OCIO vs. GAA

Last updated Jun 23, 2026

OCIO (ClearShares OCIO ETF) and GAA (Cambria Global Asset Allocation ETF) are both Diversified Portfolio funds. Both are actively managed. Over the past 5 years, OCIO returned 7.67%/yr vs 6.65%/yr for GAA. A 0.57 correlation means they provide meaningful diversification when combined. OCIO charges 0.61%/yr vs 0.41%/yr for GAA.

Performance

OCIO vs. GAA - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with OCIO having a 10.00% return and GAA slightly lower at 9.54%.

OCIO

• 1D: 0.07%
• 1M: 2.52%
• YTD: 10.00%
• 6M: 9.92%
• 1Y: 22.19%
• 3Y*: 14.00%
• 5Y*: 7.67%
• 10Y*: —

GAA

• 1D: 0.68%
• 1M: 0.77%
• YTD: 9.54%
• 6M: 10.07%
• 1Y: 20.97%
• 3Y*: 14.18%
• 5Y*: 6.65%
• 10Y*: 7.83%

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

OCIO vs. GAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OCIO ClearShares OCIO ETF	10.00%	12.68%	12.76%	12.03%	-12.49%	13.20%	11.54%	18.56%	-10.35%	8.91%
GAA Cambria Global Asset Allocation ETF	9.54%	18.76%	6.67%	7.65%	-8.47%	11.17%	9.11%	15.12%	-7.15%	7.78%

Correlation

The correlation between OCIO and GAA 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	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (All Time) Calculated using the full available price history since Jun 27, 2017	0.57

The correlation between OCIO and GAA has been stable across timeframes, ranging from 0.57 to 0.61 - a consistent structural relationship.

Return for Risk

OCIO vs. GAA — Risk / Return Rank

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

OCIO

OCIO Risk / Return Rank: 69
OCIO Sharpe Ratio Rank: 67
OCIO Sortino Ratio Rank: 68
OCIO Omega Ratio Rank: 70
OCIO Calmar Ratio Rank: 66
OCIO Martin Ratio Rank: 75

GAA

GAA Risk / Return Rank: 74
GAA Sharpe Ratio Rank: 74
GAA Sortino Ratio Rank: 74
GAA Omega Ratio Rank: 75
GAA Calmar Ratio Rank: 74
GAA Martin Ratio Rank: 75

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.

OCIO vs. GAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ClearShares OCIO ETF (OCIO) 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.

	OCIO	GAA	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.28	-0.15
Sortino ratio: Return per unit of downside risk	2.98	3.19	-0.21
Omega ratio: Gain probability vs. loss probability	1.40	1.42	-0.02
Calmar ratio: Return relative to maximum drawdown	3.19	3.64	-0.45
Martin ratio: Return relative to average drawdown	13.68	13.71	-0.03

OCIO vs. GAA - Sharpe Ratio Comparison

The current OCIO Sharpe Ratio is 2.13, which is comparable to the GAA Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of OCIO and GAA, 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

OCIO vs. GAA - Drawdown Comparison

The maximum OCIO drawdown since its inception was -24.21%, smaller than the maximum GAA drawdown of -26.57%. Use the drawdown chart below to compare losses from any high point for OCIO and GAA.

Drawdown Indicators

	OCIO	GAA	Difference
Max Drawdown Largest peak-to-trough decline	-24.21%	-26.57%	+2.36%
Max Drawdown (1Y) Largest decline over 1 year	-6.98%	-5.78%	-1.20%
Max Drawdown (3Y) Largest decline over 3 years	-13.32%	-7.18%	-6.14%
Max Drawdown (5Y) Largest decline over 5 years	-18.75%	-18.47%	-0.28%
Max Drawdown (10Y) Largest decline over 10 years	—	-26.57%	—
Current Drawdown Current decline from peak	0.00%	-0.53%	+0.53%
Average Drawdown Average peak-to-trough decline	-4.42%	-3.84%	-0.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	1.53%	+0.10%

Volatility

OCIO vs. GAA - Volatility Comparison

ClearShares OCIO ETF (OCIO) has a higher volatility of 4.69% compared to Cambria Global Asset Allocation ETF (GAA) at 3.14%. This indicates that OCIO'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

	OCIO	GAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.69%	3.14%	+1.55%
Volatility (6M) Calculated over the trailing 6-month period	8.71%	7.80%	+0.91%
Volatility (1Y) Calculated over the trailing 1-year period	10.51%	9.27%	+1.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.76%	11.32%	-0.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.41%	11.12%	+0.29%

OCIO vs. GAA - Expense Ratio Comparison

OCIO has a 0.61% expense ratio, which is higher than GAA's 0.41% expense ratio.

Dividends

OCIO vs. GAA - Dividend Comparison

OCIO's dividend yield for the trailing twelve months is around 9.42%, more than GAA's 3.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GAA Cambria Global Asset Allocation ETF	3.58%	4.24%	3.88%	3.73%	6.05%	4.21%	2.73%	3.32%	3.01%	2.36%	2.82%	2.49%
OCIO ClearShares OCIO ETF	9.42%	10.27%	1.87%	2.32%	3.21%	2.83%	2.90%	2.22%	0.01%	1.68%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OCIO and GAA in my portfolio?

OCIO and GAA 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, OCIO or GAA?

OCIO has higher volatility (4.69%) compared to GAA (3.14%). In terms of maximum drawdown, OCIO dropped -24.21% vs GAA's -26.57%.

Which ETF is better, OCIO or GAA?

On 5-year performance, OCIO leads with 7.67% vs 6.65% for GAA. On fees, GAA is cheaper at 0.41% per year. On volatility, GAA has been the lower-risk option at 3.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OCIO or GAA?

Over the 5-year period, OCIO has performed better with a 7.67% return vs 6.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OCIO or GAA?

GAA is cheaper with a 0.41% expense ratio, compared with 0.61% for OCIO.

Which ETF pays a higher dividend yield, OCIO or GAA?

OCIO has the higher dividend yield at 9.42%, compared with 3.58% for GAA.

What is the main difference between OCIO and GAA?

They also come from different issuers: ClearShares LLC and Cambria. Their fees differ too: 0.61% for OCIO and 0.41% for GAA.

Which has better risk-adjusted returns?

GAA currently has the higher Sharpe Ratio (2.28 vs 2.12), 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.