GVAL vs. GLDM
GVAL (Cambria Global Value ETF) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - GVAL is a Global Equities fund actively managed by Cambria, while GLDM is a Gold fund tracking the LBMA Gold Price PM. GVAL is actively managed, while GLDM is passively managed. Over the past 5 years, GVAL returned 13.64%/yr vs 17.41%/yr for GLDM. At a 0.24 correlation, their price movements are largely independent. GVAL charges 0.64%/yr vs 0.10%/yr for GLDM.
Performance
GVAL vs. GLDM - Performance Comparison
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Returns By Period
In the year-to-date period, GVAL achieves a 16.63% return, which is significantly higher than GLDM's -2.40% return.
GVAL
- 1D
- 1.47%
- 1M
- 3.88%
- YTD
- 16.63%
- 6M
- 18.08%
- 1Y
- 40.92%
- 3Y*
- 26.84%
- 5Y*
- 13.64%
- 10Y*
- 11.46%
GLDM
- 1D
- 0.11%
- 1M
- -9.52%
- YTD
- -2.40%
- 6M
- -2.09%
- 1Y
- 22.58%
- 3Y*
- 29.27%
- 5Y*
- 17.41%
- 10Y*
- —
GVAL vs. GLDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GVAL Cambria Global Value ETF | 16.63% | 55.87% | 2.59% | 13.30% | -7.98% | 10.70% | -8.51% | 17.24% | -8.44% |
GLDM SPDR Gold MiniShares Trust | -2.40% | 64.20% | 27.08% | 13.04% | -0.47% | -4.01% | 25.10% | 18.10% | 1.75% |
Correlation
The correlation between GVAL and GLDM is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018 | 0.24 |
Over the past year, GVAL and GLDM have become more correlated (0.46) than their long-term average of 0.24, meaning their price movements have been converging.
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Return for Risk
GVAL vs. GLDM — Risk / Return Rank
GVAL
GLDM
GVAL vs. GLDM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Cambria Global Value ETF (GVAL) and SPDR Gold MiniShares Trust (GLDM). 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.
| GVAL | GLDM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.74 | ||
| Sortino ratioReturn per unit of downside risk | +2.24 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.19 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 3.48 | 1.00 | +2.48 |
| Martin ratioReturn relative to average drawdown | 13.27 | 2.87 | +10.40 |
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Drawdowns
GVAL vs. GLDM - Drawdown Comparison
The maximum GVAL drawdown since its inception was -46.82%, which is greater than GLDM's maximum drawdown of -24.35%. Use the drawdown chart below to compare losses from any high point for GVAL and GLDM.
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Drawdown Indicators
| GVAL | GLDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.82% | -24.35% | -22.47% |
Max Drawdown (1Y)Largest decline over 1 year | -11.50% | -24.35% | +12.85% |
Max Drawdown (3Y)Largest decline over 3 years | -15.72% | -24.35% | +8.63% |
Max Drawdown (5Y)Largest decline over 5 years | -30.83% | -24.35% | -6.48% |
Max Drawdown (10Y)Largest decline over 10 years | -46.82% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -21.96% | +21.96% |
Average DrawdownAverage peak-to-trough decline | -13.85% | -6.27% | -7.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.02% | 8.44% | -5.42% |
Volatility
GVAL vs. GLDM - Volatility Comparison
The current volatility for Cambria Global Value ETF (GVAL) is 6.00%, while SPDR Gold MiniShares Trust (GLDM) has a volatility of 7.73%. This indicates that GVAL experiences smaller price fluctuations and is considered to be less risky than GLDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GVAL | GLDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.00% | 7.73% | -1.73% |
Volatility (6M)Calculated over the trailing 6-month period | 13.40% | 23.93% | -10.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.18% | 27.15% | -11.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.56% | 18.13% | +0.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.20% | 16.98% | +2.22% |
GVAL vs. GLDM - Expense Ratio Comparison
GVAL has a 0.64% expense ratio, which is higher than GLDM's 0.10% expense ratio.
Dividends
GVAL vs. GLDM - Dividend Comparison
GVAL's dividend yield for the trailing twelve months is around 2.77%, while GLDM has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLDM SPDR Gold MiniShares Trust | 0.00% | 0.00% | 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 | 2.77% | 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
GVAL and GLDM have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLDM has higher volatility (7.73%) compared to GVAL (6.00%). In terms of maximum drawdown, GVAL dropped -46.82% vs GLDM's -24.35%.
On 5-year performance, GLDM leads with 17.41% vs 13.64% for GVAL. On fees, GLDM is cheaper at 0.10% per year. On volatility, GVAL has been the lower-risk option at 6.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GLDM has performed better with a 17.41% return vs 13.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLDM is cheaper with a 0.10% expense ratio, compared with 0.64% for GVAL.
GVAL has the higher dividend yield at 2.77%, compared with 0.00% for GLDM.
GVAL is categorized as Global Equities, while GLDM is Gold. They also come from different issuers: Cambria and State Street. Their fees differ too: 0.64% for GVAL and 0.10% for GLDM.
GVAL currently has the higher Sharpe Ratio (2.64 vs 0.90), 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.
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