TAIL vs. CAOS

Last updated Jul 14, 2026

TAIL (Cambria Tail Risk ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - TAIL is a Volatility Hedged Equity fund actively managed by Cambria, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past 3 years, TAIL returned -5.32%/yr vs 3.59%/yr for CAOS. At a 0.02 correlation, their price movements are largely independent. TAIL charges 0.59%/yr vs 0.63%/yr for CAOS.

Performance

TAIL vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria Tail Risk ETF (TAIL) and Alpha Architect Tail Risk ETF (CAOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TAIL achieves a -7.43% return, which is significantly lower than CAOS's 0.73% return.

TAIL

• 1D: -0.19%
• 1M: -1.75%
• 6M: -6.86%
• YTD: -7.43%
• 1Y: -8.80%
• 3Y*: -5.32%
• 5Y*: -8.77%
• 10Y*: —

CAOS

• 1D: 0.03%
• 1M: -0.01%
• 6M: 0.27%
• YTD: 0.73%
• 1Y: 1.84%
• 3Y*: 3.59%
• 5Y*: —
• 10Y*: —

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

TAIL vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TAIL Cambria Tail Risk ETF	-7.43%	5.48%	-9.62%	-7.61%
CAOS Alpha Architect Tail Risk ETF	0.73%	2.55%	5.33%	7.43%

Correlation

The correlation between TAIL and CAOS is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023	0.02

Over the past year, TAIL and CAOS have become more correlated (0.32) than their long-term average of 0.02, meaning their price movements have been converging.

Return for Risk

TAIL vs. CAOS — Risk / Return Rank

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

TAIL

TAIL Risk / Return Rank: 2
TAIL Sharpe Ratio Rank: 1
TAIL Sortino Ratio Rank: 2
TAIL Omega Ratio Rank: 2
TAIL Calmar Ratio Rank: 3
TAIL Martin Ratio Rank: 1

CAOS

CAOS Risk / Return Rank: 48
CAOS Sharpe Ratio Rank: 42
CAOS Sortino Ratio Rank: 46
CAOS Omega Ratio Rank: 47
CAOS Calmar Ratio Rank: 61
CAOS Martin Ratio Rank: 43

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.

TAIL vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Tail Risk ETF (TAIL) and Alpha Architect Tail Risk ETF (CAOS). 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	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	1.18	-2.22
Sortino ratio: Return per unit of downside risk	-1.47	1.88	-3.36
Omega ratio: Gain probability vs. loss probability	0.83	1.24	-0.41
Calmar ratio: Return relative to maximum drawdown	-0.74	2.43	-3.17
Martin ratio: Return relative to average drawdown	-1.61	5.52	-7.13

TAIL vs. CAOS - Sharpe Ratio Comparison

The current TAIL Sharpe Ratio is -1.04, which is lower than the CAOS Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of TAIL and CAOS, 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

TAIL vs. CAOS - Drawdown Comparison

The maximum TAIL drawdown since its inception was -52.36%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for TAIL and CAOS.

Drawdown Indicators

	TAIL	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-52.36%	-3.89%	-48.47%
Max Drawdown (1Y) Largest decline over 1 year	-12.02%	-0.76%	-11.26%
Max Drawdown (3Y) Largest decline over 3 years	-21.60%	-3.60%	-18.00%
Max Drawdown (5Y) Largest decline over 5 years	-38.44%	—	—
Current Drawdown Current decline from peak	-52.20%	-1.16%	-51.04%
Average Drawdown Average peak-to-trough decline	-29.36%	-0.92%	-28.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.50%	0.33%	+5.17%

Volatility

TAIL vs. CAOS - Volatility Comparison

Cambria Tail Risk ETF (TAIL) has a higher volatility of 2.07% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.49%. This indicates that TAIL's price experiences larger fluctuations and is considered to be riskier than CAOS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TAIL	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.07%	0.49%	+1.58%
Volatility (6M) Calculated over the trailing 6-month period	6.68%	1.12%	+5.56%
Volatility (1Y) Calculated over the trailing 1-year period	8.54%	1.56%	+6.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.90%	4.21%	+10.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.88%	4.21%	+10.67%

TAIL vs. CAOS - Expense Ratio Comparison

TAIL has a 0.59% expense ratio, which is lower than CAOS's 0.63% expense ratio.

Dividends

TAIL vs. CAOS - Dividend Comparison

TAIL's dividend yield for the trailing twelve months is around 2.96%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TAIL Cambria Tail Risk ETF	2.96%	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 TAIL and CAOS in my portfolio?

TAIL and CAOS have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TAIL or CAOS?

TAIL has higher volatility (2.07%) compared to CAOS (0.49%). In terms of maximum drawdown, TAIL dropped -52.36% vs CAOS's -3.89%.

Which ETF is better, TAIL or CAOS?

On 3-year performance, CAOS leads with 3.59% vs -5.32% for TAIL. On fees, TAIL is cheaper at 0.59% per year. On volatility, CAOS has been the lower-risk option at 0.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TAIL or CAOS?

Over the 3-year period, CAOS has performed better with a 3.59% return vs -5.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TAIL or CAOS?

TAIL is cheaper with a 0.59% expense ratio, compared with 0.63% for CAOS.

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

TAIL has the higher dividend yield at 2.96%, compared with 0.00% for CAOS.

What is the main difference between TAIL and CAOS?

TAIL is categorized as Volatility Hedged Equity, while CAOS is Options Trading. They also come from different issuers: Cambria and Alpha Architect. Their fees differ too: 0.59% for TAIL and 0.63% for CAOS.

Which has better risk-adjusted returns?

CAOS currently has the higher Sharpe Ratio (1.18 vs -1.04), 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.