MFUT vs. TAIL

Last updated Aug 1, 2026

MFUT (Cambria Chesapeake Pure Trend ETF) and TAIL (Cambria Tail Risk ETF) are both exchange-traded funds - MFUT is a Systematic Trend fund actively managed by Cambria, while TAIL is a Equity Hedged fund actively managed by Cambria. Both are actively managed. Over the past year, MFUT returned 32.56% vs -11.00% for TAIL. Their -0.21 correlation means they have often moved in opposite directions in the past. MFUT charges 1.18%/yr vs 0.59%/yr for TAIL.

Performance

MFUT vs. TAIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria Chesapeake Pure Trend ETF (MFUT) 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, MFUT achieves a 17.76% return, which is significantly higher than TAIL's -8.13% return.

MFUT

• 1D: 0.31%
• 1M: 5.39%
• 6M: 9.31%
• YTD: 17.76%
• 1Y: 32.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -1.69%

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)
MFUT Cambria Chesapeake Pure Trend ETF	$88.88K	$72.41K	$209.22K
TAIL Cambria Tail Risk ETF	$1.12M	$1.66M	$2.24M

MFUT vs. TAIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MFUT Cambria Chesapeake Pure Trend ETF	17.76%	-1.83%	-16.64%
TAIL Cambria Tail Risk ETF	-8.13%	5.48%	-1.70%

Correlation

The correlation between MFUT and TAIL is -0.26, 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.	-0.26
Correlation (All Time) Calculated using the full available price history since May 29, 2024	-0.21

Return for Risk

MFUT vs. TAIL — Risk / Return Rank

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

MFUT

MFUT Risk / Return Rank: 80
MFUT Sharpe Ratio Rank: 85
MFUT Sortino Ratio Rank: 77
MFUT Omega Ratio Rank: 86
MFUT Calmar Ratio Rank: 84
MFUT Martin Ratio Rank: 69

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.

MFUT vs. TAIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Chesapeake Pure Trend ETF (MFUT) 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.

	MFUT	TAIL	Difference
Sharpe ratio: Return per unit of total volatility	1.99	-1.09	+3.09
Sortino ratio: Return per unit of downside risk	2.47	-1.55	+4.02
Omega ratio: Gain probability vs. loss probability	1.38	0.82	+0.56
Calmar ratio: Return relative to maximum drawdown	3.16	-0.74	+3.90
Martin ratio: Return relative to average drawdown	8.45	-1.52	+9.97

MFUT vs. TAIL - Sharpe Ratio Comparison

The current MFUT Sharpe Ratio is 1.99, which is higher than the TAIL Sharpe Ratio of -1.09. The chart below compares the historical Sharpe Ratios of MFUT 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

MFUT vs. TAIL - Drawdown Comparison

The maximum MFUT drawdown since its inception was -29.28%, smaller than the maximum TAIL drawdown of -52.57%. Use the drawdown chart below to compare losses from any high point for MFUT and TAIL.

Drawdown Indicators

	MFUT	TAIL	Difference
Max Drawdown Largest peak-to-trough decline	-29.28%	-52.57%	+23.29%
Max Drawdown (1Y) Largest decline over 1 year	-9.89%	-12.68%	+2.79%
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	-4.31%	-52.57%	+48.26%
Average Drawdown Average peak-to-trough decline	-15.78%	-29.50%	+13.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.70%	6.16%	-2.46%

Volatility

MFUT vs. TAIL - Volatility Comparison

Cambria Chesapeake Pure Trend ETF (MFUT) has a higher volatility of 4.07% compared to Cambria Tail Risk ETF (TAIL) at 1.80%. This indicates that MFUT'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

	MFUT	TAIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.07%	1.80%	+2.27%
Volatility (6M) Calculated over the trailing 6-month period	13.11%	6.72%	+6.39%
Volatility (1Y) Calculated over the trailing 1-year period	15.72%	8.59%	+7.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.68%	14.88%	-1.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.68%	14.84%	-1.16%

MFUT vs. TAIL - Expense Ratio Comparison

MFUT has a 1.18% expense ratio, which is higher than TAIL's 0.59% expense ratio.

Dividends

MFUT vs. TAIL - Dividend Comparison

MFUT has not paid dividends to shareholders, while TAIL's dividend yield for the trailing twelve months is around 2.99%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MFUT Cambria Chesapeake Pure Trend ETF	0.00%	0.00%	0.33%	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 MFUT and TAIL in my portfolio?

MFUT and TAIL have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MFUT or TAIL?

MFUT has higher volatility (4.07%) compared to TAIL (1.80%). In terms of maximum drawdown, MFUT dropped -29.28% vs TAIL's -52.57%.

Which ETF is better, MFUT or TAIL?

On 1-year performance, MFUT leads with 32.56% vs -11.00% for TAIL. On fees, TAIL is cheaper at 0.59% per year. 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, MFUT or TAIL?

Over the 1-year period, MFUT has performed better with a 32.56% return vs -11.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MFUT or TAIL?

TAIL is cheaper with a 0.59% expense ratio, compared with 1.18% for MFUT.

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

TAIL has the higher dividend yield at 2.99%, compared with 0.00% for MFUT.

What is the main difference between MFUT and TAIL?

MFUT is categorized as Systematic Trend, while TAIL is Equity Hedged. Their fees differ too: 1.18% for MFUT and 0.59% for TAIL.

Which has better risk-adjusted returns?

MFUT currently has the higher Sharpe Ratio (1.99 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.