PBL vs. GAA

Last updated Jun 4, 2026

PBL (PGIM Portfolio Ballast ETF) and GAA (Cambria Global Asset Allocation ETF) are both Diversified Portfolio funds. Both are actively managed. Over the past 3 years, PBL returned 15.09%/yr vs 14.43%/yr for GAA. A 0.51 correlation means they provide meaningful diversification when combined. PBL charges 0.45%/yr vs 0.41%/yr for GAA.

Performance

PBL vs. GAA - Performance Comparison

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

Returns By Period

In the year-to-date period, PBL achieves a 7.85% return, which is significantly lower than GAA's 9.39% return.

PBL

• 1D: -0.21%
• 1M: 4.07%
• YTD: 7.85%
• 6M: 8.56%
• 1Y: 19.49%
• 3Y*: 15.09%
• 5Y*: —
• 10Y*: —

GAA

• 1D: -0.66%
• 1M: 1.35%
• YTD: 9.39%
• 6M: 11.23%
• 1Y: 22.62%
• 3Y*: 14.43%
• 5Y*: 6.37%
• 10Y*: 7.72%

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

PBL vs. GAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PBL PGIM Portfolio Ballast ETF	7.85%	12.35%	16.70%	14.28%	-3.52%
GAA Cambria Global Asset Allocation ETF	9.39%	18.76%	6.67%	7.65%	-1.03%

Correlation

The correlation between PBL and GAA is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (All Time) Calculated using the full available price history since Dec 15, 2022	0.51

The correlation between PBL and GAA has been stable across timeframes, ranging from 0.51 to 0.53 - a consistent structural relationship.

Return for Risk

PBL vs. GAA — Risk / Return Rank

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

PBL

PBL Risk / Return Rank: 68
PBL Sharpe Ratio Rank: 67
PBL Sortino Ratio Rank: 68
PBL Omega Ratio Rank: 64
PBL Calmar Ratio Rank: 68
PBL Martin Ratio Rank: 72

GAA

GAA Risk / Return Rank: 76
GAA Sharpe Ratio Rank: 75
GAA Sortino Ratio Rank: 77
GAA Omega Ratio Rank: 76
GAA Calmar Ratio Rank: 77
GAA Martin Ratio Rank: 77

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.

PBL vs. GAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Portfolio Ballast ETF (PBL) 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.

	PBL	GAA	Difference
Sharpe ratio: Return per unit of total volatility	2.21	2.48	-0.27
Sortino ratio: Return per unit of downside risk	3.10	3.50	-0.40
Omega ratio: Gain probability vs. loss probability	1.39	1.46	-0.07
Calmar ratio: Return relative to maximum drawdown	3.37	3.93	-0.56
Martin ratio: Return relative to average drawdown	13.56	15.04	-1.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBL vs. GAA - Sharpe Ratio Comparison

The current PBL Sharpe Ratio is 2.21, which is comparable to the GAA Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of PBL 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.

Sharpe Ratios by Period

	PBL	GAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	2.48	-0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.57	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.70	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.40	0.63	+0.77

Drawdowns

PBL vs. GAA - Drawdown Comparison

The maximum PBL drawdown since its inception was -11.69%, smaller than the maximum GAA drawdown of -26.57%. Use the drawdown chart below to compare losses from any high point for PBL and GAA.

Drawdown Indicators

	PBL	GAA	Difference
Max Drawdown Largest peak-to-trough decline	-11.69%	-26.57%	+14.88%
Max Drawdown (1Y) Largest decline over 1 year	-5.82%	-5.78%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-11.69%	-7.18%	-4.51%
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	-0.21%	-0.66%	+0.45%
Average Drawdown Average peak-to-trough decline	-1.65%	-3.85%	+2.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.44%	1.51%	-0.07%

Volatility

PBL vs. GAA - Volatility Comparison

PGIM Portfolio Ballast ETF (PBL) and Cambria Global Asset Allocation ETF (GAA) have volatilities of 2.51% and 2.60%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBL	GAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.51%	2.60%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	6.56%	7.41%	-0.85%
Volatility (1Y) Calculated over the trailing 1-year period	8.87%	9.19%	-0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.83%	11.28%	-1.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.83%	11.09%	-1.26%

PBL vs. GAA - Expense Ratio Comparison

PBL has a 0.45% expense ratio, which is higher than GAA's 0.41% expense ratio.

Dividends

PBL vs. GAA - Dividend Comparison

PBL's dividend yield for the trailing twelve months is around 2.05%, less than GAA's 3.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GAA Cambria Global Asset Allocation ETF	3.59%	4.24%	3.88%	3.73%	6.05%	4.21%	2.73%	3.32%	3.01%	2.36%	2.82%	2.49%
PBL PGIM Portfolio Ballast ETF	2.05%	2.21%	6.89%	7.92%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBL and GAA in my portfolio?

PBL and GAA have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBL or GAA?

GAA has higher volatility (2.60%) compared to PBL (2.51%). In terms of maximum drawdown, PBL dropped -11.69% vs GAA's -26.57%.

Which ETF is better, PBL or GAA?

On 3-year performance, PBL leads with 15.09% vs 14.43% for GAA. On fees, GAA is cheaper at 0.41% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBL or GAA?

Over the 3-year period, PBL has performed better with a 15.09% return vs 14.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBL or GAA?

GAA is cheaper with a 0.41% expense ratio, compared with 0.45% for PBL.

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

GAA has the higher dividend yield at 3.59%, compared with 2.05% for PBL.

What is the main difference between PBL and GAA?

They also come from different issuers: PGIM and Cambria. Their fees differ too: 0.45% for PBL and 0.41% for GAA.

Which has better risk-adjusted returns?

GAA currently has the higher Sharpe Ratio (2.48 vs 2.21), 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.