QLV vs. TAIL

Last updated Jun 4, 2026

QLV (FlexShares US Quality Low Volatility Index Fund) and TAIL (Cambria Tail Risk ETF) are both Volatility Hedged Equity funds. QLV is passively managed, while TAIL is actively managed. Over the past 5 years, QLV returned 10.73%/yr vs -8.38%/yr for TAIL. At a correlation of -0.57, they often move in opposite directions. QLV charges 0.22%/yr vs 0.59%/yr for TAIL.

Performance

QLV vs. TAIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares US Quality Low Volatility Index Fund (QLV) 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, QLV achieves a 5.48% return, which is significantly higher than TAIL's -6.17% return.

QLV

• 1D: -0.51%
• 1M: 2.14%
• YTD: 5.48%
• 6M: 5.38%
• 1Y: 14.06%
• 3Y*: 15.15%
• 5Y*: 10.73%
• 10Y*: —

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)

QLV vs. TAIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
QLV FlexShares US Quality Low Volatility Index Fund	5.48%	12.28%	18.08%	13.71%	-9.97%	26.08%	9.63%	6.24%
TAIL Cambria Tail Risk ETF	-6.17%	5.48%	-9.62%	-13.29%	-13.13%	-12.81%	6.91%	-3.02%

Correlation

The correlation between QLV and TAIL is -0.44, 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	-0.44
Correlation (3Y) Calculated over the trailing 3-year period	-0.42
Correlation (5Y) Calculated over the trailing 5-year period	-0.55
Correlation (All Time) Calculated using the full available price history since Jul 17, 2019	-0.57

The correlation between QLV and TAIL shifts across timeframes, from -0.57 (all time) to -0.42 (3 years), reflecting how their relationship changes across market environments.

QLV vs. TAIL - Sectors Allocation Comparison

Sectors	QLV	TAIL
Technology	28.6%	35.6%
Healthcare	12.7%	8.5%
Financial Services	12.3%	11.8%
Consumer Defensive	8.5%	4.9%
Communication Services	8.4%	11.2%
Consumer Cyclical	6.8%	10.1%
Utilities	6.5%	2.4%
Industrials	6.3%	8.3%
Energy	5.8%	3.5%
Basic Materials	2.4%	1.8%
Real Estate	1.7%	1.9%

Return for Risk

QLV vs. TAIL — Risk / Return Rank

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

QLV

QLV Risk / Return Rank: 53
QLV Sharpe Ratio Rank: 54
QLV Sortino Ratio Rank: 56
QLV Omega Ratio Rank: 51
QLV Calmar Ratio Rank: 46
QLV Martin Ratio Rank: 56

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.

QLV vs. TAIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares US Quality Low Volatility Index Fund (QLV) 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.

	QLV	TAIL	Difference
Sharpe ratio: Return per unit of total volatility	1.85	-1.03	+2.88
Sortino ratio: Return per unit of downside risk	2.68	-1.46	+4.15
Omega ratio: Gain probability vs. loss probability	1.32	0.83	+0.49
Calmar ratio: Return relative to maximum drawdown	2.28	-0.80	+3.08
Martin ratio: Return relative to average drawdown	9.69	-2.01	+11.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QLV vs. TAIL - Sharpe Ratio Comparison

The current QLV Sharpe Ratio is 1.85, which is higher than the TAIL Sharpe Ratio of -1.03. The chart below compares the historical Sharpe Ratios of QLV 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

	QLV	TAIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	-1.03	+2.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	-0.57	+1.42
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	-0.48	+1.17

Drawdowns

QLV vs. TAIL - Drawdown Comparison

The maximum QLV drawdown since its inception was -33.71%, smaller than the maximum TAIL drawdown of -52.36%. Use the drawdown chart below to compare losses from any high point for QLV and TAIL.

Drawdown Indicators

	QLV	TAIL	Difference
Max Drawdown Largest peak-to-trough decline	-33.71%	-52.36%	+18.65%
Max Drawdown (1Y) Largest decline over 1 year	-6.19%	-10.95%	+4.76%
Max Drawdown (3Y) Largest decline over 3 years	-12.05%	-20.65%	+8.60%
Max Drawdown (5Y) Largest decline over 5 years	-17.93%	-38.44%	+20.51%
Current Drawdown Current decline from peak	-0.81%	-51.56%	+50.75%
Average Drawdown Average peak-to-trough decline	-4.00%	-29.12%	+25.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.45%	4.35%	-2.90%

Volatility

QLV vs. TAIL - Volatility Comparison

FlexShares US Quality Low Volatility Index Fund (QLV) has a higher volatility of 1.61% compared to Cambria Tail Risk ETF (TAIL) at 0.86%. This indicates that QLV'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

	QLV	TAIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.61%	0.86%	+0.75%
Volatility (6M) Calculated over the trailing 6-month period	5.34%	6.45%	-1.11%
Volatility (1Y) Calculated over the trailing 1-year period	7.65%	8.51%	-0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.64%	14.90%	-2.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.57%	14.94%	+1.63%

QLV vs. TAIL - Expense Ratio Comparison

QLV has a 0.22% expense ratio, which is lower than TAIL's 0.59% expense ratio.

Dividends

QLV vs. TAIL - Dividend Comparison

QLV's dividend yield for the trailing twelve months is around 1.52%, less than TAIL's 3.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
QLV FlexShares US Quality Low Volatility Index Fund	1.52%	1.60%	1.66%	1.60%	1.74%	0.96%	1.24%	0.58%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both QLV and TAIL in my portfolio?

QLV and TAIL have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QLV or TAIL?

QLV has higher volatility (1.61%) compared to TAIL (0.86%). In terms of maximum drawdown, QLV dropped -33.71% vs TAIL's -52.36%.

Which ETF is better, QLV or TAIL?

On 5-year performance, QLV leads with 10.73% vs -8.38% for TAIL. On fees, QLV is cheaper at 0.22% 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, QLV or TAIL?

Over the 5-year period, QLV has performed better with a 10.73% return vs -8.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QLV or TAIL?

QLV is cheaper with a 0.22% expense ratio, compared with 0.59% for TAIL.

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

TAIL has the higher dividend yield at 3.49%, compared with 1.52% for QLV.

What is the main difference between QLV and TAIL?

They also come from different issuers: Northern Trust and Cambria. Their fees differ too: 0.22% for QLV and 0.59% for TAIL.

Which has better risk-adjusted returns?

QLV currently has the higher Sharpe Ratio (1.85 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.