TAIL vs. HEQT

Last updated Aug 2, 2026

TAIL (Cambria Tail Risk ETF) and HEQT (Simplify Hedged Equity ETF) are both Equity Hedged funds. Both are actively managed. Over the past 3 years, TAIL returned -4.90%/yr vs 12.64%/yr for HEQT. Their -0.61 correlation means they have often moved in opposite directions in the past. TAIL charges 0.59%/yr vs 0.43%/yr for HEQT.

Performance

TAIL vs. HEQT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria Tail Risk ETF (TAIL) and Simplify Hedged Equity ETF (HEQT). 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 HEQT's 5.74% 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%

HEQT

• 1D: 0.48%
• 1M: 0.62%
• 6M: 4.44%
• YTD: 5.74%
• 1Y: 12.81%
• 3Y*: 12.64%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.99%

*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)
HEQT Simplify Hedged Equity ETF	$1.71M	$2.08M	$1.80M
TAIL Cambria Tail Risk ETF	$1.12M	$1.66M	$2.24M

TAIL vs. HEQT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TAIL Cambria Tail Risk ETF	-8.13%	5.48%	-9.62%	-13.29%	-13.13%	-0.81%
HEQT Simplify Hedged Equity ETF	5.74%	10.08%	18.30%	16.61%	-8.25%	2.11%

Correlation

The correlation between TAIL and HEQT is -0.60, 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.	-0.60
Correlation (3Y) Balances recent behavior with more history.	-0.53
Correlation (All Time) Calculated using the full available price history since Nov 2, 2021	-0.61

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

Return for Risk

TAIL vs. HEQT — 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

HEQT

HEQT Risk / Return Rank: 77
HEQT Sharpe Ratio Rank: 77
HEQT Sortino Ratio Rank: 77
HEQT Omega Ratio Rank: 80
HEQT Calmar Ratio Rank: 69
HEQT Martin Ratio Rank: 81

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. HEQT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Tail Risk ETF (TAIL) and Simplify Hedged Equity ETF (HEQT). 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	HEQT	Difference
Sharpe ratio: Return per unit of total volatility	-1.09	1.74	-2.83
Sortino ratio: Return per unit of downside risk	-1.55	2.46	-4.01
Omega ratio: Gain probability vs. loss probability	0.82	1.34	-0.52
Calmar ratio: Return relative to maximum drawdown	-0.74	2.37	-3.11
Martin ratio: Return relative to average drawdown	-1.52	10.53	-12.05

TAIL vs. HEQT - Sharpe Ratio Comparison

The current TAIL Sharpe Ratio is -1.09, which is lower than the HEQT Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of TAIL and HEQT, 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. HEQT - Drawdown Comparison

The maximum TAIL drawdown since its inception was -52.57%, which is greater than HEQT's maximum drawdown of -11.51%. Use the drawdown chart below to compare losses from any high point for TAIL and HEQT.

Drawdown Indicators

	TAIL	HEQT	Difference
Max Drawdown Largest peak-to-trough decline	-52.57%	-11.51%	-41.06%
Max Drawdown (1Y) Largest decline over 1 year	-12.68%	-5.09%	-7.59%
Max Drawdown (3Y) Largest decline over 3 years	-22.20%	-10.57%	-11.63%
Max Drawdown (5Y) Largest decline over 5 years	-38.03%	—	—
Current Drawdown Current decline from peak	-52.57%	-0.33%	-52.24%
Average Drawdown Average peak-to-trough decline	-29.50%	-2.71%	-26.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.16%	1.15%	+5.01%

Volatility

TAIL vs. HEQT - Volatility Comparison

The current volatility for Cambria Tail Risk ETF (TAIL) is 1.80%, while Simplify Hedged Equity ETF (HEQT) has a volatility of 2.18%. This indicates that TAIL experiences smaller price fluctuations and is considered to be less risky than HEQT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TAIL	HEQT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.80%	2.18%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	6.72%	5.69%	+1.03%
Volatility (1Y) Calculated over the trailing 1-year period	8.59%	6.95%	+1.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.88%	8.44%	+6.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.84%	8.44%	+6.40%

TAIL vs. HEQT - Expense Ratio Comparison

TAIL has a 0.59% expense ratio, which is higher than HEQT's 0.43% expense ratio.

Dividends

TAIL vs. HEQT - Dividend Comparison

TAIL's dividend yield for the trailing twelve months is around 2.99%, more than HEQT's 1.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HEQT Simplify Hedged Equity ETF	1.19%	1.19%	1.29%	4.10%	3.94%	0.27%	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 HEQT in my portfolio?

TAIL and HEQT have a correlation of -0.60, 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 HEQT?

HEQT has higher volatility (2.18%) compared to TAIL (1.80%). In terms of maximum drawdown, TAIL dropped -52.57% vs HEQT's -11.51%.

Which ETF is better, TAIL or HEQT?

On 3-year performance, HEQT leads with 12.64% vs -4.90% for TAIL. On fees, HEQT is cheaper at 0.43% per year. On volatility, TAIL has been the lower-risk option at 1.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TAIL or HEQT?

Over the 3-year period, HEQT has performed better with a 12.64% 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 HEQT?

HEQT is cheaper with a 0.43% expense ratio, compared with 0.59% for TAIL.

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

TAIL has the higher dividend yield at 2.99%, compared with 1.19% for HEQT.

What is the main difference between TAIL and HEQT?

They also come from different issuers: Cambria and Simplify. Their fees differ too: 0.59% for TAIL and 0.43% for HEQT.

Which has better risk-adjusted returns?

HEQT currently has the higher Sharpe Ratio (1.74 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.