TAIL vs. SJB
Compare and contrast key facts about Cambria Tail Risk ETF (TAIL) and ProShares Short High Yield (SJB).
TAIL and SJB 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. SJB is a passively managed fund by ProShares that tracks the performance of the iBoxx $ Liquid High Yield Index (-100%). It was launched on Mar 21, 2011.
Performance
TAIL vs. SJB - Performance Comparison
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TAIL vs. SJB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TAIL Cambria Tail Risk ETF | 2.59% | 5.48% | -9.62% | -13.29% | -13.13% | -12.81% | 6.91% | -14.27% | 2.85% | -7.70% |
SJB ProShares Short High Yield | 1.76% | -1.87% | -0.84% | -5.63% | 9.57% | -6.69% | -9.23% | -11.42% | 2.47% | -1.53% |
Returns By Period
In the year-to-date period, TAIL achieves a 2.59% return, which is significantly higher than SJB's 1.76% return.
TAIL
- 1D
- -2.50%
- 1M
- 0.62%
- YTD
- 2.59%
- 6M
- 0.83%
- 1Y
- 2.58%
- 3Y*
- -4.32%
- 5Y*
- -6.79%
- 10Y*
- —
SJB
- 1D
- -1.05%
- 1M
- 1.33%
- YTD
- 1.76%
- 6M
- 2.10%
- 1Y
- -0.56%
- 3Y*
- -1.29%
- 5Y*
- -0.64%
- 10Y*
- -4.13%
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TAIL vs. SJB - Expense Ratio Comparison
TAIL has a 0.59% expense ratio, which is lower than SJB's 0.95% expense ratio.
Return for Risk
TAIL vs. SJB — Risk / Return Rank
TAIL
SJB
TAIL vs. SJB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Cambria Tail Risk ETF (TAIL) and ProShares Short High Yield (SJB). 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 | SJB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.15 | -0.10 | +0.24 |
Sortino ratioReturn per unit of downside risk | 0.38 | -0.10 | +0.48 |
Omega ratioGain probability vs. loss probability | 1.06 | 0.99 | +0.08 |
Calmar ratioReturn relative to maximum drawdown | 0.16 | -0.09 | +0.25 |
Martin ratioReturn relative to average drawdown | 0.19 | -0.11 | +0.30 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TAIL | SJB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.15 | -0.10 | +0.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.46 | -0.09 | -0.37 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.48 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.43 | -0.60 | +0.17 |
Correlation
The correlation between TAIL and SJB is 0.39, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
TAIL vs. SJB - Dividend Comparison
TAIL's dividend yield for the trailing twelve months is around 3.20%, less than SJB's 3.40% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TAIL Cambria Tail Risk ETF | 3.20% | 2.88% | 3.48% | 3.74% | 1.50% | 0.49% | 0.36% | 1.58% | 1.52% | 0.91% |
SJB ProShares Short High Yield | 3.40% | 3.86% | 5.86% | 4.10% | 0.46% | 0.00% | 0.07% | 1.27% | 0.71% | 0.00% |
Drawdowns
TAIL vs. SJB - Drawdown Comparison
The maximum TAIL drawdown since its inception was -52.36%, smaller than the maximum SJB drawdown of -58.06%. Use the drawdown chart below to compare losses from any high point for TAIL and SJB.
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Drawdown Indicators
| TAIL | SJB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.36% | -58.06% | +5.70% |
Max Drawdown (1Y)Largest decline over 1 year | -16.24% | -6.35% | -9.89% |
Max Drawdown (5Y)Largest decline over 5 years | -38.44% | -13.30% | -25.14% |
Max Drawdown (10Y)Largest decline over 10 years | — | -36.52% | — |
Current DrawdownCurrent decline from peak | -47.03% | -56.97% | +9.94% |
Average DrawdownAverage peak-to-trough decline | -28.70% | -42.30% | +13.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.27% | 5.16% | +8.11% |
Volatility
TAIL vs. SJB - Volatility Comparison
Cambria Tail Risk ETF (TAIL) has a higher volatility of 4.39% compared to ProShares Short High Yield (SJB) at 2.25%. This indicates that TAIL's price experiences larger fluctuations and is considered to be riskier than SJB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TAIL | SJB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.39% | 2.25% | +2.14% |
Volatility (6M)Calculated over the trailing 6-month period | 7.04% | 2.90% | +4.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.81% | 5.69% | +12.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.89% | 7.50% | +7.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.06% | 8.55% | +6.51% |