TAIL vs. SWAN
TAIL (Cambria Tail Risk ETF) and SWAN (Amplify BlackSwan Growth & Treasury Core ETF) are both exchange-traded funds - TAIL is a Volatility Hedged Equity fund actively managed by Cambria, while SWAN is a Diversified Portfolio fund tracking the S-Network BlackSwan Core Index. TAIL is actively managed, while SWAN is passively managed. Over the past 5 years, TAIL returned -8.40%/yr vs 3.05%/yr for SWAN. At a correlation of -0.23, they often move in opposite directions. TAIL charges 0.59%/yr vs 0.49%/yr for SWAN.
Performance
TAIL vs. SWAN - Performance Comparison
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Returns By Period
In the year-to-date period, TAIL achieves a -5.78% return, which is significantly lower than SWAN's 3.83% return.
TAIL
- 1D
- -0.60%
- 1M
- 0.14%
- YTD
- -5.78%
- 6M
- -6.25%
- 1Y
- -8.88%
- 3Y*
- -4.93%
- 5Y*
- -8.40%
- 10Y*
- —
SWAN
- 1D
- 0.11%
- 1M
- 0.70%
- YTD
- 3.83%
- 6M
- 3.97%
- 1Y
- 15.52%
- 3Y*
- 12.40%
- 5Y*
- 3.05%
- 10Y*
- —
TAIL vs. SWAN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TAIL Cambria Tail Risk ETF | -5.78% | 5.48% | -9.62% | -13.29% | -13.13% | -12.81% | 6.91% | -14.27% | 11.24% |
SWAN Amplify BlackSwan Growth & Treasury Core ETF | 3.83% | 13.93% | 13.44% | 12.07% | -27.77% | 10.55% | 16.17% | 22.03% | -2.27% |
Correlation
The correlation between TAIL and SWAN is -0.29, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.18 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2018 | -0.23 |
The correlation between TAIL and SWAN shifts across timeframes, from -0.29 (1 year) to -0.18 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TAIL vs. SWAN — Risk / Return Rank
TAIL
SWAN
TAIL vs. SWAN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Cambria Tail Risk ETF (TAIL) and Amplify BlackSwan Growth & Treasury Core ETF (SWAN). 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 | SWAN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.51 | ||
| Sortino ratioReturn per unit of downside risk | -3.57 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.27 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 2.09 | -2.86 |
| Martin ratioReturn relative to average drawdown | -1.82 | 8.04 | -9.86 |
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Drawdowns
TAIL vs. SWAN - Drawdown Comparison
The maximum TAIL drawdown since its inception was -52.36%, which is greater than SWAN's maximum drawdown of -31.04%. Use the drawdown chart below to compare losses from any high point for TAIL and SWAN.
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Drawdown Indicators
| TAIL | SWAN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.36% | -31.04% | -21.32% |
Max Drawdown (1Y)Largest decline over 1 year | -10.99% | -7.05% | -3.94% |
Max Drawdown (3Y)Largest decline over 3 years | -20.69% | -12.07% | -8.62% |
Max Drawdown (5Y)Largest decline over 5 years | -38.44% | -31.04% | -7.40% |
Current DrawdownCurrent decline from peak | -51.35% | -1.92% | -49.43% |
Average DrawdownAverage peak-to-trough decline | -29.18% | -8.85% | -20.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.68% | 1.83% | +2.85% |
Volatility
TAIL vs. SWAN - Volatility Comparison
The current volatility for Cambria Tail Risk ETF (TAIL) is 1.51%, while Amplify BlackSwan Growth & Treasury Core ETF (SWAN) has a volatility of 3.95%. This indicates that TAIL experiences smaller price fluctuations and is considered to be less risky than SWAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TAIL | SWAN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.51% | 3.95% | -2.44% |
Volatility (6M)Calculated over the trailing 6-month period | 6.56% | 7.78% | -1.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.51% | 9.78% | -1.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.91% | 11.39% | +3.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.92% | 12.49% | +2.43% |
TAIL vs. SWAN - Expense Ratio Comparison
TAIL has a 0.59% expense ratio, which is higher than SWAN's 0.49% expense ratio.
Dividends
TAIL vs. SWAN - Dividend Comparison
TAIL's dividend yield for the trailing twelve months is around 3.48%, more than SWAN's 2.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SWAN Amplify BlackSwan Growth & Treasury Core ETF | 2.83% | 2.86% | 2.54% | 2.98% | 2.12% | 5.04% | 1.64% | 3.69% | 0.29% | 0.00% |
TAIL Cambria Tail Risk ETF | 3.48% | 2.88% | 3.48% | 3.74% | 1.50% | 0.49% | 0.36% | 1.58% | 1.52% | 0.91% |
Frequently Asked Questions
TAIL and SWAN have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SWAN has higher volatility (3.95%) compared to TAIL (1.51%). In terms of maximum drawdown, TAIL dropped -52.36% vs SWAN's -31.04%.
On 5-year performance, SWAN leads with 3.05% vs -8.40% for TAIL. On fees, SWAN is cheaper at 0.49% per year. On volatility, TAIL has been the lower-risk option at 1.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SWAN has performed better with a 3.05% return vs -8.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SWAN is cheaper with a 0.49% expense ratio, compared with 0.59% for TAIL.
TAIL has the higher dividend yield at 3.48%, compared with 2.83% for SWAN.
TAIL is categorized as Volatility Hedged Equity, while SWAN is Diversified Portfolio. They also come from different issuers: Cambria and Amplify. Their fees differ too: 0.59% for TAIL and 0.49% for SWAN.
SWAN currently has the higher Sharpe Ratio (1.50 vs -1.00), 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.
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