TAIL vs VYM
Cambria Tail Risk ETF vs Vanguard High Dividend Yield ETF
Quick Verdict
VYM has a lower expense ratio. VYM delivered stronger 1-year returns. VYM offers more diversification with 558 holdings.
Side-by-Side Comparison
| Metric | TAIL | VYM | Winner |
|---|---|---|---|
| Expense Ratio | 0.59% | 0.04% | |
| AUM | $149M | $79.0B | |
| Dividend Yield | 2.93% | 2.86% | |
| Holdings | 25 | 568 | |
| YTD Return | -9.67% | +15.80% | |
| 1Y Return | -11.58% | +26.12% | |
| 3Y Return (annualized) | -5.84% | +18.25% | |
| 5Y Return (annualized) | -9.19% | +12.51% | |
| Volatility (annualized) | 11.1% | 14.6% | |
| Max Drawdown | -53.5% | -58.8% | |
| Fund Family | Cambria Investment Management | Vanguard (US) | |
| Category | Alternative | Equity | |
| Inception | Apr 5, 2017 | Nov 10, 2006 |
TAIL vs VYM Performance
Cambria Tail Risk ETF (TAIL) is a ETF from Cambria Investment Management and Vanguard High Dividend Yield ETF (VYM) is a ETF from Vanguard (US). Over the past year TAIL returned -11.58% while VYM returned +26.12%. Year to date, TAIL is down 9.67% versus a gain of 15.80% for VYM.
Over three years, TAIL compounded at -5.84% per year against +18.25% for VYM; over five years the annualized figures are -9.19% and +12.51% respectively. Across the full 9-year window we track, VYM has the edge at +7.07% annualized vs -7.45%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VYM has been the more volatile fund, with annualized monthly volatility of 14.6% 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 -53.5% for TAIL and -58.8% for VYM. 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 -0.71. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
TAIL charges 0.59% per year while VYM charges 0.04%. On a $10,000 position that is $59 vs $4 annually, a gap of $55 per year that compounds over a long holding period. On income, TAIL currently yields 2.93% against 2.86% for VYM.
Holdings Overlap
TAIL and VYM share 0 holdings out of 560 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, TAIL or VYM?
TAIL has an expense ratio of 0.59% while VYM charges 0.04%. VYM is the cheaper option. On a $10,000 investment, that is $55 per year of difference.
Which performed better, TAIL or VYM?
Over the past year TAIL returned -11.58% vs +26.12% for VYM, so VYM leads on 1-year performance. Over the longest common window we track (9 years), TAIL annualized -7.45% vs +7.07% for VYM. Past performance does not guarantee future results.
Which is riskier, TAIL or VYM?
VYM has been the more volatile fund at 14.6% annualized versus 11.1% for TAIL. Worst drawdown: TAIL -53.5% vs VYM -58.8%.
Should I hold both TAIL and VYM?
TAIL and VYM have a monthly-return correlation of -0.71, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between TAIL and VYM?
TAIL and VYM share 0 common holdings with a 0.0% weight overlap. Combined, they hold 560 unique securities.
Which pays a higher dividend, TAIL or VYM?
TAIL yields 2.93% while VYM yields 2.86%, so TAIL currently pays the higher dividend yield.
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