GVAL vs SPY
Cambria Global Value ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. GVAL delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | GVAL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.66% | 0.09% | |
| AUM | $574M | $789.1B | |
| Dividend Yield | 2.47% | 1.01% | |
| Holdings | 121 | 505 | |
| YTD Return | +20.70% | +13.68% | |
| 1Y Return | +35.60% | +21.53% | |
| 3Y Return (annualized) | +27.88% | +21.44% | |
| 5Y Return (annualized) | +14.95% | +13.18% | |
| Volatility (annualized) | 18.8% | 15.3% | |
| Max Drawdown | -46.8% | -56.5% | |
| Fund Family | Cambria Investment Management | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Mar 11, 2014 | Jan 22, 1993 |
GVAL vs SPY Performance
Cambria Global Value ETF (GVAL) 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 GVAL returned +35.60% while SPY returned +21.53%. Year to date, GVAL is up 20.70% versus a gain of 13.68% for SPY.
Over three years, GVAL compounded at +27.88% per year against +21.44% for SPY; over five years the annualized figures are +14.95% and +13.18% respectively. Across the full 12-year window we track, SPY has the edge at +8.85% annualized vs +7.05%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
GVAL has been the more volatile fund, with annualized monthly volatility of 18.8% compared with 15.3% for SPY. 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 -46.8% for GVAL 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 0.66. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
GVAL charges 0.66% per year while SPY charges 0.09%. On a $10,000 position that is $66 vs $9 annually, a gap of $57 per year that compounds over a long holding period. On income, GVAL currently yields 2.47% against 1.01% for SPY.
Holdings Overlap
GVAL and SPY share 1 holdings out of 614 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in GVAL | Weight in SPY | Difference |
|---|---|---|---|
| BG | 1.02% | 0.02% | 1.00% |
Frequently Asked Questions
Which is cheaper, GVAL or SPY?
GVAL has an expense ratio of 0.66% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $57 per year of difference.
Which performed better, GVAL or SPY?
Over the past year GVAL returned +35.60% vs +21.53% for SPY, so GVAL leads on 1-year performance. Over the longest common window we track (12 years), GVAL annualized +7.05% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, GVAL or SPY?
GVAL has been the more volatile fund at 18.8% annualized versus 15.3% for SPY. Worst drawdown: GVAL -46.8% vs SPY -56.5%.
Should I hold both GVAL and SPY?
GVAL and SPY have a monthly-return correlation of 0.66, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between GVAL and SPY?
GVAL and SPY share 1 common holdings with a 0.0% weight overlap. Combined, they hold 614 unique securities.
Which pays a higher dividend, GVAL or SPY?
GVAL yields 2.47% while SPY yields 1.01%, so GVAL currently pays the higher dividend yield.
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