MDIV vs. GAA
MDIV (First Trust Multi-Asset Diversified Income Index Fund) and GAA (Cambria Global Asset Allocation ETF) are both Diversified Portfolio funds. MDIV is passively managed, while GAA is actively managed. Over the past 10 years, MDIV returned 4.88%/yr vs 7.35%/yr for GAA. Their 0.54 correlation means they have sometimes moved together and sometimes differently. MDIV charges 0.73%/yr vs 0.41%/yr for GAA.
Performance
MDIV vs. GAA - Performance Comparison
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Returns By Period
In the year-to-date period, MDIV achieves a 11.49% return, which is significantly higher than GAA's 8.59% return. Over the past 10 years, MDIV has underperformed GAA with an annualized return of 4.88%, while GAA has yielded a comparatively higher 7.35% annualized return.
MDIV
- 1D
- -0.03%
- 1M
- 1.64%
- 6M
- 7.60%
- YTD
- 11.49%
- 1Y
- 13.64%
- 3Y*
- 10.52%
- 5Y*
- 6.69%
- 10Y*
- 4.88%
- ALL TIME*
- 4.97%
GAA
- 1D
- -0.13%
- 1M
- 1.23%
- 6M
- 3.76%
- YTD
- 8.59%
- 1Y
- 18.83%
- 3Y*
- 12.44%
- 5Y*
- 6.27%
- 10Y*
- 7.35%
- ALL TIME*
- 6.60%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $220.71K | $181.13K | $218.77K | |
| $767.59K | $991.13K | $1.00M |
MDIV vs. GAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MDIV First Trust Multi-Asset Diversified Income Index Fund | 11.49% | 3.77% | 10.05% | 11.50% | -3.86% | 16.51% | -14.84% | 18.59% | -5.78% | 5.61% |
GAA Cambria Global Asset Allocation ETF | 8.59% | 18.76% | 6.67% | 7.65% | -8.47% | 11.17% | 9.11% | 15.12% | -7.15% | 15.11% |
Correlation
The correlation between MDIV and GAA is 0.37, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.37 |
Correlation (3Y) Balances recent behavior with more history. | 0.46 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.50 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.51 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2014 | 0.54 |
The correlation between MDIV and GAA shifts across timeframes, from 0.37 (1 year) to 0.54 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MDIV vs. GAA — Risk / Return Rank
MDIV
GAA
MDIV vs. GAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Multi-Asset Diversified Income Index Fund (MDIV) and Cambria Global Asset Allocation ETF (GAA). 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.
| MDIV | GAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.37 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.90 | 3.23 | +0.67 |
| Martin ratioReturn relative to average drawdown | 10.94 | 11.51 | -0.56 |
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Drawdowns
MDIV vs. GAA - Drawdown Comparison
The maximum MDIV drawdown since its inception was -48.50%, which is greater than GAA's maximum drawdown of -26.57%. Use the drawdown chart below to compare losses from any high point for MDIV and GAA.
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Drawdown Indicators
| MDIV | GAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.50% | -26.57% | -21.93% |
Max Drawdown (1Y)Largest decline over 1 year | -3.39% | -5.78% | +2.39% |
Max Drawdown (3Y)Largest decline over 3 years | -9.62% | -7.18% | -2.44% |
Max Drawdown (5Y)Largest decline over 5 years | -13.02% | -18.47% | +5.45% |
Max Drawdown (10Y)Largest decline over 10 years | -48.50% | -26.57% | -21.93% |
Current DrawdownCurrent decline from peak | -0.52% | -1.39% | +0.87% |
Average DrawdownAverage peak-to-trough decline | -4.54% | -3.82% | -0.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 1.62% | -0.41% |
Volatility
MDIV vs. GAA - Volatility Comparison
First Trust Multi-Asset Diversified Income Index Fund (MDIV) has a higher volatility of 2.00% compared to Cambria Global Asset Allocation ETF (GAA) at 1.83%. This indicates that MDIV's price experiences larger fluctuations and is considered to be riskier than GAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MDIV | GAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.00% | 1.83% | +0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 4.64% | 7.80% | -3.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.66% | 9.42% | -2.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.87% | 11.31% | -0.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.20% | 11.09% | +4.11% |
MDIV vs. GAA - Expense Ratio Comparison
MDIV has a 0.73% expense ratio, which is higher than GAA's 0.41% expense ratio.
Dividends
MDIV vs. GAA - Dividend Comparison
MDIV's dividend yield for the trailing twelve months is around 6.74%, more than GAA's 3.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GAA Cambria Global Asset Allocation ETF | 3.50% | 4.24% | 3.88% | 3.73% | 6.05% | 4.21% | 2.73% | 3.32% | 3.01% | 2.36% | 2.82% | 2.49% |
MDIV First Trust Multi-Asset Diversified Income Index Fund | 6.74% | 6.51% | 6.40% | 6.08% | 6.71% | 5.30% | 6.00% | 5.90% | 6.76% | 6.04% | 6.35% | 7.38% |
Frequently Asked Questions
MDIV and GAA have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MDIV has higher volatility (2.00%) compared to GAA (1.83%). In terms of maximum drawdown, MDIV dropped -48.50% vs GAA's -26.57%.
On 10-year performance, GAA leads with 7.35% vs 4.88% for MDIV. On fees, GAA is cheaper at 0.41% per year. On volatility, GAA has been the lower-risk option at 1.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GAA has performed better with a 7.35% return vs 4.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GAA is cheaper with a 0.41% expense ratio, compared with 0.73% for MDIV.
MDIV has the higher dividend yield at 6.74%, compared with 3.50% for GAA.
They also come from different issuers: First Trust and Cambria. Their fees differ too: 0.73% for MDIV and 0.41% for GAA.
MDIV currently has the higher Sharpe Ratio (2.00 vs 1.99), 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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