TLT vs. TAIL
TLT (iShares 20+ Year Treasury Bond ETF) and TAIL (Cambria Tail Risk ETF) are both exchange-traded funds - TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while TAIL is a Volatility Hedged Equity fund actively managed by Cambria. TLT is passively managed, while TAIL is actively managed. Over the past 5 years, TLT returned -6.53%/yr vs -8.40%/yr for TAIL. A 0.51 correlation means they provide meaningful diversification when combined. TLT charges 0.15%/yr vs 0.59%/yr for TAIL.
Performance
TLT vs. TAIL - Performance Comparison
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Returns By Period
In the year-to-date period, TLT achieves a 0.27% return, which is significantly higher than TAIL's -5.78% return.
TLT
- 1D
- -0.24%
- 1M
- 2.93%
- YTD
- 0.27%
- 6M
- 0.45%
- 1Y
- 3.88%
- 3Y*
- -1.38%
- 5Y*
- -6.53%
- 10Y*
- -1.75%
TAIL
- 1D
- -0.60%
- 1M
- 0.14%
- YTD
- -5.78%
- 6M
- -6.25%
- 1Y
- -8.88%
- 3Y*
- -4.93%
- 5Y*
- -8.40%
- 10Y*
- —
TLT vs. TAIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 0.27% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 3.51% |
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 TLT 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 | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Jun 13, 2017 | 0.51 |
The correlation between TLT and TAIL shifts across timeframes, from 0.36 (1 year) to 0.51 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TLT vs. TAIL — Risk / Return Rank
TLT
TAIL
TLT vs. TAIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) 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.
| TLT | TAIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.30 | ||
| Sortino ratioReturn per unit of downside risk | +1.93 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 0.84 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | -0.78 | +1.16 |
| Martin ratioReturn relative to average drawdown | 0.92 | -1.82 | +2.74 |
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Drawdowns
TLT vs. TAIL - Drawdown Comparison
The maximum TLT drawdown since its inception was -48.35%, smaller than the maximum TAIL drawdown of -52.36%. Use the drawdown chart below to compare losses from any high point for TLT and TAIL.
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Drawdown Indicators
| TLT | TAIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.35% | -52.36% | +4.01% |
Max Drawdown (1Y)Largest decline over 1 year | -7.58% | -10.99% | +3.41% |
Max Drawdown (3Y)Largest decline over 3 years | -19.18% | -20.69% | +1.51% |
Max Drawdown (5Y)Largest decline over 5 years | -43.70% | -38.44% | -5.26% |
Max Drawdown (10Y)Largest decline over 10 years | -48.35% | — | — |
Current DrawdownCurrent decline from peak | -40.12% | -51.35% | +11.23% |
Average DrawdownAverage peak-to-trough decline | -13.84% | -29.18% | +15.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.14% | 4.68% | -1.54% |
Volatility
TLT vs. TAIL - Volatility Comparison
iShares 20+ Year Treasury Bond ETF (TLT) has a higher volatility of 2.83% compared to Cambria Tail Risk ETF (TAIL) at 1.51%. This indicates that TLT's price experiences larger fluctuations and is considered to be riskier than TAIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TLT | TAIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.83% | 1.51% | +1.32% |
Volatility (6M)Calculated over the trailing 6-month period | 6.64% | 6.56% | +0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.68% | 8.51% | +1.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.85% | 14.91% | +0.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.91% | 14.92% | -0.01% |
TLT vs. TAIL - Expense Ratio Comparison
TLT has a 0.15% expense ratio, which is lower than TAIL's 0.59% expense ratio.
Dividends
TLT vs. TAIL - Dividend Comparison
TLT's dividend yield for the trailing twelve months is around 4.56%, 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% |
TLT iShares 20+ Year Treasury Bond ETF | 4.56% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
TLT 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.
TLT has higher volatility (2.83%) compared to TAIL (1.51%). In terms of maximum drawdown, TLT dropped -48.35% vs TAIL's -52.36%.
On 5-year performance, TLT leads with -6.53% vs -8.40% for TAIL. On fees, TLT is cheaper at 0.15% 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.
Over the 5-year period, TLT has performed better with a -6.53% return vs -8.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.59% for TAIL.
TLT has the higher dividend yield at 4.56%, compared with 3.48% for TAIL.
TLT is categorized as Government Bonds, while TAIL is Volatility Hedged Equity. They also come from different issuers: iShares and Cambria. Their fees differ too: 0.15% for TLT and 0.59% for TAIL.
TLT currently has the higher Sharpe Ratio (0.30 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.
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