Data as of Nov 4, 2026.
KSPY vs TAIL: Correlation to the S&P 500
Over the year to Nov 4, 2026, TAIL moved less with the S&P 500 than KSPY: correlation −0.74 against +0.92.
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Net assets: $135m on Nov 4, 2026 for KraneShares Hedgeye Hedged Equity Index ETF, and $147m on Jul 31, 2026 for Cambria Tail Risk ETF.
KSPY in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, KSPY −0.44%.
TAIL in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, TAIL +0.17%.
Pair scorecard
TAIL costs 0.28 points a year less; their one-year returns differ by 24.9 points.
| Measure | KSPY | TAIL |
|---|---|---|
| Return | ||
| Total return, 1 year | +11.8% | −13.1% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.88% | 0.60% |
| Net assets, KSPY as of Nov 4, 2026 and TAIL as of Jul 31, 2026 | $135m | $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 0.44% | 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 26, 2024 to Oct 30, 2026 · 118 weekly returns · each against VOOFrom Jul 2024 to Oct 2026, KSPY returned more: +30.0% to −9.5%. KSPY swung less: 8.1% to 14.4%. KSPY fell less at its worst: −10.1% to −25.2%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | KSPY | TAIL | VOO | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +30.0% | −9.5% | KSPY | Price change plus distributions, reinvested. | |
| Annualized | +12.2% | −4.3% | KSPY | Total return as a yearly rate. | |
| Price return | +20.9% | −14.4% | KSPY | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 8.1% | 14.4% | KSPY | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 5.8% | 7.4% | KSPY | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −10.1% | −25.2% | KSPY | Deepest fall from a high to the low after it. | |
| Upside capture | 42.1% | −26.2% | 100.0% | KSPY | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 51.9% | −113.1% | 100.0% | TAIL | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.49 | −0.75 | 1.00 | TAIL lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.82 | 0.60 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.95 | −0.53 | KSPY | Return above Treasury bills per unit of volatility. | |
| Sortino | 1.33 | −1.02 | KSPY | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.157 | 0.101 | 0.127 | KSPY | Return above Treasury bills per unit of beta. |
| Calmar | 1.21 | −0.17 | KSPY | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | VOO | VOO | VOO | The ETF each fund is measured against. | |
| Alpha | +1.5% a year | +1.9% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.65 | 0.32 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −3.1% to +6.1% | −10.1% to +14.0% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.59 | −0.73 | KSPY | Return against its benchmark per unit of tracking error. | |
| Tracking error | 8.3% | 27.6% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 118 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | KSPY | TAIL | KSPY | TAIL |
| 3 months | +1.4% | −2.7% | +1.5 pts vs VOO | −2.6 pts vs VOO |
| 6 months | +6.0% | −7.1% | +1.0 pts vs VOO | −12.1 pts vs VOO |
| 1 year | +11.8% | −13.1% | −3.0 pts vs VOO | −27.9 pts vs VOO |
| 3 years | – | −14.2% | – | −97.5 pts vs VOO |
| Since launchNot the same days: KSPY Jul 2024 · TAIL Jun 2017 | +30.0% | −51.5% | −9.5 pts vs VOO | −316.9 pts vs VOO |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
KSPY and TAIL both run a hedged equity strategy. Over the same 52 weeks to Nov 4, 2026, KSPY’s weekly returns had a correlation of +0.92 with the S&P 500 and TAIL’s −0.74. In the 26 weeks the index fell, by 1.07% a week on average, KSPY averaged −0.44% and TAIL +0.17%. Over the same weeks, KSPY finished 7.9 percentage points ahead of cash and TAIL finished 16.0 points behind cash.
Client brief:
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KSPY
KSPY 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 +0.92 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 KSPY fell 0.44% on average, a down-week capture of 41.0%. Over the same 52 weeks KSPY returned +11.6% and a Treasury bill fund +3.7%, so it finished 7.9 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, KSPY or TAIL?
- Over the 52 weeks to Nov 4, 2026, KSPY’s weekly returns had a correlation of +0.92 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, KSPY or TAIL?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, KSPY averaged −0.44% 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.
Cite this pageCitation, APA and Markdown
ETFIQ, KSPY against TAIL, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/kspy-vs-tail
ETFIQ. (Nov 4, 2026). KSPY against TAIL. Retrieved from https://etfiq.com/compare/alternatives/kspy-vs-tail
[KSPY against TAIL (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/kspy-vs-tail)
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