TLTD vs. GVAL

Last updated Jun 24, 2026

TLTD (FlexShares Morningstar Developed Markets ex-US Factor Tilt) and GVAL (Cambria Global Value ETF) are both Global Equities funds. TLTD is passively managed, while GVAL is actively managed. Over the past 10 years, TLTD returned 10.09%/yr vs 11.81%/yr for GVAL. A 0.80 correlation means they provide meaningful diversification when combined. TLTD charges 0.39%/yr vs 0.64%/yr for GVAL.

Performance

TLTD vs. GVAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares Morningstar Developed Markets ex-US Factor Tilt (TLTD) and Cambria Global Value ETF (GVAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TLTD achieves a 7.09% return, which is significantly lower than GVAL's 17.40% return. Over the past 10 years, TLTD has underperformed GVAL with an annualized return of 10.09%, while GVAL has yielded a comparatively higher 11.81% annualized return.

TLTD

• 1D: -1.68%
• 1M: -1.28%
• YTD: 7.09%
• 6M: 7.21%
• 1Y: 25.06%
• 3Y*: 19.69%
• 5Y*: 9.65%
• 10Y*: 10.09%

GVAL

• 1D: -1.91%
• 1M: 4.28%
• YTD: 17.40%
• 6M: 17.33%
• 1Y: 43.62%
• 3Y*: 27.44%
• 5Y*: 14.14%
• 10Y*: 11.81%

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

TLTD vs. GVAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt	7.09%	39.69%	4.78%	17.19%	-13.74%	12.84%	4.21%	21.26%	-17.57%	26.27%
GVAL Cambria Global Value ETF	17.40%	55.87%	2.59%	13.30%	-7.98%	10.70%	-8.51%	17.24%	-14.30%	29.50%

Correlation

The correlation between TLTD and GVAL is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Mar 12, 2014	0.80

The correlation between TLTD and GVAL has been stable across timeframes, ranging from 0.77 to 0.80 - a consistent structural relationship.

TLTD vs. GVAL - Sectors Allocation Comparison

Sectors	TLTD	GVAL
Financial Services	24.4%	16.9%
Industrials	19.0%	3.6%
Basic Materials	10.7%	7.7%
Consumer Cyclical	10.2%	2.7%
Technology	7.8%	9.4%
Energy	6.6%	6.8%
Healthcare	6.0%	-
Consumer Defensive	5.4%	1.8%
Communication Services	3.5%	4.3%
Real Estate	3.3%	6.2%
Utilities	3.1%	3.7%

Return for Risk

TLTD vs. GVAL — Risk / Return Rank

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

TLTD

TLTD Risk / Return Rank: 49
TLTD Sharpe Ratio Rank: 52
TLTD Sortino Ratio Rank: 52
TLTD Omega Ratio Rank: 50
TLTD Calmar Ratio Rank: 44
TLTD Martin Ratio Rank: 49

GVAL

GVAL Risk / Return Rank: 84
GVAL Sharpe Ratio Rank: 89
GVAL Sortino Ratio Rank: 87
GVAL Omega Ratio Rank: 86
GVAL Calmar Ratio Rank: 78
GVAL Martin Ratio Rank: 78

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.

TLTD vs. GVAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares Morningstar Developed Markets ex-US Factor Tilt (TLTD) and Cambria Global Value ETF (GVAL). 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.

	TLTD	GVAL	Difference
Sharpe ratio: Return per unit of total volatility	1.69	2.82	-1.13
Sortino ratio: Return per unit of downside risk	2.38	3.72	-1.34
Omega ratio: Gain probability vs. loss probability	1.30	1.50	-0.20
Calmar ratio: Return relative to maximum drawdown	2.08	3.81	-1.73
Martin ratio: Return relative to average drawdown	7.83	14.52	-6.69

TLTD vs. GVAL - Sharpe Ratio Comparison

The current TLTD Sharpe Ratio is 1.69, which is lower than the GVAL Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of TLTD and GVAL, 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

TLTD vs. GVAL - Drawdown Comparison

The maximum TLTD drawdown since its inception was -40.62%, smaller than the maximum GVAL drawdown of -46.82%. Use the drawdown chart below to compare losses from any high point for TLTD and GVAL.

Drawdown Indicators

	TLTD	GVAL	Difference
Max Drawdown Largest peak-to-trough decline	-40.62%	-46.82%	+6.20%
Max Drawdown (1Y) Largest decline over 1 year	-12.11%	-11.50%	-0.61%
Max Drawdown (3Y) Largest decline over 3 years	-13.10%	-15.72%	+2.62%
Max Drawdown (5Y) Largest decline over 5 years	-28.96%	-30.83%	+1.87%
Max Drawdown (10Y) Largest decline over 10 years	-40.62%	-46.82%	+6.20%
Current Drawdown Current decline from peak	-3.58%	-2.31%	-1.27%
Average Drawdown Average peak-to-trough decline	-7.66%	-13.82%	+6.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.21%	3.01%	+0.20%

Volatility

TLTD vs. GVAL - Volatility Comparison

The current volatility for FlexShares Morningstar Developed Markets ex-US Factor Tilt (TLTD) is 4.58%, while Cambria Global Value ETF (GVAL) has a volatility of 6.37%. This indicates that TLTD experiences smaller price fluctuations and is considered to be less risky than GVAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLTD	GVAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.58%	6.37%	-1.79%
Volatility (6M) Calculated over the trailing 6-month period	12.53%	13.81%	-1.28%
Volatility (1Y) Calculated over the trailing 1-year period	14.89%	15.55%	-0.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.03%	18.60%	-2.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.58%	19.00%	-2.42%

TLTD vs. GVAL - Expense Ratio Comparison

TLTD has a 0.39% expense ratio, which is lower than GVAL's 0.64% expense ratio.

Dividends

TLTD vs. GVAL - Dividend Comparison

TLTD's dividend yield for the trailing twelve months is around 3.42%, more than GVAL's 2.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GVAL Cambria Global Value ETF	2.43%	2.93%	4.75%	6.12%	5.05%	2.97%	1.90%	2.84%	4.65%	2.00%	2.54%	2.11%
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt	3.42%	3.44%	3.88%	3.39%	2.76%	3.44%	2.04%	3.46%	3.16%	2.71%	2.93%	2.56%

Frequently Asked Questions

Can I hold both TLTD and GVAL in my portfolio?

TLTD and GVAL have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TLTD or GVAL?

GVAL has higher volatility (6.37%) compared to TLTD (4.58%). In terms of maximum drawdown, TLTD dropped -40.62% vs GVAL's -46.82%.

Which ETF is better, TLTD or GVAL?

On 10-year performance, GVAL leads with 11.81% vs 10.09% for TLTD. On fees, TLTD is cheaper at 0.39% per year. On volatility, TLTD has been the lower-risk option at 4.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TLTD or GVAL?

Over the 10-year period, GVAL has performed better with a 11.81% return vs 10.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TLTD or GVAL?

TLTD is cheaper with a 0.39% expense ratio, compared with 0.64% for GVAL.

Which ETF pays a higher dividend yield, TLTD or GVAL?

TLTD has the higher dividend yield at 3.42%, compared with 2.43% for GVAL.

What is the main difference between TLTD and GVAL?

They also come from different issuers: Northern Trust and Cambria. Their fees differ too: 0.39% for TLTD and 0.64% for GVAL.

Which has better risk-adjusted returns?

GVAL currently has the higher Sharpe Ratio (2.82 vs 1.69), 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.