GVAL vs. NZAC
GVAL (Cambria Global Value ETF) and NZAC (SPDR MSCI ACWI Climate Paris Aligned ETF) are both Global Equities funds. GVAL is actively managed, while NZAC is passively managed. Over the past 10 years, GVAL returned 11.81%/yr vs 12.17%/yr for NZAC. A 0.65 correlation means they provide meaningful diversification when combined. GVAL charges 0.64%/yr vs 0.12%/yr for NZAC.
Performance
GVAL vs. NZAC - Performance Comparison
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Returns By Period
In the year-to-date period, GVAL achieves a 17.40% return, which is significantly higher than NZAC's 6.02% return. Both investments have delivered pretty close results over the past 10 years, with GVAL having a 11.81% annualized return and NZAC not far ahead at 12.17%.
GVAL
- 1D
- -1.91%
- 1M
- 4.28%
- YTD
- 17.40%
- 6M
- 17.33%
- 1Y
- 43.62%
- 3Y*
- 27.44%
- 5Y*
- 14.14%
- 10Y*
- 11.81%
NZAC
- 1D
- -1.70%
- 1M
- -1.26%
- YTD
- 6.02%
- 6M
- 5.37%
- 1Y
- 20.66%
- 3Y*
- 17.81%
- 5Y*
- 9.25%
- 10Y*
- 12.17%
GVAL vs. NZAC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GVAL Cambria Global Value ETF | 17.40% | 55.87% | 2.59% | 13.30% | -7.98% | 10.70% | -8.51% | 17.24% | -14.30% | 29.50% |
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF | 6.02% | 20.55% | 16.67% | 23.22% | -19.77% | 18.35% | 17.21% | 28.24% | -9.80% | 22.93% |
Correlation
The correlation between GVAL and NZAC is 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2014 | 0.65 |
The correlation between GVAL and NZAC has been stable across timeframes, ranging from 0.65 to 0.74 - a consistent structural relationship.
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Return for Risk
GVAL vs. NZAC — Risk / Return Rank
GVAL
NZAC
GVAL vs. NZAC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Cambria Global Value ETF (GVAL) and SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC). 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 | NZAC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.30 | ||
| Sortino ratioReturn per unit of downside risk | +1.58 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.27 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 3.81 | 2.05 | +1.75 |
| Martin ratioReturn relative to average drawdown | 14.52 | 8.63 | +5.89 |
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Drawdowns
GVAL vs. NZAC - Drawdown Comparison
The maximum GVAL drawdown since its inception was -46.82%, which is greater than NZAC's maximum drawdown of -33.72%. Use the drawdown chart below to compare losses from any high point for GVAL and NZAC.
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Drawdown Indicators
| GVAL | NZAC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.82% | -33.72% | -13.10% |
Max Drawdown (1Y)Largest decline over 1 year | -11.50% | -10.10% | -1.40% |
Max Drawdown (3Y)Largest decline over 3 years | -15.72% | -16.19% | +0.47% |
Max Drawdown (5Y)Largest decline over 5 years | -30.83% | -28.31% | -2.52% |
Max Drawdown (10Y)Largest decline over 10 years | -46.82% | -33.72% | -13.10% |
Current DrawdownCurrent decline from peak | -2.31% | -3.38% | +1.07% |
Average DrawdownAverage peak-to-trough decline | -13.82% | -5.31% | -8.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.01% | 2.40% | +0.61% |
Volatility
GVAL vs. NZAC - Volatility Comparison
Cambria Global Value ETF (GVAL) has a higher volatility of 6.37% compared to SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC) at 5.41%. This indicates that GVAL's price experiences larger fluctuations and is considered to be riskier than NZAC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GVAL | NZAC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.37% | 5.41% | +0.96% |
Volatility (6M)Calculated over the trailing 6-month period | 13.81% | 11.34% | +2.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.55% | 13.73% | +1.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.60% | 16.94% | +1.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.00% | 17.13% | +1.87% |
GVAL vs. NZAC - Expense Ratio Comparison
GVAL has a 0.64% expense ratio, which is higher than NZAC's 0.12% expense ratio.
Dividends
GVAL vs. NZAC - Dividend Comparison
GVAL's dividend yield for the trailing twelve months is around 2.43%, more than NZAC's 2.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GVAL Cambria Global Value ETF | 2.43% | 2.93% | 4.75% | 6.12% | 5.05% | 2.97% | 1.90% | 2.84% | 4.65% | 2.00% | 2.54% | 2.11% |
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF | 2.09% | 1.90% | 1.88% | 1.65% | 1.81% | 1.62% | 1.59% | 2.17% | 2.53% | 2.20% | 2.00% | 2.40% |
Frequently Asked Questions
GVAL and NZAC have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GVAL has higher volatility (6.37%) compared to NZAC (5.41%). In terms of maximum drawdown, GVAL dropped -46.82% vs NZAC's -33.72%.
On 10-year performance, NZAC leads with 12.17% vs 11.81% for GVAL. On fees, NZAC is cheaper at 0.12% per year. On volatility, NZAC has been the lower-risk option at 5.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, NZAC has performed better with a 12.17% return vs 11.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NZAC is cheaper with a 0.12% expense ratio, compared with 0.64% for GVAL.
GVAL has the higher dividend yield at 2.43%, compared with 2.09% for NZAC.
They also come from different issuers: Cambria and State Street. Their fees differ too: 0.64% for GVAL and 0.12% for NZAC.
GVAL currently has the higher Sharpe Ratio (2.82 vs 1.52), 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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