MTUM vs. TAIL

Last updated Jun 13, 2026

MTUM (iShares MSCI USA Momentum Factor ETF) and TAIL (Cambria Tail Risk ETF) are both exchange-traded funds - MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index, while TAIL is a Volatility Hedged Equity fund actively managed by Cambria. MTUM is passively managed, while TAIL is actively managed. Over the past 5 years, MTUM returned 14.96%/yr vs -8.40%/yr for TAIL. At a correlation of -0.60, they often move in opposite directions. MTUM charges 0.15%/yr vs 0.59%/yr for TAIL.

Performance

MTUM vs. TAIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Momentum Factor ETF (MTUM) 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, MTUM achieves a 29.72% return, which is significantly higher than TAIL's -5.78% return.

MTUM

• 1D: 1.69%
• 1M: 5.58%
• YTD: 29.72%
• 6M: 30.51%
• 1Y: 42.02%
• 3Y*: 33.16%
• 5Y*: 14.96%
• 10Y*: 17.15%

TAIL

• 1D: -0.60%
• 1M: -0.32%
• YTD: -5.78%
• 6M: -6.25%
• 1Y: -8.88%
• 3Y*: -4.93%
• 5Y*: -8.40%
• 10Y*: —

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

MTUM vs. TAIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MTUM iShares MSCI USA Momentum Factor ETF	29.72%	22.15%	32.89%	9.15%	-18.27%	13.36%	29.86%	27.25%	-1.67%	16.64%
TAIL Cambria Tail Risk ETF	-5.78%	5.48%	-9.62%	-13.29%	-13.13%	-12.81%	6.91%	-14.27%	2.85%	-7.55%

Correlation

The correlation between MTUM and TAIL is -0.54, 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	-0.54
Correlation (3Y) Calculated over the trailing 3-year period	-0.54
Correlation (5Y) Calculated over the trailing 5-year period	-0.63
Correlation (All Time) Calculated using the full available price history since Jun 13, 2017	-0.60

The correlation between MTUM and TAIL has been stable across timeframes, ranging from -0.63 to -0.54 - a consistent structural relationship.

MTUM vs. TAIL - Sectors Allocation Comparison

Sectors	MTUM	TAIL
Technology	44.4%	35.6%
Industrials	15.6%	8.3%
Financial Services	10.4%	11.8%
Communication Services	7.4%	11.2%
Healthcare	6.9%	8.5%
Consumer Cyclical	3.6%	10.1%
Energy	3.5%	3.5%
Consumer Defensive	3.3%	4.9%
Real Estate	1.8%	1.9%
Basic Materials	1.7%	1.8%
Utilities	1.6%	2.4%

Return for Risk

MTUM vs. TAIL — Risk / Return Rank

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

MTUM

MTUM Risk / Return Rank: 73
MTUM Sharpe Ratio Rank: 70
MTUM Sortino Ratio Rank: 66
MTUM Omega Ratio Rank: 70
MTUM Calmar Ratio Rank: 78
MTUM Martin Ratio Rank: 81

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: 3
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.

MTUM vs. TAIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Momentum Factor ETF (MTUM) 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.

	MTUM	TAIL	Difference
Sharpe ratio: Return per unit of total volatility	1.96	-1.00	+2.97
Sortino ratio: Return per unit of downside risk	2.62	-1.43	+4.05
Omega ratio: Gain probability vs. loss probability	1.36	0.84	+0.52
Calmar ratio: Return relative to maximum drawdown	3.55	-0.78	+4.33
Martin ratio: Return relative to average drawdown	13.66	-1.82	+15.48

MTUM vs. TAIL - Sharpe Ratio Comparison

The current MTUM Sharpe Ratio is 1.96, which is higher than the TAIL Sharpe Ratio of -1.00. The chart below compares the historical Sharpe Ratios of MTUM 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

MTUM vs. TAIL - Drawdown Comparison

The maximum MTUM drawdown since its inception was -34.08%, smaller than the maximum TAIL drawdown of -52.36%. Use the drawdown chart below to compare losses from any high point for MTUM and TAIL.

Drawdown Indicators

	MTUM	TAIL	Difference
Max Drawdown Largest peak-to-trough decline	-34.08%	-52.36%	+18.28%
Max Drawdown (1Y) Largest decline over 1 year	-11.54%	-10.99%	-0.55%
Max Drawdown (3Y) Largest decline over 3 years	-20.99%	-20.69%	-0.30%
Max Drawdown (5Y) Largest decline over 5 years	-32.28%	-38.44%	+6.16%
Max Drawdown (10Y) Largest decline over 10 years	-34.08%	—	—
Current Drawdown Current decline from peak	-1.55%	-51.35%	+49.80%
Average Drawdown Average peak-to-trough decline	-6.20%	-29.18%	+22.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	4.68%	-1.69%

Volatility

MTUM vs. TAIL - Volatility Comparison

iShares MSCI USA Momentum Factor ETF (MTUM) has a higher volatility of 10.89% compared to Cambria Tail Risk ETF (TAIL) at 1.51%. This indicates that MTUM'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

	MTUM	TAIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.89%	1.51%	+9.38%
Volatility (6M) Calculated over the trailing 6-month period	18.63%	6.56%	+12.07%
Volatility (1Y) Calculated over the trailing 1-year period	20.87%	8.51%	+12.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.94%	14.91%	+6.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.20%	14.92%	+6.28%

MTUM vs. TAIL - Expense Ratio Comparison

MTUM has a 0.15% expense ratio, which is lower than TAIL's 0.59% expense ratio.

Dividends

MTUM vs. TAIL - Dividend Comparison

MTUM's dividend yield for the trailing twelve months is around 0.61%, less than TAIL's 3.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MTUM iShares MSCI USA Momentum Factor ETF	0.61%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%
TAIL Cambria Tail Risk ETF	3.48%	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 MTUM and TAIL in my portfolio?

MTUM and TAIL have a correlation of -0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MTUM or TAIL?

MTUM has higher volatility (10.89%) compared to TAIL (1.51%). In terms of maximum drawdown, MTUM dropped -34.08% vs TAIL's -52.36%.

Which ETF is better, MTUM or TAIL?

On 5-year performance, MTUM leads with 14.96% vs -8.40% for TAIL. On fees, MTUM is cheaper at 0.15% per year. On volatility, TAIL has been the lower-risk option at 1.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MTUM or TAIL?

Over the 5-year period, MTUM has performed better with a 14.96% return vs -8.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MTUM or TAIL?

MTUM is cheaper with a 0.15% expense ratio, compared with 0.59% for TAIL.

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

TAIL has the higher dividend yield at 3.48%, compared with 0.61% for MTUM.

What is the main difference between MTUM and TAIL?

MTUM is categorized as Momentum, while TAIL is Volatility Hedged Equity. They also come from different issuers: iShares and Cambria. Their fees differ too: 0.15% for MTUM and 0.59% for TAIL.

Which has better risk-adjusted returns?

MTUM currently has the higher Sharpe Ratio (1.96 vs -1.00), 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.