GAA vs INCE: Grades, Fees and Holdings Compared

Cambria Global Asset Allocation ETF

GAAACboe

Franklin Income Equity Focus ETF

INCEANYSE Arca

Overlap

0.0%by weight

Expense ratio

INCE −0.03pt a year

GAA0.32%INCE0.29%

Avg volume · 30D

INCE 5.8×the volume

GAA8.23KINCE47.3K

10Y return · a year

INCE +6.3pt

GAA+7.4%INCE+13.7%

GAA vs INCE Performance

Oct 29, 2021 – Oct 30, 2026

+36.0%GAA+65.8%INCE

Expense ratio: GAA 0.32%; INCE 0.29%, better
Fund size: GAA $79M; INCE $368M
1Y total return: GAA +12.9%; INCE +22.6%, better
Yield (12M): GAA 3.48%; INCE 5.28%, better
Holdings: GAA 31; INCE 112
Avg volume (30D): GAA 8.23K sh; INCE 47.3K sh, better
NAV per share: GAA $34.76; INCE $68.80
52W range

ETF.net Grade

Pillar letters and Scores for GAA, INCE, with each pillar’s weight
Pillar	GAA	INCE
Cost30% weight	A75	A82Higher
Mission25% weight	A86	Not scored
Risk15% weight	A71Higher	B64
Tradability15% weight	C42	B65Higher
Holdings10% weight	A73	A74Higher
Durability5% weight	B64	A85Higher

Rank among Multi-Asset Allocation funds

How we build Categories ›

Same Category. GAA and INCE are both graded against the same 37 Multi-Asset Allocation funds, so their Grades compare head to head.

Multi-Asset Allocation⁠

Category · 37 funds

See all 37 ›

INCE ranks 4th and GAA 5th of 37 funds in the Multi-Asset Allocation Category.

Rank 1AUCBGState Street SPDR UC Investments 90/10 Endowment Strategy Index ETFScore 95
Rank 2AAOAiShares Core 80/20 Aggressive Allocation ETFScore 88
Rank 3AIRTRiShares LifePath Retirement ETFScore 86
Rank 4AINCEFranklin Income Equity Focus ETFScore 74
Rank 5AGAACambria Global Asset Allocation ETFScore 71
Rank 6ATRTYCambria Trinity ETFScore 70

Our read on each fund

ETF.net Research

GAAACambria Global Asset Allocation ETF

INCEAFranklin Income Equity Focus ETF

In short

GAA One ticket for the global market portfolio: about 30 exchange-traded funds covering world stocks, bonds, real estate, commodities and currencies, with value and momentum screens shaping the mix, at 0.32% all in.

INCE Franklin's income playbook run through stocks instead of bonds: roughly 100 equity-focused positions, monthly payouts, and an objective that targets lower volatility than the S&P 500, at a fee well under the typical allocation fund.

Stated mandate

GAA The Fund seeks to preserve and grow capital through a diversified portfolio spanning global stocks, bonds, commodities, and currencies. It uses a quantitative, buy-and-hold approach across global asset classes, including value and momentum exposures.

INCE The Fund seeks income from equity securities and related instruments while also pursuing capital appreciation and lower volatility than the S&P 500 Index.

Why people hold it

GAA At 0.32%, it sits below the typical allocation ETF, and below Cambria's other all-in-one fund, Trinity (TRTY), at 0.39%.
One holding reaches across global equities, fixed income, real estate, commodities and currencies, built from other exchange-traded funds rather than single names.sec.gov
Running since December 2014, it carries a decade-plus live record and stands among the stronger builds in the allocation group. Pays quarterly.

INCE 0.29% a year, less than half what the typical allocation fund charges.
Income is the job, and it shows up monthly. The mandate also lets managers move across debt and equity markets rather than sit in one lane.
The stated goal is not yield alone: income, capital appreciation, and lower volatility than the S&P 500 are all written into the objective.
Undercuts its multi-asset sibling INCM (0.38%) on fee, and sits among the stronger names in a crowded allocation field.

Worth knowing

GAA It is one of the less-traded funds in its category, so bid/ask spreads can run wider than the giant one-ticket allocation funds.
Commodities and currencies sit alongside the stocks and bonds, so the ride can look nothing like a plain 60/40 blend in either direction.sec.gov
A fund of funds by design, holding both affiliated Cambria ETFs and outside ones, and actively managed since its 2019 switch from tracking Cambria's own index.sec.gov sec.gov 2

INCE Small and lightly traded next to the giants of its category, so spreads can widen. Limit orders are the norm here.
Distributions may include return of capital, so part of a monthly payout can be your own money coming back.
Equity-forward by design. The aim is a smoother ride than the S&P 500, not bond-like steadiness.

Full GAA profile⁠

Full INCE profile⁠

GAA vs INCE Holdings

How GAA and INCE differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of GAA and 0.0% of INCE.

Level by level

Holdings0 in both0.0%
Countryby domicile46.8%
Sector11 Sectors69.8%
Asset classEquity100%

Sector

Sector weights in GAA and INCE, widest gap first
Sector	More in GAAMore in INCE	GAA	INCE
Real Estate	GAA +12.6 points	12.6%	0.0%
Consumer Staples	INCE +10.7 points	4.0%	14.7%
Utilities	INCE +10.2 points	3.2%	13.4%
Health Care	INCE +8.2 points	5.2%	13.4%
Financials	GAA +5.1 points	19.7%	14.6%
Consumer Discretionary	GAA +4.5 points	8.8%	4.3%
Technology	GAA +4.1 points	11.1%	7.0%
Materials	GAA +3.0 points	8.5%	5.5%
Industrials	INCE +1.2 points	10.3%	11.5%
Energy	GAA +0.5 points	12.5%	12.0%
Communication	GAA +0.3 points	4.0%	3.7%

Country, concentration and asset class

Country by domicile

Country weights in GAA and INCE, widest gap first
Country	More in GAAMore in INCE	GAA	INCE
United States	INCE +50.8 points	43.3%	94.1%
South Africa	GAA +6.9 points	6.9%	0.0%
China	GAA +4.9 points	4.9%	0.0%
Taiwan	GAA +4.4 points	4.4%	0.0%
Japan	GAA +3.8 points	3.8%	0.0%
Canada	GAA +3.6 points	3.6%	0.0%
South Korea	GAA +2.9 points	2.9%	0.0%
Thailand	GAA +2.9 points	2.9%	0.0%
Other countries (28)	GAA +21.2 points	27.1%	5.9%

Outside the US: GAA 43% developed, 57% emerging.

Concentration

Weight in the 10 largest Holdings

GAA58.0%
INCE26.1%

Securities held

GAA30
INCE104

Asset class

GAA: Equity
INCE: Equity

Holdings

Only in GAA30
In both0
Only in INCE104

Only in GAA

30 securities, 99.9% of GAA by weight

Cambria Emerging Shareholder Yield ETF10.47%
Cambria Foreign Shareholder Yield ETF7.48%
Cambria Global Value ETF6.98%
Cambria Global Real Estate ETF6.25%
Cambria Tactical Yield ETF5.08%
Cambria Shareholder Yield ETF4.67%
USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund4.45%
State Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF4.40%
Cambria Value and Momentum ETF4.13%
Vanguard Total International Bond ETF4.07%
Alpha Architect US Quantitative Momentum ETF4.01%
VanEck Emerging Markets High Yield Bond ETF3.36%
Vanguard Total Bond Market ETF3.32%
Graniteshares Gold Trust2.94%
JPMorgan USD Emerging Markets Sovereign Bond ETF2.58%
Cambria Micro and SmallCap Shareholder Yield ETF2.56%
VanEck J. P. Morgan EM Local Currency Bond ETF2.54%
Vanguard Intermediate-Term Corporate Bond ETF2.49%
Schwab US TIPS ETF2.46%
Cambria LargeCap Shareholder Yield ETF2.32%
Alpha Architect International Quantitative Momentum ETF2.07%
Vanguard Short-Term Corporate Bond ETF1.67%
State Street SPDR FTSE International Government Inflation-Protected Bond ETF1.66%
Vanguard Intermediate-Term Treasury ETF1.64%
Invesco Global Ex US High Yield Corporate Bond ETF1.62%
Vanguard Long-Term Treasury ETF1.60%
VanEck Gold Miners ETF/USA1.30%
Alpha Architect 1-3 Month Box ETF0.90%
First American Treasury Obligations Fund 01/01/20400.55%
VanEck Bitcoin ETF/US0.31%

Only in INCE

104 securities, 98.7% of INCE by weight

Chevron Corp3.86%
JPMorgan Chase & Co2.95%
Morgan Stanley Eln 10/272.87%
Verizon Communications In2.81%
Procter & Gamble Co/The2.74%
Lockheed Martin Corp2.63%
Pepsico Inc2.52%
Southern Co/The2.50%
Mizuho Markets Eln 10/272.44%
Citigroup Glob Eln 10/272.43%
Duke Energy Corp2.12%
Medtronic PLC2.05%
Us Bancorp1.95%
Wells Fargo Eln 10/271.82%
Philip Morris Internation1.77%
Coca-Cola Co/The1.67%
Toronto-Dom Eln 10/271.66%
Air Products & Chemicals1.65%
Johnson & Johnson1.60%
Abbott Laboratories1.53%
Totalenergies SE1.51%
Conocophillips1.34%
Hp Enterprise Co1.24%
Nextera Energy Inc1.23%
Home Depot Inc1.19%
Pfizer Inc1.16%
Merrill Lynch Eln 10/271.16%
Bank of America Corp1.13%
Mcdonald's Corp1.13%
Exxonmobil Holdings Corp1.10%
Nestle Sa-Spons Adr1.05%
Mizuho Mark Eln 9/271.02%
Bnp Paribas Eln 10/271.02%
United Parcel Service-Cl1.00%
Nextera Energy Inc0.99%
Albemarle Corp0.99%
Barclays Bank P Eln 04/270.97%
Bnp Paribas Iss Eln 10/270.92%
Royal Bk Canada Eln 10/270.92%
Boeing Co/The0.89%
Rtx Corp0.87%
Oracle Corp0.86%
Sempra0.86%
Cvs Health Corp0.84%
Texas Instruments Inc0.83%
Union Pacific Corp0.79%
Johnson Controls Internat0.78%
Jp Morgan Chase 0 11/270.77%
Bnp Paribas Iss Eln 9/270.74%
UnitedHealth Group Inc0.73%

Weight gaps

GAA and INCE share no securities.

All 30 GAA holdings⁠All 113 INCE holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

GAA vs INCE Cost

Overpaying GAA vs INCE

$590

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

GAA 0.32%
$6,542
INCE 0.29%
$5,952

Amount$10,000

Years30 years

Cost over time

GAA 0.32%
INCE 0.29%
Overpaying

Year by year

Year	GAA	INCE	Overpaying
10	$580	$527	$53
20	$2,250	$2,044	$206
30	$6,542	$5,952	$590

Expense ratio

0.32%GAA
0.29%INCE, cheaper

INCE0.29%GAA0.32%

0.06%1.36%

Middle half of Multi-Asset Allocation funds
Median 0.57%

INCE 7th cheapest of 37 funds

GAA 10th cheapest of 37 funds

GAA vs INCE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): GAA 3.48%; INCE 5.28%, better
Payout (12M): GAA $1.21; INCE $3.64
Last payment: GAA $0.29; INCE $0.30
Ex-dividend: GAA Sep 22, 2026; INCE Oct 30, 2026
Paid on: GAA Sep 23, 2026; INCE Pays Nov 4, 2026
Frequency: GAA Quarterly; INCE Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

GAAQuarterly · 15 paymentsAll GAA payments⁠

INCEMonthly · 34 paymentsAll INCE payments⁠

GAA vs INCE Risk

Fall from peak · 5 years

GAA
INCE

Risk facts

VolatilityStd dev, 3 years: GAA 8.2%, betterINCE 10.8%
Return per unit of riskSharpe ratio, 3 years: GAA 1.20INCE 1.28, better
Worst fallMax drawdown, 5 years: GAA −18.4%INCE −18.4%
Market sensitivityBeta, 5 years: GAA 0.76INCE 0.60; Market = 1

GAA and INCE in the news

All news⁠

New ETFs
YieldMax lists an SK hynix options ETF that does not own the shares
Oct 28, 2026GAA

Popular comparisons

GAAAvsUCBGA
Cambria Global Asset Allocation ETF · State Street SPDR UC Investments 90/10 Endowment Strategy Index ETF
Expense ratio
0.32% · 0.06%
Category
INCEAvsUCBGA
Franklin Income Equity Focus ETF · State Street SPDR UC Investments 90/10 Endowment Strategy Index ETF
Expense ratio
0.29% · 0.06%
Category
GAAAvsAOAA
Cambria Global Asset Allocation ETF · iShares Core 80/20 Aggressive Allocation ETF
Expense ratio
0.32% · 0.15%
Category
INCEAvsAOAA
Franklin Income Equity Focus ETF · iShares Core 80/20 Aggressive Allocation ETF
Expense ratio
0.29% · 0.15%
Category
GAAAvsIRTRA
Cambria Global Asset Allocation ETF · iShares LifePath Retirement ETF
Expense ratio
0.32% · 0.08%
Category
INCEAvsIRTRA
Franklin Income Equity Focus ETF · iShares LifePath Retirement ETF
Expense ratio
0.29% · 0.08%
Category

GAA vs INCE

In short

Stated mandate

Why people hold it

Worth knowing

How GAA and INCE differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in GAA

Only in INCE

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

YieldMax lists an SK hynix options ETF that does not own the shares

How GAA and INCE differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in GAA

Only in INCE

Weight gaps