TAX vs. KEAT

Last updated Jun 4, 2026

TAX (Cambria Tax Aware ETF) and KEAT (Keating Active ETF) are both exchange-traded funds - TAX is a Large Cap Value Equities fund actively managed by Cambria, while KEAT is a Global Allocation fund actively managed by Keating. Both are actively managed. Over the past year, TAX returned 23.75% vs 24.92% for KEAT. At a 0.34 correlation, their price movements are largely independent. TAX charges 0.49%/yr vs 0.85%/yr for KEAT.

Performance

TAX vs. KEAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria Tax Aware ETF (TAX) and Keating Active ETF (KEAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TAX achieves a 8.40% return, which is significantly lower than KEAT's 9.05% return.

TAX

• 1D: -0.47%
• 1M: 4.58%
• YTD: 8.40%
• 6M: 8.40%
• 1Y: 23.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KEAT

• 1D: -0.72%
• 1M: -1.47%
• YTD: 9.05%
• 6M: 9.91%
• 1Y: 24.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TAX vs. KEAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TAX Cambria Tax Aware ETF	8.40%	16.72%	0.25%
KEAT Keating Active ETF	9.05%	22.76%	0.19%

Correlation

The correlation between TAX and KEAT is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (All Time) Calculated using the full available price history since Dec 19, 2024	0.34

Return for Risk

TAX vs. KEAT — Risk / Return Rank

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

TAX

TAX Risk / Return Rank: 45
TAX Sharpe Ratio Rank: 44
TAX Sortino Ratio Rank: 45
TAX Omega Ratio Rank: 41
TAX Calmar Ratio Rank: 45
TAX Martin Ratio Rank: 50

KEAT

KEAT Risk / Return Rank: 73
KEAT Sharpe Ratio Rank: 75
KEAT Sortino Ratio Rank: 73
KEAT Omega Ratio Rank: 73
KEAT Calmar Ratio Rank: 80
KEAT Martin Ratio Rank: 63

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.

TAX vs. KEAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Tax Aware ETF (TAX) and Keating Active ETF (KEAT). 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.

	TAX	KEAT	Difference
Sharpe ratio: Return per unit of total volatility	1.52	2.44	-0.92
Sortino ratio: Return per unit of downside risk	2.23	3.32	-1.09
Omega ratio: Gain probability vs. loss probability	1.27	1.44	-0.17
Calmar ratio: Return relative to maximum drawdown	2.18	4.14	-1.96
Martin ratio: Return relative to average drawdown	8.34	11.38	-3.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TAX vs. KEAT - Sharpe Ratio Comparison

The current TAX Sharpe Ratio is 1.52, which is lower than the KEAT Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of TAX and KEAT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TAX	KEAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.52	2.44	-0.92
Sharpe Ratio (All Time) Calculated using the full available price history	0.96	1.52	-0.57

Drawdowns

TAX vs. KEAT - Drawdown Comparison

The maximum TAX drawdown since its inception was -18.85%, which is greater than KEAT's maximum drawdown of -7.45%. Use the drawdown chart below to compare losses from any high point for TAX and KEAT.

Drawdown Indicators

	TAX	KEAT	Difference
Max Drawdown Largest peak-to-trough decline	-18.85%	-7.45%	-11.40%
Max Drawdown (1Y) Largest decline over 1 year	-10.95%	-6.04%	-4.91%
Current Drawdown Current decline from peak	-0.47%	-5.92%	+5.45%
Average Drawdown Average peak-to-trough decline	-3.00%	-1.57%	-1.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	2.20%	+0.66%

Volatility

TAX vs. KEAT - Volatility Comparison

Cambria Tax Aware ETF (TAX) has a higher volatility of 4.93% compared to Keating Active ETF (KEAT) at 2.55%. This indicates that TAX's price experiences larger fluctuations and is considered to be riskier than KEAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TAX	KEAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.93%	2.55%	+2.38%
Volatility (6M) Calculated over the trailing 6-month period	12.23%	8.32%	+3.91%
Volatility (1Y) Calculated over the trailing 1-year period	15.75%	10.25%	+5.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.77%	10.27%	+8.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.77%	10.27%	+8.50%

TAX vs. KEAT - Expense Ratio Comparison

TAX has a 0.49% expense ratio, which is lower than KEAT's 0.85% expense ratio.

Dividends

TAX vs. KEAT - Dividend Comparison

TAX's dividend yield for the trailing twelve months is around 0.32%, less than KEAT's 2.25% yield.

Position	TTM	2025	2024
KEAT Keating Active ETF	2.25%	2.48%	1.72%
TAX Cambria Tax Aware ETF	0.32%	0.34%	0.23%

Frequently Asked Questions

Can I hold both TAX and KEAT in my portfolio?

TAX and KEAT have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TAX or KEAT?

TAX has higher volatility (4.93%) compared to KEAT (2.55%). In terms of maximum drawdown, TAX dropped -18.85% vs KEAT's -7.45%.

Which ETF is better, TAX or KEAT?

On 1-year performance, KEAT leads with 24.92% vs 23.75% for TAX. On fees, TAX is cheaper at 0.49% per year. On volatility, KEAT has been the lower-risk option at 2.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TAX or KEAT?

Over the 1-year period, KEAT has performed better with a 24.92% return vs 23.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TAX or KEAT?

TAX is cheaper with a 0.49% expense ratio, compared with 0.85% for KEAT.

Which ETF pays a higher dividend yield, TAX or KEAT?

KEAT has the higher dividend yield at 2.25%, compared with 0.32% for TAX.

What is the main difference between TAX and KEAT?

TAX is categorized as Large Cap Value Equities, while KEAT is Global Allocation. They also come from different issuers: Cambria and Keating. Their fees differ too: 0.49% for TAX and 0.85% for KEAT.

Which has better risk-adjusted returns?

KEAT currently has the higher Sharpe Ratio (2.44 vs 1.52), 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.