TAIL vs. GLDM

Last updated Jun 14, 2026

TAIL (Cambria Tail Risk ETF) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - TAIL is a Volatility Hedged Equity fund actively managed by Cambria, while GLDM is a Gold fund tracking the LBMA Gold Price PM. TAIL is actively managed, while GLDM is passively managed. Over the past 5 years, TAIL returned -8.40%/yr vs 17.41%/yr for GLDM. At a 0.14 correlation, their price movements are largely independent. TAIL charges 0.59%/yr vs 0.10%/yr for GLDM.

Performance

TAIL vs. GLDM - Performance Comparison

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

Returns By Period

In the year-to-date period, TAIL achieves a -5.78% return, which is significantly lower than GLDM's -2.40% return.

TAIL

• 1D: -0.60%
• 1M: -0.32%
• YTD: -5.78%
• 6M: -6.25%
• 1Y: -8.88%
• 3Y*: -4.93%
• 5Y*: -8.40%
• 10Y*: —

GLDM

• 1D: 0.11%
• 1M: -9.52%
• YTD: -2.40%
• 6M: -2.09%
• 1Y: 22.58%
• 3Y*: 29.27%
• 5Y*: 17.41%
• 10Y*: —

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

TAIL vs. GLDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
TAIL Cambria Tail Risk ETF	-5.78%	5.48%	-9.62%	-13.29%	-13.13%	-12.81%	6.91%	-14.27%	8.30%
GLDM SPDR Gold MiniShares Trust	-2.40%	64.20%	27.08%	13.04%	-0.47%	-4.01%	25.10%	18.10%	1.75%

Correlation

The correlation between TAIL and GLDM is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018	0.14

The correlation between TAIL and GLDM shifts across timeframes, from -0.01 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TAIL vs. GLDM — 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: 2
TAIL Sortino Ratio Rank: 2
TAIL Omega Ratio Rank: 2
TAIL Calmar Ratio Rank: 3
TAIL Martin Ratio Rank: 0

GLDM

GLDM Risk / Return Rank: 27
GLDM Sharpe Ratio Rank: 28
GLDM Sortino Ratio Rank: 25
GLDM Omega Ratio Rank: 31
GLDM Calmar Ratio Rank: 24
GLDM Martin Ratio Rank: 25

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. GLDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Tail Risk ETF (TAIL) and SPDR Gold MiniShares Trust (GLDM). 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	GLDM	Difference
Sharpe ratio: Return per unit of total volatility	-1.00	0.90	-1.90
Sortino ratio: Return per unit of downside risk	-1.43	1.26	-2.69
Omega ratio: Gain probability vs. loss probability	0.84	1.19	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.78	1.00	-1.77
Martin ratio: Return relative to average drawdown	-1.82	2.87	-4.69

TAIL vs. GLDM - Sharpe Ratio Comparison

The current TAIL Sharpe Ratio is -1.00, which is lower than the GLDM Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of TAIL and GLDM, 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. GLDM - Drawdown Comparison

The maximum TAIL drawdown since its inception was -52.36%, which is greater than GLDM's maximum drawdown of -24.35%. Use the drawdown chart below to compare losses from any high point for TAIL and GLDM.

Drawdown Indicators

	TAIL	GLDM	Difference
Max Drawdown Largest peak-to-trough decline	-52.36%	-24.35%	-28.01%
Max Drawdown (1Y) Largest decline over 1 year	-10.99%	-24.35%	+13.36%
Max Drawdown (3Y) Largest decline over 3 years	-20.69%	-24.35%	+3.66%
Max Drawdown (5Y) Largest decline over 5 years	-38.44%	-24.35%	-14.09%
Current Drawdown Current decline from peak	-51.35%	-21.96%	-29.39%
Average Drawdown Average peak-to-trough decline	-29.18%	-6.27%	-22.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.68%	8.44%	-3.76%

Volatility

TAIL vs. GLDM - Volatility Comparison

The current volatility for Cambria Tail Risk ETF (TAIL) is 1.51%, while SPDR Gold MiniShares Trust (GLDM) has a volatility of 7.73%. This indicates that TAIL experiences smaller price fluctuations and is considered to be less risky than GLDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TAIL	GLDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.51%	7.73%	-6.22%
Volatility (6M) Calculated over the trailing 6-month period	6.56%	23.93%	-17.37%
Volatility (1Y) Calculated over the trailing 1-year period	8.51%	27.15%	-18.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.91%	18.13%	-3.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.92%	16.98%	-2.06%

TAIL vs. GLDM - Expense Ratio Comparison

TAIL has a 0.59% expense ratio, which is higher than GLDM's 0.10% expense ratio.

Dividends

TAIL vs. GLDM - Dividend Comparison

TAIL's dividend yield for the trailing twelve months is around 3.48%, while GLDM has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GLDM SPDR Gold MiniShares Trust	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	3.48%	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 GLDM in my portfolio?

TAIL and GLDM have a correlation of -0.01, 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 GLDM?

GLDM has higher volatility (7.73%) compared to TAIL (1.51%). In terms of maximum drawdown, TAIL dropped -52.36% vs GLDM's -24.35%.

Which ETF is better, TAIL or GLDM?

On 5-year performance, GLDM leads with 17.41% vs -8.40% for TAIL. On fees, GLDM is cheaper at 0.10% per year. On volatility, TAIL has been the lower-risk option at 1.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TAIL or GLDM?

Over the 5-year period, GLDM has performed better with a 17.41% return vs -8.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TAIL or GLDM?

GLDM is cheaper with a 0.10% expense ratio, compared with 0.59% for TAIL.

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

TAIL has the higher dividend yield at 3.48%, compared with 0.00% for GLDM.

What is the main difference between TAIL and GLDM?

TAIL is categorized as Volatility Hedged Equity, while GLDM is Gold. They also come from different issuers: Cambria and State Street. Their fees differ too: 0.59% for TAIL and 0.10% for GLDM.

Which has better risk-adjusted returns?

GLDM currently has the higher Sharpe Ratio (0.90 vs -1.00), 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.