SYLD vs. TAIL

Last updated Jun 4, 2026

SYLD (Cambria Shareholder Yield ETF) and TAIL (Cambria Tail Risk ETF) are both exchange-traded funds - SYLD is a Mid Cap Value Equities fund actively managed by Cambria, while TAIL is a Volatility Hedged Equity fund actively managed by Cambria. Both are actively managed. Over the past 5 years, SYLD returned 5.75%/yr vs -8.38%/yr for TAIL. At a correlation of -0.59, they often move in opposite directions. Both charge a 0.59% expense ratio.

Performance

SYLD vs. TAIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria Shareholder Yield ETF (SYLD) 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, SYLD achieves a 13.63% return, which is significantly higher than TAIL's -6.17% return.

SYLD

• 1D: -0.53%
• 1M: 0.34%
• YTD: 13.63%
• 6M: 12.35%
• 1Y: 25.51%
• 3Y*: 13.47%
• 5Y*: 5.75%
• 10Y*: 12.98%

TAIL

• 1D: -0.05%
• 1M: -2.15%
• YTD: -6.17%
• 6M: -7.55%
• 1Y: -8.73%
• 3Y*: -5.76%
• 5Y*: -8.38%
• 10Y*: —

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

SYLD vs. TAIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SYLD Cambria Shareholder Yield ETF	13.63%	3.94%	3.37%	16.46%	-6.14%	48.59%	13.61%	26.98%	-13.51%	13.17%
TAIL Cambria Tail Risk ETF	-6.17%	5.48%	-9.62%	-13.29%	-13.13%	-12.81%	6.91%	-14.27%	2.85%	-7.70%

Correlation

The correlation between SYLD and TAIL is -0.30, 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	-0.30
Correlation (3Y) Calculated over the trailing 3-year period	-0.34
Correlation (5Y) Calculated over the trailing 5-year period	-0.52
Correlation (All Time) Calculated using the full available price history since Jun 14, 2017	-0.59

Over the past year, the inverse relationship between SYLD and TAIL has weakened: their correlation has moved from -0.59 to -0.30, meaning they move in opposite directions less often than they have historically.

SYLD vs. TAIL - Sectors Allocation Comparison

Sectors	SYLD	TAIL
Consumer Cyclical	22.9%	10.1%
Financial Services	22.7%	11.8%
Energy	17.7%	3.5%
Industrials	8.1%	8.3%
Basic Materials	7.9%	1.8%
Consumer Defensive	6.8%	4.9%
Communication Services	6.0%	11.2%
Healthcare	5.6%	8.5%
Technology	2.3%	35.6%
Real Estate	-	1.9%
Utilities	-	2.4%

Return for Risk

SYLD vs. TAIL — Risk / Return Rank

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

SYLD

SYLD Risk / Return Rank: 55
SYLD Sharpe Ratio Rank: 47
SYLD Sortino Ratio Rank: 51
SYLD Omega Ratio Rank: 45
SYLD Calmar Ratio Rank: 73
SYLD Martin Ratio Rank: 57

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.

SYLD vs. TAIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Shareholder Yield ETF (SYLD) 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.

	SYLD	TAIL	Difference
Sharpe ratio: Return per unit of total volatility	1.65	-1.03	+2.68
Sortino ratio: Return per unit of downside risk	2.54	-1.46	+4.00
Omega ratio: Gain probability vs. loss probability	1.29	0.83	+0.46
Calmar ratio: Return relative to maximum drawdown	3.70	-0.80	+4.50
Martin ratio: Return relative to average drawdown	10.02	-2.01	+12.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SYLD vs. TAIL - Sharpe Ratio Comparison

The current SYLD Sharpe Ratio is 1.65, which is higher than the TAIL Sharpe Ratio of -1.03. The chart below compares the historical Sharpe Ratios of SYLD 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.

Sharpe Ratios by Period

	SYLD	TAIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	-1.03	+2.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	-0.57	+0.85
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	-0.48	+1.05

Drawdowns

SYLD vs. TAIL - Drawdown Comparison

The maximum SYLD drawdown since its inception was -45.36%, smaller than the maximum TAIL drawdown of -52.36%. Use the drawdown chart below to compare losses from any high point for SYLD and TAIL.

Drawdown Indicators

	SYLD	TAIL	Difference
Max Drawdown Largest peak-to-trough decline	-45.36%	-52.36%	+7.00%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-10.95%	+4.02%
Max Drawdown (3Y) Largest decline over 3 years	-26.62%	-20.65%	-5.97%
Max Drawdown (5Y) Largest decline over 5 years	-26.62%	-38.44%	+11.82%
Max Drawdown (10Y) Largest decline over 10 years	-45.36%	—	—
Current Drawdown Current decline from peak	-1.31%	-51.56%	+50.25%
Average Drawdown Average peak-to-trough decline	-5.66%	-29.12%	+23.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.55%	4.35%	-1.80%

Volatility

SYLD vs. TAIL - Volatility Comparison

Cambria Shareholder Yield ETF (SYLD) has a higher volatility of 3.13% compared to Cambria Tail Risk ETF (TAIL) at 0.86%. This indicates that SYLD'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

	SYLD	TAIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.13%	0.86%	+2.27%
Volatility (6M) Calculated over the trailing 6-month period	9.94%	6.45%	+3.49%
Volatility (1Y) Calculated over the trailing 1-year period	15.55%	8.51%	+7.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.62%	14.90%	+5.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.96%	14.94%	+8.02%

SYLD vs. TAIL - Expense Ratio Comparison

Both SYLD and TAIL have an expense ratio of 0.59%.

Dividends

SYLD vs. TAIL - Dividend Comparison

SYLD's dividend yield for the trailing twelve months is around 1.86%, less than TAIL's 3.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SYLD Cambria Shareholder Yield ETF	1.86%	2.25%	2.04%	1.92%	2.20%	2.37%	1.99%	2.08%	2.52%	1.57%	1.92%	6.93%
TAIL Cambria Tail Risk ETF	3.49%	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

Can I hold both SYLD and TAIL in my portfolio?

SYLD and TAIL have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SYLD or TAIL?

SYLD has higher volatility (3.13%) compared to TAIL (0.86%). In terms of maximum drawdown, SYLD dropped -45.36% vs TAIL's -52.36%.

Which ETF is better, SYLD or TAIL?

On 5-year performance, SYLD leads with 5.75% vs -8.38% for TAIL. Both ETFs have the same 0.59% expense ratio. On volatility, TAIL has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SYLD or TAIL?

Over the 5-year period, SYLD has performed better with a 5.75% return vs -8.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SYLD or TAIL?

SYLD and TAIL have the same expense ratio: 0.59% per year.

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

TAIL has the higher dividend yield at 3.49%, compared with 1.86% for SYLD.

What is the main difference between SYLD and TAIL?

SYLD is categorized as Mid Cap Value Equities, while TAIL is Volatility Hedged Equity.

Which has better risk-adjusted returns?

SYLD currently has the higher Sharpe Ratio (1.65 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.