SJB vs. TAIL

Last updated Jun 24, 2026

SJB (ProShares Short High Yield) and TAIL (Cambria Tail Risk ETF) are both exchange-traded funds - SJB is a Inverse Bonds fund tracking the iBoxx $ Liquid High Yield Index (-100%), while TAIL is a Volatility Hedged Equity fund actively managed by Cambria. SJB is passively managed, while TAIL is actively managed. Over the past 5 years, SJB returned -0.36%/yr vs -8.23%/yr for TAIL. At a 0.39 correlation, their price movements are largely independent. SJB charges 0.95%/yr vs 0.59%/yr for TAIL.

Performance

SJB vs. TAIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short High Yield (SJB) 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, SJB achieves a 0.74% return, which is significantly higher than TAIL's -5.49% return.

SJB

• 1D: 0.13%
• 1M: -0.16%
• YTD: 0.74%
• 6M: 0.66%
• 1Y: -0.07%
• 3Y*: -2.22%
• 5Y*: -0.36%
• 10Y*: -3.86%

TAIL

• 1D: 1.03%
• 1M: 0.87%
• YTD: -5.49%
• 6M: -5.16%
• 1Y: -8.67%
• 3Y*: -5.25%
• 5Y*: -8.23%
• 10Y*: —

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

SJB vs. TAIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SJB ProShares Short High Yield	0.74%	-1.87%	-0.84%	-5.63%	9.57%	-6.69%	-9.23%	-11.42%	2.47%	-1.66%
TAIL Cambria Tail Risk ETF	-5.49%	5.48%	-9.62%	-13.29%	-13.13%	-12.81%	6.91%	-14.27%	2.85%	-7.55%

Correlation

The correlation between SJB and TAIL is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (All Time) Calculated using the full available price history since Jun 13, 2017	0.39

The correlation between SJB and TAIL shifts across timeframes, from 0.13 (3 years) to 0.39 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SJB vs. TAIL — Risk / Return Rank

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

SJB

SJB Risk / Return Rank: 8
SJB Sharpe Ratio Rank: 9
SJB Sortino Ratio Rank: 7
SJB Omega Ratio Rank: 7
SJB Calmar Ratio Rank: 8
SJB Martin Ratio Rank: 8

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.

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.

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.

	SJB	TAIL	Difference
Sharpe ratio: Return per unit of total volatility	-0.02	-1.03	+1.01
Sortino ratio: Return per unit of downside risk	0.00	-1.47	+1.47
Omega ratio: Gain probability vs. loss probability	1.00	0.83	+0.17
Calmar ratio: Return relative to maximum drawdown	-0.02	-0.78	+0.76
Martin ratio: Return relative to average drawdown	-0.05	-1.77	+1.72

SJB vs. TAIL - Sharpe Ratio Comparison

The current SJB Sharpe Ratio is -0.02, which is higher than the TAIL Sharpe Ratio of -1.03. The chart below compares the historical Sharpe Ratios of SJB 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

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.

Drawdown Indicators

	SJB	TAIL	Difference
Max Drawdown Largest peak-to-trough decline	-58.06%	-52.36%	-5.70%
Max Drawdown (1Y) Largest decline over 1 year	-2.74%	-11.10%	+8.36%
Max Drawdown (3Y) Largest decline over 3 years	-10.54%	-20.78%	+10.24%
Max Drawdown (5Y) Largest decline over 5 years	-13.30%	-38.44%	+25.14%
Max Drawdown (10Y) Largest decline over 10 years	-34.57%	—	—
Current Drawdown Current decline from peak	-57.40%	-51.20%	-6.20%
Average Drawdown Average peak-to-trough decline	-42.52%	-29.23%	-13.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.30%	4.94%	-3.64%

Volatility

SJB vs. TAIL - Volatility Comparison

The current volatility for ProShares Short High Yield (SJB) is 1.06%, while Cambria Tail Risk ETF (TAIL) has a volatility of 1.90%. 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.

Volatility by Period

	SJB	TAIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.06%	1.90%	-0.84%
Volatility (6M) Calculated over the trailing 6-month period	3.03%	6.64%	-3.61%
Volatility (1Y) Calculated over the trailing 1-year period	3.88%	8.48%	-4.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.52%	14.90%	-7.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.50%	14.91%	-6.41%

SJB vs. TAIL - Expense Ratio Comparison

SJB has a 0.95% expense ratio, which is higher than TAIL's 0.59% expense ratio.

Dividends

SJB vs. TAIL - Dividend Comparison

SJB's dividend yield for the trailing twelve months is around 3.43%, more than TAIL's 2.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SJB ProShares Short High Yield	3.43%	3.86%	5.86%	4.10%	0.46%	0.00%	0.07%	1.27%	0.71%	0.00%
TAIL Cambria Tail Risk ETF	2.90%	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 SJB and TAIL in my portfolio?

SJB and TAIL have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SJB or TAIL?

TAIL has higher volatility (1.90%) compared to SJB (1.06%). In terms of maximum drawdown, SJB dropped -58.06% vs TAIL's -52.36%.

Which ETF is better, SJB or TAIL?

On 5-year performance, SJB leads with -0.36% vs -8.23% for TAIL. On fees, TAIL is cheaper at 0.59% per year. On volatility, SJB has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SJB or TAIL?

Over the 5-year period, SJB has performed better with a -0.36% return vs -8.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SJB or TAIL?

TAIL is cheaper with a 0.59% expense ratio, compared with 0.95% for SJB.

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

SJB has the higher dividend yield at 3.43%, compared with 2.90% for TAIL.

What is the main difference between SJB and TAIL?

SJB is categorized as Inverse Bonds, while TAIL is Volatility Hedged Equity. They also come from different issuers: ProShares and Cambria. Their fees differ too: 0.95% for SJB and 0.59% for TAIL.

Which has better risk-adjusted returns?

SJB currently has the higher Sharpe Ratio (-0.02 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.