TYLD vs. TAIL

Last updated Jun 24, 2026

TYLD (Cambria Tactical Yield ETF) and TAIL (Cambria Tail Risk ETF) are both exchange-traded funds - TYLD is a fund fund actively managed by Cambria, while TAIL is a Volatility Hedged Equity fund actively managed by Cambria. Both are actively managed. Over the past year, TYLD returned 3.96% vs -8.67% for TAIL. At a correlation of -0.05, they often move in opposite directions. 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 1.68% return, which is significantly higher than TAIL's -5.49% return.

TYLD

• 1D: 0.00%
• 1M: 0.28%
• YTD: 1.68%
• 6M: 1.78%
• 1Y: 3.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TAIL

• 1D: 1.03%
• 1M: 0.87%
• YTD: -5.49%
• 6M: -5.16%
• 1Y: -8.67%
• 3Y*: -5.25%
• 5Y*: -8.23%
• 10Y*: —

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

TYLD vs. TAIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TYLD Cambria Tactical Yield ETF	1.68%	4.05%	5.09%
TAIL Cambria Tail Risk ETF	-5.49%	5.48%	-10.14%

Correlation

The correlation between TYLD and TAIL is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-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 risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TYLD

TYLD Risk / Return Rank: 99
TYLD Sharpe Ratio Rank: 98
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: 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.

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	5.41	-1.03	+6.44
Sortino ratio: Return per unit of downside risk	11.03	-1.47	+12.49
Omega ratio: Gain probability vs. loss probability	2.59	0.83	+1.75
Calmar ratio: Return relative to maximum drawdown	33.51	-0.78	+34.29
Martin ratio: Return relative to average drawdown	124.34	-1.77	+126.11

TYLD vs. TAIL - Sharpe Ratio Comparison

The current TYLD Sharpe Ratio is 5.41, which is higher than the TAIL Sharpe Ratio of -1.03. 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 -52.36%. 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%	-52.36%	+51.30%
Max Drawdown (1Y) Largest decline over 1 year	-0.12%	-11.10%	+10.98%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.78%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.44%	—
Current Drawdown Current decline from peak	0.00%	-51.20%	+51.20%
Average Drawdown Average peak-to-trough decline	-0.10%	-29.23%	+29.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	4.94%	-4.91%

Volatility

TYLD vs. TAIL - Volatility Comparison

The current volatility for Cambria Tactical Yield ETF (TYLD) is 0.15%, while Cambria Tail Risk ETF (TAIL) has a volatility of 1.90%. 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	0.15%	1.90%	-1.75%
Volatility (6M) Calculated over the trailing 6-month period	0.54%	6.64%	-6.10%
Volatility (1Y) Calculated over the trailing 1-year period	0.74%	8.48%	-7.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.75%	14.90%	-13.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.75%	14.91%	-13.16%

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 3.74%, more than TAIL's 2.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
TAIL Cambria Tail Risk ETF	2.90%	2.88%	3.48%	3.74%	1.50%	0.49%	0.36%	1.58%	1.52%	0.91%
TYLD Cambria Tactical Yield ETF	3.74%	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 (1.90%) compared to TYLD (0.15%). In terms of maximum drawdown, TYLD dropped -1.06% vs TAIL's -52.36%.

Which ETF is better, TYLD or TAIL?

On 1-year performance, TYLD leads with 3.96% vs -8.67% for TAIL. Both ETFs have the same 0.59% expense ratio. On volatility, TYLD has been the lower-risk option at 0.15%. 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 3.96% return vs -8.67%. 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 3.74%, compared with 2.90% for TAIL.

Which has better risk-adjusted returns?

TYLD currently has the higher Sharpe Ratio (5.41 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.