TYLD vs. TAIL

Last updated Aug 1, 2026

TYLD (Cambria Tactical Yield ETF) and TAIL (Cambria Tail Risk ETF) are both exchange-traded funds - TYLD is a Tactical Allocation fund actively managed by Cambria, while TAIL is a Equity Hedged fund actively managed by Cambria. Both are actively managed. Over the past year, TYLD returned 3.76% vs -11.00% for TAIL. Their -0.05 correlation means they have often moved in opposite directions in the past. Both charge a 0.59% expense ratio.

Performance

TYLD vs. TAIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria Tactical Yield ETF (TYLD) 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, TYLD achieves a 1.96% return, which is significantly higher than TAIL's -8.13% return.

TYLD

• 1D: 0.06%
• 1M: 0.26%
• 6M: 1.62%
• YTD: 1.96%
• 1Y: 3.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.32%

TAIL

• 1D: -0.57%
• 1M: -1.69%
• 6M: -7.65%
• YTD: -8.13%
• 1Y: -11.00%
• 3Y*: -4.90%
• 5Y*: -9.07%
• 10Y*: —
• ALL TIME*: -7.28%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TAIL Cambria Tail Risk ETF	$1.12M	$1.66M	$2.24M
TYLD Cambria Tactical Yield ETF	$126.17K	$129.20K	$73.80K

TYLD vs. TAIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TYLD Cambria Tactical Yield ETF	1.96%	4.05%	5.09%
TAIL Cambria Tail Risk ETF	-8.13%	5.48%	-10.14%

Correlation

The correlation between TYLD and TAIL is 0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.03
Correlation (All Time) Calculated using the full available price history since Jan 4, 2024	-0.05

Return for Risk

TYLD vs. TAIL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TYLD

TYLD Risk / Return Rank: 99
TYLD Sharpe Ratio Rank: 99
TYLD Sortino Ratio Rank: 99
TYLD Omega Ratio Rank: 99
TYLD Calmar Ratio Rank: 99
TYLD Martin Ratio Rank: 99

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: 3
TAIL Martin Ratio Rank: 0

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TYLD vs. TAIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Tactical Yield ETF (TYLD) 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.

	TYLD	TAIL	Difference
Sharpe ratio: Return per unit of total volatility	5.28	-1.09	+6.37
Sortino ratio: Return per unit of downside risk	10.07	-1.55	+11.62
Omega ratio: Gain probability vs. loss probability	2.58	0.82	+1.76
Calmar ratio: Return relative to maximum drawdown	21.67	-0.74	+22.41
Martin ratio: Return relative to average drawdown	114.54	-1.52	+116.06

TYLD vs. TAIL - Sharpe Ratio Comparison

The current TYLD Sharpe Ratio is 5.28, which is higher than the TAIL Sharpe Ratio of -1.09. The chart below compares the historical Sharpe Ratios of TYLD 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

TYLD vs. TAIL - Drawdown Comparison

The maximum TYLD drawdown since its inception was -1.06%, smaller than the maximum TAIL drawdown of -52.57%. Use the drawdown chart below to compare losses from any high point for TYLD and TAIL.

Drawdown Indicators

	TYLD	TAIL	Difference
Max Drawdown Largest peak-to-trough decline	-1.06%	-52.57%	+51.51%
Max Drawdown (1Y) Largest decline over 1 year	-0.18%	-12.68%	+12.50%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.20%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.03%	—
Current Drawdown Current decline from peak	0.00%	-52.57%	+52.57%
Average Drawdown Average peak-to-trough decline	-0.10%	-29.50%	+29.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	6.16%	-6.13%

Volatility

TYLD vs. TAIL - Volatility Comparison

The current volatility for Cambria Tactical Yield ETF (TYLD) is 0.28%, while Cambria Tail Risk ETF (TAIL) has a volatility of 1.80%. This indicates that TYLD 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

	TYLD	TAIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.28%	1.80%	-1.52%
Volatility (6M) Calculated over the trailing 6-month period	0.56%	6.72%	-6.16%
Volatility (1Y) Calculated over the trailing 1-year period	0.73%	8.59%	-7.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.72%	14.88%	-13.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.72%	14.84%	-13.12%

TYLD vs. TAIL - Expense Ratio Comparison

Both TYLD and TAIL have an expense ratio of 0.59%.

Dividends

TYLD vs. TAIL - Dividend Comparison

TYLD's dividend yield for the trailing twelve months is around 3.72%, more than TAIL's 2.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
TAIL Cambria Tail Risk ETF	2.99%	2.88%	3.48%	3.74%	1.50%	0.49%	0.36%	1.58%	1.52%	0.91%
TYLD Cambria Tactical Yield ETF	3.72%	4.38%	4.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TYLD and TAIL in my portfolio?

TYLD and TAIL have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TYLD or TAIL?

TAIL has higher volatility (1.80%) compared to TYLD (0.28%). In terms of maximum drawdown, TYLD dropped -1.06% vs TAIL's -52.57%.

Which ETF is better, TYLD or TAIL?

On 1-year performance, TYLD leads with 3.76% vs -11.00% for TAIL. Both ETFs have the same 0.59% expense ratio. On volatility, TYLD has been the lower-risk option at 0.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TYLD or TAIL?

Over the 1-year period, TYLD has performed better with a 3.76% return vs -11.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TYLD or TAIL?

TYLD and TAIL have the same expense ratio: 0.59% per year.

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

TYLD has the higher dividend yield at 3.72%, compared with 2.99% for TAIL.

What is the main difference between TYLD and TAIL?

TYLD is categorized as Tactical Allocation, while TAIL is Equity Hedged.

Which has better risk-adjusted returns?

TYLD currently has the higher Sharpe Ratio (5.28 vs -1.09), 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.