TIP vs. TAIL

Last updated Jun 13, 2026

TIP (iShares TIPS Bond ETF) and TAIL (Cambria Tail Risk ETF) are both exchange-traded funds - TIP is a Inflation-Protected Bonds fund tracking the ICE U.S. Treasury Inflation Linked Bond Index, while TAIL is a Volatility Hedged Equity fund actively managed by Cambria. TIP is passively managed, while TAIL is actively managed. Over the past 5 years, TIP returned 0.91%/yr vs -8.40%/yr for TAIL. At a 0.35 correlation, their price movements are largely independent. TIP charges 0.18%/yr vs 0.59%/yr for TAIL.

Performance

TIP vs. TAIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares TIPS Bond ETF (TIP) and Cambria Tail Risk ETF (TAIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TIP achieves a 1.40% return, which is significantly higher than TAIL's -5.78% return.

TIP

• 1D: 0.01%
• 1M: -0.11%
• YTD: 1.40%
• 6M: 1.42%
• 1Y: 4.76%
• 3Y*: 4.00%
• 5Y*: 0.91%
• 10Y*: 2.53%

TAIL

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

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

TIP vs. TAIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TIP iShares TIPS Bond ETF	1.40%	6.77%	1.65%	3.80%	-12.26%	5.68%	10.84%	8.35%	-1.42%	1.61%
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%

Correlation

The correlation between TIP and TAIL 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	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (All Time) Calculated using the full available price history since Jun 13, 2017	0.35

Return for Risk

TIP vs. TAIL — Risk / Return Rank

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

TIP

TIP Risk / Return Rank: 47
TIP Sharpe Ratio Rank: 44
TIP Sortino Ratio Rank: 48
TIP Omega Ratio Rank: 42
TIP Calmar Ratio Rank: 53
TIP Martin Ratio Rank: 49

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

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.

TIP vs. TAIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares TIPS Bond ETF (TIP) and Cambria Tail Risk ETF (TAIL). 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.

	TIP	TAIL	Difference
Sharpe ratio: Return per unit of total volatility	1.37	-1.00	+2.37
Sortino ratio: Return per unit of downside risk	2.11	-1.43	+3.54
Omega ratio: Gain probability vs. loss probability	1.24	0.84	+0.41
Calmar ratio: Return relative to maximum drawdown	2.34	-0.78	+3.12
Martin ratio: Return relative to average drawdown	7.00	-1.82	+8.82

TIP vs. TAIL - Sharpe Ratio Comparison

The current TIP Sharpe Ratio is 1.37, which is higher than the TAIL Sharpe Ratio of -1.00. The chart below compares the historical Sharpe Ratios of TIP and TAIL, 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

TIP vs. TAIL - Drawdown Comparison

The maximum TIP drawdown since its inception was -14.57%, smaller than the maximum TAIL drawdown of -52.36%. Use the drawdown chart below to compare losses from any high point for TIP and TAIL.

Drawdown Indicators

	TIP	TAIL	Difference
Max Drawdown Largest peak-to-trough decline	-14.57%	-52.36%	+37.79%
Max Drawdown (1Y) Largest decline over 1 year	-1.98%	-10.99%	+9.01%
Max Drawdown (3Y) Largest decline over 3 years	-4.54%	-20.69%	+16.15%
Max Drawdown (5Y) Largest decline over 5 years	-14.51%	-38.44%	+23.93%
Max Drawdown (10Y) Largest decline over 10 years	-14.51%	—	—
Current Drawdown Current decline from peak	-0.46%	-51.35%	+50.89%
Average Drawdown Average peak-to-trough decline	-3.43%	-29.18%	+25.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	4.68%	-4.02%

Volatility

TIP vs. TAIL - Volatility Comparison

The current volatility for iShares TIPS Bond ETF (TIP) is 1.03%, while Cambria Tail Risk ETF (TAIL) has a volatility of 1.51%. This indicates that TIP experiences smaller price fluctuations and is considered to be less risky than TAIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TIP	TAIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	1.51%	-0.48%
Volatility (6M) Calculated over the trailing 6-month period	2.32%	6.56%	-4.24%
Volatility (1Y) Calculated over the trailing 1-year period	3.39%	8.51%	-5.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.21%	14.91%	-8.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.74%	14.92%	-9.18%

TIP vs. TAIL - Expense Ratio Comparison

TIP has a 0.18% expense ratio, which is lower than TAIL's 0.59% expense ratio.

Dividends

TIP vs. TAIL - Dividend Comparison

TIP's dividend yield for the trailing twelve months is around 3.76%, more than TAIL's 3.48% 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%
TIP iShares TIPS Bond ETF	3.76%	3.46%	2.52%	2.73%	6.96%	4.28%	1.17%	1.75%	2.71%	2.07%	1.48%	0.34%

Frequently Asked Questions

Can I hold both TIP and TAIL in my portfolio?

TIP and TAIL 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, TIP or TAIL?

TAIL has higher volatility (1.51%) compared to TIP (1.03%). In terms of maximum drawdown, TIP dropped -14.57% vs TAIL's -52.36%.

Which ETF is better, TIP or TAIL?

On 5-year performance, TIP leads with 0.91% vs -8.40% for TAIL. On fees, TIP is cheaper at 0.18% per year. On volatility, TIP has been the lower-risk option at 1.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TIP or TAIL?

Over the 5-year period, TIP has performed better with a 0.91% return vs -8.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TIP or TAIL?

TIP is cheaper with a 0.18% expense ratio, compared with 0.59% for TAIL.

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

TIP has the higher dividend yield at 3.76%, compared with 3.48% for TAIL.

What is the main difference between TIP and TAIL?

TIP is categorized as Inflation-Protected Bonds, while TAIL is Volatility Hedged Equity. They also come from different issuers: iShares and Cambria. Their fees differ too: 0.18% for TIP and 0.59% for TAIL.

Which has better risk-adjusted returns?

TIP currently has the higher Sharpe Ratio (1.37 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.