SJB vs. TAIL
Compare and contrast key facts about ProShares Short High Yield (SJB) and Cambria Tail Risk ETF (TAIL).
SJB and TAIL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SJB is a passively managed fund by ProShares that tracks the performance of the iBoxx $ Liquid High Yield Index (-100%). It was launched on Mar 21, 2011. TAIL is an actively managed fund by Cambria. It was launched on Apr 5, 2017.
Performance
SJB vs. TAIL - Performance Comparison
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SJB vs. TAIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SJB ProShares Short High Yield | 1.76% | -1.87% | -0.84% | -5.63% | 9.57% | -6.69% | -9.23% | -11.42% | 2.47% | -1.53% |
TAIL Cambria Tail Risk ETF | 2.59% | 5.48% | -9.62% | -13.29% | -13.13% | -12.81% | 6.91% | -14.27% | 2.85% | -7.70% |
Returns By Period
In the year-to-date period, SJB achieves a 1.76% return, which is significantly lower than TAIL's 2.59% return.
SJB
- 1D
- -1.05%
- 1M
- 1.33%
- YTD
- 1.76%
- 6M
- 2.10%
- 1Y
- -0.56%
- 3Y*
- -1.29%
- 5Y*
- -0.64%
- 10Y*
- -4.13%
TAIL
- 1D
- -2.50%
- 1M
- 0.62%
- YTD
- 2.59%
- 6M
- 0.83%
- 1Y
- 2.58%
- 3Y*
- -4.32%
- 5Y*
- -6.79%
- 10Y*
- —
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SJB vs. TAIL - Expense Ratio Comparison
SJB has a 0.95% expense ratio, which is higher than TAIL's 0.59% expense ratio.
Return for Risk
SJB vs. TAIL — Risk / Return Rank
SJB
TAIL
SJB vs. TAIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short High Yield (SJB) 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.
| SJB | TAIL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.10 | 0.15 | -0.24 |
Sortino ratioReturn per unit of downside risk | -0.10 | 0.38 | -0.48 |
Omega ratioGain probability vs. loss probability | 0.99 | 1.06 | -0.08 |
Calmar ratioReturn relative to maximum drawdown | -0.09 | 0.16 | -0.25 |
Martin ratioReturn relative to average drawdown | -0.11 | 0.19 | -0.30 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SJB | TAIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.10 | 0.15 | -0.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.09 | -0.46 | +0.37 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.60 | -0.43 | -0.17 |
Correlation
The correlation between SJB and TAIL is 0.39, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
SJB vs. TAIL - Dividend Comparison
SJB's dividend yield for the trailing twelve months is around 3.40%, more than TAIL's 3.20% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SJB ProShares Short High Yield | 3.40% | 3.86% | 5.86% | 4.10% | 0.46% | 0.00% | 0.07% | 1.27% | 0.71% | 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
SJB vs. TAIL - Drawdown Comparison
The maximum SJB drawdown since its inception was -58.06%, which is greater than TAIL's maximum drawdown of -52.36%. Use the drawdown chart below to compare losses from any high point for SJB and TAIL.
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Drawdown Indicators
| SJB | TAIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.06% | -52.36% | -5.70% |
Max Drawdown (1Y)Largest decline over 1 year | -6.35% | -16.24% | +9.89% |
Max Drawdown (5Y)Largest decline over 5 years | -13.30% | -38.44% | +25.14% |
Max Drawdown (10Y)Largest decline over 10 years | -36.52% | — | — |
Current DrawdownCurrent decline from peak | -56.97% | -47.03% | -9.94% |
Average DrawdownAverage peak-to-trough decline | -42.30% | -28.70% | -13.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.16% | 13.27% | -8.11% |
Volatility
SJB vs. TAIL - Volatility Comparison
The current volatility for ProShares Short High Yield (SJB) is 2.25%, while Cambria Tail Risk ETF (TAIL) has a volatility of 4.39%. This indicates that SJB 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.
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Volatility by Period
| SJB | TAIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.25% | 4.39% | -2.14% |
Volatility (6M)Calculated over the trailing 6-month period | 2.90% | 7.04% | -4.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.69% | 17.81% | -12.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.50% | 14.89% | -7.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.55% | 15.06% | -6.51% |