Cambria Tail Risk ETF (TAIL) Performance
TAIL total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −11.0% since Dec 31, 2025
- 1 year
- −13.2% total return
- 5 years
- −8.7% a year
- Since first price
- −7.4% a year since 2017
TAIL trailing returns vs SPY, QQQ, AGG
| Period | TAIL total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +1.7% | +1.7% | −1.0% | −5.0% | +0.9% |
| 3 months | −4.0% | −4.8% | +3.2% | +1.9% | −0.4% |
| 6 months | −8.4% | −9.6% | +7.8% | +8.4% | −1.5% |
| YTD | −11.0% | −12.7% | +12.3% | +15.1% | −1.0% |
| 1 year | −13.2% | −15.9% | +14.4% | +15.9% | −1.1% |
| 3 years | −15.3%−5.4%/yr | −22.6% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −36.6%−8.7%/yr | −44.3% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionApr 6, 2017 | −52.1%−7.4%/yr | −59.9% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: TAIL vs SPY
From Apr 6, 2017: TAIL grew to $4,791, SPY to $37,413.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
TAIL returns by calendar year
3 of 8 full years positive. Best 2020 (+6.9%), worst 2019 (−14.3%). 2026 is year to date.
TAIL annual returns table
| Year | TAIL | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −11.0% | −18.0% | +12.3% | +15.1% | −1.0% |
| 2025 | +5.5% | −15.6% | +17.7% | +20.8% | +7.2% |
| 2024 | −9.6% | −14.8% | +24.9% | +25.6% | +1.3% |
| 2023 | −13.3% | −16.6% | +26.2% | +54.9% | +5.7% |
| 2022 | −13.1% | −17.3% | −18.2% | −32.6% | −13.0% |
| 2021 | −12.8% | −13.6% | +28.7% | +27.4% | −1.8% |
| 2020 | +6.9% | −17.7% | +18.3% | +48.6% | +7.5% |
| 2019 | −14.3% | −17.5% | +31.2% | +39.0% | +8.5% |
| 2018 | +2.9% | −13.5% | −4.6% | −0.1% | +0.1% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
TAIL largest drawdowns
Now 54.0% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Apr 2, 2020 | −55.5% | Oct 5, 2026 | not yet | 6.5 years | 6.6 years so far |
| Apr 13, 2017 | −21.4% | Jan 17, 2020 | Mar 12, 2020 | 2.8 years | 2.9 years |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
TAIL risk statistics
| Statistic | 3 years | 5 years | Since 2017 |
|---|---|---|---|
| Annualized return | −6.1% | −9.9% | −7.7% |
| Volatility (annualized) | 9.0% | 9.6% | 11.1% |
| Sharpe ratio | -1.15 | -1.41 | -0.88 |
| Sortino ratio | -1.38 | -1.52 | -1.15 |
| Best month | +8.3% | +8.3% | +11.4% |
| Worst month | −6.4% | −8.2% | −8.9% |
| Best 12 months | +11.4% | +11.4% | +18.5% |
| Worst 12 months | −14.7% | −20.8% | −21.3% |
| Positive months | 39% | 35% | 35% |
| Beta vs S&P 500 | -0.32 | -0.35 | — |
| Correlation with S&P 500 | -0.45 | -0.57 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
TAIL rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 103 | −21.3% | −9.2% | +18.5% | 27% |
| 3-year (a year) | 79 | −14.5% | −6.3% | −0.9% | 0% |
| 5-year (a year) | 55 | −11.6% | −8.4% | −5.4% | 0% |
Every holding period starting at a month-end since 2017. Returns for 3 years and longer are annualized.
TAIL performance overview
Cambria Tail Risk ETF (TAIL) returned −13.2% over the past year and −8.7% a year over five years, with distributions reinvested. Since its first recorded price in 2017 it has returned −7.4% a year, turning $10,000 into about $4,791. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −55.5%, from Apr 2, 2020 to Oct 5, 2026; the fund has not yet regained that high. TAIL finished 3 of its 8 full calendar years with a gain; the best year was 2020 (+6.9%) and the worst 2019 (−14.3%). Volatility has been 11.1% a year.
Related: TAIL chart, TAIL dividends. See the TAIL overview for the latest quote and fund facts.
TAIL performance FAQ
What is the TAIL return over the past year?
TAIL returned −13.2% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 15.9%.
What is the average annual return of TAIL?
TAIL has returned −8.7% a year over 5 years, −7.4% a year since April 6, 2017 (total return, distributions reinvested).
How much would $10,000 invested in TAIL be worth?
$10,000 invested in TAIL at its first recorded close on April 6, 2017 would be worth about $4,791 on October 23, 2026 with distributions reinvested.
What was the worst year for TAIL?
The worst calendar year was 2019, with a total return of −14.3%. The best was 2020 at +6.9%.
What is the biggest drawdown of TAIL?
The largest peak-to-trough decline was −55.5% between April 2, 2020 and October 5, 2026. It has not yet recovered to that high; it is 54.0% below its peak.
How volatile is TAIL?
Over the past 3 years TAIL had an annualized volatility of 9.0% and a Sharpe ratio of -1.15 (excess return over 1–3 month T-bills per unit of risk).