TAIL vs. GMAR

Last updated Apr 2, 2026

Compare and contrast key facts about Cambria Tail Risk ETF (TAIL) and FT Cboe Vest U.S. Equity Moderate Buffer ETF - March (GMAR).

TAIL and GMAR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TAIL is an actively managed fund by Cambria. It was launched on Apr 5, 2017. GMAR is an actively managed fund by FT Vest. It was launched on Mar 16, 2023.

Performance

TAIL vs. GMAR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria Tail Risk ETF (TAIL) and FT Cboe Vest U.S. Equity Moderate Buffer ETF - March (GMAR). The values are adjusted to include any dividend payments, if applicable.

TAIL vs. GMAR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TAIL Cambria Tail Risk ETF	1.76%	5.48%	-9.62%	-13.06%
GMAR FT Cboe Vest U.S. Equity Moderate Buffer ETF - March	2.32%	9.29%	12.14%	11.95%

Returns By Period

In the year-to-date period, TAIL achieves a 1.76% return, which is significantly lower than GMAR's 2.32% return.

TAIL

• 1D: -0.81%
• 1M: 0.32%
• YTD: 1.76%
• 6M: -0.24%
• 1Y: 1.75%
• 3Y*: -4.58%
• 5Y*: -6.94%
• 10Y*: —

GMAR

• 1D: 0.48%
• 1M: 1.40%
• YTD: 2.32%
• 6M: 4.36%
• 1Y: 12.40%
• 3Y*: 11.31%
• 5Y*: —
• 10Y*: —

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

TAIL vs. GMAR - Expense Ratio Comparison

TAIL has a 0.59% expense ratio, which is lower than GMAR's 0.85% expense ratio.

GMAR

FT Cboe Vest U.S. Equity Moderate Buffer ETF - March

TAIL

Cambria Tail Risk ETF

Return for Risk

TAIL vs. GMAR — Risk / Return Rank

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

TAIL

TAIL Risk / Return Rank: 14
TAIL Sharpe Ratio Rank: 14
TAIL Sortino Ratio Rank: 14
TAIL Omega Ratio Rank: 15
TAIL Calmar Ratio Rank: 14
TAIL Martin Ratio Rank: 13

GMAR

GMAR Risk / Return Rank: 81
GMAR Sharpe Ratio Rank: 76
GMAR Sortino Ratio Rank: 79
GMAR Omega Ratio Rank: 94
GMAR Calmar Ratio Rank: 66
GMAR Martin Ratio Rank: 88

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. GMAR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Tail Risk ETF (TAIL) and FT Cboe Vest U.S. Equity Moderate Buffer ETF - March (GMAR). 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	GMAR	Difference
Sharpe ratio Return per unit of total volatility	0.10	1.46	-1.37
Sortino ratio Return per unit of downside risk	0.30	2.14	-1.84
Omega ratio Gain probability vs. loss probability	1.05	1.46	-0.41
Calmar ratio Return relative to maximum drawdown	0.11	1.84	-1.73
Martin ratio Return relative to average drawdown	0.13	11.96	-11.83
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. GMAR - Sharpe Ratio Comparison

The current TAIL Sharpe Ratio is 0.10, which is lower than the GMAR Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of TAIL and GMAR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TAIL	GMAR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.10	1.46	-1.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.43	1.71	-2.14

Correlation

The correlation between TAIL and GMAR is -0.53. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

TAIL vs. GMAR - Dividend Comparison

TAIL's dividend yield for the trailing twelve months is around 3.22%, while GMAR has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
TAIL Cambria Tail Risk ETF	3.22%	2.88%	3.48%	3.74%	1.50%	0.49%	0.36%	1.58%	1.52%	0.91%
GMAR FT Cboe Vest U.S. Equity Moderate Buffer ETF - March	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

TAIL vs. GMAR - Drawdown Comparison

The maximum TAIL drawdown since its inception was -52.36%, which is greater than GMAR's maximum drawdown of -9.11%. Use the drawdown chart below to compare losses from any high point for TAIL and GMAR.

Drawdown Indicators

	TAIL	GMAR	Difference
Max Drawdown Largest peak-to-trough decline	-52.36%	-9.11%	-43.25%
Max Drawdown (1Y) Largest decline over 1 year	-16.24%	-6.85%	-9.39%
Max Drawdown (5Y) Largest decline over 5 years	-38.44%	—	—
Current Drawdown Current decline from peak	-47.46%	0.00%	-47.46%
Average Drawdown Average peak-to-trough decline	-28.71%	-0.57%	-28.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.30%	1.05%	+12.25%

Volatility

TAIL vs. GMAR - Volatility Comparison

Cambria Tail Risk ETF (TAIL) has a higher volatility of 4.44% compared to FT Cboe Vest U.S. Equity Moderate Buffer ETF - March (GMAR) at 2.22%. This indicates that TAIL's price experiences larger fluctuations and is considered to be riskier than GMAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TAIL	GMAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.44%	2.22%	+2.22%
Volatility (6M) Calculated over the trailing 6-month period	7.09%	2.87%	+4.22%
Volatility (1Y) Calculated over the trailing 1-year period	17.83%	8.50%	+9.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.90%	6.96%	+7.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.06%	6.96%	+8.10%