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 613 holdings.
Side-by-Side Comparison
| Metric | TAIL | VYM | Winner |
|---|---|---|---|
| Expense Ratio | 0.59% | 0.04% | |
| AUM | $145M | $81.6B | |
| Dividend Yield | 2.99% | 2.24% | |
| Holdings | 11 | 613 | |
| YTD Return | -10.76% | +14.57% | |
| 1Y Return | -12.43% | +21.08% | |
| 3Y Return (annualized) | -5.51% | +18.16% | |
| 5Y Return (annualized) | -9.35% | +12.00% | |
| Volatility (annualized) | 11.1% | 14.6% | |
| Max Drawdown | -54.0% | -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 -12.43% while VYM returned +21.08%. Year to date, TAIL is down 10.76% versus a gain of 14.57% for VYM.
Over three years, TAIL compounded at -5.51% per year against +18.16% for VYM; over five years the annualized figures are -9.35% and +12.00% respectively. Across the full 9-year window we track, VYM has the edge at +6.99% annualized vs -7.52%. 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 -54.0% 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 2.99% against 2.24% for VYM.
Holdings Overlap
TAIL and VYM share 0 holdings out of 605 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 -12.43% vs +21.08% for VYM, so VYM leads on 1-year performance. Over the longest common window we track (9 years), TAIL annualized -7.52% vs +6.99% 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 -54.0% 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 605 unique securities.
Which pays a higher dividend, TAIL or VYM?
TAIL yields 2.99% while VYM yields 2.24%, so TAIL currently pays the higher dividend yield.
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