SPY vs TAIL
State Street SPDR S&P 500 ETF Trust vs Cambria Tail Risk ETF
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | TAIL | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.59% | |
| AUM | $814.4B | $145M | |
| Dividend Yield | 1.01% | 2.99% | |
| Holdings | 505 | 11 | |
| YTD Return | +12.87% | -10.76% | |
| 1Y Return | +21.13% | -12.43% | |
| 3Y Return (annualized) | +20.86% | -5.51% | |
| 5Y Return (annualized) | +12.69% | -9.35% | |
| Volatility (annualized) | 15.3% | 11.1% | |
| Max Drawdown | -56.5% | -54.0% | |
| Fund Family | State Street Investment Management | Cambria Investment Management | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | Apr 5, 2017 |
SPY vs TAIL Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Cambria Tail Risk ETF (TAIL) is a ETF from Cambria Investment Management. Over the past year SPY returned +21.13% while TAIL returned -12.43%. Year to date, SPY is up 12.87% versus a loss of 10.76% for TAIL.
Over three years, SPY compounded at +20.86% per year against -5.51% for TAIL; over five years the annualized figures are +12.69% and -9.35% respectively. Across the full 9-year window we track, SPY has the edge at +8.80% annualized vs -7.52%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% 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 SPY and -54.0% 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
SPY charges 0.09% per year while TAIL charges 0.59%. On a $10,000 position that is $9 vs $59 annually, a gap of $50 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 2.99% for TAIL.
Holdings Overlap
SPY and TAIL share 0 holdings out of 506 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, SPY or TAIL?
SPY has an expense ratio of 0.09% while TAIL charges 0.59%. SPY is the cheaper option. On a $10,000 investment, that is $50 per year of difference.
Which performed better, SPY or TAIL?
Over the past year SPY returned +21.13% vs -12.43% for TAIL, so SPY leads on 1-year performance. Over the longest common window we track (9 years), SPY annualized +8.80% vs -7.52% for TAIL. Past performance does not guarantee future results.
Which is riskier, SPY or TAIL?
SPY has been the more volatile fund at 15.3% annualized versus 11.1% for TAIL. Worst drawdown: SPY -56.5% vs TAIL -54.0%.
Should I hold both SPY and TAIL?
SPY 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 SPY and TAIL?
SPY and TAIL share 0 common holdings with a 0.0% weight overlap. Combined, they hold 506 unique securities.
Which pays a higher dividend, SPY or TAIL?
SPY yields 1.01% while TAIL yields 2.99%, so TAIL currently pays the higher dividend yield.
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