IVV vs TAIL
iShares Core S&P 500 ETF vs Cambria Tail Risk ETF
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. IVV offers more diversification with 508 holdings.
Side-by-Side Comparison
| Metric | IVV | TAIL | Winner |
|---|---|---|---|
| Expense Ratio | 0.03% | 0.59% | |
| AUM | $907.0B | $148M | |
| Dividend Yield | 1.10% | 2.99% | |
| Holdings | 508 | 11 | |
| YTD Return | +13.25% | -10.50% | |
| 1Y Return | +19.95% | -12.10% | |
| 3Y Return (annualized) | +21.26% | -5.64% | |
| 5Y Return (annualized) | +12.82% | -9.28% | |
| Volatility (annualized) | 15.1% | 11.1% | |
| Max Drawdown | -56.5% | -53.9% | |
| Fund Family | iShares by BlackRock (US) | Cambria Investment Management | |
| Category | Equity | Alternative | |
| Inception | May 15, 2000 | Apr 5, 2017 |
IVV vs TAIL Performance
iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US) and Cambria Tail Risk ETF (TAIL) is a ETF from Cambria Investment Management. Over the past year IVV returned +19.95% while TAIL returned -12.10%. Year to date, IVV is up 13.25% versus a loss of 10.50% for TAIL.
Over three years, IVV compounded at +21.26% per year against -5.64% for TAIL; over five years the annualized figures are +12.82% and -9.28% respectively. Across the full 9-year window we track, IVV has the edge at +7.01% annualized vs -7.50%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 15.1% compared with 11.1% for TAIL. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -56.5% for IVV and -53.9% for TAIL. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.70. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
IVV charges 0.03% per year while TAIL charges 0.59%. On a $10,000 position that is $3 vs $59 annually, a gap of $56 per year that compounds over a long holding period. On income, IVV currently yields 1.10% against 2.99% for TAIL.
Holdings Overlap
IVV and TAIL share 0 holdings out of 507 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, IVV or TAIL?
IVV has an expense ratio of 0.03% while TAIL charges 0.59%. IVV is the cheaper option. On a $10,000 investment, that is $56 per year of difference.
Which performed better, IVV or TAIL?
Over the past year IVV returned +19.95% vs -12.10% for TAIL, so IVV leads on 1-year performance. Over the longest common window we track (9 years), IVV annualized +7.01% vs -7.50% for TAIL. Past performance does not guarantee future results.
Which is riskier, IVV or TAIL?
IVV has been the more volatile fund at 15.1% annualized versus 11.1% for TAIL. Worst drawdown: IVV -56.5% vs TAIL -53.9%.
Should I hold both IVV and TAIL?
IVV and TAIL have a monthly-return correlation of -0.70, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between IVV and TAIL?
IVV and TAIL share 0 common holdings with a 0.0% weight overlap. Combined, they hold 507 unique securities.
Which pays a higher dividend, IVV or TAIL?
IVV yields 1.10% while TAIL yields 2.99%, so TAIL currently pays the higher dividend yield.
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