SIXH vs. TAIL

Last updated Aug 4, 2026

SIXH (6 Meridian Hedged Equity-Index Option Strategy ETF) and TAIL (Cambria Tail Risk ETF) are both Equity Hedged funds. Both are actively managed. Over the past 5 years, SIXH returned 9.52%/yr vs -9.21%/yr for TAIL. Their -0.39 correlation means they have often moved in opposite directions in the past. SIXH charges 0.87%/yr vs 0.59%/yr for TAIL.

Performance

SIXH vs. TAIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 6 Meridian Hedged Equity-Index Option Strategy ETF (SIXH) 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, SIXH achieves a 11.60% return, which is significantly higher than TAIL's -8.57% return.

SIXH

• 1D: -0.19%
• 1M: 1.06%
• 6M: 6.10%
• YTD: 11.60%
• 1Y: 15.22%
• 3Y*: 13.11%
• 5Y*: 9.52%
• 10Y*: —
• ALL TIME*: 11.19%

TAIL

• 1D: -0.48%
• 1M: -2.17%
• 6M: -7.56%
• YTD: -8.57%
• 1Y: -11.43%
• 3Y*: -5.39%
• 5Y*: -9.21%
• 10Y*: —
• ALL TIME*: -7.33%

*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)
SIXH 6 Meridian Hedged Equity-Index Option Strategy ETF	$1.56M	$1.08M	$613.75K
TAIL Cambria Tail Risk ETF	$1.10M	$1.37M	$2.16M

SIXH vs. TAIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SIXH 6 Meridian Hedged Equity-Index Option Strategy ETF	11.60%	9.47%	12.06%	4.93%	6.90%	18.37%	6.49%
TAIL Cambria Tail Risk ETF	-8.57%	5.48%	-9.62%	-13.29%	-13.13%	-12.81%	-8.83%

Correlation

The correlation between SIXH and TAIL is -0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.09
Correlation (3Y) Balances recent behavior with more history.	-0.20
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.38
Correlation (All Time) Calculated using the full available price history since May 11, 2020	-0.39

Over the past year, the inverse relationship between SIXH and TAIL has weakened: their correlation has moved from -0.39 to -0.09, meaning they move in opposite directions less often than they have historically.

Return for Risk

SIXH vs. TAIL — Risk / Return Rank

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

SIXH

SIXH Risk / Return Rank: 80
SIXH Sharpe Ratio Rank: 80
SIXH Sortino Ratio Rank: 87
SIXH Omega Ratio Rank: 78
SIXH Calmar Ratio Rank: 86
SIXH Martin Ratio Rank: 69

TAIL

TAIL Risk / Return Rank: 1
TAIL Sharpe Ratio Rank: 0
TAIL Sortino Ratio Rank: 1
TAIL Omega Ratio Rank: 1
TAIL Calmar Ratio Rank: 2
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.

SIXH vs. TAIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 6 Meridian Hedged Equity-Index Option Strategy ETF (SIXH) 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.

	SIXH	TAIL	Difference
Sharpe ratio: Return per unit of total volatility	1.94	-1.37	+3.31
Sortino ratio: Return per unit of downside risk	3.04	-1.93	+4.97
Omega ratio: Gain probability vs. loss probability	1.34	0.78	+0.56
Calmar ratio: Return relative to maximum drawdown	3.50	-0.88	+4.38
Martin ratio: Return relative to average drawdown	8.88	-1.85	+10.73

SIXH vs. TAIL - Sharpe Ratio Comparison

The current SIXH Sharpe Ratio is 1.94, which is higher than the TAIL Sharpe Ratio of -1.37. The chart below compares the historical Sharpe Ratios of SIXH 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

SIXH vs. TAIL - Drawdown Comparison

The maximum SIXH drawdown since its inception was -11.68%, smaller than the maximum TAIL drawdown of -52.79%. Use the drawdown chart below to compare losses from any high point for SIXH and TAIL.

Drawdown Indicators

	SIXH	TAIL	Difference
Max Drawdown Largest peak-to-trough decline	-11.68%	-52.79%	+41.11%
Max Drawdown (1Y) Largest decline over 1 year	-4.36%	-13.10%	+8.74%
Max Drawdown (3Y) Largest decline over 3 years	-9.10%	-22.57%	+13.47%
Max Drawdown (5Y) Largest decline over 5 years	-11.68%	-38.16%	+26.48%
Current Drawdown Current decline from peak	-1.82%	-52.79%	+50.97%
Average Drawdown Average peak-to-trough decline	-1.82%	-29.51%	+27.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.72%	6.22%	-4.50%

Volatility

SIXH vs. TAIL - Volatility Comparison

6 Meridian Hedged Equity-Index Option Strategy ETF (SIXH) has a higher volatility of 2.40% compared to Cambria Tail Risk ETF (TAIL) at 1.84%. This indicates that SIXH'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

	SIXH	TAIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.40%	1.84%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	6.23%	6.73%	-0.50%
Volatility (1Y) Calculated over the trailing 1-year period	7.89%	8.40%	-0.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.39%	14.88%	-4.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.09%	14.84%	-4.75%

SIXH vs. TAIL - Expense Ratio Comparison

SIXH has a 0.87% expense ratio, which is higher than TAIL's 0.59% expense ratio.

Dividends

SIXH vs. TAIL - Dividend Comparison

SIXH's dividend yield for the trailing twelve months is around 1.83%, less than TAIL's 3.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SIXH 6 Meridian Hedged Equity-Index Option Strategy ETF	1.83%	2.23%	1.55%	2.04%	2.06%	1.65%	1.10%	0.00%	0.00%	0.00%
TAIL Cambria Tail Risk ETF	3.00%	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 SIXH and TAIL in my portfolio?

SIXH and TAIL have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SIXH or TAIL?

SIXH has higher volatility (2.40%) compared to TAIL (1.84%). In terms of maximum drawdown, SIXH dropped -11.68% vs TAIL's -52.79%.

Which ETF is better, SIXH or TAIL?

On 5-year performance, SIXH leads with 9.52% vs -9.21% for TAIL. On fees, TAIL is cheaper at 0.59% per year. On volatility, TAIL has been the lower-risk option at 1.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SIXH or TAIL?

Over the 5-year period, SIXH has performed better with a 9.52% return vs -9.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SIXH or TAIL?

TAIL is cheaper with a 0.59% expense ratio, compared with 0.87% for SIXH.

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

TAIL has the higher dividend yield at 3.00%, compared with 1.83% for SIXH.

What is the main difference between SIXH and TAIL?

They also come from different issuers: Exchange Traded Concepts and Cambria. Their fees differ too: 0.87% for SIXH and 0.59% for TAIL.

Which has better risk-adjusted returns?

SIXH currently has the higher Sharpe Ratio (1.94 vs -1.37), 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.