IVAL vs. KGGAX

Last updated Jun 4, 2026

IVAL (Alpha Architect International Quantitative Value ETF) and KGGAX (Kopernik Global All-Cap Fund Class A) are both funds - IVAL is a Foreign Large Cap Equities fund actively managed by Alpha Architect, while KGGAX is a Foreign Small & Mid Cap Equities fund managed by Kopernik. Over the past 10 years, IVAL returned 8.01%/yr vs 13.40%/yr for KGGAX. A 0.54 correlation means they provide meaningful diversification when combined. IVAL charges 0.39%/yr vs 1.26%/yr for KGGAX.

Performance

IVAL vs. KGGAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alpha Architect International Quantitative Value ETF (IVAL) 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, IVAL achieves a 13.29% return, which is significantly higher than KGGAX's 10.49% return. Over the past 10 years, IVAL has underperformed KGGAX with an annualized return of 8.01%, while KGGAX has yielded a comparatively higher 13.40% annualized return.

IVAL

• 1D: -0.50%
• 1M: 3.49%
• YTD: 13.29%
• 6M: 16.64%
• 1Y: 32.20%
• 3Y*: 19.90%
• 5Y*: 8.36%
• 10Y*: 8.01%

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)

IVAL vs. KGGAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IVAL Alpha Architect International Quantitative Value ETF	13.29%	34.92%	-0.71%	20.61%	-10.06%	-0.22%	-4.94%	21.26%	-22.50%	31.03%
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 IVAL and KGGAX is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Dec 18, 2014	0.54

The correlation between IVAL and KGGAX has been stable across timeframes, ranging from 0.54 to 0.61 - a consistent structural relationship.

Return for Risk

IVAL vs. KGGAX — Risk / Return Rank

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

IVAL

IVAL Risk / Return Rank: 61
IVAL Sharpe Ratio Rank: 63
IVAL Sortino Ratio Rank: 63
IVAL Omega Ratio Rank: 62
IVAL Calmar Ratio Rank: 58
IVAL Martin Ratio Rank: 57

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.

IVAL vs. KGGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alpha Architect International Quantitative Value ETF (IVAL) 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.

	IVAL	KGGAX	Difference
Sharpe ratio Return per unit of total volatility	2.11	2.93	-0.81
Sortino ratio Return per unit of downside risk	2.96	3.63	-0.67
Omega ratio Gain probability vs. loss probability	1.38	1.52	-0.13
Calmar ratio Return relative to maximum drawdown	2.88	4.11	-1.23
Martin ratio Return relative to average drawdown	10.17	13.51	-3.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IVAL vs. KGGAX - Sharpe Ratio Comparison

The current IVAL Sharpe Ratio is 2.11, which is comparable to the KGGAX Sharpe Ratio of 2.93. The chart below compares the historical Sharpe Ratios of IVAL 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

	IVAL	KGGAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	2.93	-0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.75	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.90	-0.47
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.62	-0.28

Drawdowns

IVAL vs. KGGAX - Drawdown Comparison

The maximum IVAL drawdown since its inception was -46.09%, roughly equal to the maximum KGGAX drawdown of -45.27%. Use the drawdown chart below to compare losses from any high point for IVAL and KGGAX.

Drawdown Indicators

	IVAL	KGGAX	Difference
Max Drawdown Largest peak-to-trough decline	-46.09%	-45.27%	-0.82%
Max Drawdown (1Y) Largest decline over 1 year	-11.24%	-10.63%	-0.61%
Max Drawdown (3Y) Largest decline over 3 years	-14.92%	-13.53%	-1.39%
Max Drawdown (5Y) Largest decline over 5 years	-31.01%	-26.59%	-4.42%
Max Drawdown (10Y) Largest decline over 10 years	-46.09%	-31.90%	-14.19%
Current Drawdown Current decline from peak	-2.94%	-4.37%	+1.43%
Average Drawdown Average peak-to-trough decline	-12.00%	-9.67%	-2.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	3.22%	-0.04%

Volatility

IVAL vs. KGGAX - Volatility Comparison

Alpha Architect International Quantitative Value ETF (IVAL) and Kopernik Global All-Cap Fund Class A (KGGAX) have volatilities of 3.82% and 3.73%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVAL	KGGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.82%	3.73%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	12.00%	12.05%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	15.37%	14.93%	+0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.74%	15.12%	+2.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.84%	14.94%	+3.90%

IVAL vs. KGGAX - Expense Ratio Comparison

IVAL has a 0.39% expense ratio, which is lower than KGGAX's 1.26% expense ratio.

Dividends

IVAL vs. KGGAX - Dividend Comparison

IVAL's dividend yield for the trailing twelve months is around 2.66%, less than KGGAX's 14.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVAL Alpha Architect International Quantitative Value ETF	2.66%	2.75%	3.60%	5.15%	8.00%	3.95%	2.07%	2.51%	2.93%	1.73%	2.02%	1.86%
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 IVAL and KGGAX in my portfolio?

IVAL and KGGAX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IVAL or KGGAX?

IVAL has higher volatility (3.82%) compared to KGGAX (3.73%). In terms of maximum drawdown, IVAL dropped -46.09% vs KGGAX's -45.27%.

Which has better risk-adjusted returns?

KGGAX currently has the higher Sharpe Ratio (2.93 vs 2.11), 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.