USMV vs. TAIL

Last updated Jun 14, 2026

USMV (iShares MSCI USA Min Vol Factor ETF) and TAIL (Cambria Tail Risk ETF) are both exchange-traded funds - USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index, while TAIL is a Volatility Hedged Equity fund actively managed by Cambria. USMV is passively managed, while TAIL is actively managed. Over the past 5 years, USMV returned 7.24%/yr vs -8.40%/yr for TAIL. At a correlation of -0.51, they often move in opposite directions. USMV charges 0.15%/yr vs 0.59%/yr for TAIL.

Performance

USMV vs. TAIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Min Vol Factor ETF (USMV) 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, USMV achieves a 2.43% return, which is significantly higher than TAIL's -5.78% return.

USMV

• 1D: 0.43%
• 1M: 1.43%
• YTD: 2.43%
• 6M: 2.34%
• 1Y: 4.89%
• 3Y*: 11.35%
• 5Y*: 7.24%
• 10Y*: 9.90%

TAIL

• 1D: -0.60%
• 1M: 0.14%
• YTD: -5.78%
• 6M: -6.25%
• 1Y: -8.88%
• 3Y*: -4.93%
• 5Y*: -8.40%
• 10Y*: —

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

USMV vs. TAIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USMV iShares MSCI USA Min Vol Factor ETF	2.43%	7.65%	15.74%	10.33%	-9.43%	20.85%	5.64%	27.69%	1.33%	8.31%
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 USMV and TAIL is -0.27, 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	-0.27
Correlation (3Y) Calculated over the trailing 3-year period	-0.31
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

Over the past year, the inverse relationship between USMV and TAIL has weakened: their correlation has moved from -0.51 to -0.27, meaning they move in opposite directions less often than they have historically.

USMV vs. TAIL - Sectors Allocation Comparison

Sectors	USMV	TAIL
Technology	33.9%	39.0%
Healthcare	12.6%	8.3%
Financial Services	11.7%	11.1%
Consumer Defensive	9.4%	4.5%
Utilities	6.9%	2.1%
Communication Services	6.2%	10.6%
Industrials	6.1%	7.8%
Consumer Cyclical	5.7%	9.9%
Energy	2.7%	3.1%
Real Estate	2.5%	1.8%
Basic Materials	2.4%	1.7%

Return for Risk

USMV vs. TAIL — Risk / Return Rank

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

USMV

USMV Risk / Return Rank: 17
USMV Sharpe Ratio Rank: 18
USMV Sortino Ratio Rank: 16
USMV Omega Ratio Rank: 15
USMV Calmar Ratio Rank: 18
USMV Martin Ratio Rank: 20

TAIL

TAIL Risk / Return Rank: 2
TAIL Sharpe Ratio Rank: 2
TAIL Sortino Ratio Rank: 2
TAIL Omega Ratio Rank: 2
TAIL Calmar Ratio Rank: 3
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.

USMV vs. TAIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Min Vol Factor ETF (USMV) 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.

	USMV	TAIL	Difference
Sharpe ratio: Return per unit of total volatility	0.47	-1.00	+1.47
Sortino ratio: Return per unit of downside risk	0.72	-1.43	+2.15
Omega ratio: Gain probability vs. loss probability	1.08	0.84	+0.25
Calmar ratio: Return relative to maximum drawdown	0.62	-0.78	+1.40
Martin ratio: Return relative to average drawdown	2.06	-1.82	+3.88

USMV vs. TAIL - Sharpe Ratio Comparison

The current USMV Sharpe Ratio is 0.47, which is higher than the TAIL Sharpe Ratio of -1.00. The chart below compares the historical Sharpe Ratios of USMV 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

USMV vs. TAIL - Drawdown Comparison

The maximum USMV drawdown since its inception was -33.10%, smaller than the maximum TAIL drawdown of -52.36%. Use the drawdown chart below to compare losses from any high point for USMV and TAIL.

Drawdown Indicators

	USMV	TAIL	Difference
Max Drawdown Largest peak-to-trough decline	-33.10%	-52.36%	+19.26%
Max Drawdown (1Y) Largest decline over 1 year	-6.46%	-10.99%	+4.53%
Max Drawdown (3Y) Largest decline over 3 years	-9.36%	-20.69%	+11.33%
Max Drawdown (5Y) Largest decline over 5 years	-17.93%	-38.44%	+20.51%
Max Drawdown (10Y) Largest decline over 10 years	-33.10%	—	—
Current Drawdown Current decline from peak	-1.40%	-51.35%	+49.95%
Average Drawdown Average peak-to-trough decline	-2.87%	-29.18%	+26.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	4.68%	-2.73%

Volatility

USMV vs. TAIL - Volatility Comparison

iShares MSCI USA Min Vol Factor ETF (USMV) has a higher volatility of 2.70% compared to Cambria Tail Risk ETF (TAIL) at 1.51%. This indicates that USMV'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

	USMV	TAIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.70%	1.51%	+1.19%
Volatility (6M) Calculated over the trailing 6-month period	6.02%	6.56%	-0.54%
Volatility (1Y) Calculated over the trailing 1-year period	8.56%	8.51%	+0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.36%	14.91%	-2.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.51%	14.92%	-0.41%

USMV vs. TAIL - Expense Ratio Comparison

USMV has a 0.15% expense ratio, which is lower than TAIL's 0.59% expense ratio.

Dividends

USMV vs. TAIL - Dividend Comparison

USMV's dividend yield for the trailing twelve months is around 1.53%, less 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%
USMV iShares MSCI USA Min Vol Factor ETF	1.53%	1.49%	1.67%	1.82%	1.62%	1.26%	1.81%	1.88%	2.12%	1.77%	2.22%	2.02%

Frequently Asked Questions

Can I hold both USMV and TAIL in my portfolio?

USMV and TAIL have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USMV or TAIL?

USMV has higher volatility (2.70%) compared to TAIL (1.51%). In terms of maximum drawdown, USMV dropped -33.10% vs TAIL's -52.36%.

Which ETF is better, USMV or TAIL?

On 5-year performance, USMV leads with 7.24% vs -8.40% for TAIL. On fees, USMV 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.

Which ETF has performed better, USMV or TAIL?

Over the 5-year period, USMV has performed better with a 7.24% return vs -8.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USMV or TAIL?

USMV is cheaper with a 0.15% expense ratio, compared with 0.59% for TAIL.

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

TAIL has the higher dividend yield at 3.48%, compared with 1.53% for USMV.

What is the main difference between USMV and TAIL?

USMV is categorized as Large Cap Blend Equities, while TAIL is Volatility Hedged Equity. They also come from different issuers: iShares and Cambria. Their fees differ too: 0.15% for USMV and 0.59% for TAIL.

Which has better risk-adjusted returns?

USMV currently has the higher Sharpe Ratio (0.47 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.