XSLV vs. TAIL

Last updated Jun 24, 2026

XSLV (Invesco S&P SmallCap Low Volatility ETF) and TAIL (Cambria Tail Risk ETF) are both Volatility Hedged Equity funds. XSLV is passively managed, while TAIL is actively managed. Over the past 5 years, XSLV returned 4.17%/yr vs -8.23%/yr for TAIL. At a correlation of -0.47, they often move in opposite directions. XSLV charges 0.25%/yr vs 0.59%/yr for TAIL.

Performance

XSLV vs. TAIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap Low Volatility ETF (XSLV) 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, XSLV achieves a 11.98% return, which is significantly higher than TAIL's -5.49% return.

XSLV

• 1D: 1.45%
• 1M: 3.35%
• YTD: 11.98%
• 6M: 11.04%
• 1Y: 15.35%
• 3Y*: 12.03%
• 5Y*: 4.17%
• 10Y*: 6.15%

TAIL

• 1D: 1.03%
• 1M: 0.87%
• YTD: -5.49%
• 6M: -5.16%
• 1Y: -8.67%
• 3Y*: -5.25%
• 5Y*: -8.23%
• 10Y*: —

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

XSLV vs. TAIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XSLV Invesco S&P SmallCap Low Volatility ETF	11.98%	0.31%	9.81%	1.34%	-11.83%	29.34%	-17.40%	22.35%	-5.41%	6.07%
TAIL Cambria Tail Risk ETF	-5.49%	5.48%	-9.62%	-13.29%	-13.13%	-12.81%	6.91%	-14.27%	2.85%	-7.55%

Correlation

The correlation between XSLV and TAIL is -0.11, 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	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	-0.22
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	-0.47

Over the past year, the inverse relationship between XSLV and TAIL has weakened: their correlation has moved from -0.47 to -0.11, meaning they move in opposite directions less often than they have historically.

XSLV vs. TAIL - Sectors Allocation Comparison

Sectors	XSLV	TAIL
Financial Services	43.2%	11.1%
Real Estate	28.5%	1.8%
Utilities	9.1%	2.1%
Industrials	7.2%	7.8%
Consumer Defensive	3.9%	4.5%
Basic Materials	2.7%	1.7%
Consumer Cyclical	2.3%	9.9%
Healthcare	1.5%	8.3%
Communication Services	1.1%	10.6%
Technology	0.9%	39.0%
Energy	0.8%	3.1%

Return for Risk

XSLV vs. TAIL — Risk / Return Rank

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

XSLV

XSLV Risk / Return Rank: 36
XSLV Sharpe Ratio Rank: 34
XSLV Sortino Ratio Rank: 35
XSLV Omega Ratio Rank: 31
XSLV Calmar Ratio Rank: 43
XSLV Martin Ratio Rank: 39

TAIL

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

XSLV vs. TAIL - Risk-Adjusted Trends Comparison

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

	XSLV	TAIL	Difference
Sharpe ratio: Return per unit of total volatility	1.15	-1.03	+2.17
Sortino ratio: Return per unit of downside risk	1.75	-1.47	+3.21
Omega ratio: Gain probability vs. loss probability	1.20	0.83	+0.36
Calmar ratio: Return relative to maximum drawdown	2.07	-0.78	+2.85
Martin ratio: Return relative to average drawdown	5.87	-1.77	+7.64

XSLV vs. TAIL - Sharpe Ratio Comparison

The current XSLV Sharpe Ratio is 1.15, which is higher than the TAIL Sharpe Ratio of -1.03. The chart below compares the historical Sharpe Ratios of XSLV 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

XSLV vs. TAIL - Drawdown Comparison

The maximum XSLV drawdown since its inception was -44.34%, smaller than the maximum TAIL drawdown of -52.36%. Use the drawdown chart below to compare losses from any high point for XSLV and TAIL.

Drawdown Indicators

	XSLV	TAIL	Difference
Max Drawdown Largest peak-to-trough decline	-44.34%	-52.36%	+8.02%
Max Drawdown (1Y) Largest decline over 1 year	-7.46%	-11.10%	+3.64%
Max Drawdown (3Y) Largest decline over 3 years	-18.35%	-20.78%	+2.43%
Max Drawdown (5Y) Largest decline over 5 years	-24.72%	-38.44%	+13.72%
Max Drawdown (10Y) Largest decline over 10 years	-44.34%	—	—
Current Drawdown Current decline from peak	0.00%	-51.20%	+51.20%
Average Drawdown Average peak-to-trough decline	-7.26%	-29.23%	+21.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	4.94%	-2.32%

Volatility

XSLV vs. TAIL - Volatility Comparison

Invesco S&P SmallCap Low Volatility ETF (XSLV) has a higher volatility of 4.59% compared to Cambria Tail Risk ETF (TAIL) at 1.90%. This indicates that XSLV'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

	XSLV	TAIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.59%	1.90%	+2.69%
Volatility (6M) Calculated over the trailing 6-month period	9.42%	6.64%	+2.78%
Volatility (1Y) Calculated over the trailing 1-year period	13.50%	8.48%	+5.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.70%	14.90%	+1.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.94%	14.91%	+5.03%

XSLV vs. TAIL - Expense Ratio Comparison

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

Dividends

XSLV vs. TAIL - Dividend Comparison

XSLV's dividend yield for the trailing twelve months is around 2.15%, less than TAIL's 2.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TAIL Cambria Tail Risk ETF	2.90%	2.88%	3.48%	3.74%	1.50%	0.49%	0.36%	1.58%	1.52%	0.91%	0.00%	0.00%
XSLV Invesco S&P SmallCap Low Volatility ETF	2.15%	2.14%	2.55%	2.35%	2.78%	1.05%	2.49%	2.43%	2.75%	1.87%	1.96%	2.20%

Frequently Asked Questions

Can I hold both XSLV and TAIL in my portfolio?

XSLV and TAIL have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XSLV or TAIL?

XSLV has higher volatility (4.59%) compared to TAIL (1.90%). In terms of maximum drawdown, XSLV dropped -44.34% vs TAIL's -52.36%.

Which ETF is better, XSLV or TAIL?

On 5-year performance, XSLV leads with 4.17% vs -8.23% for TAIL. On fees, XSLV is cheaper at 0.25% per year. On volatility, TAIL has been the lower-risk option at 1.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XSLV or TAIL?

Over the 5-year period, XSLV has performed better with a 4.17% return vs -8.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XSLV or TAIL?

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

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

TAIL has the higher dividend yield at 2.90%, compared with 2.15% for XSLV.

What is the main difference between XSLV and TAIL?

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

Which has better risk-adjusted returns?

XSLV currently has the higher Sharpe Ratio (1.15 vs -1.03), 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.