VFFSX vs. TAIL

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard 500 Index Fund Institutional Select Shares (VFFSX) and Cambria Tail Risk ETF (TAIL).

VFFSX is managed by Vanguard. TAIL is an actively managed fund by Cambria. It was launched on Apr 5, 2017.

Performance

VFFSX vs. TAIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard 500 Index Fund Institutional Select Shares (VFFSX) and Cambria Tail Risk ETF (TAIL). The values are adjusted to include any dividend payments, if applicable.

VFFSX vs. TAIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VFFSX Vanguard 500 Index Fund Institutional Select Shares	-7.06%	17.87%	25.00%	26.28%	-18.14%	29.24%	18.35%	31.88%	-4.42%	10.73%
TAIL Cambria Tail Risk ETF	2.59%	5.48%	-9.62%	-13.29%	-13.13%	-12.81%	6.91%	-14.27%	2.85%	-7.70%

Returns By Period

In the year-to-date period, VFFSX achieves a -7.06% return, which is significantly lower than TAIL's 2.59% return.

VFFSX

• 1D: -0.39%
• 1M: -7.68%
• YTD: -7.06%
• 6M: -4.59%
• 1Y: 14.44%
• 3Y*: 17.17%
• 5Y*: 11.40%
• 10Y*: —

TAIL

• 1D: -2.50%
• 1M: 0.62%
• YTD: 2.59%
• 6M: 0.83%
• 1Y: 2.58%
• 3Y*: -4.32%
• 5Y*: -6.79%
• 10Y*: —

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

VFFSX vs. TAIL - Expense Ratio Comparison

VFFSX has a 0.01% expense ratio, which is lower than TAIL's 0.59% expense ratio.

TAIL

Cambria Tail Risk ETF

VFFSX

Vanguard 500 Index Fund Institutional Select Shares

Return for Risk

VFFSX vs. TAIL — Risk / Return Rank

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

VFFSX

VFFSX Risk / Return Rank: 46
VFFSX Sharpe Ratio Rank: 41
VFFSX Sortino Ratio Rank: 45
VFFSX Omega Ratio Rank: 50
VFFSX Calmar Ratio Rank: 41
VFFSX Martin Ratio Rank: 53

TAIL

TAIL Risk / Return Rank: 16
TAIL Sharpe Ratio Rank: 16
TAIL Sortino Ratio Rank: 17
TAIL Omega Ratio Rank: 19
TAIL Calmar Ratio Rank: 16
TAIL Martin Ratio Rank: 14

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.

VFFSX vs. TAIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard 500 Index Fund Institutional Select Shares (VFFSX) 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.

	VFFSX	TAIL	Difference
Sharpe ratio Return per unit of total volatility	0.84	0.15	+0.69
Sortino ratio Return per unit of downside risk	1.30	0.38	+0.92
Omega ratio Gain probability vs. loss probability	1.20	1.06	+0.14
Calmar ratio Return relative to maximum drawdown	1.06	0.16	+0.90
Martin ratio Return relative to average drawdown	5.14	0.19	+4.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VFFSX vs. TAIL - Sharpe Ratio Comparison

The current VFFSX Sharpe Ratio is 0.84, which is higher than the TAIL Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of VFFSX and TAIL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VFFSX	TAIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.84	0.15	+0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	-0.46	+1.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	-0.43	+1.17

Correlation

The correlation between VFFSX and TAIL is -0.69. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

VFFSX vs. TAIL - Dividend Comparison

VFFSX's dividend yield for the trailing twelve months is around 1.24%, less than TAIL's 3.20% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
VFFSX Vanguard 500 Index Fund Institutional Select Shares	1.24%	1.14%	1.24%	1.46%	1.70%	1.61%	1.56%	2.15%	2.09%	1.81%
TAIL Cambria Tail Risk ETF	3.20%	2.88%	3.48%	3.74%	1.50%	0.49%	0.36%	1.58%	1.52%	0.91%

Drawdowns

VFFSX vs. TAIL - Drawdown Comparison

The maximum VFFSX drawdown since its inception was -33.82%, smaller than the maximum TAIL drawdown of -52.36%. Use the drawdown chart below to compare losses from any high point for VFFSX and TAIL.

Drawdown Indicators

	VFFSX	TAIL	Difference
Max Drawdown Largest peak-to-trough decline	-33.82%	-52.36%	+18.54%
Max Drawdown (1Y) Largest decline over 1 year	-12.12%	-16.24%	+4.12%
Max Drawdown (5Y) Largest decline over 5 years	-24.51%	-38.44%	+13.93%
Current Drawdown Current decline from peak	-8.90%	-47.03%	+38.13%
Average Drawdown Average peak-to-trough decline	-4.57%	-28.70%	+24.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	13.27%	-10.78%

Volatility

VFFSX vs. TAIL - Volatility Comparison

Vanguard 500 Index Fund Institutional Select Shares (VFFSX) and Cambria Tail Risk ETF (TAIL) have volatilities of 4.24% and 4.39%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VFFSX	TAIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.24%	4.39%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	9.08%	7.04%	+2.04%
Volatility (1Y) Calculated over the trailing 1-year period	18.13%	17.81%	+0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.86%	14.89%	+1.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.50%	15.06%	+3.44%