TAX vs. VFLO

Last updated Jul 17, 2026

TAX (Cambria Tax Aware ETF) and VFLO (VictoryShares Free Cash Flow ETF) are both Large Cap Value Equities funds. TAX is actively managed, while VFLO is passively managed. Over the past year, TAX returned 17.99% vs 37.81% for VFLO. A 0.69 correlation means they provide meaningful diversification when combined. TAX charges 0.49%/yr vs 0.39%/yr for VFLO.

Performance

TAX vs. VFLO - Performance Comparison

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

Returns By Period

In the year-to-date period, TAX achieves a 8.31% return, which is significantly lower than VFLO's 22.09% return.

TAX

• 1D: -0.38%
• 1M: 0.03%
• 6M: 4.18%
• YTD: 8.31%
• 1Y: 17.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VFLO

• 1D: 0.82%
• 1M: 3.67%
• 6M: 19.78%
• YTD: 22.09%
• 1Y: 37.81%
• 3Y*: 24.50%
• 5Y*: —
• 10Y*: —

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

TAX vs. VFLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TAX Cambria Tax Aware ETF	8.31%	16.72%	-2.49%
VFLO VictoryShares Free Cash Flow ETF	22.09%	17.51%	-0.99%

Correlation

The correlation between TAX and VFLO is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (All Time) Calculated using the full available price history since Dec 18, 2024	0.69

The correlation between TAX and VFLO has been stable across timeframes, ranging from 0.64 to 0.69 - a consistent structural relationship.

Return for Risk

TAX vs. VFLO — Risk / Return Rank

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

TAX

TAX Risk / Return Rank: 39
TAX Sharpe Ratio Rank: 37
TAX Sortino Ratio Rank: 38
TAX Omega Ratio Rank: 35
TAX Calmar Ratio Rank: 39
TAX Martin Ratio Rank: 47

VFLO

VFLO Risk / Return Rank: 91
VFLO Sharpe Ratio Rank: 90
VFLO Sortino Ratio Rank: 90
VFLO Omega Ratio Rank: 88
VFLO Calmar Ratio Rank: 95
VFLO Martin Ratio Rank: 93

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. VFLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Tax Aware ETF (TAX) and VictoryShares Free Cash Flow ETF (VFLO). 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.

	TAX	VFLO	Difference
Sharpe ratio: Return per unit of total volatility	1.10	2.44	-1.34
Sortino ratio: Return per unit of downside risk	1.67	3.44	-1.77
Omega ratio: Gain probability vs. loss probability	1.20	1.43	-0.24
Calmar ratio: Return relative to maximum drawdown	1.65	5.90	-4.25
Martin ratio: Return relative to average drawdown	6.16	18.38	-12.22

TAX vs. VFLO - Sharpe Ratio Comparison

The current TAX Sharpe Ratio is 1.10, which is lower than the VFLO Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of TAX and VFLO, 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

TAX vs. VFLO - Drawdown Comparison

The maximum TAX drawdown since its inception was -18.85%, which is greater than VFLO's maximum drawdown of -17.79%. Use the drawdown chart below to compare losses from any high point for TAX and VFLO.

Drawdown Indicators

	TAX	VFLO	Difference
Max Drawdown Largest peak-to-trough decline	-18.85%	-17.79%	-1.06%
Max Drawdown (1Y) Largest decline over 1 year	-10.95%	-6.44%	-4.51%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.79%	—
Current Drawdown Current decline from peak	-3.03%	-0.45%	-2.58%
Average Drawdown Average peak-to-trough decline	-2.93%	-2.46%	-0.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	2.06%	+0.87%

Volatility

TAX vs. VFLO - Volatility Comparison

Cambria Tax Aware ETF (TAX) and VictoryShares Free Cash Flow ETF (VFLO) have volatilities of 4.06% and 4.20%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TAX	VFLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.06%	4.20%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	12.91%	12.11%	+0.80%
Volatility (1Y) Calculated over the trailing 1-year period	16.39%	15.56%	+0.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.80%	15.99%	+2.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.80%	15.99%	+2.81%

TAX vs. VFLO - Expense Ratio Comparison

TAX has a 0.49% expense ratio, which is higher than VFLO's 0.39% expense ratio.

Dividends

TAX vs. VFLO - Dividend Comparison

TAX's dividend yield for the trailing twelve months is around 0.32%, less than VFLO's 1.12% yield.

Position	TTM	2025	2024	2023
TAX Cambria Tax Aware ETF	0.32%	0.34%	0.23%	0.00%
VFLO VictoryShares Free Cash Flow ETF	1.12%	1.60%	1.20%	0.71%

Frequently Asked Questions

Can I hold both TAX and VFLO in my portfolio?

TAX and VFLO have a correlation of 0.64, 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 VFLO?

VFLO has higher volatility (4.20%) compared to TAX (4.06%). In terms of maximum drawdown, TAX dropped -18.85% vs VFLO's -17.79%.

Which ETF is better, TAX or VFLO?

On 1-year performance, VFLO leads with 37.81% vs 17.99% for TAX. On fees, VFLO is cheaper at 0.39% per year. On volatility, TAX has been the lower-risk option at 4.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TAX or VFLO?

Over the 1-year period, VFLO has performed better with a 37.81% return vs 17.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TAX or VFLO?

VFLO is cheaper with a 0.39% expense ratio, compared with 0.49% for TAX.

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

VFLO has the higher dividend yield at 1.12%, compared with 0.32% for TAX.

What is the main difference between TAX and VFLO?

They also come from different issuers: Cambria and Victory. Their fees differ too: 0.49% for TAX and 0.39% for VFLO.

Which has better risk-adjusted returns?

VFLO currently has the higher Sharpe Ratio (2.44 vs 1.10), 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.