TAIL vs. DVQQ

Last updated Jun 5, 2026

TAIL (Cambria Tail Risk ETF) and DVQQ (WEBs QQQ Defined Volatility ETF) are both exchange-traded funds - TAIL is a Volatility Hedged Equity fund actively managed by Cambria, while DVQQ is a Large Cap Growth Equities fund tracking the Syntax Defined Volatility Triple Qs Index. TAIL is actively managed, while DVQQ is passively managed. Over the past year, TAIL returned -9.35% vs 48.51% for DVQQ. At a correlation of -0.66, they often move in opposite directions. TAIL charges 0.59%/yr vs 0.94%/yr for DVQQ.

Performance

TAIL vs. DVQQ - Performance Comparison

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

Returns By Period

In the year-to-date period, TAIL achieves a -6.35% return, which is significantly lower than DVQQ's 20.55% return.

TAIL

• 1D: -0.19%
• 1M: -2.20%
• YTD: -6.35%
• 6M: -7.45%
• 1Y: -9.35%
• 3Y*: -5.78%
• 5Y*: -8.42%
• 10Y*: —

DVQQ

• 1D: -0.69%
• 1M: 11.94%
• YTD: 20.55%
• 6M: 17.68%
• 1Y: 48.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TAIL vs. DVQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TAIL Cambria Tail Risk ETF	-6.35%	5.48%	-0.02%
DVQQ WEBs QQQ Defined Volatility ETF	20.55%	18.03%	-7.61%

Correlation

The correlation between TAIL and DVQQ is -0.59, 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	-0.59
Correlation (All Time) Calculated using the full available price history since Dec 18, 2024	-0.66

The correlation between TAIL and DVQQ has been stable across timeframes, ranging from -0.66 to -0.59 - a consistent structural relationship.

Return for Risk

TAIL vs. DVQQ — Risk / Return Rank

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

TAIL

TAIL Risk / Return Rank: 1
TAIL Sharpe Ratio Rank: 1
TAIL Sortino Ratio Rank: 1
TAIL Omega Ratio Rank: 1
TAIL Calmar Ratio Rank: 2
TAIL Martin Ratio Rank: 0

DVQQ

DVQQ Risk / Return Rank: 58
DVQQ Sharpe Ratio Rank: 65
DVQQ Sortino Ratio Rank: 57
DVQQ Omega Ratio Rank: 59
DVQQ Calmar Ratio Rank: 56
DVQQ Martin Ratio Rank: 53

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. DVQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Tail Risk ETF (TAIL) and WEBs QQQ Defined Volatility ETF (DVQQ). 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.

	TAIL	DVQQ	Difference
Sharpe ratio: Return per unit of total volatility	-1.11	2.13	-3.24
Sortino ratio: Return per unit of downside risk	-1.58	2.67	-4.25
Omega ratio: Gain probability vs. loss probability	0.82	1.35	-0.53
Calmar ratio: Return relative to maximum drawdown	-0.85	2.73	-3.58
Martin ratio: Return relative to average drawdown	-2.13	8.96	-11.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TAIL vs. DVQQ - Sharpe Ratio Comparison

The current TAIL Sharpe Ratio is -1.11, which is lower than the DVQQ Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of TAIL and DVQQ, 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

	TAIL	DVQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.11	2.13	-3.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.48	0.86	-1.34

Drawdowns

TAIL vs. DVQQ - Drawdown Comparison

The maximum TAIL drawdown since its inception was -52.36%, which is greater than DVQQ's maximum drawdown of -25.09%. Use the drawdown chart below to compare losses from any high point for TAIL and DVQQ.

Drawdown Indicators

	TAIL	DVQQ	Difference
Max Drawdown Largest peak-to-trough decline	-52.36%	-25.09%	-27.27%
Max Drawdown (1Y) Largest decline over 1 year	-10.99%	-17.89%	+6.90%
Max Drawdown (3Y) Largest decline over 3 years	-20.69%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-38.44%	—	—
Current Drawdown Current decline from peak	-51.65%	-1.05%	-50.60%
Average Drawdown Average peak-to-trough decline	-29.13%	-7.14%	-21.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.40%	5.43%	-1.03%

Volatility

TAIL vs. DVQQ - Volatility Comparison

The current volatility for Cambria Tail Risk ETF (TAIL) is 0.87%, while WEBs QQQ Defined Volatility ETF (DVQQ) has a volatility of 6.30%. This indicates that TAIL experiences smaller price fluctuations and is considered to be less risky than DVQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TAIL	DVQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.87%	6.30%	-5.43%
Volatility (6M) Calculated over the trailing 6-month period	6.44%	16.08%	-9.64%
Volatility (1Y) Calculated over the trailing 1-year period	8.51%	22.86%	-14.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.90%	24.34%	-9.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.94%	24.34%	-9.40%

TAIL vs. DVQQ - Expense Ratio Comparison

TAIL has a 0.59% expense ratio, which is lower than DVQQ's 0.94% expense ratio.

Dividends

TAIL vs. DVQQ - Dividend Comparison

TAIL's dividend yield for the trailing twelve months is around 3.50%, more than DVQQ's 0.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DVQQ WEBs QQQ Defined Volatility ETF	0.03%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TAIL Cambria Tail Risk ETF	3.50%	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 DVQQ in my portfolio?

TAIL and DVQQ have a correlation of -0.59, 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 DVQQ?

DVQQ has higher volatility (6.30%) compared to TAIL (0.87%). In terms of maximum drawdown, TAIL dropped -52.36% vs DVQQ's -25.09%.

Which ETF is better, TAIL or DVQQ?

On 1-year performance, DVQQ leads with 48.51% vs -9.35% for TAIL. On fees, TAIL is cheaper at 0.59% per year. On volatility, TAIL has been the lower-risk option at 0.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TAIL or DVQQ?

Over the 1-year period, DVQQ has performed better with a 48.51% return vs -9.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TAIL or DVQQ?

TAIL is cheaper with a 0.59% expense ratio, compared with 0.94% for DVQQ.

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

TAIL has the higher dividend yield at 3.50%, compared with 0.03% for DVQQ.

What is the main difference between TAIL and DVQQ?

TAIL is categorized as Volatility Hedged Equity, while DVQQ is Large Cap Growth Equities. They also come from different issuers: Cambria and WEBs. Their fees differ too: 0.59% for TAIL and 0.94% for DVQQ.

Which has better risk-adjusted returns?

DVQQ currently has the higher Sharpe Ratio (2.13 vs -1.11), 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.