GVAL vs. TAIL

Last updated Jun 4, 2026

GVAL (Cambria Global Value ETF) and TAIL (Cambria Tail Risk ETF) are both exchange-traded funds - GVAL is a Global Equities fund actively managed by Cambria, while TAIL is a Volatility Hedged Equity fund actively managed by Cambria. Both are actively managed. Over the past 5 years, GVAL returned 13.14%/yr vs -8.38%/yr for TAIL. At a correlation of -0.45, they often move in opposite directions. GVAL charges 0.64%/yr vs 0.59%/yr for TAIL.

Performance

GVAL vs. TAIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria Global Value ETF (GVAL) 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, GVAL achieves a 14.37% return, which is significantly higher than TAIL's -6.17% return.

GVAL

• 1D: -1.24%
• 1M: 3.64%
• YTD: 14.37%
• 6M: 15.35%
• 1Y: 39.69%
• 3Y*: 26.42%
• 5Y*: 13.14%
• 10Y*: 10.76%

TAIL

• 1D: -0.05%
• 1M: -2.15%
• YTD: -6.17%
• 6M: -7.55%
• 1Y: -8.73%
• 3Y*: -5.76%
• 5Y*: -8.38%
• 10Y*: —

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

GVAL vs. TAIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GVAL Cambria Global Value ETF	14.37%	55.87%	2.59%	13.30%	-7.98%	10.70%	-8.51%	17.24%	-14.30%	10.99%
TAIL Cambria Tail Risk ETF	-6.17%	5.48%	-9.62%	-13.29%	-13.13%	-12.81%	6.91%	-14.27%	2.85%	-7.70%

Correlation

The correlation between GVAL and TAIL is -0.31, 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	-0.31
Correlation (3Y) Calculated over the trailing 3-year period	-0.24
Correlation (5Y) Calculated over the trailing 5-year period	-0.38
Correlation (All Time) Calculated using the full available price history since Jun 14, 2017	-0.45

The correlation between GVAL and TAIL shifts across timeframes, from -0.45 (all time) to -0.24 (3 years), reflecting how their relationship changes across market environments.

GVAL vs. TAIL - Sectors Allocation Comparison

Sectors	GVAL	TAIL
Financial Services	16.4%	11.8%
Basic Materials	8.2%	1.8%
Energy	7.8%	3.5%
Real Estate	7.0%	1.9%
Technology	6.4%	35.6%
Communication Services	4.6%	11.2%
Utilities	4.1%	2.4%
Industrials	3.6%	8.3%
Consumer Cyclical	2.6%	10.1%
Consumer Defensive	1.9%	4.9%
Healthcare	-	8.5%

Return for Risk

GVAL vs. TAIL — Risk / Return Rank

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

GVAL

GVAL Risk / Return Rank: 77
GVAL Sharpe Ratio Rank: 83
GVAL Sortino Ratio Rank: 80
GVAL Omega Ratio Rank: 81
GVAL Calmar Ratio Rank: 69
GVAL Martin Ratio Rank: 71

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.

GVAL vs. TAIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Global Value ETF (GVAL) 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.

	GVAL	TAIL	Difference
Sharpe ratio: Return per unit of total volatility	2.75	-1.03	+3.78
Sortino ratio: Return per unit of downside risk	3.64	-1.46	+5.10
Omega ratio: Gain probability vs. loss probability	1.49	0.83	+0.66
Calmar ratio: Return relative to maximum drawdown	3.47	-0.80	+4.27
Martin ratio: Return relative to average drawdown	13.33	-2.01	+15.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GVAL vs. TAIL - Sharpe Ratio Comparison

The current GVAL Sharpe Ratio is 2.75, which is higher than the TAIL Sharpe Ratio of -1.03. The chart below compares the historical Sharpe Ratios of GVAL 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.

Sharpe Ratios by Period

	GVAL	TAIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	-1.03	+3.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	-0.57	+1.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	-0.48	+0.83

Drawdowns

GVAL vs. TAIL - Drawdown Comparison

The maximum GVAL drawdown since its inception was -46.82%, smaller than the maximum TAIL drawdown of -52.36%. Use the drawdown chart below to compare losses from any high point for GVAL and TAIL.

Drawdown Indicators

	GVAL	TAIL	Difference
Max Drawdown Largest peak-to-trough decline	-46.82%	-52.36%	+5.54%
Max Drawdown (1Y) Largest decline over 1 year	-11.50%	-10.95%	-0.55%
Max Drawdown (3Y) Largest decline over 3 years	-15.72%	-20.65%	+4.93%
Max Drawdown (5Y) Largest decline over 5 years	-30.83%	-38.44%	+7.61%
Max Drawdown (10Y) Largest decline over 10 years	-46.82%	—	—
Current Drawdown Current decline from peak	-1.24%	-51.56%	+50.32%
Average Drawdown Average peak-to-trough decline	-13.88%	-29.12%	+15.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	4.35%	-1.36%

Volatility

GVAL vs. TAIL - Volatility Comparison

Cambria Global Value ETF (GVAL) has a higher volatility of 5.10% compared to Cambria Tail Risk ETF (TAIL) at 0.86%. This indicates that GVAL'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

	GVAL	TAIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.10%	0.86%	+4.24%
Volatility (6M) Calculated over the trailing 6-month period	12.72%	6.45%	+6.27%
Volatility (1Y) Calculated over the trailing 1-year period	14.52%	8.51%	+6.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.46%	14.90%	+3.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.21%	14.94%	+4.27%

GVAL vs. TAIL - Expense Ratio Comparison

GVAL has a 0.64% expense ratio, which is higher than TAIL's 0.59% expense ratio.

Dividends

GVAL vs. TAIL - Dividend Comparison

GVAL's dividend yield for the trailing twelve months is around 2.83%, less than TAIL's 3.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GVAL Cambria Global Value ETF	2.83%	2.93%	4.75%	6.12%	5.05%	2.97%	1.90%	2.84%	4.65%	2.00%	2.54%	2.11%
TAIL Cambria Tail Risk ETF	3.49%	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

Can I hold both GVAL and TAIL in my portfolio?

GVAL and TAIL have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GVAL or TAIL?

GVAL has higher volatility (5.10%) compared to TAIL (0.86%). In terms of maximum drawdown, GVAL dropped -46.82% vs TAIL's -52.36%.

Which ETF is better, GVAL or TAIL?

On 5-year performance, GVAL leads with 13.14% vs -8.38% for TAIL. On fees, TAIL is cheaper at 0.59% per year. On volatility, TAIL has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GVAL or TAIL?

Over the 5-year period, GVAL has performed better with a 13.14% return vs -8.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GVAL or TAIL?

TAIL is cheaper with a 0.59% expense ratio, compared with 0.64% for GVAL.

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

TAIL has the higher dividend yield at 3.49%, compared with 2.83% for GVAL.

What is the main difference between GVAL and TAIL?

GVAL is categorized as Global Equities, while TAIL is Volatility Hedged Equity. Their fees differ too: 0.64% for GVAL and 0.59% for TAIL.

Which has better risk-adjusted returns?

GVAL currently has the higher Sharpe Ratio (2.75 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.