TAIL vs. GAA
TAIL (Cambria Tail Risk ETF) and GAA (Cambria Global Asset Allocation ETF) are both exchange-traded funds - TAIL is a Equity Hedged fund actively managed by Cambria, while GAA is a Diversified Portfolio fund actively managed by Cambria. Both are actively managed. Over the past 5 years, TAIL returned -9.07%/yr vs 6.27%/yr for GAA. Their -0.35 correlation means they have often moved in opposite directions in the past. TAIL charges 0.59%/yr vs 0.41%/yr for GAA.
Performance
TAIL vs. GAA - Performance Comparison
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Returns By Period
In the year-to-date period, TAIL achieves a -8.13% return, which is significantly lower than GAA's 8.59% return.
TAIL
- 1D
- -0.57%
- 1M
- -1.69%
- 6M
- -7.65%
- YTD
- -8.13%
- 1Y
- -11.00%
- 3Y*
- -4.90%
- 5Y*
- -9.07%
- 10Y*
- —
- ALL TIME*
- -7.28%
GAA
- 1D
- -0.13%
- 1M
- 1.23%
- 6M
- 3.76%
- YTD
- 8.59%
- 1Y
- 18.83%
- 3Y*
- 12.44%
- 5Y*
- 6.27%
- 10Y*
- 7.35%
- ALL TIME*
- 6.60%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $220.71K | $181.13K | $218.77K | |
| $1.12M | $1.66M | $2.24M |
TAIL vs. GAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TAIL Cambria Tail Risk ETF | -8.13% | 5.48% | -9.62% | -13.29% | -13.13% | -12.81% | 6.91% | -14.27% | 2.85% | -7.55% |
GAA Cambria Global Asset Allocation ETF | 8.59% | 18.76% | 6.67% | 7.65% | -8.47% | 11.17% | 9.11% | 15.12% | -7.15% | 8.01% |
Correlation
The correlation between TAIL and GAA is -0.30, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.30 |
Correlation (3Y) Balances recent behavior with more history. | -0.25 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.28 |
Correlation (All Time) Calculated using the full available price history since Jun 13, 2017 | -0.35 |
The correlation between TAIL and GAA shifts across timeframes, from -0.35 (all time) to -0.25 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TAIL vs. GAA — Risk / Return Rank
TAIL
GAA
TAIL vs. GAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Cambria Tail Risk ETF (TAIL) and Cambria Global Asset Allocation ETF (GAA). 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 | GAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.08 | ||
| Sortino ratioReturn per unit of downside risk | -4.33 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.37 | -0.55 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | 3.23 | -3.97 |
| Martin ratioReturn relative to average drawdown | -1.52 | 11.51 | -13.02 |
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Drawdowns
TAIL vs. GAA - Drawdown Comparison
The maximum TAIL drawdown since its inception was -52.57%, which is greater than GAA's maximum drawdown of -26.57%. Use the drawdown chart below to compare losses from any high point for TAIL and GAA.
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Drawdown Indicators
| TAIL | GAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.57% | -26.57% | -26.00% |
Max Drawdown (1Y)Largest decline over 1 year | -12.68% | -5.78% | -6.90% |
Max Drawdown (3Y)Largest decline over 3 years | -22.20% | -7.18% | -15.02% |
Max Drawdown (5Y)Largest decline over 5 years | -38.03% | -18.47% | -19.56% |
Max Drawdown (10Y)Largest decline over 10 years | — | -26.57% | — |
Current DrawdownCurrent decline from peak | -52.57% | -1.39% | -51.18% |
Average DrawdownAverage peak-to-trough decline | -29.50% | -3.82% | -25.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.16% | 1.62% | +4.54% |
Volatility
TAIL vs. GAA - Volatility Comparison
Cambria Tail Risk ETF (TAIL) and Cambria Global Asset Allocation ETF (GAA) have volatilities of 1.80% and 1.83%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TAIL | GAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.80% | 1.83% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 6.72% | 7.80% | -1.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.59% | 9.42% | -0.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.88% | 11.31% | +3.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.84% | 11.09% | +3.75% |
TAIL vs. GAA - Expense Ratio Comparison
TAIL has a 0.59% expense ratio, which is higher than GAA's 0.41% expense ratio.
Dividends
TAIL vs. GAA - Dividend Comparison
TAIL's dividend yield for the trailing twelve months is around 2.99%, less than GAA's 3.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GAA Cambria Global Asset Allocation ETF | 3.50% | 4.24% | 3.88% | 3.73% | 6.05% | 4.21% | 2.73% | 3.32% | 3.01% | 2.36% | 2.82% | 2.49% |
TAIL Cambria Tail Risk ETF | 2.99% | 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
TAIL and GAA 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.
GAA has higher volatility (1.83%) compared to TAIL (1.80%). In terms of maximum drawdown, TAIL dropped -52.57% vs GAA's -26.57%.
On 5-year performance, GAA leads with 6.27% vs -9.07% for TAIL. On fees, GAA is cheaper at 0.41% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GAA has performed better with a 6.27% return vs -9.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GAA is cheaper with a 0.41% expense ratio, compared with 0.59% for TAIL.
GAA has the higher dividend yield at 3.50%, compared with 2.99% for TAIL.
TAIL is categorized as Equity Hedged, while GAA is Diversified Portfolio. Their fees differ too: 0.59% for TAIL and 0.41% for GAA.
GAA currently has the higher Sharpe Ratio (1.99 vs -1.09), 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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