Which did better when the S&P 500 fell, QBER or TAIL?

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, QBER averaged +0.17% and TAIL +0.17%, so the two did the same at the precision this page prints.

Which earned more than cash, QBER or TAIL?

Over the same weeks, QBER finished 3.8 percentage points behind cash and TAIL finished 16.0 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, QBER or TAIL?

QBER charges 0.79% a year and TAIL charges 0.60%, so TAIL is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

QBER vs TAIL: Correlation to the S&P 500

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Over the year to Nov 4, 2026, TAIL moved less with the S&P 500 than QBER: correlation −0.74 against −0.71.

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Net assets on Jul 31, 2026: $73m for TrueShares Quarterly Bear Hedge ETF and $147m for Cambria Tail Risk ETF.

QBER on its own →TAIL on its own →

At a glance

−0.71

QBER correlation with the S&P 500

−0.74

TAIL correlation with the S&P 500

−15.4%

QBER down-week capture

−15.9%

TAIL down-week capture

QBER Rose when the S&P 500 fell

QBER in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, QBER +0.17%.

TAIL Rose when the S&P 500 fell

TAIL in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, TAIL +0.17%.

Pair scorecard

TAIL costs 0.19 points a year less; their one-year returns differ by 13.1 points; TAIL is 2.0 times larger.

QBER vs TAIL: Correlation to the S&P 500
Measure	QBER	TAIL
Return
Measure	QBER	TAIL
Total return, 1 year	0.0%	−13.1%
Against its benchmark
Measure	QBER	TAIL
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	QBER	TAIL
Expense ratio	0.79%	0.60%
Net assets, as of Jul 31, 2026	$73m	$147m
Holdings
Measure	QBER	TAIL
Holdings in common	not published
Risk
Measure	QBER	TAIL
Beta to the S&P 500	−0.12: about 0.12% for each 1%	−0.36: about 0.36% for each 1%
Its average week when the S&P 500 fell	rose 0.17%	rose 0.17%

ETFIQ Stock Diversification Score · TAIL scores higher How much does it diversify a stock portfolio?

IQ Alternatives Score90.9QBER95.5TAIL

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

QBER 90.9

TAIL 95.5

4.5, the lowest in this set 95.5, the highest

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 →

Method

Window by window

Window by window: QBER vs TAIL: Correlation to the S&P 500
	Total return		vs its benchmark
Window	QBER	TAIL	QBER	TAIL
3 months	0.0%	−2.7%	not measured	−2.6 pts vs VOO
6 months	+0.2%	−7.1%	not measured	−12.1 pts vs VOO
1 year	0.0%	−13.1%	not measured	−27.9 pts vs VOO
3 years	–	−14.2%	–	−97.5 pts vs VOO
Since launchNot the same days: QBER Jul 2024 · TAIL Jun 2017	−0.2%	−51.5%	not measured	−316.9 pts vs VOO

– means no data for this window. Open this comparison in the app →

Side by side

QBER TrueShares Quarterly Bear Hedge ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options TAIL Cambria Tail Risk ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options

Issuer TrueShares Cambria

Strategy Hedged equity Hedged equity

Correlation with the S&P 500 −0.71 −0.74

Beta to the S&P 500 −0.12 −0.36

Down-week capture −15.4% −15.9%

Average week when the S&P 500 fell +0.17% +0.17%

The S&P 500 in those weeks −1.07% −1.07%

Total return, same 52 weeks −0.1% −12.4%

Against T-bills, percentage points −3.8 pts −16.0 pts

Expense ratio 0.79% 0.60%

First traded Jul 1, 2024 Jun 13, 2017

Net assets, as of Jul 31, 2026 $73m $147m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

QBER and TAIL both run a hedged equity strategy. Over the same 52 weeks to Nov 4, 2026, QBER’s weekly returns had a correlation of −0.71 with the S&P 500 and TAIL’s −0.74. In the 26 weeks the index fell, by 1.07% a week on average, QBER averaged +0.17% and TAIL +0.17%. Over the same weeks, QBER finished 3.8 percentage points behind cash and TAIL finished 16.0 points behind cash.

Alert

About each fund

QBER

QBER 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 −0.71 with the S&P 500’s and a beta of −0.12, so for each 1% the index moved it moved about 0.12% the other way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks QBER rose 0.17% on average, a down-week capture of −15.4%. Over the same 52 weeks QBER returned −0.1% and a Treasury bill fund +3.7%, so it finished 3.8 percentage points behind 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, QBER or TAIL?: Over the 52 weeks to Nov 4, 2026, QBER’s weekly returns had a correlation of −0.71 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, QBER or TAIL?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, QBER averaged +0.17% and TAIL +0.17%, so the two did the same at the precision this page prints.
Which earned more than cash, QBER or TAIL?: Over the same weeks, QBER finished 3.8 percentage points behind cash and TAIL finished 16.0 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, QBER or TAIL?: QBER charges 0.79% a year and TAIL charges 0.60%, so TAIL is cheaper. Fees come from each fund's prospectus.

Other comparisons

QBER vs SHDG QBER vs TOAK QBER vs ATTR QBER vs HEDG TAIL vs ACIO TAIL vs ATTR TAIL vs TOAK TAIL vs THEQ

Where to next

BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →QBER on its own →TAIL on its own →QBER dividend history →TAIL dividend history →Method →Standards and sources →

Sources and dates

QBER filings on SEC EDGAR ↗

QBER prospectus with the expense ratio (SEC) ↗

TrueShares website ↗

TAIL filings on SEC EDGAR ↗

TAIL prospectus with the expense ratio (SEC) ↗

Cambria website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

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, QBER against TAIL, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/qber-vs-tail

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