GVAL vs. VWO

Last updated Jun 23, 2026

GVAL (Cambria Global Value ETF) and VWO (Vanguard FTSE Emerging Markets ETF) are both exchange-traded funds - GVAL is a Global Equities fund actively managed by Cambria, while VWO is a Emerging Markets Equities fund tracking the FTSE Emerging Index. GVAL is actively managed, while VWO is passively managed. Over the past 10 years, GVAL returned 12.03%/yr vs 9.31%/yr for VWO. A 0.75 correlation means they provide meaningful diversification when combined. GVAL charges 0.64%/yr vs 0.08%/yr for VWO.

Performance

GVAL vs. VWO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria Global Value ETF (GVAL) and Vanguard FTSE Emerging Markets ETF (VWO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GVAL achieves a 19.68% return, which is significantly higher than VWO's 14.05% return. Over the past 10 years, GVAL has outperformed VWO with an annualized return of 12.03%, while VWO has yielded a comparatively lower 9.31% annualized return.

GVAL

• 1D: 0.49%
• 1M: 6.30%
• YTD: 19.68%
• 6M: 19.91%
• 1Y: 46.46%
• 3Y*: 28.26%
• 5Y*: 14.84%
• 10Y*: 12.03%

VWO

• 1D: 0.77%
• 1M: 3.96%
• YTD: 14.05%
• 6M: 14.71%
• 1Y: 32.13%
• 3Y*: 18.64%
• 5Y*: 5.90%
• 10Y*: 9.31%

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

GVAL vs. VWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GVAL Cambria Global Value ETF	19.68%	55.87%	2.59%	13.30%	-7.98%	10.70%	-8.51%	17.24%	-14.30%	29.50%
VWO Vanguard FTSE Emerging Markets ETF	14.05%	25.60%	10.59%	9.25%	-17.98%	1.26%	15.17%	20.75%	-14.76%	31.49%

Correlation

The correlation between GVAL and VWO is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Mar 12, 2014	0.75

The correlation between GVAL and VWO has been stable across timeframes, ranging from 0.74 to 0.78 - a consistent structural relationship.

GVAL vs. VWO - Sectors Allocation Comparison

Sectors	GVAL	VWO
Financial Services	16.9%	16.8%
Technology	9.4%	31.6%
Basic Materials	7.7%	7.0%
Energy	6.8%	3.6%
Real Estate	6.2%	1.8%
Communication Services	4.3%	5.8%
Utilities	3.7%	2.4%
Industrials	3.6%	6.8%
Consumer Cyclical	2.7%	8.7%
Consumer Defensive	1.8%	3.1%
Healthcare	-	3.4%

Return for Risk

GVAL vs. VWO — Risk / Return Rank

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

GVAL

GVAL Risk / Return Rank: 86
GVAL Sharpe Ratio Rank: 92
GVAL Sortino Ratio Rank: 90
GVAL Omega Ratio Rank: 89
GVAL Calmar Ratio Rank: 81
GVAL Martin Ratio Rank: 81

VWO

VWO Risk / Return Rank: 60
VWO Sharpe Ratio Rank: 60
VWO Sortino Ratio Rank: 58
VWO Omega Ratio Rank: 61
VWO Calmar Ratio Rank: 60
VWO Martin Ratio Rank: 59

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. VWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Global Value ETF (GVAL) and Vanguard FTSE Emerging Markets ETF (VWO). 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	VWO	Difference
Sharpe ratio: Return per unit of total volatility	3.03	1.94	+1.09
Sortino ratio: Return per unit of downside risk	3.99	2.66	+1.33
Omega ratio: Gain probability vs. loss probability	1.54	1.36	+0.18
Calmar ratio: Return relative to maximum drawdown	4.06	2.89	+1.17
Martin ratio: Return relative to average drawdown	15.49	10.19	+5.29

GVAL vs. VWO - Sharpe Ratio Comparison

The current GVAL Sharpe Ratio is 3.03, which is higher than the VWO Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of GVAL and VWO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GVAL vs. VWO - Drawdown Comparison

The maximum GVAL drawdown since its inception was -46.82%, smaller than the maximum VWO drawdown of -67.68%. Use the drawdown chart below to compare losses from any high point for GVAL and VWO.

Drawdown Indicators

	GVAL	VWO	Difference
Max Drawdown Largest peak-to-trough decline	-46.82%	-67.68%	+20.86%
Max Drawdown (1Y) Largest decline over 1 year	-11.50%	-11.17%	-0.33%
Max Drawdown (3Y) Largest decline over 3 years	-15.72%	-17.37%	+1.65%
Max Drawdown (5Y) Largest decline over 5 years	-30.83%	-32.60%	+1.77%
Max Drawdown (10Y) Largest decline over 10 years	-46.82%	-36.39%	-10.43%
Current Drawdown Current decline from peak	-0.41%	0.00%	-0.41%
Average Drawdown Average peak-to-trough decline	-13.83%	-15.79%	+1.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	3.16%	-0.15%

Volatility

GVAL vs. VWO - Volatility Comparison

The current volatility for Cambria Global Value ETF (GVAL) is 6.03%, while Vanguard FTSE Emerging Markets ETF (VWO) has a volatility of 6.57%. This indicates that GVAL experiences smaller price fluctuations and is considered to be less risky than VWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GVAL	VWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.03%	6.57%	-0.54%
Volatility (6M) Calculated over the trailing 6-month period	13.65%	14.28%	-0.63%
Volatility (1Y) Calculated over the trailing 1-year period	15.45%	16.67%	-1.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.58%	17.53%	+1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.19%	19.24%	-0.05%

GVAL vs. VWO - Expense Ratio Comparison

GVAL has a 0.64% expense ratio, which is higher than VWO's 0.08% expense ratio.

Dividends

GVAL vs. VWO - Dividend Comparison

GVAL's dividend yield for the trailing twelve months is around 2.39%, more than VWO's 2.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GVAL Cambria Global Value ETF	2.39%	2.93%	4.75%	6.12%	5.05%	2.97%	1.90%	2.84%	4.65%	2.00%	2.54%	2.11%
VWO Vanguard FTSE Emerging Markets ETF	2.26%	2.79%	3.20%	3.52%	4.11%	2.63%	1.91%	3.23%	2.88%	2.30%	2.52%	3.26%

Frequently Asked Questions

Can I hold both GVAL and VWO in my portfolio?

GVAL and VWO have a correlation of 0.78, 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 VWO?

VWO has higher volatility (6.57%) compared to GVAL (6.03%). In terms of maximum drawdown, GVAL dropped -46.82% vs VWO's -67.68%.

Which ETF is better, GVAL or VWO?

On 10-year performance, GVAL leads with 12.03% vs 9.31% for VWO. On fees, VWO is cheaper at 0.08% per year. On volatility, GVAL has been the lower-risk option at 6.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GVAL or VWO?

Over the 10-year period, GVAL has performed better with a 12.03% return vs 9.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GVAL or VWO?

VWO is cheaper with a 0.08% expense ratio, compared with 0.64% for GVAL.

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

GVAL has the higher dividend yield at 2.39%, compared with 2.26% for VWO.

What is the main difference between GVAL and VWO?

GVAL is categorized as Global Equities, while VWO is Emerging Markets Equities. They also come from different issuers: Cambria and Vanguard. Their fees differ too: 0.64% for GVAL and 0.08% for VWO.

Which has better risk-adjusted returns?

GVAL currently has the higher Sharpe Ratio (3.03 vs 1.94), 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.