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

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, QBUL averaged −0.26% and TAIL +0.17%, so TAIL returned more in those weeks.

Which earned more than cash, QBUL or TAIL?

Over the same weeks, QBUL finished 3.3 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, QBUL or TAIL?

QBUL 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

QBUL 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 QBUL: correlation −0.74 against +0.85.

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Net assets on Jul 31, 2026: $28m for TrueShares Quarterly Bull Hedge ETF and $147m for Cambria Tail Risk ETF.

QBUL on its own →TAIL on its own →

At a glance

+0.85

QBUL correlation with the S&P 500

−0.74

TAIL correlation with the S&P 500

23.9%

QBUL down-week capture

−15.9%

TAIL down-week capture

QBUL Fell 24% as much as the S&P 500

QBUL in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, QBUL −0.26%.

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 13.5 points; TAIL is 5.3 times larger.

QBUL vs TAIL: Correlation to the S&P 500
Measure	QBUL	TAIL
Return
Measure	QBUL	TAIL
Total return, 1 year	+0.4%	−13.1%
Against its benchmark
Measure	QBUL	TAIL
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	QBUL	TAIL
Expense ratio	0.79%	0.60%
Net assets, as of Jul 31, 2026	$28m	$147m
Holdings
Measure	QBUL	TAIL
Holdings in common	not published
Risk
Measure	QBUL	TAIL
Beta to the S&P 500	+0.20: about 0.20% for each 1%	−0.36: about 0.36% for each 1%
Its average week when the S&P 500 fell	fell 0.26%	rose 0.17%

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

IQ Alternatives Score68.2QBUL95.5TAIL

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

QBUL 68.2

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: QBUL vs TAIL: Correlation to the S&P 500
	Total return		vs its benchmark
Window	QBUL	TAIL	QBUL	TAIL
3 months	−0.9%	−2.7%	−0.8 pts vs VOO	−2.6 pts vs VOO
6 months	−0.8%	−7.1%	−5.8 pts vs VOO	−12.1 pts vs VOO
1 year	+0.4%	−13.1%	−14.4 pts vs VOO	−27.9 pts vs VOO
3 years	–	−14.2%	–	−97.5 pts vs VOO
Since launchNot the same days: QBUL Jul 2024 · TAIL Jun 2017	+6.5%	−51.5%	−38.0 pts vs VOO	−316.9 pts vs VOO

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

Side by side

QBUL TrueShares Quarterly Bull 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 +0.85 −0.74

Beta to the S&P 500 +0.20 −0.36

Down-week capture 23.9% −15.9%

Average week when the S&P 500 fell −0.26% +0.17%

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

Total return, same 52 weeks +0.3% −12.4%

Against T-bills, percentage points −3.3 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 $28m $147m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

QBUL and TAIL both run a hedged equity strategy. Over the same 52 weeks to Nov 4, 2026, QBUL’s weekly returns had a correlation of +0.85 with the S&P 500 and TAIL’s −0.74. In the 26 weeks the index fell, by 1.07% a week on average, QBUL averaged −0.26% and TAIL +0.17%. Over the same weeks, QBUL finished 3.3 percentage points behind cash and TAIL finished 16.0 points behind cash.

Alert

About each fund

QBUL

QBUL 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 +0.85 with the S&P 500’s and a beta of +0.20, so for each 1% the index moved it moved about 0.20% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks QBUL fell 0.26% on average, a down-week capture of 23.9%. Over the same 52 weeks QBUL returned +0.3% and a Treasury bill fund +3.7%, so it finished 3.3 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, QBUL or TAIL?: Over the 52 weeks to Nov 4, 2026, QBUL’s weekly returns had a correlation of +0.85 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, QBUL or TAIL?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, QBUL averaged −0.26% and TAIL +0.17%, so TAIL returned more in those weeks.
Which earned more than cash, QBUL or TAIL?: Over the same weeks, QBUL finished 3.3 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, QBUL or TAIL?: QBUL charges 0.79% a year and TAIL charges 0.60%, so TAIL is cheaper. Fees come from each fund's prospectus.

Other comparisons

QBUL vs SHDG QBUL vs ZHDG QBUL vs HEQQ QBUL vs HEGD TAIL vs XTR TAIL vs CAOS TAIL vs HEGD TAIL vs FHEQ

Where to next

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

Sources and dates

QBUL filings on SEC EDGAR ↗

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

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