QLV vs. TAIL

Last updated Apr 1, 2026

Compare and contrast key facts about FlexShares US Quality Low Volatility Index Fund (QLV) and Cambria Tail Risk ETF (TAIL).

QLV and TAIL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. QLV is a passively managed fund by Northern Trust that tracks the performance of the Northern Trust Quality Low Volatility Index. It was launched on Jul 15, 2019. TAIL is an actively managed fund by Cambria. It was launched on Apr 5, 2017.

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.

QLV vs. TAIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
QLV FlexShares US Quality Low Volatility Index Fund	0.10%	12.28%	18.08%	13.71%	-9.97%	26.08%	9.63%	6.24%
TAIL Cambria Tail Risk ETF	2.59%	5.48%	-9.62%	-13.29%	-13.13%	-12.81%	6.91%	-3.02%

Returns By Period

In the year-to-date period, QLV achieves a 0.10% return, which is significantly lower than TAIL's 2.59% return.

QLV

• 1D: 1.54%
• 1M: -3.92%
• YTD: 0.10%
• 6M: 0.74%
• 1Y: 10.86%
• 3Y*: 13.76%
• 5Y*: 10.52%
• 10Y*: —

TAIL

• 1D: -2.50%
• 1M: 0.62%
• YTD: 2.59%
• 6M: 0.83%
• 1Y: 2.58%
• 3Y*: -4.32%
• 5Y*: -6.79%
• 10Y*: —

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

QLV vs. TAIL - Expense Ratio Comparison

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

TAIL

Cambria Tail Risk ETF

QLV

FlexShares US Quality Low Volatility Index Fund

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: 52
QLV Sharpe Ratio Rank: 48
QLV Sortino Ratio Rank: 50
QLV Omega Ratio Rank: 53
QLV Calmar Ratio Rank: 47
QLV Martin Ratio Rank: 63

TAIL

TAIL Risk / Return Rank: 16
TAIL Sharpe Ratio Rank: 16
TAIL Sortino Ratio Rank: 17
TAIL Omega Ratio Rank: 19
TAIL Calmar Ratio Rank: 16
TAIL Martin Ratio Rank: 14

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	0.86	0.15	+0.71
Sortino ratio Return per unit of downside risk	1.31	0.38	+0.93
Omega ratio Gain probability vs. loss probability	1.19	1.06	+0.13
Calmar ratio Return relative to maximum drawdown	1.19	0.16	+1.03
Martin ratio Return relative to average drawdown	6.18	0.19	+5.99
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 0.86, which is higher than the TAIL Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of QLV and TAIL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	QLV	TAIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.86	0.15	+0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	-0.46	+1.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	-0.43	+1.08

Correlation

The correlation between QLV and TAIL is -0.57. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

QLV vs. TAIL - Dividend Comparison

QLV's dividend yield for the trailing twelve months is around 1.60%, less than TAIL's 3.20% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
QLV FlexShares US Quality Low Volatility Index Fund	1.60%	1.60%	1.66%	1.60%	1.74%	0.96%	1.24%	0.58%	0.00%	0.00%
TAIL Cambria Tail Risk ETF	3.20%	2.88%	3.48%	3.74%	1.50%	0.49%	0.36%	1.58%	1.52%	0.91%

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	-9.75%	-16.24%	+6.49%
Max Drawdown (5Y) Largest decline over 5 years	-17.93%	-38.44%	+20.51%
Current Drawdown Current decline from peak	-4.29%	-47.03%	+42.74%
Average Drawdown Average peak-to-trough decline	-4.08%	-28.70%	+24.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	13.27%	-11.39%

Volatility

QLV vs. TAIL - Volatility Comparison

The current volatility for FlexShares US Quality Low Volatility Index Fund (QLV) is 3.18%, while Cambria Tail Risk ETF (TAIL) has a volatility of 4.39%. This indicates that QLV experiences smaller price fluctuations and is considered to be less risky 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	3.18%	4.39%	-1.21%
Volatility (6M) Calculated over the trailing 6-month period	5.81%	7.04%	-1.23%
Volatility (1Y) Calculated over the trailing 1-year period	12.74%	17.81%	-5.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.73%	14.89%	-2.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.75%	15.06%	+1.69%