GAA vs QQQ
Cambria Global Asset Allocation ETF vs Invesco QQQ Trust, Series 1
Quick Verdict
QQQ has a lower expense ratio. QQQ delivered stronger 1-year returns. QQQ offers more diversification with 108 holdings.
Side-by-Side Comparison
| Metric | GAA | QQQ | Winner |
|---|---|---|---|
| Expense Ratio | 0.40% | 0.18% | |
| AUM | $74M | $496.3B | |
| Dividend Yield | 3.48% | 0.44% | |
| Holdings | 31 | 108 | |
| YTD Return | +10.85% | +19.52% | |
| 1Y Return | +17.08% | +26.68% | |
| 3Y Return (annualized) | +13.55% | +26.64% | |
| 5Y Return (annualized) | +6.64% | +15.36% | |
| Volatility (annualized) | 9.5% | 30.6% | |
| Max Drawdown | -26.6% | -83.0% | |
| Fund Family | Cambria Investment Management | Invesco (US) | |
| Category | Allocation/Balanced | Equity | |
| Inception | Dec 9, 2014 | Mar 10, 1999 |
GAA vs QQQ Performance
Cambria Global Asset Allocation ETF (GAA) is a ETF from Cambria Investment Management and Invesco QQQ Trust, Series 1 (QQQ) is a ETF from Invesco (US). Over the past year GAA returned +17.08% while QQQ returned +26.68%. Year to date, GAA is up 10.85% versus a gain of 19.52% for QQQ.
Over three years, GAA compounded at +13.55% per year against +26.64% for QQQ; over five years the annualized figures are +6.64% and +15.36% respectively. Across the full 12-year window we track, QQQ has the edge at +13.14% annualized vs +6.65%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 30.6% 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 -83.0% for QQQ. 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 0.65. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
GAA charges 0.40% per year while QQQ charges 0.18%. On a $10,000 position that is $40 vs $18 annually, a gap of $22 per year that compounds over a long holding period. On income, GAA currently yields 3.48% against 0.44% for QQQ.
Holdings Overlap
GAA and QQQ share 0 holdings out of 132 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 QQQ?
GAA has an expense ratio of 0.40% while QQQ charges 0.18%. QQQ is the cheaper option. On a $10,000 investment, that is $22 per year of difference.
Which performed better, GAA or QQQ?
Over the past year GAA returned +17.08% vs +26.68% for QQQ, so QQQ leads on 1-year performance. Over the longest common window we track (12 years), GAA annualized +6.65% vs +13.14% for QQQ. Past performance does not guarantee future results.
Which is riskier, GAA or QQQ?
QQQ has been the more volatile fund at 30.6% annualized versus 9.5% for GAA. Worst drawdown: GAA -26.6% vs QQQ -83.0%.
Should I hold both GAA and QQQ?
GAA and QQQ have a monthly-return correlation of 0.65, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between GAA and QQQ?
GAA and QQQ share 0 common holdings with a 0.0% weight overlap. Combined, they hold 132 unique securities.
Which pays a higher dividend, GAA or QQQ?
GAA yields 3.48% while QQQ yields 0.44%, so GAA currently pays the higher dividend yield.
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