EJAN vs. TAIL

Last updated Jun 24, 2026

EJAN (Innovator Emerging Markets Power Buffer ETF January) and TAIL (Cambria Tail Risk ETF) are both Volatility Hedged Equity funds. EJAN is passively managed, while TAIL is actively managed. Over the past 5 years, EJAN returned 2.74%/yr vs -8.23%/yr for TAIL. At a correlation of -0.42, they often move in opposite directions. EJAN charges 0.89%/yr vs 0.59%/yr for TAIL.

Performance

EJAN vs. TAIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Emerging Markets Power Buffer ETF January (EJAN) 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, EJAN achieves a 5.32% return, which is significantly higher than TAIL's -5.49% return.

EJAN

• 1D: -1.57%
• 1M: -0.12%
• YTD: 5.32%
• 6M: 5.61%
• 1Y: 12.71%
• 3Y*: 8.09%
• 5Y*: 2.74%
• 10Y*: —

TAIL

• 1D: 1.03%
• 1M: 0.87%
• YTD: -5.49%
• 6M: -5.16%
• 1Y: -8.67%
• 3Y*: -5.25%
• 5Y*: -8.23%
• 10Y*: —

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

EJAN vs. TAIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
EJAN Innovator Emerging Markets Power Buffer ETF January	5.32%	14.78%	2.69%	5.37%	-8.01%	-1.53%	10.64%
TAIL Cambria Tail Risk ETF	-5.49%	5.48%	-9.62%	-13.29%	-13.13%	-12.81%	6.91%

Correlation

The correlation between EJAN and TAIL is -0.43, 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	-0.43
Correlation (3Y) Calculated over the trailing 3-year period	-0.31
Correlation (5Y) Calculated over the trailing 5-year period	-0.39
Correlation (All Time) Calculated using the full available price history since Jan 2, 2020	-0.42

The correlation between EJAN and TAIL shifts across timeframes, from -0.43 (1 year) to -0.31 (3 years), reflecting how their relationship changes across market environments.

EJAN vs. TAIL - Sectors Allocation Comparison

Sectors	EJAN	TAIL
Technology	42.0%	39.0%
Financial Services	18.1%	11.1%
Consumer Cyclical	8.9%	9.9%
Industrials	6.9%	7.8%
Communication Services	6.3%	10.6%
Basic Materials	6.0%	1.7%
Energy	3.6%	3.1%
Consumer Defensive	2.7%	4.5%
Healthcare	2.6%	8.3%
Utilities	1.9%	2.1%
Real Estate	1.0%	1.8%

Return for Risk

EJAN vs. TAIL — Risk / Return Rank

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

EJAN

EJAN Risk / Return Rank: 52
EJAN Sharpe Ratio Rank: 48
EJAN Sortino Ratio Rank: 49
EJAN Omega Ratio Rank: 65
EJAN Calmar Ratio Rank: 42
EJAN Martin Ratio Rank: 55

TAIL

TAIL Risk / Return Rank: 1
TAIL Sharpe Ratio Rank: 1
TAIL Sortino Ratio Rank: 2
TAIL Omega Ratio Rank: 2
TAIL Calmar Ratio Rank: 2
TAIL Martin Ratio Rank: 0

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.

EJAN vs. TAIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Emerging Markets Power Buffer ETF January (EJAN) 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.

	EJAN	TAIL	Difference
Sharpe ratio: Return per unit of total volatility	1.54	-1.03	+2.56
Sortino ratio: Return per unit of downside risk	2.21	-1.47	+3.67
Omega ratio: Gain probability vs. loss probability	1.36	0.83	+0.52
Calmar ratio: Return relative to maximum drawdown	1.93	-0.78	+2.71
Martin ratio: Return relative to average drawdown	8.80	-1.77	+10.57

EJAN vs. TAIL - Sharpe Ratio Comparison

The current EJAN Sharpe Ratio is 1.54, which is higher than the TAIL Sharpe Ratio of -1.03. The chart below compares the historical Sharpe Ratios of EJAN 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

EJAN vs. TAIL - Drawdown Comparison

The maximum EJAN drawdown since its inception was -22.23%, smaller than the maximum TAIL drawdown of -52.36%. Use the drawdown chart below to compare losses from any high point for EJAN and TAIL.

Drawdown Indicators

	EJAN	TAIL	Difference
Max Drawdown Largest peak-to-trough decline	-22.23%	-52.36%	+30.13%
Max Drawdown (1Y) Largest decline over 1 year	-6.63%	-11.10%	+4.47%
Max Drawdown (3Y) Largest decline over 3 years	-11.75%	-20.78%	+9.03%
Max Drawdown (5Y) Largest decline over 5 years	-22.00%	-38.44%	+16.44%
Current Drawdown Current decline from peak	-1.57%	-51.20%	+49.63%
Average Drawdown Average peak-to-trough decline	-5.74%	-29.23%	+23.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.45%	4.94%	-3.49%

Volatility

EJAN vs. TAIL - Volatility Comparison

Innovator Emerging Markets Power Buffer ETF January (EJAN) has a higher volatility of 3.35% compared to Cambria Tail Risk ETF (TAIL) at 1.90%. This indicates that EJAN'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

	EJAN	TAIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.35%	1.90%	+1.45%
Volatility (6M) Calculated over the trailing 6-month period	7.93%	6.64%	+1.29%
Volatility (1Y) Calculated over the trailing 1-year period	8.32%	8.48%	-0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.15%	14.90%	-3.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.69%	14.91%	-2.22%

EJAN vs. TAIL - Expense Ratio Comparison

EJAN has a 0.89% expense ratio, which is higher than TAIL's 0.59% expense ratio.

Dividends

EJAN vs. TAIL - Dividend Comparison

EJAN has not paid dividends to shareholders, while TAIL's dividend yield for the trailing twelve months is around 2.90%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EJAN Innovator Emerging Markets Power Buffer ETF January	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TAIL Cambria Tail Risk ETF	2.90%	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 EJAN and TAIL in my portfolio?

EJAN and TAIL have a correlation of -0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EJAN or TAIL?

EJAN has higher volatility (3.35%) compared to TAIL (1.90%). In terms of maximum drawdown, EJAN dropped -22.23% vs TAIL's -52.36%.

Which ETF is better, EJAN or TAIL?

On 5-year performance, EJAN leads with 2.74% vs -8.23% for TAIL. On fees, TAIL is cheaper at 0.59% per year. On volatility, TAIL has been the lower-risk option at 1.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EJAN or TAIL?

Over the 5-year period, EJAN has performed better with a 2.74% return vs -8.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EJAN or TAIL?

TAIL is cheaper with a 0.59% expense ratio, compared with 0.89% for EJAN.

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

TAIL has the higher dividend yield at 2.90%, compared with 0.00% for EJAN.

What is the main difference between EJAN and TAIL?

They also come from different issuers: Innovator and Cambria. Their fees differ too: 0.89% for EJAN and 0.59% for TAIL.

Which has better risk-adjusted returns?

EJAN currently has the higher Sharpe Ratio (1.54 vs -1.03), 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.