KGGAX vs. IVAL

Last updated Jun 24, 2026

KGGAX (Kopernik Global All-Cap Fund Class A) and IVAL (Alpha Architect International Quantitative Value ETF) are both funds - KGGAX is a Foreign Small & Mid Cap Equities fund managed by Kopernik, while IVAL is a Foreign Large Cap Equities fund actively managed by Alpha Architect. Over the past 10 years, KGGAX returned 12.37%/yr vs 8.29%/yr for IVAL. A 0.54 correlation means they provide meaningful diversification when combined. KGGAX charges 1.26%/yr vs 0.39%/yr for IVAL.

Performance

KGGAX vs. IVAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kopernik Global All-Cap Fund Class A (KGGAX) and Alpha Architect International Quantitative Value ETF (IVAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KGGAX achieves a 3.52% return, which is significantly lower than IVAL's 9.95% return. Over the past 10 years, KGGAX has outperformed IVAL with an annualized return of 12.37%, while IVAL has yielded a comparatively lower 8.29% annualized return.

KGGAX

• 1D: -1.22%
• 1M: -5.38%
• YTD: 3.52%
• 6M: 2.71%
• 1Y: 29.20%
• 3Y*: 21.10%
• 5Y*: 10.29%
• 10Y*: 12.37%

IVAL

• 1D: -1.52%
• 1M: -1.79%
• YTD: 9.95%
• 6M: 9.96%
• 1Y: 29.67%
• 3Y*: 18.44%
• 5Y*: 8.25%
• 10Y*: 8.29%

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

KGGAX vs. IVAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KGGAX Kopernik Global All-Cap Fund Class A	3.52%	64.46%	-4.79%	13.08%	-9.24%	16.59%	36.89%	9.76%	-11.34%	8.77%
IVAL Alpha Architect International Quantitative Value ETF	9.95%	34.92%	-0.71%	20.61%	-10.06%	-0.22%	-4.94%	21.26%	-22.50%	31.03%

Correlation

The correlation between KGGAX and IVAL is 0.61, 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	0.61
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 17, 2014	0.54

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

Return for Risk

KGGAX vs. IVAL — Risk / Return Rank

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

KGGAX

KGGAX Risk / Return Rank: 48
KGGAX Sharpe Ratio Rank: 52
KGGAX Sortino Ratio Rank: 43
KGGAX Omega Ratio Rank: 48
KGGAX Calmar Ratio Rank: 59
KGGAX Martin Ratio Rank: 39

IVAL

IVAL Risk / Return Rank: 59
IVAL Sharpe Ratio Rank: 61
IVAL Sortino Ratio Rank: 61
IVAL Omega Ratio Rank: 59
IVAL Calmar Ratio Rank: 57
IVAL Martin Ratio Rank: 55

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.

KGGAX vs. IVAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kopernik Global All-Cap Fund Class A (KGGAX) and Alpha Architect International Quantitative Value ETF (IVAL). 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.

	KGGAX	IVAL	Difference
Sharpe ratio: Return per unit of total volatility	1.96	1.91	+0.05
Sortino ratio: Return per unit of downside risk	2.53	2.69	-0.15
Omega ratio: Gain probability vs. loss probability	1.35	1.34	+0.01
Calmar ratio: Return relative to maximum drawdown	2.84	2.65	+0.19
Martin ratio: Return relative to average drawdown	8.10	9.06	-0.96

KGGAX vs. IVAL - Sharpe Ratio Comparison

The current KGGAX Sharpe Ratio is 1.96, which is comparable to the IVAL Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of KGGAX and IVAL, 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

KGGAX vs. IVAL - Drawdown Comparison

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

Drawdown Indicators

	KGGAX	IVAL	Difference
Max Drawdown Largest peak-to-trough decline	-45.27%	-46.09%	+0.82%
Max Drawdown (1Y) Largest decline over 1 year	-10.63%	-11.24%	+0.61%
Max Drawdown (3Y) Largest decline over 3 years	-13.53%	-14.92%	+1.39%
Max Drawdown (5Y) Largest decline over 5 years	-26.59%	-29.39%	+2.80%
Max Drawdown (10Y) Largest decline over 10 years	-31.90%	-46.09%	+14.19%
Current Drawdown Current decline from peak	-10.40%	-5.80%	-4.60%
Average Drawdown Average peak-to-trough decline	-9.66%	-11.96%	+2.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.71%	3.28%	+0.43%

Volatility

KGGAX vs. IVAL - Volatility Comparison

Kopernik Global All-Cap Fund Class A (KGGAX) has a higher volatility of 4.87% compared to Alpha Architect International Quantitative Value ETF (IVAL) at 4.26%. This indicates that KGGAX's price experiences larger fluctuations and is considered to be riskier than IVAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KGGAX	IVAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.87%	4.26%	+0.61%
Volatility (6M) Calculated over the trailing 6-month period	12.82%	12.41%	+0.41%
Volatility (1Y) Calculated over the trailing 1-year period	15.38%	15.59%	-0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.20%	17.75%	-2.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.96%	18.67%	-3.71%

KGGAX vs. IVAL - Expense Ratio Comparison

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

Dividends

KGGAX vs. IVAL - Dividend Comparison

KGGAX's dividend yield for the trailing twelve months is around 15.56%, more than IVAL's 1.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVAL Alpha Architect International Quantitative Value ETF	1.58%	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	15.56%	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 KGGAX and IVAL in my portfolio?

KGGAX and IVAL have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KGGAX or IVAL?

KGGAX has higher volatility (4.87%) compared to IVAL (4.26%). In terms of maximum drawdown, KGGAX dropped -45.27% vs IVAL's -46.09%.

Which has better risk-adjusted returns?

KGGAX currently has the higher Sharpe Ratio (1.96 vs 1.91), 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.