PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
TAIL vs. USMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TAIL vs. USMV

Last updated Jun 14, 2026

TAIL (Cambria Tail Risk ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both exchange-traded funds - TAIL is a Volatility Hedged Equity fund actively managed by Cambria, while USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index. TAIL is actively managed, while USMV is passively managed. Over the past 5 years, TAIL returned -8.40%/yr vs 7.24%/yr for USMV. At a correlation of -0.51, they often move in opposite directions. TAIL charges 0.59%/yr vs 0.15%/yr for USMV.

Performance

TAIL vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria Tail Risk ETF (TAIL) and iShares MSCI USA Min Vol Factor ETF (USMV). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, TAIL achieves a -5.78% return, which is significantly lower than USMV's 2.43% return.

TAIL

1D
-0.60%
1M
0.14%
YTD
-5.78%
6M
-6.25%
1Y
-8.88%
3Y*
-4.93%
5Y*
-8.40%
10Y*
—

USMV

1D
0.43%
1M
1.43%
YTD
2.43%
6M
2.34%
1Y
4.89%
3Y*
11.35%
5Y*
7.24%
10Y*
9.90%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TAIL vs. USMV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TAIL
Cambria Tail Risk ETF		-5.78%5.48%-9.62%-13.29%-13.13%-12.81%6.91%-14.27%2.85%-7.55%
USMV
iShares MSCI USA Min Vol Factor ETF		2.43%7.65%15.74%10.33%-9.43%20.85%5.64%27.69%1.33%8.31%

Correlation

The correlation between TAIL and USMV is -0.27, 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

-0.27

Correlation (3Y)
Calculated over the trailing 3-year period

-0.31

Correlation (5Y)
Calculated over the trailing 5-year period

-0.47

Correlation (All Time)
Calculated using the full available price history since Jun 13, 2017

-0.51

Over the past year, the inverse relationship between TAIL and USMV has weakened: their correlation has moved from -0.51 to -0.27, meaning they move in opposite directions less often than they have historically.

TAIL vs. USMV - Sectors Allocation Comparison

Sectors
TAIL
USMV

Technology

39.0%
33.9%

Financial Services

11.1%
11.7%

Communication Services

10.6%
6.2%

Consumer Cyclical

9.9%
5.7%

Healthcare

8.3%
12.6%

Industrials

7.8%
6.1%

Consumer Defensive

4.5%
9.4%

Energy

3.1%
2.7%

Utilities

2.1%
6.9%

Real Estate

1.8%
2.5%

Basic Materials

1.7%
2.4%

Technology

TAIL
39.0%
USMV
33.9%

Financial Services

TAIL
11.1%
USMV
11.7%

Communication Services

TAIL
10.6%
USMV
6.2%

Consumer Cyclical

TAIL
9.9%
USMV
5.7%

Healthcare

TAIL
8.3%
USMV
12.6%

Industrials

TAIL
7.8%
USMV
6.1%

Consumer Defensive

TAIL
4.5%
USMV
9.4%

Energy

TAIL
3.1%
USMV
2.7%

Utilities

TAIL
2.1%
USMV
6.9%

Real Estate

TAIL
1.8%
USMV
2.5%

Basic Materials

TAIL
1.7%
USMV
2.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Cambria Tail Risk ETF

iShares MSCI USA Min Vol Factor ETF

Often compared with TAIL:
TAIL vs. CAOSTAIL vs. SPYTAIL vs. BTALTAIL vs. XTRTAIL vs. QTRTAIL vs. DRSKTAIL vs. SJB
Often compared with USMV:
USMV vs. SPLVUSMV vs. SPYUSMV vs. VOOUSMV vs. VFMVUSMV vs. ACWVUSMV vs. QUALUSMV vs. VTI

Return for Risk

TAIL vs. USMV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TAIL
TAIL Risk / Return Rank: 22
Overall Rank
TAIL Sharpe Ratio Rank: 22
Sharpe Ratio Rank
TAIL Sortino Ratio Rank: 22
Sortino Ratio Rank
TAIL Omega Ratio Rank: 22
Omega Ratio Rank
TAIL Calmar Ratio Rank: 33
Calmar Ratio Rank
TAIL Martin Ratio Rank: 00
Martin Ratio Rank
USMV
USMV Risk / Return Rank: 1717
Overall Rank
USMV Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
USMV Sortino Ratio Rank: 1616
Sortino Ratio Rank
USMV Omega Ratio Rank: 1515
Omega Ratio Rank
USMV Calmar Ratio Rank: 1818
Calmar Ratio Rank
USMV Martin Ratio Rank: 2020
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TAIL vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Tail Risk ETF (TAIL) and iShares MSCI USA Min Vol Factor ETF (USMV). 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.

TAILUSMVDifference
Sharpe ratioReturn per unit of total volatility
-1.00
0.47

-1.47

Sortino ratioReturn per unit of downside risk
-1.43
0.72

-2.15

Omega ratioGain probability vs. loss probability

0.84

1.08

-0.25

Calmar ratioReturn relative to maximum drawdown

-0.78

0.62

-1.40

Martin ratioReturn relative to average drawdown

-1.82

2.06

-3.88

TAIL vs. USMV - Sharpe Ratio Comparison

The current TAIL Sharpe Ratio is -1.00, which is lower than the USMV Sharpe Ratio of 0.47. The chart below compares the historical Sharpe Ratios of TAIL and USMV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

TAIL vs. USMV - Drawdown Comparison

The maximum TAIL drawdown since its inception was -52.36%, which is greater than USMV's maximum drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for TAIL and USMV.

Loading charts...

Drawdown Indicators

TAILUSMVDifference

Max Drawdown

Largest peak-to-trough decline

-52.36%

-33.10%

-19.26%

Max Drawdown (1Y)

Largest decline over 1 year

-10.99%

-6.46%

-4.53%

Max Drawdown (3Y)

Largest decline over 3 years

-20.69%

-9.36%

-11.33%

Max Drawdown (5Y)

Largest decline over 5 years

-38.44%

-17.93%

-20.51%

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.10%

—

Current Drawdown

Current decline from peak

-51.35%

-1.40%

-49.95%

Average Drawdown

Average peak-to-trough decline

-29.18%

-2.87%

-26.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.68%

1.95%

+2.73%

Volatility

TAIL vs. USMV - Volatility Comparison

The current volatility for Cambria Tail Risk ETF (TAIL) is 1.51%, while iShares MSCI USA Min Vol Factor ETF (USMV) has a volatility of 2.70%. This indicates that TAIL experiences smaller price fluctuations and is considered to be less risky than USMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

TAILUSMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.51%

2.70%

-1.19%

Volatility (6M)

Calculated over the trailing 6-month period

6.56%

6.02%

+0.54%

Volatility (1Y)

Calculated over the trailing 1-year period

8.51%

8.56%

-0.05%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.91%

12.36%

+2.55%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.92%

14.51%

+0.41%

TAIL vs. USMV - Expense Ratio Comparison

TAIL has a 0.59% expense ratio, which is higher than USMV's 0.15% expense ratio.

Dividends

TAIL vs. USMV - Dividend Comparison

TAIL's dividend yield for the trailing twelve months is around 3.48%, more than USMV's 1.53% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%
USMV
iShares MSCI USA Min Vol Factor ETF		1.53%1.49%1.67%1.82%1.62%1.26%1.81%1.88%2.12%1.77%2.22%2.02%

Frequently Asked Questions

TAIL and USMV have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USMV has higher volatility (2.70%) compared to TAIL (1.51%). In terms of maximum drawdown, TAIL dropped -52.36% vs USMV's -33.10%.

On 5-year performance, USMV leads with 7.24% vs -8.40% for TAIL. On fees, USMV is cheaper at 0.15% 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, USMV has performed better with a 7.24% return vs -8.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

USMV is cheaper with a 0.15% expense ratio, compared with 0.59% for TAIL.

TAIL has the higher dividend yield at 3.48%, compared with 1.53% for USMV.

TAIL is categorized as Volatility Hedged Equity, while USMV is Large Cap Blend Equities. They also come from different issuers: Cambria and iShares. Their fees differ too: 0.59% for TAIL and 0.15% for USMV.

USMV currently has the higher Sharpe Ratio (0.47 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.

Portfolio Optimizer

Find the right allocation for TAIL and USMV

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer