TAIL vs. VGLT

Last updated Jun 14, 2026

TAIL (Cambria Tail Risk ETF) and VGLT (Vanguard Long-Term Treasury ETF) are both exchange-traded funds - TAIL is a Volatility Hedged Equity fund actively managed by Cambria, while VGLT is a Government Bonds fund tracking the Bloomberg U.S. Long Treasury Index. TAIL is actively managed, while VGLT is passively managed. Over the past 5 years, TAIL returned -8.40%/yr vs -5.52%/yr for VGLT. A 0.52 correlation means they provide meaningful diversification when combined. TAIL charges 0.59%/yr vs 0.03%/yr for VGLT.

Performance

TAIL vs. VGLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria Tail Risk ETF (TAIL) and Vanguard Long-Term Treasury ETF (VGLT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TAIL achieves a -5.78% return, which is significantly lower than VGLT's 0.03% return.

TAIL

• 1D: -0.60%
• 1M: -0.32%
• YTD: -5.78%
• 6M: -6.25%
• 1Y: -8.88%
• 3Y*: -4.93%
• 5Y*: -8.40%
• 10Y*: —

VGLT

• 1D: -0.27%
• 1M: 1.19%
• YTD: 0.03%
• 6M: 0.49%
• 1Y: 4.27%
• 3Y*: -0.30%
• 5Y*: -5.52%
• 10Y*: -1.21%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TAIL vs. VGLT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
VGLT Vanguard Long-Term Treasury ETF	0.03%	5.35%	-6.28%	3.27%	-29.34%	-4.98%	17.57%	14.30%	-1.54%	3.25%

Correlation

The correlation between TAIL and VGLT is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jun 13, 2017	0.52

The correlation between TAIL and VGLT shifts across timeframes, from 0.36 (1 year) to 0.52 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TAIL vs. VGLT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TAIL

TAIL Risk / Return Rank: 2
TAIL Sharpe Ratio Rank: 2
TAIL Sortino Ratio Rank: 2
TAIL Omega Ratio Rank: 2
TAIL Calmar Ratio Rank: 3
TAIL Martin Ratio Rank: 0

VGLT

VGLT Risk / Return Rank: 15
VGLT Sharpe Ratio Rank: 16
VGLT Sortino Ratio Rank: 15
VGLT Omega Ratio Rank: 14
VGLT Calmar Ratio Rank: 16
VGLT Martin Ratio Rank: 16

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. VGLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Tail Risk ETF (TAIL) and Vanguard Long-Term Treasury ETF (VGLT). 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	VGLT	Difference
Sharpe ratio: Return per unit of total volatility	-1.00	0.38	-1.38
Sortino ratio: Return per unit of downside risk	-1.43	0.61	-2.04
Omega ratio: Gain probability vs. loss probability	0.84	1.07	-0.23
Calmar ratio: Return relative to maximum drawdown	-0.78	0.47	-1.25
Martin ratio: Return relative to average drawdown	-1.82	1.19	-3.01

TAIL vs. VGLT - Sharpe Ratio Comparison

The current TAIL Sharpe Ratio is -1.00, which is lower than the VGLT Sharpe Ratio of 0.38. The chart below compares the historical Sharpe Ratios of TAIL and VGLT, 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. VGLT - Drawdown Comparison

The maximum TAIL drawdown since its inception was -52.36%, which is greater than VGLT's maximum drawdown of -46.18%. Use the drawdown chart below to compare losses from any high point for TAIL and VGLT.

Drawdown Indicators

	TAIL	VGLT	Difference
Max Drawdown Largest peak-to-trough decline	-52.36%	-46.18%	-6.18%
Max Drawdown (1Y) Largest decline over 1 year	-10.99%	-7.01%	-3.98%
Max Drawdown (3Y) Largest decline over 3 years	-20.69%	-17.68%	-3.01%
Max Drawdown (5Y) Largest decline over 5 years	-38.44%	-40.98%	+2.54%
Max Drawdown (10Y) Largest decline over 10 years	—	-46.18%	—
Current Drawdown Current decline from peak	-51.35%	-36.55%	-14.80%
Average Drawdown Average peak-to-trough decline	-29.18%	-15.09%	-14.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.68%	2.78%	+1.90%

Volatility

TAIL vs. VGLT - Volatility Comparison

The current volatility for Cambria Tail Risk ETF (TAIL) is 1.51%, while Vanguard Long-Term Treasury ETF (VGLT) has a volatility of 2.69%. This indicates that TAIL experiences smaller price fluctuations and is considered to be less risky than VGLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TAIL	VGLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.51%	2.69%	-1.18%
Volatility (6M) Calculated over the trailing 6-month period	6.56%	6.09%	+0.47%
Volatility (1Y) Calculated over the trailing 1-year period	8.51%	8.78%	-0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.91%	14.57%	+0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.92%	13.82%	+1.10%

TAIL vs. VGLT - Expense Ratio Comparison

TAIL has a 0.59% expense ratio, which is higher than VGLT's 0.03% expense ratio.

Dividends

TAIL vs. VGLT - Dividend Comparison

TAIL's dividend yield for the trailing twelve months is around 3.48%, less than VGLT's 4.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VGLT Vanguard Long-Term Treasury ETF	4.59%	4.44%	4.33%	3.33%	2.84%	1.82%	2.15%	2.46%	2.71%	2.55%	2.69%	3.21%

Frequently Asked Questions

Can I hold both TAIL and VGLT in my portfolio?

TAIL and VGLT have a correlation of 0.36, 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 VGLT?

VGLT has higher volatility (2.69%) compared to TAIL (1.51%). In terms of maximum drawdown, TAIL dropped -52.36% vs VGLT's -46.18%.

Which ETF is better, TAIL or VGLT?

On 5-year performance, VGLT leads with -5.52% vs -8.40% for TAIL. On fees, VGLT is cheaper at 0.03% 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.

Which ETF has performed better, TAIL or VGLT?

Over the 5-year period, VGLT has performed better with a -5.52% return vs -8.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TAIL or VGLT?

VGLT is cheaper with a 0.03% expense ratio, compared with 0.59% for TAIL.

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

VGLT has the higher dividend yield at 4.59%, compared with 3.48% for TAIL.

What is the main difference between TAIL and VGLT?

TAIL is categorized as Volatility Hedged Equity, while VGLT is Government Bonds. They also come from different issuers: Cambria and Vanguard. Their fees differ too: 0.59% for TAIL and 0.03% for VGLT.

Which has better risk-adjusted returns?

VGLT currently has the higher Sharpe Ratio (0.38 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.