GMAR vs. TAIL

Last updated Jul 17, 2026

GMAR (FT Cboe Vest U.S. Equity Moderate Buffer ETF - March) and TAIL (Cambria Tail Risk ETF) are both exchange-traded funds - GMAR is a Options Trading fund actively managed by FT Vest, while TAIL is a Volatility Hedged Equity fund actively managed by Cambria. Both are actively managed. Over the past 3 years, GMAR returned 11.51%/yr vs -5.20%/yr for TAIL. At a correlation of -0.53, they often move in opposite directions. GMAR charges 0.85%/yr vs 0.59%/yr for TAIL.

Performance

GMAR vs. TAIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Moderate Buffer ETF - March (GMAR) 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, GMAR achieves a 8.48% return, which is significantly higher than TAIL's -7.07% return.

GMAR

• 1D: -0.18%
• 1M: 0.36%
• 6M: 8.19%
• YTD: 8.48%
• 1Y: 13.41%
• 3Y*: 11.51%
• 5Y*: —
• 10Y*: —

TAIL

• 1D: 0.09%
• 1M: -1.05%
• 6M: -6.91%
• YTD: -7.07%
• 1Y: -8.15%
• 3Y*: -5.20%
• 5Y*: -8.84%
• 10Y*: —

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

GMAR vs. TAIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GMAR FT Cboe Vest U.S. Equity Moderate Buffer ETF - March	8.48%	9.29%	12.14%	12.40%
TAIL Cambria Tail Risk ETF	-7.07%	5.48%	-9.62%	-14.13%

Correlation

The correlation between GMAR and TAIL is -0.58, 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	-0.58
Correlation (3Y) Calculated over the trailing 3-year period	-0.53
Correlation (All Time) Calculated using the full available price history since Mar 20, 2023	-0.53

The correlation between GMAR and TAIL has been stable across timeframes, ranging from -0.58 to -0.53 - a consistent structural relationship.

Return for Risk

GMAR vs. TAIL — Risk / Return Rank

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

GMAR

GMAR Risk / Return Rank: 97
GMAR Sharpe Ratio Rank: 97
GMAR Sortino Ratio Rank: 97
GMAR Omega Ratio Rank: 97
GMAR Calmar Ratio Rank: 96
GMAR Martin Ratio Rank: 98

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.

GMAR vs. TAIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Moderate Buffer ETF - March (GMAR) 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.

	GMAR	TAIL	Difference
Sharpe ratio: Return per unit of total volatility	3.46	-0.96	+4.42
Sortino ratio: Return per unit of downside risk	5.72	-1.36	+7.08
Omega ratio: Gain probability vs. loss probability	1.86	0.84	+1.02
Calmar ratio: Return relative to maximum drawdown	7.50	-0.68	+8.18
Martin ratio: Return relative to average drawdown	47.48	-1.45	+48.92

GMAR vs. TAIL - Sharpe Ratio Comparison

The current GMAR Sharpe Ratio is 3.46, which is higher than the TAIL Sharpe Ratio of -0.96. The chart below compares the historical Sharpe Ratios of GMAR 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

GMAR vs. TAIL - Drawdown Comparison

The maximum GMAR drawdown since its inception was -9.11%, smaller than the maximum TAIL drawdown of -52.36%. Use the drawdown chart below to compare losses from any high point for GMAR and TAIL.

Drawdown Indicators

	GMAR	TAIL	Difference
Max Drawdown Largest peak-to-trough decline	-9.11%	-52.36%	+43.25%
Max Drawdown (1Y) Largest decline over 1 year	-1.79%	-12.02%	+10.23%
Max Drawdown (3Y) Largest decline over 3 years	-9.11%	-21.60%	+12.49%
Max Drawdown (5Y) Largest decline over 5 years	—	-38.44%	—
Current Drawdown Current decline from peak	-0.18%	-52.02%	+51.84%
Average Drawdown Average peak-to-trough decline	-0.53%	-29.39%	+28.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.28%	5.64%	-5.36%

Volatility

GMAR vs. TAIL - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Moderate Buffer ETF - March (GMAR) is 1.06%, while Cambria Tail Risk ETF (TAIL) has a volatility of 1.94%. This indicates that GMAR 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

	GMAR	TAIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.06%	1.94%	-0.88%
Volatility (6M) Calculated over the trailing 6-month period	3.31%	6.67%	-3.36%
Volatility (1Y) Calculated over the trailing 1-year period	3.90%	8.52%	-4.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.77%	14.90%	-8.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.77%	14.87%	-8.10%

GMAR vs. TAIL - Expense Ratio Comparison

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

Dividends

GMAR vs. TAIL - Dividend Comparison

GMAR has not paid dividends to shareholders, while TAIL's dividend yield for the trailing twelve months is around 2.95%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GMAR FT Cboe Vest U.S. Equity Moderate Buffer ETF - March	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	2.95%	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 GMAR and TAIL in my portfolio?

GMAR and TAIL have a correlation of -0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GMAR or TAIL?

TAIL has higher volatility (1.94%) compared to GMAR (1.06%). In terms of maximum drawdown, GMAR dropped -9.11% vs TAIL's -52.36%.

Which ETF is better, GMAR or TAIL?

On 3-year performance, GMAR leads with 11.51% vs -5.20% for TAIL. On fees, TAIL is cheaper at 0.59% per year. On volatility, GMAR has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GMAR or TAIL?

Over the 3-year period, GMAR has performed better with a 11.51% return vs -5.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GMAR or TAIL?

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

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

TAIL has the higher dividend yield at 2.95%, compared with 0.00% for GMAR.

What is the main difference between GMAR and TAIL?

GMAR is categorized as Options Trading, while TAIL is Volatility Hedged Equity. They also come from different issuers: FT Vest and Cambria. Their fees differ too: 0.85% for GMAR and 0.59% for TAIL.

Which has better risk-adjusted returns?

GMAR currently has the higher Sharpe Ratio (3.46 vs -0.96), 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.