MSMR vs. GAA

Last updated Apr 1, 2026

Compare and contrast key facts about McElhenny Sheffield Managed Risk ETF (MSMR) and Cambria Global Asset Allocation ETF (GAA).

MSMR and GAA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MSMR is an actively managed fund by McElhenny Sheffield. It was launched on Nov 16, 2021. GAA is an actively managed fund by Cambria. It was launched on Dec 9, 2014.

Performance

MSMR vs. GAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in McElhenny Sheffield Managed Risk ETF (MSMR) and Cambria Global Asset Allocation ETF (GAA). The values are adjusted to include any dividend payments, if applicable.

MSMR vs. GAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MSMR McElhenny Sheffield Managed Risk ETF	-0.21%	17.06%	21.58%	18.77%	-11.88%	-1.12%
GAA Cambria Global Asset Allocation ETF	3.89%	18.76%	6.67%	7.65%	-8.47%	-1.15%

Returns By Period

In the year-to-date period, MSMR achieves a -0.21% return, which is significantly lower than GAA's 3.89% return.

MSMR

• 1D: 2.41%
• 1M: -4.00%
• YTD: -0.21%
• 6M: 3.10%
• 1Y: 18.50%
• 3Y*: 18.08%
• 5Y*: —
• 10Y*: —

GAA

• 1D: 1.44%
• 1M: -4.27%
• YTD: 3.89%
• 6M: 8.34%
• 1Y: 19.51%
• 3Y*: 11.98%
• 5Y*: 6.28%
• 10Y*: 7.36%

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

MSMR vs. GAA - Expense Ratio Comparison

MSMR has a 0.97% expense ratio, which is higher than GAA's 0.41% expense ratio.

MSMR

McElhenny Sheffield Managed Risk ETF

GAA

Cambria Global Asset Allocation ETF

Return for Risk

MSMR vs. GAA — Risk / Return Rank

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

MSMR

MSMR Risk / Return Rank: 82
MSMR Sharpe Ratio Rank: 80
MSMR Sortino Ratio Rank: 81
MSMR Omega Ratio Rank: 75
MSMR Calmar Ratio Rank: 87
MSMR Martin Ratio Rank: 86

GAA

GAA Risk / Return Rank: 90
GAA Sharpe Ratio Rank: 89
GAA Sortino Ratio Rank: 90
GAA Omega Ratio Rank: 89
GAA Calmar Ratio Rank: 89
GAA Martin Ratio Rank: 91

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.

MSMR vs. GAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for McElhenny Sheffield Managed Risk ETF (MSMR) 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.

	MSMR	GAA	Difference
Sharpe ratio Return per unit of total volatility	1.51	1.90	-0.39
Sortino ratio Return per unit of downside risk	2.09	2.55	-0.46
Omega ratio Gain probability vs. loss probability	1.28	1.36	-0.08
Calmar ratio Return relative to maximum drawdown	2.74	2.86	-0.12
Martin ratio Return relative to average drawdown	10.18	11.75	-1.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSMR vs. GAA - Sharpe Ratio Comparison

The current MSMR Sharpe Ratio is 1.51, which is comparable to the GAA Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of MSMR and GAA, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MSMR	GAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.51	1.90	-0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.56	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.67	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	0.60	+0.30

Correlation

The correlation between MSMR and GAA is 0.39, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

MSMR vs. GAA - Dividend Comparison

MSMR's dividend yield for the trailing twelve months is around 1.96%, less than GAA's 3.78% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSMR McElhenny Sheffield Managed Risk ETF	1.96%	1.51%	2.26%	0.81%	0.65%	0.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GAA Cambria Global Asset Allocation ETF	3.78%	4.24%	3.88%	3.73%	6.05%	4.21%	2.73%	3.32%	3.01%	2.36%	2.82%	2.49%

Drawdowns

MSMR vs. GAA - Drawdown Comparison

The maximum MSMR drawdown since its inception was -14.86%, smaller than the maximum GAA drawdown of -26.57%. Use the drawdown chart below to compare losses from any high point for MSMR and GAA.

Drawdown Indicators

	MSMR	GAA	Difference
Max Drawdown Largest peak-to-trough decline	-14.86%	-26.57%	+11.71%
Max Drawdown (1Y) Largest decline over 1 year	-7.05%	-7.18%	+0.13%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.47%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-26.57%	—
Current Drawdown Current decline from peak	-4.33%	-4.27%	-0.06%
Average Drawdown Average peak-to-trough decline	-5.28%	-3.90%	-1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	1.75%	+0.15%

Volatility

MSMR vs. GAA - Volatility Comparison

McElhenny Sheffield Managed Risk ETF (MSMR) has a higher volatility of 5.04% compared to Cambria Global Asset Allocation ETF (GAA) at 4.33%. This indicates that MSMR'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.

Volatility by Period

	MSMR	GAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.04%	4.33%	+0.71%
Volatility (6M) Calculated over the trailing 6-month period	10.29%	7.20%	+3.09%
Volatility (1Y) Calculated over the trailing 1-year period	12.28%	10.33%	+1.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.32%	11.27%	-0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.32%	11.05%	-0.73%