GAA vs. TAIL
GAA (Cambria Global Asset Allocation ETF) and TAIL (Cambria Tail Risk ETF) are both exchange-traded funds - GAA is a Diversified Portfolio fund actively managed by Cambria, while TAIL is a Equity Hedged fund actively managed by Cambria. Both are actively managed. Over the past 5 years, GAA returned 6.43%/yr vs -9.21%/yr for TAIL. Their -0.35 correlation means they have often moved in opposite directions in the past. GAA charges 0.40%/yr vs 0.59%/yr for TAIL.
Performance
GAA vs. TAIL - Performance Comparison
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Returns By Period
In the year-to-date period, GAA achieves a 8.56% return, which is significantly higher than TAIL's -8.57% return.
GAA
- 1D
- -0.03%
- 1M
- 1.21%
- 6M
- 4.23%
- YTD
- 8.56%
- 1Y
- 18.80%
- 3Y*
- 12.76%
- 5Y*
- 6.43%
- 10Y*
- 7.21%
- ALL TIME*
- 6.59%
TAIL
- 1D
- -0.48%
- 1M
- -2.17%
- 6M
- -7.56%
- YTD
- -8.57%
- 1Y
- -11.43%
- 3Y*
- -5.39%
- 5Y*
- -9.21%
- 10Y*
- —
- ALL TIME*
- -7.33%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $221.78K | $178.12K | $220.71K | |
| $1.10M | $1.37M | $2.16M |
GAA vs. TAIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GAA Cambria Global Asset Allocation ETF | 8.56% | 18.76% | 6.67% | 7.65% | -8.47% | 11.17% | 9.11% | 15.12% | -7.15% | 8.01% |
TAIL Cambria Tail Risk ETF | -8.57% | 5.48% | -9.62% | -13.29% | -13.13% | -12.81% | 6.91% | -14.27% | 2.85% | -7.55% |
Correlation
The correlation between GAA and TAIL is -0.30, 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. | -0.30 |
Correlation (3Y) Balances recent behavior with more history. | -0.24 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.28 |
Correlation (All Time) Calculated using the full available price history since Jun 13, 2017 | -0.35 |
The correlation between GAA and TAIL shifts across timeframes, from -0.35 (all time) to -0.24 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
GAA vs. TAIL — Risk / Return Rank
GAA
TAIL
GAA vs. TAIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Cambria Global Asset Allocation ETF (GAA) 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.
| GAA | TAIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.38 | ||
| Sortino ratioReturn per unit of downside risk | +4.74 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 0.78 | +0.59 |
| Calmar ratioReturn relative to maximum drawdown | 3.27 | -0.88 | +4.14 |
| Martin ratioReturn relative to average drawdown | 11.60 | -1.85 | +13.45 |
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Drawdowns
GAA vs. TAIL - Drawdown Comparison
The maximum GAA drawdown since its inception was -26.57%, smaller than the maximum TAIL drawdown of -52.79%. Use the drawdown chart below to compare losses from any high point for GAA and TAIL.
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Drawdown Indicators
| GAA | TAIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.57% | -52.79% | +26.22% |
Max Drawdown (1Y)Largest decline over 1 year | -5.78% | -13.10% | +7.32% |
Max Drawdown (3Y)Largest decline over 3 years | -7.18% | -22.57% | +15.39% |
Max Drawdown (5Y)Largest decline over 5 years | -18.47% | -38.16% | +19.69% |
Max Drawdown (10Y)Largest decline over 10 years | -26.57% | — | — |
Current DrawdownCurrent decline from peak | -1.42% | -52.79% | +51.37% |
Average DrawdownAverage peak-to-trough decline | -3.82% | -29.51% | +25.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.62% | 6.22% | -4.60% |
Volatility
GAA vs. TAIL - Volatility Comparison
Cambria Global Asset Allocation ETF (GAA) and Cambria Tail Risk ETF (TAIL) have volatilities of 1.83% and 1.84%, 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.
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Volatility by Period
| GAA | TAIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.83% | 1.84% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 7.67% | 6.73% | +0.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.42% | 8.40% | +1.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.31% | 14.88% | -3.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.09% | 14.84% | -3.75% |
GAA vs. TAIL - Expense Ratio Comparison
GAA has a 0.40% expense ratio, which is lower than TAIL's 0.59% expense ratio.
Dividends
GAA vs. TAIL - Dividend Comparison
GAA's dividend yield for the trailing twelve months is around 3.50%, more than TAIL's 3.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GAA Cambria Global Asset Allocation ETF | 3.50% | 4.24% | 3.88% | 3.73% | 6.05% | 4.21% | 2.73% | 3.32% | 3.01% | 2.36% | 2.82% | 2.49% |
TAIL Cambria Tail Risk ETF | 3.00% | 2.88% | 3.48% | 3.74% | 1.50% | 0.49% | 0.36% | 1.58% | 1.52% | 0.91% | 0.00% | 0.00% |
Frequently Asked Questions
GAA and TAIL have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TAIL has higher volatility (1.84%) compared to GAA (1.83%). In terms of maximum drawdown, GAA dropped -26.57% vs TAIL's -52.79%.
On 5-year performance, GAA leads with 6.43% vs -9.21% for TAIL. On fees, GAA is cheaper at 0.40% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GAA has performed better with a 6.43% return vs -9.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GAA is cheaper with a 0.40% expense ratio, compared with 0.59% for TAIL.
GAA has the higher dividend yield at 3.50%, compared with 3.00% for TAIL.
GAA is categorized as Diversified Portfolio, while TAIL is Equity Hedged. Their fees differ too: 0.40% for GAA and 0.59% for TAIL.
GAA currently has the higher Sharpe Ratio (2.01 vs -1.37), 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.
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