TAIL vs. BTAL
TAIL (Cambria Tail Risk ETF) and BTAL (AGF U.S. Market Neutral Anti-Beta Fund) are both exchange-traded funds - TAIL is a Volatility Hedged Equity fund actively managed by Cambria, while BTAL is a Equity Market Neutral fund actively managed by AGF. Both are actively managed. Over the past 5 years, TAIL returned -8.44%/yr vs -5.99%/yr for BTAL. At a 0.43 correlation, their price movements are largely independent. TAIL charges 0.59%/yr vs 1.40%/yr for BTAL.
Performance
TAIL vs. BTAL - Performance Comparison
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Returns By Period
In the year-to-date period, TAIL achieves a -6.46% return, which is significantly higher than BTAL's -24.11% return.
TAIL
- 1D
- -0.28%
- 1M
- -0.16%
- YTD
- -6.46%
- 6M
- -6.38%
- 1Y
- -9.61%
- 3Y*
- -5.57%
- 5Y*
- -8.44%
- 10Y*
- —
BTAL
- 1D
- -0.36%
- 1M
- -10.49%
- YTD
- -24.11%
- 6M
- -22.69%
- 1Y
- -38.86%
- 3Y*
- -13.90%
- 5Y*
- -5.99%
- 10Y*
- -5.79%
TAIL vs. BTAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TAIL Cambria Tail Risk ETF | -6.46% | 5.48% | -9.62% | -13.29% | -13.13% | -12.81% | 6.91% | -14.27% | 2.85% | -7.55% |
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -24.11% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -13.86% | 1.07% | 15.13% | -3.89% |
Correlation
The correlation between TAIL and BTAL is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Jun 13, 2017 | 0.43 |
The correlation between TAIL and BTAL shifts across timeframes, from 0.35 (3 years) to 0.48 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TAIL vs. BTAL — Risk / Return Rank
TAIL
BTAL
TAIL vs. BTAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Cambria Tail Risk ETF (TAIL) and AGF U.S. Market Neutral Anti-Beta Fund (BTAL). 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.
| TAIL | BTAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.58 | ||
| Sortino ratioReturn per unit of downside risk | +1.09 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.72 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | -1.00 | +0.13 |
| Martin ratioReturn relative to average drawdown | -1.96 | -1.84 | -0.12 |
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Drawdowns
TAIL vs. BTAL - Drawdown Comparison
The maximum TAIL drawdown since its inception was -52.36%, roughly equal to the maximum BTAL drawdown of -52.70%. Use the drawdown chart below to compare losses from any high point for TAIL and BTAL.
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Drawdown Indicators
| TAIL | BTAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.36% | -52.70% | +0.34% |
Max Drawdown (1Y)Largest decline over 1 year | -11.10% | -38.86% | +27.76% |
Max Drawdown (3Y)Largest decline over 3 years | -20.78% | -47.83% | +27.05% |
Max Drawdown (5Y)Largest decline over 5 years | -38.44% | -47.83% | +9.39% |
Max Drawdown (10Y)Largest decline over 10 years | — | -52.70% | — |
Current DrawdownCurrent decline from peak | -51.70% | -52.70% | +1.00% |
Average DrawdownAverage peak-to-trough decline | -29.22% | -22.05% | -7.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.90% | 21.09% | -16.19% |
Volatility
TAIL vs. BTAL - Volatility Comparison
The current volatility for Cambria Tail Risk ETF (TAIL) is 1.60%, while AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a volatility of 8.55%. This indicates that TAIL experiences smaller price fluctuations and is considered to be less risky than BTAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TAIL | BTAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.60% | 8.55% | -6.95% |
Volatility (6M)Calculated over the trailing 6-month period | 6.56% | 16.47% | -9.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.42% | 22.63% | -14.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.89% | 19.05% | -4.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.91% | 17.38% | -2.47% |
TAIL vs. BTAL - Expense Ratio Comparison
TAIL has a 0.59% expense ratio, which is lower than BTAL's 1.40% expense ratio.
Dividends
TAIL vs. BTAL - Dividend Comparison
TAIL's dividend yield for the trailing twelve months is around 2.93%, less than BTAL's 3.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | 3.28% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% | 0.00% |
TAIL Cambria Tail Risk ETF | 2.93% | 2.88% | 3.48% | 3.74% | 1.50% | 0.49% | 0.36% | 1.58% | 1.52% | 0.91% |
Frequently Asked Questions
TAIL and BTAL have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTAL has higher volatility (8.55%) compared to TAIL (1.60%). In terms of maximum drawdown, TAIL dropped -52.36% vs BTAL's -52.70%.
On 5-year performance, BTAL leads with -5.99% vs -8.44% for TAIL. On fees, TAIL is cheaper at 0.59% per year. On volatility, TAIL has been the lower-risk option at 1.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BTAL has performed better with a -5.99% return vs -8.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TAIL is cheaper with a 0.59% expense ratio, compared with 1.40% for BTAL.
BTAL has the higher dividend yield at 3.28%, compared with 2.93% for TAIL.
TAIL is categorized as Volatility Hedged Equity, while BTAL is Equity Market Neutral. They also come from different issuers: Cambria and AGF. Their fees differ too: 0.59% for TAIL and 1.40% for BTAL.
TAIL currently has the higher Sharpe Ratio (-1.15 vs -1.73), 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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