TRTY vs. TAIL

Last updated Jun 4, 2026

TRTY (Cambria Trinity ETF) and TAIL (Cambria Tail Risk ETF) are both exchange-traded funds - TRTY is a Tactical Allocation fund tracking the Cambria Trinity Index, while TAIL is a Volatility Hedged Equity fund actively managed by Cambria. TRTY is passively managed, while TAIL is actively managed. Over the past 5 years, TRTY returned 5.91%/yr vs -8.38%/yr for TAIL. At a correlation of -0.38, they often move in opposite directions. TRTY charges 0.44%/yr vs 0.59%/yr for TAIL.

Performance

TRTY vs. TAIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria Trinity ETF (TRTY) 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, TRTY achieves a 10.10% return, which is significantly higher than TAIL's -6.17% return.

TRTY

• 1D: -0.42%
• 1M: 0.96%
• YTD: 10.10%
• 6M: 11.29%
• 1Y: 23.79%
• 3Y*: 11.86%
• 5Y*: 5.91%
• 10Y*: —

TAIL

• 1D: -0.05%
• 1M: -2.15%
• YTD: -6.17%
• 6M: -7.55%
• 1Y: -8.73%
• 3Y*: -5.76%
• 5Y*: -8.38%
• 10Y*: —

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

TRTY vs. TAIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
TRTY Cambria Trinity ETF	10.10%	16.35%	3.89%	3.97%	-3.30%	15.73%	1.68%	8.36%	-5.74%
TAIL Cambria Tail Risk ETF	-6.17%	5.48%	-9.62%	-13.29%	-13.13%	-12.81%	6.91%	-14.27%	13.01%

Correlation

The correlation between TRTY and TAIL is -0.34, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.34
Correlation (3Y) Calculated over the trailing 3-year period	-0.28
Correlation (5Y) Calculated over the trailing 5-year period	-0.36
Correlation (All Time) Calculated using the full available price history since Sep 13, 2018	-0.38

TRTY vs. TAIL - Sectors Allocation Comparison

Sectors	TRTY	TAIL
Energy	18.2%	3.5%
Financial Services	15.8%	11.8%
Industrials	13.4%	8.3%
Basic Materials	11.1%	1.8%
Real Estate	8.7%	1.9%
Consumer Cyclical	7.9%	10.1%
Technology	7.7%	35.6%
Utilities	6.9%	2.4%
Communication Services	3.9%	11.2%
Consumer Defensive	3.8%	4.9%
Healthcare	2.6%	8.5%

Return for Risk

TRTY vs. TAIL — Risk / Return Rank

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

TRTY

TRTY Risk / Return Rank: 79
TRTY Sharpe Ratio Rank: 76
TRTY Sortino Ratio Rank: 68
TRTY Omega Ratio Rank: 83
TRTY Calmar Ratio Rank: 82
TRTY Martin Ratio Rank: 85

TAIL

TAIL Risk / Return Rank: 1
TAIL Sharpe Ratio Rank: 1
TAIL Sortino Ratio Rank: 2
TAIL Omega Ratio Rank: 2
TAIL Calmar Ratio Rank: 2
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.

TRTY vs. TAIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Trinity ETF (TRTY) 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.

	TRTY	TAIL	Difference
Sharpe ratio Return per unit of total volatility	2.50	-1.03	+3.53
Sortino ratio Return per unit of downside risk	3.17	-1.46	+4.63
Omega ratio Gain probability vs. loss probability	1.50	0.83	+0.67
Calmar ratio Return relative to maximum drawdown	4.35	-0.80	+5.16
Martin ratio Return relative to average drawdown	17.99	-2.01	+20.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRTY vs. TAIL - Sharpe Ratio Comparison

The current TRTY Sharpe Ratio is 2.50, which is higher than the TAIL Sharpe Ratio of -1.03. The chart below compares the historical Sharpe Ratios of TRTY 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.

Sharpe Ratios by Period

	TRTY	TAIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.50	-1.03	+3.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	-0.57	+1.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	-0.48	+1.10

Drawdowns

TRTY vs. TAIL - Drawdown Comparison

The maximum TRTY drawdown since its inception was -22.35%, smaller than the maximum TAIL drawdown of -52.36%. Use the drawdown chart below to compare losses from any high point for TRTY and TAIL.

Drawdown Indicators

	TRTY	TAIL	Difference
Max Drawdown Largest peak-to-trough decline	-22.35%	-52.36%	+30.01%
Max Drawdown (1Y) Largest decline over 1 year	-5.49%	-10.95%	+5.46%
Max Drawdown (3Y) Largest decline over 3 years	-9.25%	-20.65%	+11.40%
Max Drawdown (5Y) Largest decline over 5 years	-13.72%	-38.44%	+24.72%
Current Drawdown Current decline from peak	-0.62%	-51.56%	+50.94%
Average Drawdown Average peak-to-trough decline	-4.17%	-29.12%	+24.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.33%	4.35%	-3.02%

Volatility

TRTY vs. TAIL - Volatility Comparison

Cambria Trinity ETF (TRTY) has a higher volatility of 2.35% compared to Cambria Tail Risk ETF (TAIL) at 0.86%. This indicates that TRTY'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.

Volatility by Period

	TRTY	TAIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.35%	0.86%	+1.49%
Volatility (6M) Calculated over the trailing 6-month period	8.25%	6.45%	+1.80%
Volatility (1Y) Calculated over the trailing 1-year period	9.54%	8.51%	+1.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.62%	14.90%	-4.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.41%	14.94%	-4.53%

TRTY vs. TAIL - Expense Ratio Comparison

TRTY has a 0.44% expense ratio, which is lower than TAIL's 0.59% expense ratio.

Dividends

TRTY vs. TAIL - Dividend Comparison

TRTY's dividend yield for the trailing twelve months is around 3.01%, less than TAIL's 3.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
TAIL Cambria Tail Risk ETF	3.49%	2.88%	3.48%	3.74%	1.50%	0.49%	0.36%	1.58%	1.52%	0.91%
TRTY Cambria Trinity ETF	3.01%	2.86%	3.55%	3.24%	5.17%	4.52%	1.99%	2.64%	1.07%	0.00%

Frequently Asked Questions

Can I hold both TRTY and TAIL in my portfolio?

TRTY and TAIL have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRTY or TAIL?

TRTY has higher volatility (2.35%) compared to TAIL (0.86%). In terms of maximum drawdown, TRTY dropped -22.35% vs TAIL's -52.36%.

Which ETF is better, TRTY or TAIL?

On 5-year performance, TRTY leads with 5.91% vs -8.38% for TAIL. On fees, TRTY is cheaper at 0.44% per year. On volatility, TAIL has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TRTY or TAIL?

Over the 5-year period, TRTY has performed better with a 5.91% return vs -8.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TRTY or TAIL?

TRTY is cheaper with a 0.44% expense ratio, compared with 0.59% for TAIL.

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

TAIL has the higher dividend yield at 3.49%, compared with 3.01% for TRTY.

What is the main difference between TRTY and TAIL?

TRTY is categorized as Tactical Allocation, while TAIL is Volatility Hedged Equity. Their fees differ too: 0.44% for TRTY and 0.59% for TAIL.

Which has better risk-adjusted returns?

TRTY currently has the higher Sharpe Ratio (2.50 vs -1.03), 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.