GAA vs SPY
Cambria Global Asset Allocation ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | GAA | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.40% | 0.09% | |
| AUM | $72M | $789.1B | |
| Dividend Yield | 3.53% | 1.01% | |
| Holdings | 31 | 505 | |
| YTD Return | +9.52% | +13.68% | |
| 1Y Return | +15.78% | +21.53% | |
| 3Y Return (annualized) | +12.80% | +21.44% | |
| 5Y Return (annualized) | +6.31% | +13.18% | |
| Volatility (annualized) | 9.5% | 15.3% | |
| Max Drawdown | -26.6% | -56.5% | |
| Fund Family | Cambria Investment Management | State Street Investment Management | |
| Category | Allocation/Balanced | Equity | |
| Inception | Dec 9, 2014 | Jan 22, 1993 |
GAA vs SPY Performance
Cambria Global Asset Allocation ETF (GAA) is a ETF from Cambria Investment Management and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year GAA returned +15.78% while SPY returned +21.53%. Year to date, GAA is up 9.52% versus a gain of 13.68% for SPY.
Over three years, GAA compounded at +12.80% per year against +21.44% for SPY; over five years the annualized figures are +6.31% and +13.18% respectively. Across the full 12-year window we track, SPY has the edge at +8.85% annualized vs +6.54%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% 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 SPY. 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 SPY charges 0.09%. On a $10,000 position that is $40 vs $9 annually, a gap of $31 per year that compounds over a long holding period. On income, GAA currently yields 3.53% against 1.01% for SPY.
Holdings Overlap
GAA and SPY share 0 holdings out of 533 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 SPY?
GAA has an expense ratio of 0.40% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $31 per year of difference.
Which performed better, GAA or SPY?
Over the past year GAA returned +15.78% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (12 years), GAA annualized +6.54% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, GAA or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 9.5% for GAA. Worst drawdown: GAA -26.6% vs SPY -56.5%.
Should I hold both GAA and SPY?
GAA and SPY 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 SPY?
GAA and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 533 unique securities.
Which pays a higher dividend, GAA or SPY?
GAA yields 3.53% while SPY yields 1.01%, so GAA currently pays the higher dividend yield.
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