MKAM vs. GAL

Last updated Jun 24, 2026

MKAM (MKAM ETF) and GAL (SPDR SSgA Global Allocation ETF) are both Diversified Portfolio funds. Both are actively managed. Over the past 3 years, MKAM returned 9.64%/yr vs 13.27%/yr for GAL. Their correlation of 0.84 suggests significant overlap in exposure. MKAM charges 0.96%/yr vs 0.35%/yr for GAL.

Performance

MKAM vs. GAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MKAM ETF (MKAM) and SPDR SSgA Global Allocation ETF (GAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MKAM achieves a 3.90% return, which is significantly lower than GAL's 7.11% return.

MKAM

• 1D: -0.67%
• 1M: -0.58%
• YTD: 3.90%
• 6M: 3.53%
• 1Y: 12.35%
• 3Y*: 9.64%
• 5Y*: —
• 10Y*: —

GAL

• 1D: -1.50%
• 1M: -0.51%
• YTD: 7.11%
• 6M: 6.63%
• 1Y: 17.25%
• 3Y*: 13.27%
• 5Y*: 6.68%
• 10Y*: 8.25%

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

MKAM vs. GAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MKAM MKAM ETF	3.90%	8.07%	12.15%	7.69%
GAL SPDR SSgA Global Allocation ETF	7.11%	15.95%	9.85%	8.10%

Correlation

The correlation between MKAM and GAL is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (All Time) Calculated using the full available price history since Apr 12, 2023	0.84

The correlation between MKAM and GAL has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.

Return for Risk

MKAM vs. GAL — Risk / Return Rank

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

MKAM

MKAM Risk / Return Rank: 67
MKAM Sharpe Ratio Rank: 64
MKAM Sortino Ratio Rank: 62
MKAM Omega Ratio Rank: 65
MKAM Calmar Ratio Rank: 71
MKAM Martin Ratio Rank: 71

GAL

GAL Risk / Return Rank: 61
GAL Sharpe Ratio Rank: 59
GAL Sortino Ratio Rank: 58
GAL Omega Ratio Rank: 61
GAL Calmar Ratio Rank: 60
GAL Martin Ratio Rank: 66

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.

MKAM vs. GAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MKAM ETF (MKAM) and SPDR SSgA Global Allocation ETF (GAL). 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.

	MKAM	GAL	Difference
Sharpe ratio: Return per unit of total volatility	1.94	1.86	+0.08
Sortino ratio: Return per unit of downside risk	2.67	2.60	+0.07
Omega ratio: Gain probability vs. loss probability	1.36	1.35	+0.01
Calmar ratio: Return relative to maximum drawdown	3.33	2.76	+0.57
Martin ratio: Return relative to average drawdown	12.19	11.45	+0.73

MKAM vs. GAL - Sharpe Ratio Comparison

The current MKAM Sharpe Ratio is 1.94, which is comparable to the GAL Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of MKAM and GAL, 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

MKAM vs. GAL - Drawdown Comparison

The maximum MKAM drawdown since its inception was -5.01%, smaller than the maximum GAL drawdown of -28.31%. Use the drawdown chart below to compare losses from any high point for MKAM and GAL.

Drawdown Indicators

	MKAM	GAL	Difference
Max Drawdown Largest peak-to-trough decline	-5.01%	-28.31%	+23.30%
Max Drawdown (1Y) Largest decline over 1 year	-3.72%	-6.27%	+2.55%
Max Drawdown (3Y) Largest decline over 3 years	-5.01%	-9.12%	+4.11%
Max Drawdown (5Y) Largest decline over 5 years	—	-21.14%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-28.31%	—
Current Drawdown Current decline from peak	-1.52%	-2.04%	+0.52%
Average Drawdown Average peak-to-trough decline	-1.13%	-3.73%	+2.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	1.51%	-0.49%

Volatility

MKAM vs. GAL - Volatility Comparison

The current volatility for MKAM ETF (MKAM) is 2.40%, while SPDR SSgA Global Allocation ETF (GAL) has a volatility of 3.74%. This indicates that MKAM experiences smaller price fluctuations and is considered to be less risky than GAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MKAM	GAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.40%	3.74%	-1.34%
Volatility (6M) Calculated over the trailing 6-month period	4.94%	7.70%	-2.76%
Volatility (1Y) Calculated over the trailing 1-year period	6.41%	9.33%	-2.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.31%	10.52%	-4.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.31%	11.39%	-5.08%

MKAM vs. GAL - Expense Ratio Comparison

MKAM has a 0.96% expense ratio, which is higher than GAL's 0.35% expense ratio.

Dividends

MKAM vs. GAL - Dividend Comparison

MKAM's dividend yield for the trailing twelve months is around 2.94%, less than GAL's 3.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GAL SPDR SSgA Global Allocation ETF	3.17%	3.47%	2.99%	2.56%	6.19%	4.05%	2.14%	2.96%	2.43%	2.26%	2.43%	3.10%
MKAM MKAM ETF	2.94%	2.56%	1.88%	1.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MKAM and GAL in my portfolio?

MKAM and GAL have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MKAM or GAL?

GAL has higher volatility (3.74%) compared to MKAM (2.40%). In terms of maximum drawdown, MKAM dropped -5.01% vs GAL's -28.31%.

Which ETF is better, MKAM or GAL?

On 3-year performance, GAL leads with 13.27% vs 9.64% for MKAM. On fees, GAL is cheaper at 0.35% per year. On volatility, MKAM has been the lower-risk option at 2.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MKAM or GAL?

Over the 3-year period, GAL has performed better with a 13.27% return vs 9.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MKAM or GAL?

GAL is cheaper with a 0.35% expense ratio, compared with 0.96% for MKAM.

Which ETF pays a higher dividend yield, MKAM or GAL?

GAL has the higher dividend yield at 3.17%, compared with 2.94% for MKAM.

What is the main difference between MKAM and GAL?

They also come from different issuers: MKAM and State Street. Their fees differ too: 0.96% for MKAM and 0.35% for GAL.

Which has better risk-adjusted returns?

MKAM currently has the higher Sharpe Ratio (1.94 vs 1.86), 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.