USEW vs. TAIL

Last updated Jun 6, 2026

USEW (Cambria U.S. Equal Weight ETF) and TAIL (Cambria Tail Risk ETF) are both exchange-traded funds - USEW is a Large Cap Blend Equities fund actively managed by Cambria, while TAIL is a Volatility Hedged Equity fund actively managed by Cambria. Both are actively managed. At a correlation of -0.64, they often move in opposite directions. USEW charges 0.25%/yr vs 0.59%/yr for TAIL.

Performance

USEW vs. TAIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria U.S. Equal Weight ETF (USEW) 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, USEW achieves a 7.29% return, which is significantly higher than TAIL's -5.69% return.

USEW

• 1D: -1.98%
• 1M: 0.74%
• YTD: 7.29%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TAIL

• 1D: 0.70%
• 1M: -1.46%
• YTD: -5.69%
• 6M: -6.44%
• 1Y: -8.79%
• 3Y*: -5.49%
• 5Y*: -8.29%
• 10Y*: —

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

USEW vs. TAIL - Yearly Performance Comparison

	2026 (YTD)	2025
USEW Cambria U.S. Equal Weight ETF	7.29%	0.77%
TAIL Cambria Tail Risk ETF	-5.69%	-1.16%

Correlation

The correlation between USEW and TAIL is -0.64, 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 (All Time) Calculated using the full available price history since Dec 19, 2025	-0.64

Return for Risk

USEW vs. TAIL — Risk / Return Rank

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

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.

USEW vs. TAIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria U.S. Equal Weight ETF (USEW) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	USEW	TAIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-1.04	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.56	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.44	-0.48	+1.92

Drawdowns

USEW vs. TAIL - Drawdown Comparison

The maximum USEW drawdown since its inception was -7.85%, smaller than the maximum TAIL drawdown of -52.36%. Use the drawdown chart below to compare losses from any high point for USEW and TAIL.

Drawdown Indicators

	USEW	TAIL	Difference
Max Drawdown Largest peak-to-trough decline	-7.85%	-52.36%	+44.51%
Max Drawdown (1Y) Largest decline over 1 year	—	-10.99%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-20.69%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.44%	—
Current Drawdown Current decline from peak	-1.98%	-51.31%	+49.33%
Average Drawdown Average peak-to-trough decline	-1.33%	-29.14%	+27.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.45%	—

Volatility

Volatility by Period

	USEW	TAIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.18%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.49%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.96%	8.53%	+4.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.96%	14.90%	-1.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.96%	14.94%	-1.98%

USEW vs. TAIL - Expense Ratio Comparison

USEW has a 0.25% expense ratio, which is lower than TAIL's 0.59% expense ratio.

Dividends

USEW vs. TAIL - Dividend Comparison

USEW's dividend yield for the trailing twelve months is around 0.50%, less than TAIL's 3.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
USEW Cambria U.S. Equal Weight ETF	0.50%	0.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USEW and TAIL in my portfolio?

USEW and TAIL have a correlation of -0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, USEW or TAIL?

On fees, USEW is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, USEW or TAIL?

USEW is cheaper with a 0.25% expense ratio, compared with 0.59% for TAIL.

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

TAIL has the higher dividend yield at 3.48%, compared with 0.50% for USEW.

What is the main difference between USEW and TAIL?

USEW is categorized as Large Cap Blend Equities, while TAIL is Volatility Hedged Equity. Their fees differ too: 0.25% for USEW and 0.59% for TAIL.