PMYYX vs. GAA

Last updated Aug 1, 2026

PMYYX (Putnam Multi-Cap Core Fund) and GAA (Cambria Global Asset Allocation ETF) are both funds - PMYYX is a Large Cap Blend Equities fund managed by Putnam, while GAA is a Diversified Portfolio fund actively managed by Cambria. Over the past 10 years, PMYYX returned 15.93%/yr vs 7.35%/yr for GAA. Their 0.58 correlation means they have sometimes moved together and sometimes differently. PMYYX charges 0.71%/yr vs 0.41%/yr for GAA.

Performance

PMYYX vs. GAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Multi-Cap Core Fund (PMYYX) 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, PMYYX achieves a 7.70% return, which is significantly lower than GAA's 8.59% return. Over the past 10 years, PMYYX has outperformed GAA with an annualized return of 15.93%, while GAA has yielded a comparatively lower 7.35% annualized return.

PMYYX

• 1D: 1.68%
• 1M: 0.32%
• 6M: 6.39%
• YTD: 7.70%
• 1Y: 20.16%
• 3Y*: 18.91%
• 5Y*: 12.92%
• 10Y*: 15.93%
• ALL TIME*: 15.69%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GAA Cambria Global Asset Allocation ETF	$220.71K	$181.13K	$218.77K
PMYYX Putnam Multi-Cap Core Fund	$0.00	$0.00	$0.00

PMYYX vs. GAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PMYYX Putnam Multi-Cap Core Fund	7.70%	17.33%	26.46%	27.98%	-15.94%	30.93%	17.69%	32.52%	-7.91%	24.00%
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 PMYYX and GAA is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.59
Correlation (3Y) Balances recent behavior with more history.	0.56
Correlation (5Y) Shows whether the relationship held over a longer period.	0.54
Correlation (10Y) Provides a long-term view across more market conditions.	0.55
Correlation (All Time) Calculated using the full available price history since Dec 10, 2014	0.58

The correlation between PMYYX and GAA has been stable across timeframes, ranging from 0.54 to 0.59 - a consistent structural relationship.

Return for Risk

PMYYX vs. GAA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PMYYX

PMYYX Risk / Return Rank: 55
PMYYX Sharpe Ratio Rank: 57
PMYYX Sortino Ratio Rank: 54
PMYYX Omega Ratio Rank: 53
PMYYX Calmar Ratio Rank: 49
PMYYX Martin Ratio Rank: 59

GAA

GAA Risk / Return Rank: 85
GAA Sharpe Ratio Rank: 85
GAA Sortino Ratio Rank: 84
GAA Omega Ratio Rank: 85
GAA Calmar Ratio Rank: 85
GAA Martin Ratio Rank: 84

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PMYYX vs. GAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Multi-Cap Core Fund (PMYYX) 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.

	PMYYX	GAA	Difference
Sharpe ratio: Return per unit of total volatility	1.40	1.99	-0.58
Sortino ratio: Return per unit of downside risk	1.98	2.78	-0.81
Omega ratio: Gain probability vs. loss probability	1.25	1.37	-0.12
Calmar ratio: Return relative to maximum drawdown	1.80	3.23	-1.43
Martin ratio: Return relative to average drawdown	7.60	11.51	-3.90

PMYYX vs. GAA - Sharpe Ratio Comparison

The current PMYYX Sharpe Ratio is 1.40, which is comparable to the GAA Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of PMYYX 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

PMYYX vs. GAA - Drawdown Comparison

The maximum PMYYX drawdown since its inception was -35.25%, which is greater than GAA's maximum drawdown of -26.57%. Use the drawdown chart below to compare losses from any high point for PMYYX and GAA.

Drawdown Indicators

	PMYYX	GAA	Difference
Max Drawdown Largest peak-to-trough decline	-35.25%	-26.57%	-8.68%
Max Drawdown (1Y) Largest decline over 1 year	-10.02%	-5.78%	-4.24%
Max Drawdown (3Y) Largest decline over 3 years	-18.92%	-7.18%	-11.74%
Max Drawdown (5Y) Largest decline over 5 years	-23.52%	-18.47%	-5.05%
Max Drawdown (10Y) Largest decline over 10 years	-35.25%	-26.57%	-8.68%
Current Drawdown Current decline from peak	-1.23%	-1.39%	+0.16%
Average Drawdown Average peak-to-trough decline	-4.09%	-3.82%	-0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.37%	1.62%	+0.75%

Volatility

PMYYX vs. GAA - Volatility Comparison

Putnam Multi-Cap Core Fund (PMYYX) has a higher volatility of 3.71% compared to Cambria Global Asset Allocation ETF (GAA) at 1.83%. This indicates that PMYYX'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

	PMYYX	GAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.71%	1.83%	+1.88%
Volatility (6M) Calculated over the trailing 6-month period	10.07%	7.80%	+2.27%
Volatility (1Y) Calculated over the trailing 1-year period	12.87%	9.42%	+3.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.88%	11.31%	+5.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.37%	11.09%	+7.28%

PMYYX vs. GAA - Expense Ratio Comparison

PMYYX has a 0.71% expense ratio, which is higher than GAA's 0.41% expense ratio.

Dividends

PMYYX vs. GAA - Dividend Comparison

PMYYX's dividend yield for the trailing twelve months is around 2.57%, less 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%
PMYYX Putnam Multi-Cap Core Fund	2.57%	2.76%	4.47%	2.62%	5.26%	9.25%	2.41%	4.76%	2.36%	2.71%	1.21%	1.26%

Frequently Asked Questions

Can I hold both PMYYX and GAA in my portfolio?

PMYYX and GAA have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMYYX or GAA?

PMYYX has higher volatility (3.71%) compared to GAA (1.83%). In terms of maximum drawdown, PMYYX dropped -35.25% vs GAA's -26.57%.

Which has better risk-adjusted returns?

GAA currently has the higher Sharpe Ratio (1.99 vs 1.40), 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.