XMLV vs. TAIL

Last updated Jul 14, 2026

XMLV (Invesco S&P MidCap Low Volatility ETF) and TAIL (Cambria Tail Risk ETF) are both Volatility Hedged Equity funds. XMLV is passively managed, while TAIL is actively managed. Over the past 5 years, XMLV returned 7.19%/yr vs -8.77%/yr for TAIL. At a correlation of -0.45, they often move in opposite directions. XMLV charges 0.25%/yr vs 0.59%/yr for TAIL.

Performance

XMLV vs. TAIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap Low Volatility ETF (XMLV) 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, XMLV achieves a 10.06% return, which is significantly higher than TAIL's -7.43% return.

XMLV

• 1D: 0.58%
• 1M: 2.94%
• 6M: 7.85%
• YTD: 10.06%
• 1Y: 12.17%
• 3Y*: 11.90%
• 5Y*: 7.19%
• 10Y*: 7.92%

TAIL

• 1D: -0.19%
• 1M: -1.75%
• 6M: -6.86%
• YTD: -7.43%
• 1Y: -8.80%
• 3Y*: -5.32%
• 5Y*: -8.77%
• 10Y*: —

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

XMLV vs. TAIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XMLV Invesco S&P MidCap Low Volatility ETF	10.06%	5.55%	17.08%	1.86%	-6.55%	23.00%	-8.42%	23.77%	-0.16%	5.80%
TAIL Cambria Tail Risk ETF	-7.43%	5.48%	-9.62%	-13.29%	-13.13%	-12.81%	6.91%	-14.27%	2.85%	-7.55%

Correlation

The correlation between XMLV and TAIL is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	-0.20
Correlation (5Y) Calculated over the trailing 5-year period	-0.40
Correlation (All Time) Calculated using the full available price history since Jun 13, 2017	-0.45

Over the past year, the inverse relationship between XMLV and TAIL has weakened: their correlation has moved from -0.45 to -0.03, meaning they move in opposite directions less often than they have historically.

XMLV vs. TAIL - Sectors Allocation Comparison

Sectors	XMLV	TAIL
Real Estate	33.7%	1.8%
Financial Services	24.2%	11.1%
Utilities	18.5%	2.1%
Industrials	9.8%	7.8%
Consumer Cyclical	4.4%	9.9%
Energy	3.7%	3.1%
Consumer Defensive	2.5%	4.5%
Healthcare	2.1%	8.3%
Basic Materials	1.1%	1.7%
Communication Services	1.0%	10.6%
Technology	1.0%	39.0%

Return for Risk

XMLV vs. TAIL — Risk / Return Rank

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

XMLV

XMLV Risk / Return Rank: 40
XMLV Sharpe Ratio Rank: 41
XMLV Sortino Ratio Rank: 40
XMLV Omega Ratio Rank: 35
XMLV Calmar Ratio Rank: 43
XMLV Martin Ratio Rank: 44

TAIL

TAIL Risk / Return Rank: 2
TAIL Sharpe Ratio Rank: 1
TAIL Sortino Ratio Rank: 2
TAIL Omega Ratio Rank: 2
TAIL Calmar Ratio Rank: 3
TAIL Martin Ratio Rank: 1

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.

XMLV vs. TAIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap Low Volatility ETF (XMLV) 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.

	XMLV	TAIL	Difference
Sharpe ratio: Return per unit of total volatility	1.15	-1.04	+2.19
Sortino ratio: Return per unit of downside risk	1.68	-1.47	+3.15
Omega ratio: Gain probability vs. loss probability	1.19	0.83	+0.36
Calmar ratio: Return relative to maximum drawdown	1.74	-0.74	+2.47
Martin ratio: Return relative to average drawdown	5.73	-1.61	+7.33

XMLV vs. TAIL - Sharpe Ratio Comparison

The current XMLV Sharpe Ratio is 1.15, which is higher than the TAIL Sharpe Ratio of -1.04. The chart below compares the historical Sharpe Ratios of XMLV 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

XMLV vs. TAIL - Drawdown Comparison

The maximum XMLV drawdown since its inception was -39.86%, smaller than the maximum TAIL drawdown of -52.36%. Use the drawdown chart below to compare losses from any high point for XMLV and TAIL.

Drawdown Indicators

	XMLV	TAIL	Difference
Max Drawdown Largest peak-to-trough decline	-39.86%	-52.36%	+12.50%
Max Drawdown (1Y) Largest decline over 1 year	-7.03%	-12.02%	+4.99%
Max Drawdown (3Y) Largest decline over 3 years	-13.80%	-21.60%	+7.80%
Max Drawdown (5Y) Largest decline over 5 years	-16.53%	-38.44%	+21.91%
Max Drawdown (10Y) Largest decline over 10 years	-39.86%	—	—
Current Drawdown Current decline from peak	0.00%	-52.20%	+52.20%
Average Drawdown Average peak-to-trough decline	-4.24%	-29.36%	+25.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	5.50%	-3.37%

Volatility

XMLV vs. TAIL - Volatility Comparison

Invesco S&P MidCap Low Volatility ETF (XMLV) has a higher volatility of 3.47% compared to Cambria Tail Risk ETF (TAIL) at 2.07%. This indicates that XMLV'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

	XMLV	TAIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.47%	2.07%	+1.40%
Volatility (6M) Calculated over the trailing 6-month period	7.92%	6.68%	+1.24%
Volatility (1Y) Calculated over the trailing 1-year period	10.67%	8.54%	+2.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.48%	14.90%	-0.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.95%	14.88%	+2.07%

XMLV vs. TAIL - Expense Ratio Comparison

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

Dividends

XMLV vs. TAIL - Dividend Comparison

XMLV's dividend yield for the trailing twelve months is around 2.88%, less than TAIL's 2.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TAIL Cambria Tail Risk ETF	2.96%	2.88%	3.48%	3.74%	1.50%	0.49%	0.36%	1.58%	1.52%	0.91%	0.00%	0.00%
XMLV Invesco S&P MidCap Low Volatility ETF	2.88%	2.87%	2.23%	2.34%	2.05%	1.14%	1.93%	2.02%	2.13%	1.74%	1.72%	1.85%

Frequently Asked Questions

Can I hold both XMLV and TAIL in my portfolio?

XMLV and TAIL have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XMLV or TAIL?

XMLV has higher volatility (3.47%) compared to TAIL (2.07%). In terms of maximum drawdown, XMLV dropped -39.86% vs TAIL's -52.36%.

Which ETF is better, XMLV or TAIL?

On 5-year performance, XMLV leads with 7.19% vs -8.77% for TAIL. On fees, XMLV is cheaper at 0.25% per year. On volatility, TAIL has been the lower-risk option at 2.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XMLV or TAIL?

Over the 5-year period, XMLV has performed better with a 7.19% return vs -8.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XMLV or TAIL?

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

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

TAIL has the higher dividend yield at 2.96%, compared with 2.88% for XMLV.

What is the main difference between XMLV and TAIL?

They also come from different issuers: Invesco and Cambria. Their fees differ too: 0.25% for XMLV and 0.59% for TAIL.

Which has better risk-adjusted returns?

XMLV currently has the higher Sharpe Ratio (1.15 vs -1.04), 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.