DBMF vs. TAIL

Last updated Jul 21, 2026

DBMF (iMGP DBi Managed Futures Strategy ETF) and TAIL (Cambria Tail Risk ETF) are both exchange-traded funds - DBMF is a Systematic Trend fund actively managed by iM Global Partners, while TAIL is a Volatility Hedged Equity fund actively managed by Cambria. Both are actively managed. Over the past 5 years, DBMF returned 8.59%/yr vs -8.76%/yr for TAIL. At a correlation of -0.23, they often move in opposite directions. DBMF charges 0.85%/yr vs 0.59%/yr for TAIL.

Performance

DBMF vs. TAIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iMGP DBi Managed Futures Strategy ETF (DBMF) and Cambria Tail Risk ETF (TAIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBMF achieves a 11.26% return, which is significantly higher than TAIL's -6.90% return.

DBMF

• 1D: 0.23%
• 1M: 0.57%
• 6M: 8.74%
• YTD: 11.26%
• 1Y: 26.79%
• 3Y*: 9.43%
• 5Y*: 8.59%
• 10Y*: —
• ALL TIME*: 9.22%

TAIL

• 1D: -0.42%
• 1M: -0.75%
• 6M: -6.24%
• YTD: -6.90%
• 1Y: -8.28%
• 3Y*: -5.06%
• 5Y*: -8.76%
• 10Y*: —
• ALL TIME*: -7.17%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DBMF vs. TAIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
DBMF iMGP DBi Managed Futures Strategy ETF	11.26%	13.85%	7.24%	-8.94%	21.61%	11.49%	1.80%	10.51%
TAIL Cambria Tail Risk ETF	-6.90%	5.48%	-9.62%	-13.29%	-13.13%	-12.81%	6.91%	-3.70%

Correlation

The correlation between DBMF and TAIL is -0.25, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.25
Correlation (3Y) Calculated over the trailing 3-year period	-0.35
Correlation (5Y) Calculated over the trailing 5-year period	-0.25
Correlation (All Time) Calculated using the full available price history since May 8, 2019	-0.23

The correlation between DBMF and TAIL shifts across timeframes, from -0.35 (3 years) to -0.23 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DBMF vs. TAIL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DBMF

DBMF Risk / Return Rank: 88
DBMF Sharpe Ratio Rank: 86
DBMF Sortino Ratio Rank: 82
DBMF Omega Ratio Rank: 90
DBMF Calmar Ratio Rank: 92
DBMF Martin Ratio Rank: 90

TAIL

TAIL Risk / Return Rank: 2
TAIL Sharpe Ratio Rank: 2
TAIL Sortino Ratio Rank: 2
TAIL Omega Ratio Rank: 2
TAIL Calmar Ratio Rank: 4
TAIL Martin Ratio Rank: 1

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DBMF vs. TAIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iMGP DBi Managed Futures Strategy ETF (DBMF) and Cambria Tail Risk ETF (TAIL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DBMF	TAIL	Difference
Sharpe ratio: Return per unit of total volatility	2.13	-0.97	+3.11
Sortino ratio: Return per unit of downside risk	2.81	-1.38	+4.19
Omega ratio: Gain probability vs. loss probability	1.44	0.84	+0.59
Calmar ratio: Return relative to maximum drawdown	4.41	-0.69	+5.10
Martin ratio: Return relative to average drawdown	14.93	-1.45	+16.37

DBMF vs. TAIL - Sharpe Ratio Comparison

The current DBMF Sharpe Ratio is 2.13, which is higher than the TAIL Sharpe Ratio of -0.97. The chart below compares the historical Sharpe Ratios of DBMF and TAIL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DBMF vs. TAIL - Drawdown Comparison

The maximum DBMF drawdown since its inception was -20.39%, smaller than the maximum TAIL drawdown of -52.36%. Use the drawdown chart below to compare losses from any high point for DBMF and TAIL.

Drawdown Indicators

	DBMF	TAIL	Difference
Max Drawdown Largest peak-to-trough decline	-20.39%	-52.36%	+31.97%
Max Drawdown (1Y) Largest decline over 1 year	-6.10%	-12.02%	+5.92%
Max Drawdown (3Y) Largest decline over 3 years	-15.60%	-21.60%	+6.00%
Max Drawdown (5Y) Largest decline over 5 years	-20.39%	-37.86%	+17.47%
Current Drawdown Current decline from peak	-1.03%	-51.93%	+50.90%
Average Drawdown Average peak-to-trough decline	-6.50%	-29.41%	+22.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	5.73%	-3.93%

Volatility

DBMF vs. TAIL - Volatility Comparison

iMGP DBi Managed Futures Strategy ETF (DBMF) has a higher volatility of 2.69% compared to Cambria Tail Risk ETF (TAIL) at 2.06%. This indicates that DBMF's price experiences larger fluctuations and is considered to be riskier than TAIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBMF	TAIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.69%	2.06%	+0.63%
Volatility (6M) Calculated over the trailing 6-month period	10.05%	6.70%	+3.35%
Volatility (1Y) Calculated over the trailing 1-year period	12.63%	8.56%	+4.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.45%	14.88%	-2.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.37%	14.86%	-2.49%

DBMF vs. TAIL - Expense Ratio Comparison

DBMF has a 0.85% expense ratio, which is higher than TAIL's 0.59% expense ratio.

Dividends

DBMF vs. TAIL - Dividend Comparison

DBMF's dividend yield for the trailing twelve months is around 5.11%, more than TAIL's 2.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBMF iMGP DBi Managed Futures Strategy ETF	5.11%	5.91%	5.75%	2.91%	7.72%	10.38%	0.86%	9.35%	0.00%	0.00%
TAIL Cambria Tail Risk ETF	2.95%	2.88%	3.48%	3.74%	1.50%	0.49%	0.36%	1.58%	1.52%	0.91%

Frequently Asked Questions

Can I hold both DBMF and TAIL in my portfolio?

DBMF and TAIL have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBMF or TAIL?

DBMF has higher volatility (2.69%) compared to TAIL (2.06%). In terms of maximum drawdown, DBMF dropped -20.39% vs TAIL's -52.36%.

Which ETF is better, DBMF or TAIL?

On 5-year performance, DBMF leads with 8.59% vs -8.76% for TAIL. On fees, TAIL is cheaper at 0.59% per year. On volatility, TAIL has been the lower-risk option at 2.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBMF or TAIL?

Over the 5-year period, DBMF has performed better with a 8.59% return vs -8.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBMF or TAIL?

TAIL is cheaper with a 0.59% expense ratio, compared with 0.85% for DBMF.

Which ETF pays a higher dividend yield, DBMF or TAIL?

DBMF has the higher dividend yield at 5.11%, compared with 2.95% for TAIL.

What is the main difference between DBMF and TAIL?

DBMF is categorized as Systematic Trend, while TAIL is Volatility Hedged Equity. They also come from different issuers: iM Global Partners and Cambria. Their fees differ too: 0.85% for DBMF and 0.59% for TAIL.

Which has better risk-adjusted returns?

DBMF currently has the higher Sharpe Ratio (2.13 vs -0.97), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.