JANT vs. TAIL

Last updated Jun 5, 2026

JANT (AllianzIM U.S. Large Cap Buffer10 Jan ETF) and TAIL (Cambria Tail Risk ETF) are both exchange-traded funds - JANT is a Options Trading fund actively managed by Allianz, while TAIL is a Volatility Hedged Equity fund actively managed by Cambria. Both are actively managed. Over the past 5 years, JANT returned 10.32%/yr vs -8.42%/yr for TAIL. At a correlation of -0.64, they often move in opposite directions. JANT charges 0.74%/yr vs 0.59%/yr for TAIL.

Performance

JANT vs. TAIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Large Cap Buffer10 Jan ETF (JANT) 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, JANT achieves a 6.90% return, which is significantly higher than TAIL's -6.35% return.

JANT

• 1D: 0.27%
• 1M: 2.50%
• YTD: 6.90%
• 6M: 8.26%
• 1Y: 19.82%
• 3Y*: 16.53%
• 5Y*: 10.32%
• 10Y*: —

TAIL

• 1D: -0.19%
• 1M: -2.20%
• YTD: -6.35%
• 6M: -7.45%
• 1Y: -9.35%
• 3Y*: -5.78%
• 5Y*: -8.42%
• 10Y*: —

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

JANT vs. TAIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
JANT AllianzIM U.S. Large Cap Buffer10 Jan ETF	6.90%	14.30%	16.01%	22.92%	-10.31%	13.68%
TAIL Cambria Tail Risk ETF	-6.35%	5.48%	-9.62%	-13.29%	-13.13%	-13.35%

Correlation

The correlation between JANT and TAIL is -0.65, 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	-0.65
Correlation (3Y) Calculated over the trailing 3-year period	-0.55
Correlation (5Y) Calculated over the trailing 5-year period	-0.65
Correlation (All Time) Calculated using the full available price history since Jan 5, 2021	-0.64

The correlation between JANT and TAIL has been stable across timeframes, ranging from -0.65 to -0.55 - a consistent structural relationship.

JANT vs. TAIL - Sectors Allocation Comparison

Sectors	JANT	TAIL
Technology	36.2%	35.6%
Financial Services	11.9%	11.8%
Communication Services	10.9%	11.2%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.5%
Industrials	8.1%	8.3%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.4%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

JANT vs. TAIL — Risk / Return Rank

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

JANT

JANT Risk / Return Rank: 83
JANT Sharpe Ratio Rank: 83
JANT Sortino Ratio Rank: 87
JANT Omega Ratio Rank: 88
JANT Calmar Ratio Rank: 69
JANT Martin Ratio Rank: 86

TAIL

TAIL Risk / Return Rank: 1
TAIL Sharpe Ratio Rank: 1
TAIL Sortino Ratio Rank: 1
TAIL Omega Ratio Rank: 1
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.

JANT vs. TAIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Large Cap Buffer10 Jan ETF (JANT) 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.

	JANT	TAIL	Difference
Sharpe ratio: Return per unit of total volatility	2.67	-1.11	+3.78
Sortino ratio: Return per unit of downside risk	3.88	-1.58	+5.46
Omega ratio: Gain probability vs. loss probability	1.54	0.82	+0.72
Calmar ratio: Return relative to maximum drawdown	3.35	-0.85	+4.21
Martin ratio: Return relative to average drawdown	17.58	-2.13	+19.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JANT vs. TAIL - Sharpe Ratio Comparison

The current JANT Sharpe Ratio is 2.67, which is higher than the TAIL Sharpe Ratio of -1.11. The chart below compares the historical Sharpe Ratios of JANT 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

	JANT	TAIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.67	-1.11	+3.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.92	-0.57	+1.48
Sharpe Ratio (All Time) Calculated using the full available price history	1.01	-0.48	+1.50

Drawdowns

JANT vs. TAIL - Drawdown Comparison

The maximum JANT drawdown since its inception was -16.18%, smaller than the maximum TAIL drawdown of -52.36%. Use the drawdown chart below to compare losses from any high point for JANT and TAIL.

Drawdown Indicators

	JANT	TAIL	Difference
Max Drawdown Largest peak-to-trough decline	-16.18%	-52.36%	+36.18%
Max Drawdown (1Y) Largest decline over 1 year	-5.94%	-10.99%	+5.05%
Max Drawdown (3Y) Largest decline over 3 years	-13.25%	-20.69%	+7.44%
Max Drawdown (5Y) Largest decline over 5 years	-16.18%	-38.44%	+22.26%
Current Drawdown Current decline from peak	-0.03%	-51.65%	+51.62%
Average Drawdown Average peak-to-trough decline	-2.67%	-29.13%	+26.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.13%	4.40%	-3.27%

Volatility

JANT vs. TAIL - Volatility Comparison

AllianzIM U.S. Large Cap Buffer10 Jan ETF (JANT) has a higher volatility of 1.33% compared to Cambria Tail Risk ETF (TAIL) at 0.87%. This indicates that JANT'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

	JANT	TAIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.33%	0.87%	+0.46%
Volatility (6M) Calculated over the trailing 6-month period	5.96%	6.44%	-0.48%
Volatility (1Y) Calculated over the trailing 1-year period	7.44%	8.51%	-1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.31%	14.90%	-3.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.10%	14.94%	-3.84%

JANT vs. TAIL - Expense Ratio Comparison

JANT has a 0.74% expense ratio, which is higher than TAIL's 0.59% expense ratio.

Dividends

JANT vs. TAIL - Dividend Comparison

JANT has not paid dividends to shareholders, while TAIL's dividend yield for the trailing twelve months is around 3.50%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
JANT AllianzIM U.S. Large Cap Buffer10 Jan 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	3.50%	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 JANT and TAIL in my portfolio?

JANT and TAIL have a correlation of -0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JANT or TAIL?

JANT has higher volatility (1.33%) compared to TAIL (0.87%). In terms of maximum drawdown, JANT dropped -16.18% vs TAIL's -52.36%.

Which ETF is better, JANT or TAIL?

On 5-year performance, JANT leads with 10.32% vs -8.42% for TAIL. On fees, TAIL is cheaper at 0.59% per year. On volatility, TAIL has been the lower-risk option at 0.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JANT or TAIL?

Over the 5-year period, JANT has performed better with a 10.32% return vs -8.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JANT or TAIL?

TAIL is cheaper with a 0.59% expense ratio, compared with 0.74% for JANT.

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

TAIL has the higher dividend yield at 3.50%, compared with 0.00% for JANT.

What is the main difference between JANT and TAIL?

JANT is categorized as Options Trading, while TAIL is Volatility Hedged Equity. They also come from different issuers: Allianz and Cambria. Their fees differ too: 0.74% for JANT and 0.59% for TAIL.

Which has better risk-adjusted returns?

JANT currently has the higher Sharpe Ratio (2.67 vs -1.11), 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.