SPXS vs TAIL
Direxion Daily S&P 500 Bear 3X ETF vs Cambria Tail Risk ETF
Which is better, SPXS 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 | SPXS | TAIL |
|---|---|---|
| Expense Ratio | 1.02% | 0.59%Best |
| AUM | $336M | $152M |
| Dividend Yield | 4.64% | 3.56% |
| Holdings | 22 | 22 |
| YTD Return | -29.24% | -14.34%Best |
| 1Y Return | -35.00% | -17.22%Best |
| 3Y Return (annualized) | -43.34% | -6.11%Best |
| 5Y Return (annualized) | -33.13% | -9.78%Best |
| Volatility (annualized) | 43.3% | 11.1%Best |
| Max Drawdown | - | -56.3% |
| $10,000 over 5 years | $1,337 | $5,977Best |
| Fund Family | Direxion Shares ETF Trust | Cambria Investment Management |
| Category | Alternative | Alternative |
| Style | Trading-Inverse Equity | Trading-Inverse Equity |
| Inception | Nov 5, 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).
SPXS 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.
SPXS vs TAIL Performance
Direxion Daily S&P 500 Bear 3X ETF (SPXS) 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 SPXS returned -35.00% while TAIL returned -17.22%. Year to date, SPXS is down 29.24% versus a loss of 14.34% for TAIL.
Over three years, SPXS compounded at -43.34% per year against -6.11% for TAIL; over five years the annualized figures are -33.13% and -9.78% respectively. Across the full 10-year window we track, TAIL has the edge at -7.82% annualized vs -41.38%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPXS has been the more volatile fund, with annualized monthly volatility of 43.3% 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 0.59. They move together some of the time, and apart the rest.
Fees and Cost Over Time
SPXS charges 1.02% per year while TAIL charges 0.59%. On a $10,000 position that is $102 vs $59 annually, a gap of $43 per year that compounds over a long holding period. On income, SPXS currently yields 4.64% against 3.56% for TAIL.
Holdings Overlap
We hold position weights for 3 holdings in SPXS and 2 in TAIL, totalling 89.9% 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 SPXS and 2 in TAIL, against full books of 22 and 22.
You are not choosing between two funds in isolation.
Whichever of SPXS 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, SPXS or TAIL?
SPXS has an expense ratio of 1.02% while TAIL charges 0.59%. TAIL is the cheaper option, by $43 a year on a $10,000 investment.
Which performed better, SPXS or TAIL?
Over the past year SPXS returned -35.00% vs -17.22% for TAIL, so TAIL leads on 1-year performance. Over the longest common window we track (10 years), SPXS annualized -41.38% vs -7.82% for TAIL. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPXS or TAIL?
SPXS has been the more volatile fund at 43.3% annualized versus 11.1% for TAIL.
Should I hold both SPXS and TAIL?
SPXS and TAIL have a monthly-return correlation of 0.59, 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, SPXS or TAIL?
SPXS yields 4.64% while TAIL yields 3.56%, so SPXS currently pays the higher dividend yield.
Is TAIL better than SPXS?
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.