GAA vs IVV
Cambria Global Asset Allocation ETF vs iShares Core S&P 500 ETF
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. IVV offers more diversification with 508 holdings.
Side-by-Side Comparison
| Metric | GAA | IVV | Winner |
|---|---|---|---|
| Expense Ratio | 0.40% | 0.03% | |
| AUM | $74M | $907.0B | |
| Dividend Yield | 3.48% | 1.10% | |
| Holdings | 31 | 508 | |
| YTD Return | +10.67% | +12.28% | |
| 1Y Return | +16.71% | +20.94% | |
| 3Y Return (annualized) | +13.84% | +21.81% | |
| 5Y Return (annualized) | +7.10% | +13.05% | |
| Volatility (annualized) | 9.5% | 15.1% | |
| Max Drawdown | -26.6% | -56.5% | |
| Fund Family | Cambria Investment Management | iShares by BlackRock (US) | |
| Category | Allocation/Balanced | Equity | |
| Inception | Dec 9, 2014 | May 15, 2000 |
GAA vs IVV Performance
Cambria Global Asset Allocation ETF (GAA) is a ETF from Cambria Investment Management and iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US). Over the past year GAA returned +16.71% while IVV returned +20.94%. Year to date, GAA is up 10.67% versus a gain of 12.28% for IVV.
Over three years, GAA compounded at +13.84% per year against +21.81% for IVV; over five years the annualized figures are +7.10% and +13.05% respectively. Across the full 12-year window we track, IVV has the edge at +6.98% annualized vs +6.63%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 15.1% compared with 9.5% for GAA. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -26.6% for GAA and -56.5% for IVV. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.81. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
GAA charges 0.40% per year while IVV charges 0.03%. On a $10,000 position that is $40 vs $3 annually, a gap of $37 per year that compounds over a long holding period. On income, GAA currently yields 3.48% against 1.10% for IVV.
Holdings Overlap
GAA and IVV share 0 holdings out of 535 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, GAA or IVV?
GAA has an expense ratio of 0.40% while IVV charges 0.03%. IVV is the cheaper option. On a $10,000 investment, that is $37 per year of difference.
Which performed better, GAA or IVV?
Over the past year GAA returned +16.71% vs +20.94% for IVV, so IVV leads on 1-year performance. Over the longest common window we track (12 years), GAA annualized +6.63% vs +6.98% for IVV. Past performance does not guarantee future results.
Which is riskier, GAA or IVV?
IVV has been the more volatile fund at 15.1% annualized versus 9.5% for GAA. Worst drawdown: GAA -26.6% vs IVV -56.5%.
Should I hold both GAA and IVV?
GAA and IVV have a monthly-return correlation of 0.81, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between GAA and IVV?
GAA and IVV share 0 common holdings with a 0.0% weight overlap. Combined, they hold 535 unique securities.
Which pays a higher dividend, GAA or IVV?
GAA yields 3.48% while IVV yields 1.10%, so GAA currently pays the higher dividend yield.
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