GVAL vs. KGGAX

Last updated Jun 4, 2026

GVAL (Cambria Global Value ETF) and KGGAX (Kopernik Global All-Cap Fund Class A) are both funds - GVAL is a Global Equities fund actively managed by Cambria, while KGGAX is a Foreign Small & Mid Cap Equities fund managed by Kopernik. Over the past 10 years, GVAL returned 10.76%/yr vs 13.40%/yr for KGGAX. A 0.62 correlation means they provide meaningful diversification when combined. GVAL charges 0.64%/yr vs 1.26%/yr for KGGAX.

Performance

GVAL vs. KGGAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria Global Value ETF (GVAL) and Kopernik Global All-Cap Fund Class A (KGGAX). 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 KGGAX's 10.49% return. Over the past 10 years, GVAL has underperformed KGGAX with an annualized return of 10.76%, while KGGAX has yielded a comparatively higher 13.40% annualized 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%

KGGAX

• 1D: 0.12%
• 1M: -0.63%
• YTD: 10.49%
• 6M: 13.24%
• 1Y: 43.00%
• 3Y*: 23.09%
• 5Y*: 11.24%
• 10Y*: 13.40%

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

GVAL vs. KGGAX - 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%
KGGAX Kopernik Global All-Cap Fund Class A	10.49%	64.46%	-4.79%	13.08%	-9.24%	16.59%	36.89%	9.76%	-11.34%	8.77%

Correlation

The correlation between GVAL and KGGAX is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Mar 13, 2014	0.62

The correlation between GVAL and KGGAX has been stable across timeframes, ranging from 0.60 to 0.65 - a consistent structural relationship.

Return for Risk

GVAL vs. KGGAX — 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

KGGAX

KGGAX Risk / Return Rank: 80
KGGAX Sharpe Ratio Rank: 89
KGGAX Sortino Ratio Rank: 75
KGGAX Omega Ratio Rank: 79
KGGAX Calmar Ratio Rank: 86
KGGAX Martin Ratio Rank: 71

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. KGGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Global Value ETF (GVAL) and Kopernik Global All-Cap Fund Class A (KGGAX). 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	KGGAX	Difference
Sharpe ratio: Return per unit of total volatility	2.75	2.93	-0.18
Sortino ratio: Return per unit of downside risk	3.64	3.63	+0.01
Omega ratio: Gain probability vs. loss probability	1.49	1.52	-0.02
Calmar ratio: Return relative to maximum drawdown	3.47	4.11	-0.64
Martin ratio: Return relative to average drawdown	13.33	13.51	-0.18
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. KGGAX - Sharpe Ratio Comparison

The current GVAL Sharpe Ratio is 2.75, which is comparable to the KGGAX Sharpe Ratio of 2.93. The chart below compares the historical Sharpe Ratios of GVAL and KGGAX, 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	KGGAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	2.93	-0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.75	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.90	-0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.62	-0.27

Drawdowns

GVAL vs. KGGAX - Drawdown Comparison

The maximum GVAL drawdown since its inception was -46.82%, roughly equal to the maximum KGGAX drawdown of -45.27%. Use the drawdown chart below to compare losses from any high point for GVAL and KGGAX.

Drawdown Indicators

	GVAL	KGGAX	Difference
Max Drawdown Largest peak-to-trough decline	-46.82%	-45.27%	-1.55%
Max Drawdown (1Y) Largest decline over 1 year	-11.50%	-10.63%	-0.87%
Max Drawdown (3Y) Largest decline over 3 years	-15.72%	-13.53%	-2.19%
Max Drawdown (5Y) Largest decline over 5 years	-30.83%	-26.59%	-4.24%
Max Drawdown (10Y) Largest decline over 10 years	-46.82%	-31.90%	-14.92%
Current Drawdown Current decline from peak	-1.24%	-4.37%	+3.13%
Average Drawdown Average peak-to-trough decline	-13.88%	-9.67%	-4.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	3.22%	-0.23%

Volatility

GVAL vs. KGGAX - Volatility Comparison

Cambria Global Value ETF (GVAL) has a higher volatility of 5.10% compared to Kopernik Global All-Cap Fund Class A (KGGAX) at 3.73%. This indicates that GVAL's price experiences larger fluctuations and is considered to be riskier than KGGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GVAL	KGGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.10%	3.73%	+1.37%
Volatility (6M) Calculated over the trailing 6-month period	12.72%	12.05%	+0.67%
Volatility (1Y) Calculated over the trailing 1-year period	14.52%	14.93%	-0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.46%	15.12%	+3.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.21%	14.94%	+4.27%

GVAL vs. KGGAX - Expense Ratio Comparison

GVAL has a 0.64% expense ratio, which is lower than KGGAX's 1.26% expense ratio.

Dividends

GVAL vs. KGGAX - Dividend Comparison

GVAL's dividend yield for the trailing twelve months is around 2.83%, less than KGGAX's 14.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
KGGAX Kopernik Global All-Cap Fund Class A	14.58%	16.11%	1.04%	8.29%	13.22%	9.00%	4.59%	2.72%	0.00%	4.12%	3.09%	0.40%

Frequently Asked Questions

Can I hold both GVAL and KGGAX in my portfolio?

GVAL and KGGAX have a correlation of 0.65, 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 KGGAX?

GVAL has higher volatility (5.10%) compared to KGGAX (3.73%). In terms of maximum drawdown, GVAL dropped -46.82% vs KGGAX's -45.27%.

Which has better risk-adjusted returns?

KGGAX currently has the higher Sharpe Ratio (2.93 vs 2.75), 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.