GAA vs. TAIL

Last updated Apr 2, 2026

Compare and contrast key facts about Cambria Global Asset Allocation ETF (GAA) and Cambria Tail Risk ETF (TAIL).

GAA and TAIL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GAA is an actively managed fund by Cambria. It was launched on Dec 9, 2014. TAIL is an actively managed fund by Cambria. It was launched on Apr 5, 2017.

Performance

GAA vs. TAIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria Global Asset Allocation ETF (GAA) and Cambria Tail Risk ETF (TAIL). The values are adjusted to include any dividend payments, if applicable.

GAA vs. TAIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GAA Cambria Global Asset Allocation ETF	4.83%	18.76%	6.67%	7.65%	-8.47%	11.17%	9.11%	15.12%	-7.15%	7.72%
TAIL Cambria Tail Risk ETF	1.76%	5.48%	-9.62%	-13.29%	-13.13%	-12.81%	6.91%	-14.27%	2.85%	-7.70%

Returns By Period

In the year-to-date period, GAA achieves a 4.83% return, which is significantly higher than TAIL's 1.76% return.

GAA

• 1D: 0.91%
• 1M: -2.65%
• YTD: 4.83%
• 6M: 8.44%
• 1Y: 20.85%
• 3Y*: 12.32%
• 5Y*: 6.47%
• 10Y*: 7.46%

TAIL

• 1D: -0.81%
• 1M: 0.32%
• YTD: 1.76%
• 6M: -0.24%
• 1Y: 1.75%
• 3Y*: -4.58%
• 5Y*: -6.94%
• 10Y*: —

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

GAA vs. TAIL - Expense Ratio Comparison

GAA has a 0.41% expense ratio, which is lower than TAIL's 0.59% expense ratio.

TAIL

Cambria Tail Risk ETF

GAA

Cambria Global Asset Allocation ETF

Return for Risk

GAA vs. TAIL — Risk / Return Rank

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

GAA

GAA Risk / Return Rank: 89
GAA Sharpe Ratio Rank: 90
GAA Sortino Ratio Rank: 91
GAA Omega Ratio Rank: 89
GAA Calmar Ratio Rank: 87
GAA Martin Ratio Rank: 89

TAIL

TAIL Risk / Return Rank: 14
TAIL Sharpe Ratio Rank: 14
TAIL Sortino Ratio Rank: 14
TAIL Omega Ratio Rank: 15
TAIL Calmar Ratio Rank: 14
TAIL Martin Ratio Rank: 13

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.

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.

	GAA	TAIL	Difference
Sharpe ratio Return per unit of total volatility	2.03	0.10	+1.93
Sortino ratio Return per unit of downside risk	2.70	0.30	+2.40
Omega ratio Gain probability vs. loss probability	1.38	1.05	+0.34
Calmar ratio Return relative to maximum drawdown	2.87	0.11	+2.76
Martin ratio Return relative to average drawdown	11.69	0.13	+11.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GAA vs. TAIL - Sharpe Ratio Comparison

The current GAA Sharpe Ratio is 2.03, which is higher than the TAIL Sharpe Ratio of 0.10. The chart below compares the historical Sharpe Ratios of GAA and TAIL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GAA	TAIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.03	0.10	+1.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	-0.47	+1.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	-0.43	+1.04

Correlation

The correlation between GAA and TAIL is -0.35. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

GAA vs. TAIL - Dividend Comparison

GAA's dividend yield for the trailing twelve months is around 3.74%, more than TAIL's 3.22% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GAA Cambria Global Asset Allocation ETF	3.74%	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	3.22%	2.88%	3.48%	3.74%	1.50%	0.49%	0.36%	1.58%	1.52%	0.91%	0.00%	0.00%

Drawdowns

GAA vs. TAIL - Drawdown Comparison

The maximum GAA drawdown since its inception was -26.57%, smaller than the maximum TAIL drawdown of -52.36%. Use the drawdown chart below to compare losses from any high point for GAA and TAIL.

Drawdown Indicators

	GAA	TAIL	Difference
Max Drawdown Largest peak-to-trough decline	-26.57%	-52.36%	+25.79%
Max Drawdown (1Y) Largest decline over 1 year	-7.18%	-16.24%	+9.06%
Max Drawdown (5Y) Largest decline over 5 years	-18.47%	-38.44%	+19.97%
Max Drawdown (10Y) Largest decline over 10 years	-26.57%	—	—
Current Drawdown Current decline from peak	-3.40%	-47.46%	+44.06%
Average Drawdown Average peak-to-trough decline	-3.90%	-28.71%	+24.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.76%	13.30%	-11.54%

Volatility

GAA vs. TAIL - Volatility Comparison

The current volatility for Cambria Global Asset Allocation ETF (GAA) is 3.81%, while Cambria Tail Risk ETF (TAIL) has a volatility of 4.44%. This indicates that GAA experiences smaller price fluctuations and is considered to be less risky than TAIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GAA	TAIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.81%	4.44%	-0.63%
Volatility (6M) Calculated over the trailing 6-month period	7.24%	7.09%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	10.34%	17.83%	-7.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.27%	14.90%	-3.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.05%	15.06%	-4.01%