XSLV vs. TAIL

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco S&P SmallCap Low Volatility ETF (XSLV) and Cambria Tail Risk ETF (TAIL).

XSLV and TAIL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XSLV is a passively managed fund by Invesco that tracks the performance of the S&P SmallCap 600 Low Volatility Index. It was launched on Feb 15, 2013. TAIL is an actively managed fund by Cambria. It was launched on Apr 5, 2017.

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.

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	2.45%	0.31%	9.81%	1.34%	-11.83%	29.34%	-17.40%	22.35%	-5.41%	5.64%
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, XSLV achieves a 2.45% return, which is significantly lower than TAIL's 2.59% return.

XSLV

• 1D: 0.76%
• 1M: -3.66%
• YTD: 2.45%
• 6M: 3.26%
• 1Y: 5.07%
• 3Y*: 6.15%
• 5Y*: 2.68%
• 10Y*: 5.46%

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)

XSLV vs. TAIL - Expense Ratio Comparison

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

TAIL

Cambria Tail Risk ETF

XSLV

Invesco S&P SmallCap Low Volatility ETF

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: 22
XSLV Sharpe Ratio Rank: 22
XSLV Sortino Ratio Rank: 22
XSLV Omega Ratio Rank: 20
XSLV Calmar Ratio Rank: 24
XSLV Martin Ratio Rank: 25

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.

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.

	XSLV	TAIL	Difference
Sharpe ratio Return per unit of total volatility	0.32	0.15	+0.18
Sortino ratio Return per unit of downside risk	0.58	0.38	+0.20
Omega ratio Gain probability vs. loss probability	1.07	1.06	+0.01
Calmar ratio Return relative to maximum drawdown	0.53	0.16	+0.37
Martin ratio Return relative to average drawdown	1.83	0.19	+1.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XSLV vs. TAIL - Sharpe Ratio Comparison

The current XSLV Sharpe Ratio is 0.32, which is higher than the TAIL Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of XSLV 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

	XSLV	TAIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.32	0.15	+0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	-0.46	+0.62
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	-0.43	+0.82

Correlation

The correlation between XSLV and TAIL is -0.48. 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

XSLV vs. TAIL - Dividend Comparison

XSLV's dividend yield for the trailing twelve months is around 2.70%, less than TAIL's 3.20% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XSLV Invesco S&P SmallCap Low Volatility ETF	2.70%	2.14%	2.55%	2.35%	2.78%	1.05%	2.49%	2.43%	2.75%	1.87%	1.96%	2.20%
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%	0.00%	0.00%

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	-11.26%	-16.24%	+4.98%
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	-5.25%	-47.03%	+41.78%
Average Drawdown Average peak-to-trough decline	-7.37%	-28.70%	+21.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	13.27%	-10.02%

Volatility

XSLV vs. TAIL - Volatility Comparison

The current volatility for Invesco S&P SmallCap Low Volatility ETF (XSLV) is 3.54%, while Cambria Tail Risk ETF (TAIL) has a volatility of 4.39%. This indicates that XSLV experiences smaller price fluctuations and is considered to be less risky 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	3.54%	4.39%	-0.85%
Volatility (6M) Calculated over the trailing 6-month period	8.88%	7.04%	+1.84%
Volatility (1Y) Calculated over the trailing 1-year period	15.88%	17.81%	-1.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.68%	14.89%	+1.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.93%	15.06%	+4.87%