FAZ vs TAIL
Direxion Daily Financial Bear 3X ETF vs Cambria Tail Risk ETF
Which is better, FAZ or TAIL?
Each has led over a different period.
TAIL has a lower expense ratio. FAZ led over 1Y, TAIL over 3Y, 5Y 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 | FAZ | TAIL |
|---|---|---|
| Expense Ratio | 1.04% | 0.59%Best |
| AUM | $93M | $152M |
| Dividend Yield | 2.53% | 3.56% |
| Holdings | 16 | 22 |
| YTD Return | -0.09%Best | -14.34% |
| 1Y Return | -8.61%Best | -17.22% |
| 3Y Return (annualized) | -40.22% | -6.11%Best |
| 5Y Return (annualized) | -26.94% | -9.78%Best |
| Volatility (annualized) | 50.3% | 11.1%Best |
| Max Drawdown | - | -56.3% |
| $10,000 over 5 years | $2,082 | $5,977Best |
| Fund Family | Direxion Shares ETF Trust | Cambria Investment Management |
| Category | Alternative | Alternative |
| Style | Trading-Inverse Equity | Trading-Inverse Equity |
| Inception | Nov 6, 2008 | 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 14, 2026 (9.5 years).
FAZ 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.
FAZ vs TAIL Performance
Direxion Daily Financial Bear 3X ETF (FAZ) is an ETF from Direxion Shares ETF Trust and Cambria Tail Risk ETF (TAIL) is an ETF from Cambria Investment Management. Over the past year FAZ returned -8.61% while TAIL returned -17.22%. Year to date, FAZ is down 0.09% versus a loss of 14.34% for TAIL.
Over three years, FAZ compounded at -40.22% per year against -6.11% for TAIL; over five years the annualized figures are -26.94% and -9.78% respectively. Across the full 10-year window we track, TAIL has the edge at -7.82% annualized vs -42.00%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FAZ has been the more volatile fund, with annualized monthly volatility of 50.3% compared with 11.1% for TAIL. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The two funds' monthly returns correlate at 0.58. They move together some of the time, and apart the rest.
Fees and Cost Over Time
FAZ charges 1.04% per year while TAIL charges 0.59%. On a $10,000 position that is $104 vs $59 annually, a gap of $45 per year that compounds over a long holding period. On income, FAZ currently yields 2.53% against 3.56% for TAIL.
Holdings Overlap
We hold position weights for 3 holdings in FAZ and 2 in TAIL, totalling 102.9% 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 3 positions we hold weights for in FAZ and 2 in TAIL, against full books of 16 and 22.
You are not choosing between two funds in isolation.
Whichever of FAZ 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, FAZ or TAIL?
FAZ has an expense ratio of 1.04% while TAIL charges 0.59%. TAIL is the cheaper option, by $45 a year on a $10,000 investment.
Which performed better, FAZ or TAIL?
Over the past year FAZ returned -8.61% vs -17.22% for TAIL, so FAZ leads on 1-year performance. Over the longest common window we track (10 years), FAZ annualized -42.00% vs -7.82% for TAIL. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FAZ or TAIL?
FAZ has been the more volatile fund at 50.3% annualized versus 11.1% for TAIL.
Should I hold both FAZ and TAIL?
FAZ and TAIL have a monthly-return correlation of 0.58, 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, FAZ or TAIL?
FAZ yields 2.53% while TAIL yields 3.56%, so TAIL currently pays the higher dividend yield.
Is TAIL better than FAZ?
TAIL has a lower expense ratio. FAZ led over 1Y, TAIL over 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.