TAIL vs. HEDG

Last updated Aug 2, 2026

TAIL (Cambria Tail Risk ETF) and HEDG (Equable Shares Hedged Equity ETF) are both Equity Hedged funds. TAIL is actively managed, while HEDG is passively managed. Their -0.73 correlation means they have often moved in opposite directions in the past. TAIL charges 0.59%/yr vs 0.96%/yr for HEDG.

Performance

TAIL vs. HEDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria Tail Risk ETF (TAIL) and Equable Shares Hedged Equity ETF (HEDG). 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 HEDG's 4.12% 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%

HEDG

• 1D: 0.33%
• 1M: 0.80%
• 6M: 3.33%
• YTD: 4.12%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
HEDG Equable Shares Hedged Equity ETF	$1.17M	$841.57K	$1.20M
TAIL Cambria Tail Risk ETF	$1.12M	$1.66M	$2.24M

TAIL vs. HEDG - Yearly Performance Comparison

	2026 (YTD)	2025
TAIL Cambria Tail Risk ETF	-8.13%	-3.51%
HEDG Equable Shares Hedged Equity ETF	4.12%	3.20%

Correlation

The correlation between TAIL and HEDG is -0.73, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 13, 2025	-0.73

TAIL vs. HEDG - Sectors Allocation Comparison

Sectors	TAIL	HEDG
Technology	39.0%	38.5%
Financial Services	11.1%	11.6%
Communication Services	10.6%	9.9%
Consumer Cyclical	9.9%	9.5%
Healthcare	8.3%	8.9%
Industrials	7.8%	8.4%
Consumer Defensive	4.5%	4.5%
Energy	3.1%	3.0%
Utilities	2.1%	2.2%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

TAIL vs. HEDG — 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

HEDG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. HEDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Tail Risk ETF (TAIL) and Equable Shares Hedged Equity ETF (HEDG). 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	HEDG	Difference
Sharpe ratio: Return per unit of total volatility	-1.09	—	—
Sortino ratio: Return per unit of downside risk	-1.55	—	—
Omega ratio: Gain probability vs. loss probability	0.82	—	—
Calmar ratio: Return relative to maximum drawdown	-0.74	—	—
Martin ratio: Return relative to average drawdown	-1.52	—	—

Drawdowns

TAIL vs. HEDG - Drawdown Comparison

The maximum TAIL drawdown since its inception was -52.57%, which is greater than HEDG's maximum drawdown of -3.85%. Use the drawdown chart below to compare losses from any high point for TAIL and HEDG.

Drawdown Indicators

	TAIL	HEDG	Difference
Max Drawdown Largest peak-to-trough decline	-52.57%	-3.85%	-48.72%
Max Drawdown (1Y) Largest decline over 1 year	-12.68%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-22.20%	—	—
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%	-0.38%	-29.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.16%	—	—

Volatility

Volatility by Period

	TAIL	HEDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.80%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.72%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	8.59%	5.79%	+2.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.88%	5.79%	+9.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.84%	5.79%	+9.05%

TAIL vs. HEDG - Expense Ratio Comparison

TAIL has a 0.59% expense ratio, which is lower than HEDG's 0.96% expense ratio.

Dividends

TAIL vs. HEDG - Dividend Comparison

TAIL's dividend yield for the trailing twelve months is around 2.99%, more than HEDG's 2.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HEDG Equable Shares Hedged Equity ETF	2.31%	1.38%	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 HEDG in my portfolio?

TAIL and HEDG have a correlation of -0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TAIL or HEDG?

On fees, TAIL is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TAIL or HEDG?

TAIL is cheaper with a 0.59% expense ratio, compared with 0.96% for HEDG.

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

TAIL has the higher dividend yield at 2.99%, compared with 2.31% for HEDG.

What is the main difference between TAIL and HEDG?

They also come from different issuers: Cambria and Equable Shares. Their fees differ too: 0.59% for TAIL and 0.96% for HEDG.