VGLT vs. TAIL

Last updated Jun 14, 2026

VGLT (Vanguard Long-Term Treasury ETF) and TAIL (Cambria Tail Risk ETF) are both exchange-traded funds - VGLT is a Government Bonds fund tracking the Bloomberg U.S. Long Treasury Index, while TAIL is a Volatility Hedged Equity fund actively managed by Cambria. VGLT is passively managed, while TAIL is actively managed. Over the past 5 years, VGLT returned -5.52%/yr vs -8.40%/yr for TAIL. A 0.52 correlation means they provide meaningful diversification when combined. VGLT charges 0.03%/yr vs 0.59%/yr for TAIL.

Performance

VGLT vs. TAIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Long-Term Treasury ETF (VGLT) 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, VGLT achieves a 0.03% return, which is significantly higher than TAIL's -5.78% return.

VGLT

• 1D: -0.27%
• 1M: 1.19%
• YTD: 0.03%
• 6M: 0.49%
• 1Y: 4.27%
• 3Y*: -0.30%
• 5Y*: -5.52%
• 10Y*: -1.21%

TAIL

• 1D: -0.60%
• 1M: -0.32%
• 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)

VGLT vs. TAIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGLT Vanguard Long-Term Treasury ETF	0.03%	5.35%	-6.28%	3.27%	-29.34%	-4.98%	17.57%	14.30%	-1.54%	3.25%
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 VGLT and TAIL is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jun 13, 2017	0.52

The correlation between VGLT and TAIL shifts across timeframes, from 0.36 (1 year) to 0.52 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VGLT vs. TAIL — Risk / Return Rank

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

VGLT

VGLT Risk / Return Rank: 15
VGLT Sharpe Ratio Rank: 16
VGLT Sortino Ratio Rank: 15
VGLT Omega Ratio Rank: 14
VGLT Calmar Ratio Rank: 16
VGLT Martin Ratio Rank: 16

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.

VGLT vs. TAIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Treasury ETF (VGLT) 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.

	VGLT	TAIL	Difference
Sharpe ratio: Return per unit of total volatility	0.38	-1.00	+1.38
Sortino ratio: Return per unit of downside risk	0.61	-1.43	+2.04
Omega ratio: Gain probability vs. loss probability	1.07	0.84	+0.23
Calmar ratio: Return relative to maximum drawdown	0.47	-0.78	+1.25
Martin ratio: Return relative to average drawdown	1.19	-1.82	+3.01

VGLT vs. TAIL - Sharpe Ratio Comparison

The current VGLT Sharpe Ratio is 0.38, which is higher than the TAIL Sharpe Ratio of -1.00. The chart below compares the historical Sharpe Ratios of VGLT 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

VGLT vs. TAIL - Drawdown Comparison

The maximum VGLT drawdown since its inception was -46.18%, smaller than the maximum TAIL drawdown of -52.36%. Use the drawdown chart below to compare losses from any high point for VGLT and TAIL.

Drawdown Indicators

	VGLT	TAIL	Difference
Max Drawdown Largest peak-to-trough decline	-46.18%	-52.36%	+6.18%
Max Drawdown (1Y) Largest decline over 1 year	-7.01%	-10.99%	+3.98%
Max Drawdown (3Y) Largest decline over 3 years	-17.68%	-20.69%	+3.01%
Max Drawdown (5Y) Largest decline over 5 years	-40.98%	-38.44%	-2.54%
Max Drawdown (10Y) Largest decline over 10 years	-46.18%	—	—
Current Drawdown Current decline from peak	-36.55%	-51.35%	+14.80%
Average Drawdown Average peak-to-trough decline	-15.09%	-29.18%	+14.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.78%	4.68%	-1.90%

Volatility

VGLT vs. TAIL - Volatility Comparison

Vanguard Long-Term Treasury ETF (VGLT) has a higher volatility of 2.69% compared to Cambria Tail Risk ETF (TAIL) at 1.51%. This indicates that VGLT'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

	VGLT	TAIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.69%	1.51%	+1.18%
Volatility (6M) Calculated over the trailing 6-month period	6.09%	6.56%	-0.47%
Volatility (1Y) Calculated over the trailing 1-year period	8.78%	8.51%	+0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.57%	14.91%	-0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.82%	14.92%	-1.10%

VGLT vs. TAIL - Expense Ratio Comparison

VGLT has a 0.03% expense ratio, which is lower than TAIL's 0.59% expense ratio.

Dividends

VGLT vs. TAIL - Dividend Comparison

VGLT's dividend yield for the trailing twelve months is around 4.59%, more 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%
VGLT Vanguard Long-Term Treasury ETF	4.59%	4.44%	4.33%	3.33%	2.84%	1.82%	2.15%	2.46%	2.71%	2.55%	2.69%	3.21%

Frequently Asked Questions

Can I hold both VGLT and TAIL in my portfolio?

VGLT and TAIL have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VGLT or TAIL?

VGLT has higher volatility (2.69%) compared to TAIL (1.51%). In terms of maximum drawdown, VGLT dropped -46.18% vs TAIL's -52.36%.

Which ETF is better, VGLT or TAIL?

On 5-year performance, VGLT leads with -5.52% vs -8.40% for TAIL. On fees, VGLT is cheaper at 0.03% 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, VGLT or TAIL?

Over the 5-year period, VGLT has performed better with a -5.52% return vs -8.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VGLT or TAIL?

VGLT is cheaper with a 0.03% expense ratio, compared with 0.59% for TAIL.

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

VGLT has the higher dividend yield at 4.59%, compared with 3.48% for TAIL.

What is the main difference between VGLT and TAIL?

VGLT is categorized as Government Bonds, while TAIL is Volatility Hedged Equity. They also come from different issuers: Vanguard and Cambria. Their fees differ too: 0.03% for VGLT and 0.59% for TAIL.

Which has better risk-adjusted returns?

VGLT currently has the higher Sharpe Ratio (0.38 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.