LYLD vs. TAIL

Last updated Aug 1, 2026

LYLD (Cambria Large Cap Shareholder Yield ETF) and TAIL (Cambria Tail Risk ETF) are both exchange-traded funds - LYLD is a Large Cap Value Equities fund actively managed by Cambria, while TAIL is a Equity Hedged fund actively managed by Cambria. Both are actively managed. Over the past year, LYLD returned 27.34% vs -11.00% for TAIL. Their -0.39 correlation means they have often moved in opposite directions in the past. Both charge a 0.59% expense ratio.

Performance

LYLD vs. TAIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria Large Cap Shareholder Yield ETF (LYLD) 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, LYLD achieves a 17.01% return, which is significantly higher than TAIL's -8.13% return.

LYLD

• 1D: -0.14%
• 1M: 5.96%
• 6M: 12.69%
• YTD: 17.01%
• 1Y: 27.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.21%

TAIL

• 1D: -0.57%
• 1M: -1.69%
• 6M: -7.65%
• YTD: -8.13%
• 1Y: -11.00%
• 3Y*: -4.90%
• 5Y*: -9.07%
• 10Y*: —
• ALL TIME*: -7.28%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
LYLD Cambria Large Cap Shareholder Yield ETF	$18.64K	$15.81K	$24.70K
TAIL Cambria Tail Risk ETF	$1.12M	$1.66M	$2.24M

LYLD vs. TAIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
LYLD Cambria Large Cap Shareholder Yield ETF	17.01%	12.90%	1.20%
TAIL Cambria Tail Risk ETF	-8.13%	5.48%	-2.97%

Correlation

The correlation between LYLD and TAIL is -0.27, 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.	-0.27
Correlation (All Time) Calculated using the full available price history since Jul 12, 2024	-0.39

The correlation between LYLD and TAIL shifts across timeframes, from -0.39 (all time) to -0.27 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

LYLD vs. TAIL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

LYLD

LYLD Risk / Return Rank: 88
LYLD Sharpe Ratio Rank: 90
LYLD Sortino Ratio Rank: 92
LYLD Omega Ratio Rank: 88
LYLD Calmar Ratio Rank: 86
LYLD Martin Ratio Rank: 83

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: 3
TAIL Martin Ratio Rank: 0

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

LYLD vs. TAIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Large Cap Shareholder Yield ETF (LYLD) 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.

	LYLD	TAIL	Difference
Sharpe ratio: Return per unit of total volatility	2.26	-1.09	+3.35
Sortino ratio: Return per unit of downside risk	3.35	-1.55	+4.90
Omega ratio: Gain probability vs. loss probability	1.40	0.82	+0.57
Calmar ratio: Return relative to maximum drawdown	3.35	-0.74	+4.09
Martin ratio: Return relative to average drawdown	11.47	-1.52	+12.99

LYLD vs. TAIL - Sharpe Ratio Comparison

The current LYLD Sharpe Ratio is 2.26, which is higher than the TAIL Sharpe Ratio of -1.09. The chart below compares the historical Sharpe Ratios of LYLD 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

LYLD vs. TAIL - Drawdown Comparison

The maximum LYLD drawdown since its inception was -18.64%, smaller than the maximum TAIL drawdown of -52.57%. Use the drawdown chart below to compare losses from any high point for LYLD and TAIL.

Drawdown Indicators

	LYLD	TAIL	Difference
Max Drawdown Largest peak-to-trough decline	-18.64%	-52.57%	+33.93%
Max Drawdown (1Y) Largest decline over 1 year	-7.70%	-12.68%	+4.98%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.20%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.03%	—
Current Drawdown Current decline from peak	-0.72%	-52.57%	+51.85%
Average Drawdown Average peak-to-trough decline	-3.45%	-29.50%	+26.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	6.16%	-3.91%

Volatility

LYLD vs. TAIL - Volatility Comparison

Cambria Large Cap Shareholder Yield ETF (LYLD) has a higher volatility of 3.48% compared to Cambria Tail Risk ETF (TAIL) at 1.80%. This indicates that LYLD'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

	LYLD	TAIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.48%	1.80%	+1.68%
Volatility (6M) Calculated over the trailing 6-month period	7.95%	6.72%	+1.23%
Volatility (1Y) Calculated over the trailing 1-year period	11.42%	8.59%	+2.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.35%	14.88%	+0.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.35%	14.84%	+0.51%

LYLD vs. TAIL - Expense Ratio Comparison

Both LYLD and TAIL have an expense ratio of 0.59%.

Dividends

LYLD vs. TAIL - Dividend Comparison

LYLD's dividend yield for the trailing twelve months is around 2.00%, less than TAIL's 2.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
LYLD Cambria Large Cap Shareholder Yield ETF	2.00%	2.79%	0.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TAIL Cambria Tail Risk ETF	2.99%	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 LYLD and TAIL in my portfolio?

LYLD and TAIL have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LYLD or TAIL?

LYLD has higher volatility (3.48%) compared to TAIL (1.80%). In terms of maximum drawdown, LYLD dropped -18.64% vs TAIL's -52.57%.

Which ETF is better, LYLD or TAIL?

On 1-year performance, LYLD leads with 27.34% vs -11.00% for TAIL. Both ETFs have the same 0.59% expense ratio. On volatility, TAIL has been the lower-risk option at 1.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LYLD or TAIL?

Over the 1-year period, LYLD has performed better with a 27.34% return vs -11.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LYLD or TAIL?

LYLD and TAIL have the same expense ratio: 0.59% per year.

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

TAIL has the higher dividend yield at 2.99%, compared with 2.00% for LYLD.

What is the main difference between LYLD and TAIL?

LYLD is categorized as Large Cap Value Equities, while TAIL is Equity Hedged.

Which has better risk-adjusted returns?

LYLD currently has the higher Sharpe Ratio (2.26 vs -1.09), 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.