SH vs TAIL
ProShares Short S&P500 vs Cambria Tail Risk ETF
Which is better, SH or TAIL?
Each has led over a different period.
TAIL has a lower expense ratio. SH led over 1Y and 5Y, TAIL over 3Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | SH | TAIL |
|---|---|---|
| Expense Ratio | 0.89% | 0.60%Best |
| AUM | $977M | $148M |
| Dividend Yield | 4.28% | 3.04% |
| Holdings | 16 | 22 |
| YTD Return | -9.49%Best | -14.95% |
| 1Y Return | -11.21%Best | -17.42% |
| 3Y Return (annualized) | -14.42% | -6.81%Best |
| 5Y Return (annualized) | -9.10%Best | -10.01% |
| Volatility (annualized) | 14.9% | 11.1%Best |
| Max Drawdown | -73.5% | -56.3%Best |
| $10,000 over 5 years | $6,206Best | $5,902 |
| Fund Family | ProShares | Cambria Investment Management |
| Category | Alternative | Alternative |
| Style | Trading-Inverse Equity | Trading-Inverse Equity |
| Inception | Jun 19, 2006 | Apr 5, 2017 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Apr 6, 2017 to Oct 12, 2026 (9.5 years).
SH vs TAIL growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 9.5 years both funds cover.
SH vs TAIL Performance
ProShares Short S&P500 (SH) is an ETF from ProShares and Cambria Tail Risk ETF (TAIL) is an ETF from Cambria Investment Management. Over the past year SH returned -11.21% while TAIL returned -17.42%. Year to date, SH is down 9.49% versus a loss of 14.95% for TAIL.
Over three years, SH compounded at -14.42% per year against -6.81% for TAIL; over five years the annualized figures are -9.10% and -10.01% respectively. Across the full 10-year window we track, TAIL has the edge at -7.90% annualized vs -12.85%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SH has been the more volatile fund, with annualized monthly volatility of 14.9% 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 -73.5% for SH and -56.3% for TAIL. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.65. They move together some of the time, and apart the rest.
Fees and Cost Over Time
SH charges 0.89% per year while TAIL charges 0.60%. On a $10,000 position that is $89 vs $60 annually, a gap of $29 per year that compounds over a long holding period. On income, SH currently yields 4.28% against 3.04% for TAIL.
Holdings Overlap
We hold position weights for 1 holding in SH and 2 in TAIL, totalling 83.9% and 93.4% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 1 positions we hold weights for in SH and 2 in TAIL, against full books of 16 and 22.
You are not choosing between two funds in isolation.
Whichever of SH and TAIL you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SH or TAIL?
SH has an expense ratio of 0.89% while TAIL charges 0.60%. TAIL is the cheaper option, by $29 a year on a $10,000 investment.
Which performed better, SH or TAIL?
Over the past year SH returned -11.21% vs -17.42% for TAIL, so SH leads on 1-year performance. Over the longest common window we track (10 years), SH annualized -12.85% vs -7.90% for TAIL. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SH or TAIL?
SH has been the more volatile fund at 14.9% annualized versus 11.1% for TAIL. Worst drawdown: SH -73.5% vs TAIL -56.3%.
Should I hold both SH and TAIL?
SH and TAIL have a monthly-return correlation of 0.65, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, SH or TAIL?
SH yields 4.28% while TAIL yields 3.04%, so SH currently pays the higher dividend yield.
Is TAIL better than SH?
TAIL has a lower expense ratio. SH led over 1Y and 5Y, TAIL over 3Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.