VFFSX vs. TAIL

Last updated Aug 4, 2026

VFFSX (Vanguard 500 Index Fund Institutional Select Shares) and TAIL (Cambria Tail Risk ETF) are both funds - VFFSX is a Large Cap Blend Equities fund tracking the S&P 500 Index, while TAIL is a Equity Hedged fund actively managed by Cambria. VFFSX is passively managed, while TAIL is actively managed. Over the past 5 years, VFFSX returned 12.84%/yr vs -9.21%/yr for TAIL. Their -0.68 correlation means they have often moved in opposite directions in the past. VFFSX charges 0.01%/yr vs 0.59%/yr for TAIL.

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.

Returns By Period

In the year-to-date period, VFFSX achieves a 10.12% return, which is significantly higher than TAIL's -8.57% return.

VFFSX

• 1D: 0.71%
• 1M: 0.14%
• 6M: 7.96%
• YTD: 10.12%
• 1Y: 21.49%
• 3Y*: 19.42%
• 5Y*: 12.84%
• 10Y*: —
• ALL TIME*: 15.30%

TAIL

• 1D: -0.48%
• 1M: -2.17%
• 6M: -7.56%
• YTD: -8.57%
• 1Y: -11.43%
• 3Y*: -5.39%
• 5Y*: -9.21%
• 10Y*: —
• ALL TIME*: -7.33%

*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	$1.10M	$1.37M	$2.16M
VFFSX Vanguard 500 Index Fund Institutional Select Shares	$0.00	$0.00	$0.00

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	10.12%	17.87%	25.00%	26.28%	-18.14%	29.24%	18.35%	31.88%	-4.42%	11.26%
TAIL Cambria Tail Risk ETF	-8.57%	5.48%	-9.62%	-13.29%	-13.13%	-12.81%	6.91%	-14.27%	2.85%	-7.55%

Correlation

The correlation between VFFSX and TAIL is -0.65, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.65
Correlation (3Y) Balances recent behavior with more history.	-0.59
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.67
Correlation (All Time) Calculated using the full available price history since Jun 13, 2017	-0.68

The correlation between VFFSX and TAIL has been stable across timeframes, ranging from -0.68 to -0.59 - a consistent structural relationship.

Return for Risk

VFFSX vs. TAIL — Risk / Return Rank

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

VFFSX

VFFSX Risk / Return Rank: 59
VFFSX Sharpe Ratio Rank: 56
VFFSX Sortino Ratio Rank: 52
VFFSX Omega Ratio Rank: 52
VFFSX Calmar Ratio Rank: 61
VFFSX Martin Ratio Rank: 74

TAIL

TAIL Risk / Return Rank: 1
TAIL Sharpe Ratio Rank: 0
TAIL Sortino Ratio Rank: 1
TAIL Omega Ratio Rank: 1
TAIL Calmar Ratio Rank: 2
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.

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.

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.

	VFFSX	TAIL	Difference
Sharpe ratio: Return per unit of total volatility	1.53	-1.37	+2.89
Sortino ratio: Return per unit of downside risk	2.12	-1.93	+4.05
Omega ratio: Gain probability vs. loss probability	1.27	0.78	+0.49
Calmar ratio: Return relative to maximum drawdown	2.21	-0.88	+3.08
Martin ratio: Return relative to average drawdown	9.48	-1.85	+11.33

VFFSX vs. TAIL - Sharpe Ratio Comparison

The current VFFSX Sharpe Ratio is 1.53, which is higher than the TAIL Sharpe Ratio of -1.37. The chart below compares the historical Sharpe Ratios of VFFSX 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

VFFSX vs. TAIL - Drawdown Comparison

The maximum VFFSX drawdown since its inception was -33.82%, smaller than the maximum TAIL drawdown of -52.79%. 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%	-52.79%	+18.97%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-13.10%	+4.20%
Max Drawdown (3Y) Largest decline over 3 years	-18.75%	-22.57%	+3.82%
Max Drawdown (5Y) Largest decline over 5 years	-24.51%	-38.16%	+13.65%
Current Drawdown Current decline from peak	-1.42%	-52.79%	+51.37%
Average Drawdown Average peak-to-trough decline	-4.46%	-29.51%	+25.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	6.22%	-4.15%

Volatility

VFFSX vs. TAIL - Volatility Comparison

Vanguard 500 Index Fund Institutional Select Shares (VFFSX) has a higher volatility of 3.52% compared to Cambria Tail Risk ETF (TAIL) at 1.84%. This indicates that VFFSX'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

	VFFSX	TAIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.52%	1.84%	+1.68%
Volatility (6M) Calculated over the trailing 6-month period	10.12%	6.73%	+3.39%
Volatility (1Y) Calculated over the trailing 1-year period	12.87%	8.40%	+4.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.01%	14.88%	+2.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.36%	14.84%	+3.52%

VFFSX vs. TAIL - Expense Ratio Comparison

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

Dividends

VFFSX vs. TAIL - Dividend Comparison

VFFSX's dividend yield for the trailing twelve months is around 1.08%, less than TAIL's 3.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
TAIL Cambria Tail Risk ETF	3.00%	2.88%	3.48%	3.74%	1.50%	0.49%	0.36%	1.58%	1.52%	0.91%
VFFSX Vanguard 500 Index Fund Institutional Select Shares	1.08%	1.14%	1.24%	1.46%	1.70%	1.61%	1.56%	2.15%	2.09%	1.81%

Frequently Asked Questions

Can I hold both VFFSX and TAIL in my portfolio?

VFFSX and TAIL have a correlation of -0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VFFSX or TAIL?

VFFSX has higher volatility (3.52%) compared to TAIL (1.84%). In terms of maximum drawdown, VFFSX dropped -33.82% vs TAIL's -52.79%.

Which has better risk-adjusted returns?

VFFSX currently has the higher Sharpe Ratio (1.53 vs -1.37), 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.