TAX vs. VMAX

Last updated Jun 25, 2026

TAX (Cambria Tax Aware ETF) and VMAX (Hartford US Value ETF) are both Large Cap Value Equities funds. Both are actively managed. Over the past year, TAX returned 20.63% vs 27.96% for VMAX. Their correlation of 0.85 suggests significant overlap in exposure. TAX charges 0.49%/yr vs 0.29%/yr for VMAX.

Performance

TAX vs. VMAX - Performance Comparison

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

Returns By Period

In the year-to-date period, TAX achieves a 8.42% return, which is significantly lower than VMAX's 15.04% return.

TAX

• 1D: 1.21%
• 1M: 2.93%
• YTD: 8.42%
• 6M: 6.21%
• 1Y: 20.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VMAX

• 1D: -0.34%
• 1M: 2.70%
• YTD: 15.04%
• 6M: 13.37%
• 1Y: 27.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TAX vs. VMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TAX Cambria Tax Aware ETF	8.42%	16.72%	-2.49%
VMAX Hartford US Value ETF	15.04%	15.65%	-2.04%

Correlation

The correlation between TAX and VMAX is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (All Time) Calculated using the full available price history since Dec 18, 2024	0.85

The correlation between TAX and VMAX has been stable across timeframes, ranging from 0.83 to 0.85 - a consistent structural relationship.

Return for Risk

TAX vs. VMAX — Risk / Return Rank

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

TAX

TAX Risk / Return Rank: 42
TAX Sharpe Ratio Rank: 40
TAX Sortino Ratio Rank: 41
TAX Omega Ratio Rank: 37
TAX Calmar Ratio Rank: 43
TAX Martin Ratio Rank: 48

VMAX

VMAX Risk / Return Rank: 84
VMAX Sharpe Ratio Rank: 81
VMAX Sortino Ratio Rank: 80
VMAX Omega Ratio Rank: 77
VMAX Calmar Ratio Rank: 93
VMAX Martin Ratio Rank: 92

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. VMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Tax Aware ETF (TAX) and Hartford US Value ETF (VMAX). 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	VMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.28	2.29	-1.01
Sortino ratio: Return per unit of downside risk	1.89	3.13	-1.24
Omega ratio: Gain probability vs. loss probability	1.22	1.40	-0.18
Calmar ratio: Return relative to maximum drawdown	1.89	5.70	-3.81
Martin ratio: Return relative to average drawdown	7.15	19.99	-12.84

TAX vs. VMAX - Sharpe Ratio Comparison

The current TAX Sharpe Ratio is 1.28, which is lower than the VMAX Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of TAX and VMAX, 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. VMAX - Drawdown Comparison

The maximum TAX drawdown since its inception was -18.85%, roughly equal to the maximum VMAX drawdown of -19.05%. Use the drawdown chart below to compare losses from any high point for TAX and VMAX.

Drawdown Indicators

	TAX	VMAX	Difference
Max Drawdown Largest peak-to-trough decline	-18.85%	-19.05%	+0.20%
Max Drawdown (1Y) Largest decline over 1 year	-10.95%	-4.93%	-6.02%
Current Drawdown Current decline from peak	-0.73%	-0.73%	0.00%
Average Drawdown Average peak-to-trough decline	-2.98%	-2.52%	-0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	1.40%	+1.49%

Volatility

TAX vs. VMAX - Volatility Comparison

Cambria Tax Aware ETF (TAX) has a higher volatility of 5.52% compared to Hartford US Value ETF (VMAX) at 3.17%. This indicates that TAX's price experiences larger fluctuations and is considered to be riskier than VMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TAX	VMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.52%	3.17%	+2.35%
Volatility (6M) Calculated over the trailing 6-month period	12.75%	8.83%	+3.92%
Volatility (1Y) Calculated over the trailing 1-year period	16.31%	12.31%	+4.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.99%	15.40%	+3.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.99%	15.40%	+3.59%

TAX vs. VMAX - Expense Ratio Comparison

TAX has a 0.49% expense ratio, which is higher than VMAX's 0.29% expense ratio.

Dividends

TAX vs. VMAX - Dividend Comparison

TAX's dividend yield for the trailing twelve months is around 0.32%, less than VMAX's 1.86% yield.

Position	TTM	2025	2024
TAX Cambria Tax Aware ETF	0.32%	0.34%	0.23%
VMAX Hartford US Value ETF	1.86%	2.14%	1.95%

Frequently Asked Questions

Can I hold both TAX and VMAX in my portfolio?

TAX and VMAX have a correlation of 0.83, 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 VMAX?

TAX has higher volatility (5.52%) compared to VMAX (3.17%). In terms of maximum drawdown, TAX dropped -18.85% vs VMAX's -19.05%.

Which ETF is better, TAX or VMAX?

On 1-year performance, VMAX leads with 27.96% vs 20.63% for TAX. On fees, VMAX is cheaper at 0.29% per year. On volatility, VMAX has been the lower-risk option at 3.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TAX or VMAX?

Over the 1-year period, VMAX has performed better with a 27.96% return vs 20.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TAX or VMAX?

VMAX is cheaper with a 0.29% expense ratio, compared with 0.49% for TAX.

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

VMAX has the higher dividend yield at 1.86%, compared with 0.32% for TAX.

What is the main difference between TAX and VMAX?

They also come from different issuers: Cambria and Hartford. Their fees differ too: 0.49% for TAX and 0.29% for VMAX.

Which has better risk-adjusted returns?

VMAX currently has the higher Sharpe Ratio (2.29 vs 1.28), 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.