FHDG vs. TAIL

Last updated Aug 2, 2026

FHDG (FT Vest U.S. Equity Quarterly Dynamic Buffer ETF) and TAIL (Cambria Tail Risk ETF) are both exchange-traded funds - FHDG is a Defined Outcome fund actively managed by First Trust, while TAIL is a Equity Hedged fund actively managed by Cambria. Both are actively managed. Over the past year, FHDG returned 13.67% vs -11.00% for TAIL. Their -0.71 correlation means they have often moved in opposite directions in the past. FHDG charges 0.85%/yr vs 0.59%/yr for TAIL.

Performance

FHDG vs. TAIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Quarterly Dynamic Buffer ETF (FHDG) 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, FHDG achieves a 7.32% return, which is significantly higher than TAIL's -8.13% return.

FHDG

• 1D: 0.58%
• 1M: 0.56%
• 6M: 6.32%
• YTD: 7.32%
• 1Y: 13.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.00%

TAIL

• 1D: -0.57%
• 1M: -1.69%
• 6M: -7.65%
• YTD: -8.13%
• 1Y: -11.00%
• 3Y*: -4.90%
• 5Y*: -9.07%
• 10Y*: —
• ALL TIME*: -7.28%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FHDG FT Vest U.S. Equity Quarterly Dynamic Buffer ETF	$253.56K	$183.49K	$2.70M
TAIL Cambria Tail Risk ETF	$1.12M	$1.66M	$2.24M

FHDG vs. TAIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FHDG FT Vest U.S. Equity Quarterly Dynamic Buffer ETF	7.32%	10.56%	0.61%
TAIL Cambria Tail Risk ETF	-8.13%	5.48%	-0.44%

Correlation

The correlation between FHDG and TAIL is -0.69, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.69
Correlation (All Time) Calculated using the full available price history since Nov 18, 2024	-0.71

The correlation between FHDG and TAIL has been stable across timeframes, ranging from -0.71 to -0.69 - a consistent structural relationship.

Return for Risk

FHDG vs. TAIL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FHDG

FHDG Risk / Return Rank: 90
FHDG Sharpe Ratio Rank: 90
FHDG Sortino Ratio Rank: 90
FHDG Omega Ratio Rank: 92
FHDG Calmar Ratio Rank: 86
FHDG Martin Ratio Rank: 93

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: 3
TAIL Martin Ratio Rank: 0

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FHDG vs. TAIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Quarterly Dynamic Buffer ETF (FHDG) 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.

	FHDG	TAIL	Difference
Sharpe ratio: Return per unit of total volatility	2.24	-1.09	+3.33
Sortino ratio: Return per unit of downside risk	3.23	-1.55	+4.78
Omega ratio: Gain probability vs. loss probability	1.45	0.82	+0.63
Calmar ratio: Return relative to maximum drawdown	3.35	-0.74	+4.09
Martin ratio: Return relative to average drawdown	17.04	-1.52	+18.56

FHDG vs. TAIL - Sharpe Ratio Comparison

The current FHDG Sharpe Ratio is 2.24, which is higher than the TAIL Sharpe Ratio of -1.09. The chart below compares the historical Sharpe Ratios of FHDG 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

FHDG vs. TAIL - Drawdown Comparison

The maximum FHDG drawdown since its inception was -14.01%, smaller than the maximum TAIL drawdown of -52.57%. Use the drawdown chart below to compare losses from any high point for FHDG and TAIL.

Drawdown Indicators

	FHDG	TAIL	Difference
Max Drawdown Largest peak-to-trough decline	-14.01%	-52.57%	+38.56%
Max Drawdown (1Y) Largest decline over 1 year	-3.96%	-12.68%	+8.72%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.20%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.03%	—
Current Drawdown Current decline from peak	-0.25%	-52.57%	+52.32%
Average Drawdown Average peak-to-trough decline	-1.07%	-29.50%	+28.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	6.16%	-5.38%

Volatility

FHDG vs. TAIL - Volatility Comparison

FT Vest U.S. Equity Quarterly Dynamic Buffer ETF (FHDG) and Cambria Tail Risk ETF (TAIL) have volatilities of 1.87% and 1.80%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHDG	TAIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.87%	1.80%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	5.00%	6.72%	-1.72%
Volatility (1Y) Calculated over the trailing 1-year period	5.94%	8.59%	-2.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.35%	14.88%	-3.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.35%	14.84%	-3.49%

FHDG vs. TAIL - Expense Ratio Comparison

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

Dividends

FHDG vs. TAIL - Dividend Comparison

FHDG has not paid dividends to shareholders, while TAIL's dividend yield for the trailing twelve months is around 2.99%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FHDG FT Vest U.S. Equity Quarterly Dynamic Buffer ETF	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	2.99%	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 FHDG and TAIL in my portfolio?

FHDG and TAIL have a correlation of -0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FHDG or TAIL?

FHDG has higher volatility (1.87%) compared to TAIL (1.80%). In terms of maximum drawdown, FHDG dropped -14.01% vs TAIL's -52.57%.

Which ETF is better, FHDG or TAIL?

On 1-year performance, FHDG leads with 13.67% vs -11.00% for TAIL. On fees, TAIL is cheaper at 0.59% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FHDG or TAIL?

Over the 1-year period, FHDG has performed better with a 13.67% return vs -11.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FHDG or TAIL?

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

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

TAIL has the higher dividend yield at 2.99%, compared with 0.00% for FHDG.

What is the main difference between FHDG and TAIL?

FHDG is categorized as Defined Outcome, while TAIL is Equity Hedged. They also come from different issuers: First Trust and Cambria. Their fees differ too: 0.85% for FHDG and 0.59% for TAIL.

Which has better risk-adjusted returns?

FHDG currently has the higher Sharpe Ratio (2.24 vs -1.09), 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.