	6.5%
Consumer Defensive	1.9%	14.7%
Healthcare	-	11.8%

Return for Risk

GVAL vs. FEGE — 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

FEGE

FEGE Risk / Return Rank: 62
FEGE Sharpe Ratio Rank: 71
FEGE Sortino Ratio Rank: 68
FEGE Omega Ratio Rank: 67
FEGE Calmar Ratio Rank: 53
FEGE Martin Ratio Rank: 53

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. FEGE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Global Value ETF (GVAL) and First Eagle Global Equity ETF (FEGE). 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	FEGE	Difference
Sharpe ratio: Return per unit of total volatility	2.75	2.35	+0.40
Sortino ratio: Return per unit of downside risk	3.64	3.15	+0.48
Omega ratio: Gain probability vs. loss probability	1.49	1.40	+0.09
Calmar ratio: Return relative to maximum drawdown	3.47	2.63	+0.84
Martin ratio: Return relative to average drawdown	13.33	9.22	+4.11
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. FEGE - Sharpe Ratio Comparison

The current GVAL Sharpe Ratio is 2.75, which is comparable to the FEGE Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of GVAL and FEGE, 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	FEGE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	2.35	+0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	1.98	-1.63

Drawdowns

GVAL vs. FEGE - Drawdown Comparison

The maximum GVAL drawdown since its inception was -46.82%, which is greater than FEGE's maximum drawdown of -11.13%. Use the drawdown chart below to compare losses from any high point for GVAL and FEGE.

Drawdown Indicators

	GVAL	FEGE	Difference
Max Drawdown Largest peak-to-trough decline	-46.82%	-11.13%	-35.69%
Max Drawdown (1Y) Largest decline over 1 year	-11.50%	-10.96%	-0.54%
Max Drawdown (3Y) Largest decline over 3 years	-15.72%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-30.83%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.82%	—	—
Current Drawdown Current decline from peak	-1.24%	-2.99%	+1.75%
Average Drawdown Average peak-to-trough decline	-13.88%	-1.71%	-12.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	3.12%	-0.13%

Volatility

GVAL vs. FEGE - Volatility Comparison

Cambria Global Value ETF (GVAL) has a higher volatility of 5.10% compared to First Eagle Global Equity ETF (FEGE) at 3.43%. This indicates that GVAL's price experiences larger fluctuations and is considered to be riskier than FEGE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GVAL	FEGE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.10%	3.43%	+1.67%
Volatility (6M) Calculated over the trailing 6-month period	12.72%	10.11%	+2.61%
Volatility (1Y) Calculated over the trailing 1-year period	14.52%	12.28%	+2.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.46%	14.63%	+3.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.21%	14.63%	+4.58%

GVAL vs. FEGE - Expense Ratio Comparison

GVAL has a 0.64% expense ratio, which is higher than FEGE's 0.50% expense ratio.

Dividends

GVAL vs. FEGE - Dividend Comparison

GVAL's dividend yield for the trailing twelve months is around 2.83%, more than FEGE's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEGE First Eagle Global Equity ETF	1.18%	1.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 FEGE in my portfolio?

GVAL and FEGE have a correlation of 0.73, 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 FEGE?

GVAL has higher volatility (5.10%) compared to FEGE (3.43%). In terms of maximum drawdown, GVAL dropped -46.82% vs FEGE's -11.13%.

Which ETF is better, GVAL or FEGE?

On 1-year performance, GVAL leads with 39.69% vs 28.67% for FEGE. On fees, FEGE is cheaper at 0.50% per year. On volatility, FEGE has been the lower-risk option at 3.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GVAL or FEGE?

Over the 1-year period, GVAL has performed better with a 39.69% return vs 28.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GVAL or FEGE?

FEGE is cheaper with a 0.50% expense ratio, compared with 0.64% for GVAL.

Which ETF pays a higher dividend yield, GVAL or FEGE?

GVAL has the higher dividend yield at 2.83%, compared with 1.18% for FEGE.

What is the main difference between GVAL and FEGE?

GVAL is categorized as Global Equities, while FEGE is Large Cap Value Equities. They also come from different issuers: Cambria and First Eagle. Their fees differ too: 0.64% for GVAL and 0.50% for FEGE.

Which has better risk-adjusted returns?

GVAL currently has the higher Sharpe Ratio (2.75 vs 2.35), 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.