SDS vs TAIL
ProShares UltraShort S&P500 vs Cambria Tail Risk ETF
Which is better, SDS or TAIL?
TAIL has been ahead.
TAIL has a lower expense ratio. TAIL led over 1Y, 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 | SDS | TAIL |
|---|---|---|
| Expense Ratio | 0.91% | 0.59%Best |
| AUM | $348M | $152M |
| Dividend Yield | 5.19% | 3.56% |
| Holdings | 20 | 22 |
| YTD Return | -19.15% | -14.34%Best |
| 1Y Return | -23.19% | -17.22%Best |
| 3Y Return (annualized) | -29.75% | -6.11%Best |
| 5Y Return (annualized) | -20.88% | -9.78%Best |
| Volatility (annualized) | 29.2% | 11.1%Best |
| Max Drawdown | -95.5% | -56.3%Best |
| $10,000 over 5 years | $3,100 | $5,977Best |
| Fund Family | ProShares | Cambria Investment Management |
| Category | Alternative | Alternative |
| Style | Trading-Inverse Equity | Trading-Inverse Equity |
| Inception | Jul 11, 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 14, 2026 (9.5 years).
SDS 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.
SDS vs TAIL Performance
ProShares UltraShort S&P500 (SDS) is an ETF from ProShares and Cambria Tail Risk ETF (TAIL) is an ETF from Cambria Investment Management. Over the past year SDS returned -23.19% while TAIL returned -17.22%. Year to date, SDS is down 19.15% versus a loss of 14.34% for TAIL.
Over three years, SDS compounded at -29.75% per year against -6.11% for TAIL; over five years the annualized figures are -20.88% and -9.78% respectively. Across the full 10-year window we track, TAIL has the edge at -7.82% annualized vs -27.35%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SDS has been the more volatile fund, with annualized monthly volatility of 29.2% 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 -95.5% for SDS 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 0.62. They move together some of the time, and apart the rest.
Fees and Cost Over Time
SDS charges 0.91% per year while TAIL charges 0.59%. On a $10,000 position that is $91 vs $59 annually, a gap of $32 per year that compounds over a long holding period. On income, SDS currently yields 5.19% against 3.56% for TAIL.
Holdings Overlap
We hold position weights for 1 holding in SDS and 2 in TAIL, totalling 93.5% 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 SDS and 2 in TAIL, against full books of 20 and 22.
You are not choosing between two funds in isolation.
Whichever of SDS 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, SDS or TAIL?
SDS has an expense ratio of 0.91% while TAIL charges 0.59%. TAIL is the cheaper option, by $32 a year on a $10,000 investment.
Which performed better, SDS or TAIL?
Over the past year SDS returned -23.19% vs -17.22% for TAIL, so TAIL leads on 1-year performance. Over the longest common window we track (10 years), SDS annualized -27.35% vs -7.82% for TAIL. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SDS or TAIL?
SDS has been the more volatile fund at 29.2% annualized versus 11.1% for TAIL. Worst drawdown: SDS -95.5% vs TAIL -56.3%.
Should I hold both SDS and TAIL?
SDS and TAIL have a monthly-return correlation of 0.62, 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, SDS or TAIL?
SDS yields 5.19% while TAIL yields 3.56%, so SDS currently pays the higher dividend yield.
Is TAIL better than SDS?
TAIL has a lower expense ratio. TAIL led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.