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QUAL vs. TAIL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QUAL vs. TAIL

Last updated Jun 13, 2026

QUAL (iShares MSCI USA Quality Factor ETF) and TAIL (Cambria Tail Risk ETF) are both exchange-traded funds - QUAL is a Large Cap Blend Equities fund tracking the MSCI USA Sector Neutral Quality Index, while TAIL is a Volatility Hedged Equity fund actively managed by Cambria. QUAL is passively managed, while TAIL is actively managed. Over the past 5 years, QUAL returned 11.97%/yr vs -8.40%/yr for TAIL. At a correlation of -0.65, they often move in opposite directions. QUAL charges 0.15%/yr vs 0.59%/yr for TAIL.

Performance

QUAL vs. TAIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Quality Factor ETF (QUAL) and Cambria Tail Risk ETF (TAIL). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, QUAL achieves a 9.44% return, which is significantly higher than TAIL's -5.78% return.

QUAL

1D
0.47%
1M
2.14%
YTD
9.44%
6M
9.29%
1Y
22.87%
3Y*
19.30%
5Y*
11.97%
10Y*
14.46%

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)

QUAL vs. TAIL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QUAL
iShares MSCI USA Quality Factor ETF		9.44%12.65%22.29%30.88%-20.50%26.94%17.04%33.89%-5.70%12.26%
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 QUAL and TAIL is -0.57, 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

-0.57

Correlation (3Y)
Calculated over the trailing 3-year period

-0.53

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

-0.65

The correlation between QUAL and TAIL shifts across timeframes, from -0.65 (all time) to -0.53 (3 years), reflecting how their relationship changes across market environments.

QUAL vs. TAIL - Sectors Allocation Comparison

Sectors
QUAL
TAIL

Technology

36.5%
35.6%

Financial Services

11.5%
11.8%

Communication Services

11.1%
11.2%

Consumer Cyclical

9.3%
10.1%

Healthcare

9.0%
8.5%

Industrials

8.2%
8.3%

Consumer Defensive

4.9%
4.9%

Energy

4.0%
3.5%

Utilities

1.9%
2.4%

Real Estate

1.8%
1.9%

Basic Materials

1.7%
1.8%

Technology

QUAL
36.5%
TAIL
35.6%

Financial Services

QUAL
11.5%
TAIL
11.8%

Communication Services

QUAL
11.1%
TAIL
11.2%

Consumer Cyclical

QUAL
9.3%
TAIL
10.1%

Healthcare

QUAL
9.0%
TAIL
8.5%

Industrials

QUAL
8.2%
TAIL
8.3%

Consumer Defensive

QUAL
4.9%
TAIL
4.9%

Energy

QUAL
4.0%
TAIL
3.5%

Utilities

QUAL
1.9%
TAIL
2.4%

Real Estate

QUAL
1.8%
TAIL
1.9%

Basic Materials

QUAL
1.7%
TAIL
1.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI USA Quality Factor ETF

Cambria Tail Risk ETF

Often compared with QUAL:
QUAL vs. SPHQQUAL vs. SPYQUAL vs. MTUMQUAL vs. USMVQUAL vs. VOOQUAL vs. IVVQUAL vs. SCHD
Often compared with TAIL:
TAIL vs. CAOSTAIL vs. SPYTAIL vs. BTALTAIL vs. XTRTAIL vs. QTRTAIL vs. DRSKTAIL vs. SJB

Return for Risk

QUAL vs. TAIL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QUAL
QUAL Risk / Return Rank: 5959
Overall Rank
QUAL Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
QUAL Sortino Ratio Rank: 6060
Sortino Ratio Rank
QUAL Omega Ratio Rank: 5656
Omega Ratio Rank
QUAL Calmar Ratio Rank: 5353
Calmar Ratio Rank
QUAL Martin Ratio Rank: 6767
Martin Ratio Rank
TAIL
TAIL Risk / Return Rank: 22
Overall Rank
TAIL Sharpe Ratio Rank: 22
Sharpe Ratio Rank
TAIL Sortino Ratio Rank: 22
Sortino Ratio Rank
TAIL Omega Ratio Rank: 22
Omega Ratio Rank
TAIL Calmar Ratio Rank: 33
Calmar Ratio Rank
TAIL Martin Ratio Rank: 00
Martin Ratio Rank
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.

QUAL vs. TAIL - Risk-Adjusted Trends Comparison

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

QUALTAILDifference
Sharpe ratioReturn per unit of total volatility
1.74
-1.00

+2.74

Sortino ratioReturn per unit of downside risk
2.46
-1.43

+3.89

Omega ratioGain probability vs. loss probability

1.31

0.84

+0.47

Calmar ratioReturn relative to maximum drawdown

2.32

-0.78

+3.10

Martin ratioReturn relative to average drawdown

10.60

-1.82

+12.42

QUAL vs. TAIL - Sharpe Ratio Comparison

The current QUAL Sharpe Ratio is 1.74, which is higher than the TAIL Sharpe Ratio of -1.00. The chart below compares the historical Sharpe Ratios of QUAL 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.

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Drawdowns

QUAL vs. TAIL - Drawdown Comparison

The maximum QUAL drawdown since its inception was -34.06%, smaller than the maximum TAIL drawdown of -52.36%. Use the drawdown chart below to compare losses from any high point for QUAL and TAIL.

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Drawdown Indicators

QUALTAILDifference

Max Drawdown

Largest peak-to-trough decline

-34.06%

-52.36%

+18.30%

Max Drawdown (1Y)

Largest decline over 1 year

-9.03%

-10.99%

+1.96%

Max Drawdown (3Y)

Largest decline over 3 years

-18.00%

-20.69%

+2.69%

Max Drawdown (5Y)

Largest decline over 5 years

-28.23%

-38.44%

+10.21%

Max Drawdown (10Y)

Largest decline over 10 years

-34.06%

—

—

Current Drawdown

Current decline from peak

-0.19%

-51.35%

+51.16%

Average Drawdown

Average peak-to-trough decline

-4.10%

-29.18%

+25.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.99%

4.68%

-2.69%

Volatility

QUAL vs. TAIL - Volatility Comparison

iShares MSCI USA Quality Factor ETF (QUAL) has a higher volatility of 3.63% compared to Cambria Tail Risk ETF (TAIL) at 1.51%. This indicates that QUAL'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.

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Volatility by Period

QUALTAILDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.63%

1.51%

+2.12%

Volatility (6M)

Calculated over the trailing 6-month period

9.43%

6.56%

+2.87%

Volatility (1Y)

Calculated over the trailing 1-year period

12.10%

8.51%

+3.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.36%

14.91%

+2.45%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.11%

14.92%

+3.19%

QUAL vs. TAIL - Expense Ratio Comparison

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

Dividends

QUAL vs. TAIL - Dividend Comparison

QUAL's dividend yield for the trailing twelve months is around 0.87%, less than TAIL's 3.48% yield.

PositionTTM20252024202320222021202020192018201720162015
QUAL
iShares MSCI USA Quality Factor ETF		0.87%0.94%1.02%1.23%1.59%1.20%1.39%1.60%2.00%1.76%1.96%1.63%
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

QUAL and TAIL have a correlation of -0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QUAL has higher volatility (3.63%) compared to TAIL (1.51%). In terms of maximum drawdown, QUAL dropped -34.06% vs TAIL's -52.36%.

On 5-year performance, QUAL leads with 11.97% vs -8.40% for TAIL. On fees, QUAL 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.

Over the 5-year period, QUAL has performed better with a 11.97% return vs -8.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

TAIL has the higher dividend yield at 3.48%, compared with 0.87% for QUAL.

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

QUAL currently has the higher Sharpe Ratio (1.74 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.

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