Data as of Nov 4, 2026.
HOLA vs TAIL: Correlation to the S&P 500
Over the year to Nov 4, 2026, TAIL moved less with the S&P 500 than HOLA: correlation −0.74 against +0.69.
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Net assets: $282m on Nov 3, 2026 for JPMorgan International Hedged Equity Laddered Overlay ETF, and $147m on Jul 31, 2026 for Cambria Tail Risk ETF.
HOLA in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HOLA −0.40%.
TAIL in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, TAIL +0.17%.
Pair scorecard
HOLA costs 0.10 points a year less; their one-year returns differ by 23.8 points.
| Measure | HOLA | TAIL |
|---|---|---|
| Return | ||
| Total return, 1 year | +10.7% | −13.1% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.50% | 0.60% |
| Net assets, HOLA as of Nov 3, 2026 and TAIL as of Jul 31, 2026 | $282m | $147m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.46: about 0.46% for each 1% | −0.36: about 0.36% for each 1% |
| Its average week when the S&P 500 fell | fell 0.40% | rose 0.17% |
How much it diversifies a stock portfolio, ranked against 22 equity hedged alternatives ETFs with a full year. 100 is best. How it is computed
One year of weekly moves against the S&P 500, within one strategy; it ignores what the fund returned. All alternatives ETFs ranked by it →
Risk and return
Jul 25, 2025 to Oct 30, 2026 · 66 weekly returnsEach against its own benchmark: HOLA against EFA, Jul 25, 2025 to Oct 30, 2026; TAIL against VOO, Jun 23, 2017 to Oct 30, 2026.
From Jul 2025 to Oct 2026, HOLA returned more: +12.3% to −11.0%. TAIL swung less: 7.4% to 8.9%. HOLA fell less at its worst: −6.6% to −17.1%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | HOLA | TAIL | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +12.3% | −11.0% | HOLA | Price change plus distributions, reinvested. |
| Annualized | +9.6% | −8.8% | HOLA | Total return as a yearly rate. |
| Price return | +9.0% | −14.1% | HOLA | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 8.9% | 7.4% | TAIL | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 6.2% | 6.1% | Tie | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −6.6% | −17.1% | HOLA | Deepest fall from a high to the low after it. |
| Upside capture | 55.0% | −26.6% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 71.0% | −106.5% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 0.60 | −0.59 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.90 | 0.62 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.64 | −1.73 | HOLA | Return above Treasury bills per unit of volatility. |
| Sortino | 0.91 | −2.09 | HOLA | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.095 | 0.159 | Return above Treasury bills per unit of beta. | |
| Calmar | 1.45 | −0.51 | HOLA | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | EFA | VOO | The ETF each fund is measured against. | |
| Alpha | −0.3% a year | −2.0% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.14 | −0.74 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −5.3% to +4.6% | −7.2% to +3.3% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | −0.70 | −0.76 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 6.3% | 29.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 66 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | HOLA | TAIL | HOLA | TAIL |
| 3 months | −1.3% | −2.7% | +0.3 pts vs EFA | −2.6 pts vs VOO |
| 6 months | +2.4% | −7.1% | −0.1 pts vs EFA | −12.1 pts vs VOO |
| 1 year | +10.7% | −13.1% | −6.2 pts vs EFA | −27.9 pts vs VOO |
| 3 years | – | −14.2% | – | −97.5 pts vs VOO |
| Since launchNot the same days: HOLA Jul 2025 · TAIL Jun 2017 | +15.0% | −51.5% | −7.9 pts vs EFA | −316.9 pts vs VOO |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
HOLA and TAIL both run a hedged equity strategy. Over the same 52 weeks to Nov 4, 2026, HOLA’s weekly returns had a correlation of +0.69 with the S&P 500 and TAIL’s −0.74. In the 26 weeks the index fell, by 1.07% a week on average, HOLA averaged −0.40% and TAIL +0.17%. Over the same weeks, HOLA finished 6.5 percentage points ahead of cash and TAIL finished 16.0 points behind cash.
Client brief:
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HOLA
HOLA is a hedged equity fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.69 with the S&P 500’s and a beta of +0.46, so for each 1% the index moved it moved about 0.46% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks HOLA fell 0.40% on average, a down-week capture of 36.9%. Over the same 52 weeks HOLA returned +10.2% and a Treasury bill fund +3.7%, so it finished 6.5 percentage points ahead of cash.
TAIL
TAIL is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of −0.74 with the S&P 500’s and a beta of −0.36, so for each 1% the index moved it moved about 0.36% the other way. In the same weeks TAIL rose 0.17% on average, a down-week capture of −15.9%. Over the same 52 weeks TAIL returned −12.4% and a Treasury bill fund +3.7%, so it finished 16.0 percentage points behind cash.
Questions people ask
- Which moved less with the S&P 500, HOLA or TAIL?
- Over the 52 weeks to Nov 4, 2026, HOLA’s weekly returns had a correlation of +0.69 with the S&P 500 and TAIL’s −0.74, so TAIL moved less with the index.
- Which did better when the S&P 500 fell, HOLA or TAIL?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HOLA averaged −0.40% and TAIL +0.17%, so TAIL returned more in those weeks.
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How this is computed
It is a place in a set, not a rating or a recommendation.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, HOLA against TAIL, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/hola-vs-tail
ETFIQ. (Nov 4, 2026). HOLA against TAIL. Retrieved from https://etfiq.com/compare/alternatives/hola-vs-tail
[HOLA against TAIL (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/hola-vs-tail)
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