TAIL vs. GMAR

Last updated Aug 2, 2026

TAIL (Cambria Tail Risk ETF) and GMAR (FT Cboe Vest U.S. Equity Moderate Buffer ETF - March) are both exchange-traded funds - TAIL is a Equity Hedged fund actively managed by Cambria, while GMAR is a Options Trading fund actively managed by FT Vest. Both are actively managed. Over the past 3 years, TAIL returned -4.90%/yr vs 11.56%/yr for GMAR. Their -0.53 correlation means they have often moved in opposite directions in the past. TAIL charges 0.59%/yr vs 0.85%/yr for GMAR.

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.

Returns By Period

In the year-to-date period, TAIL achieves a -8.13% return, which is significantly lower than GMAR's 8.83% 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%

GMAR

• 1D: 0.30%
• 1M: 0.60%
• 6M: 8.30%
• YTD: 8.83%
• 1Y: 13.72%
• 3Y*: 11.56%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GMAR FT Cboe Vest U.S. Equity Moderate Buffer ETF - March	$312.58K	$289.05K	$445.17K
TAIL Cambria Tail Risk ETF	$1.12M	$1.66M	$2.24M

TAIL vs. GMAR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TAIL Cambria Tail Risk ETF	-8.13%	5.48%	-9.62%	-14.13%
GMAR FT Cboe Vest U.S. Equity Moderate Buffer ETF - March	8.83%	9.29%	12.14%	12.40%

Correlation

The correlation between TAIL and GMAR is -0.61, 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.	-0.61
Correlation (3Y) Balances recent behavior with more history.	-0.54
Correlation (All Time) Calculated using the full available price history since Mar 20, 2023	-0.53

The correlation between TAIL and GMAR has been stable across timeframes, ranging from -0.61 to -0.53 - a consistent structural relationship.

Return for Risk

TAIL vs. GMAR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TAIL

TAIL Risk / Return Rank: 1
TAIL Sharpe Ratio Rank: 1
TAIL Sortino Ratio Rank: 2
TAIL Omega Ratio Rank: 2
TAIL Calmar Ratio Rank: 3
TAIL Martin Ratio Rank: 0

GMAR

GMAR Risk / Return Rank: 97
GMAR Sharpe Ratio Rank: 97
GMAR Sortino Ratio Rank: 97
GMAR Omega Ratio Rank: 97
GMAR Calmar Ratio Rank: 97
GMAR Martin Ratio Rank: 98

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

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	GMAR	Difference
Sharpe ratio: Return per unit of total volatility	-1.09	3.33	-4.42
Sortino ratio: Return per unit of downside risk	-1.55	5.40	-6.95
Omega ratio: Gain probability vs. loss probability	0.82	1.81	-0.99
Calmar ratio: Return relative to maximum drawdown	-0.74	7.44	-8.18
Martin ratio: Return relative to average drawdown	-1.52	45.84	-47.36

TAIL vs. GMAR - Sharpe Ratio Comparison

The current TAIL Sharpe Ratio is -1.09, which is lower than the GMAR Sharpe Ratio of 3.33. The chart below compares the historical Sharpe Ratios of TAIL and GMAR, 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. GMAR - Drawdown Comparison

The maximum TAIL drawdown since its inception was -52.57%, 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	-52.57%	-9.11%	-43.46%
Max Drawdown (1Y) Largest decline over 1 year	-12.68%	-1.79%	-10.89%
Max Drawdown (3Y) Largest decline over 3 years	-22.20%	-9.11%	-13.09%
Max Drawdown (5Y) Largest decline over 5 years	-38.03%	—	—
Current Drawdown Current decline from peak	-52.57%	0.00%	-52.57%
Average Drawdown Average peak-to-trough decline	-29.50%	-0.53%	-28.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.16%	0.29%	+5.87%

Volatility

TAIL vs. GMAR - Volatility Comparison

Cambria Tail Risk ETF (TAIL) has a higher volatility of 1.80% compared to FT Cboe Vest U.S. Equity Moderate Buffer ETF - March (GMAR) at 1.22%. 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	1.80%	1.22%	+0.58%
Volatility (6M) Calculated over the trailing 6-month period	6.72%	3.44%	+3.28%
Volatility (1Y) Calculated over the trailing 1-year period	8.59%	4.01%	+4.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.88%	6.75%	+8.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.84%	6.75%	+8.09%

TAIL vs. GMAR - Expense Ratio Comparison

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

Dividends

TAIL vs. GMAR - Dividend Comparison

TAIL's dividend yield for the trailing twelve months is around 2.99%, while GMAR has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
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%

Frequently Asked Questions

Can I hold both TAIL and GMAR in my portfolio?

TAIL and GMAR have a correlation of -0.61, 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 GMAR?

TAIL has higher volatility (1.80%) compared to GMAR (1.22%). In terms of maximum drawdown, TAIL dropped -52.57% vs GMAR's -9.11%.

Which ETF is better, TAIL or GMAR?

On 3-year performance, GMAR leads with 11.56% vs -4.90% for TAIL. On fees, TAIL is cheaper at 0.59% per year. On volatility, GMAR has been the lower-risk option at 1.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TAIL or GMAR?

Over the 3-year period, GMAR has performed better with a 11.56% return vs -4.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TAIL or GMAR?

TAIL is cheaper with a 0.59% expense ratio, compared with 0.85% for GMAR.

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

TAIL has the higher dividend yield at 2.99%, compared with 0.00% for GMAR.

What is the main difference between TAIL and GMAR?

TAIL is categorized as Equity Hedged, while GMAR is Options Trading. They also come from different issuers: Cambria and FT Vest. Their fees differ too: 0.59% for TAIL and 0.85% for GMAR.

Which has better risk-adjusted returns?

GMAR currently has the higher Sharpe Ratio (3.33 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.