Data as of Nov 4, 2026.
SHDG vs TAIL: Correlation to the S&P 500
Over the year to Nov 4, 2026, TAIL moved less with the S&P 500 than SHDG: correlation −0.74 against +0.90.
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Net assets on Jul 31, 2026: $161m for Soundwatch Hedged Equity ETF and $147m for Cambria Tail Risk ETF.
SHDG in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, SHDG −0.75%.
TAIL in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, TAIL +0.17%.
Pair scorecard
TAIL costs 0.31 points a year less; their one-year returns differ by 18.7 points; SHDG is 1.1 times larger.
| Measure | SHDG | TAIL |
|---|---|---|
| Return | ||
| Total return, 1 year | +5.6% | −13.1% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.91% | 0.60% |
| Net assets, as of Jul 31, 2026 | $161m | $147m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.60: about 0.60% for each 1% | −0.36: about 0.36% for each 1% |
| Its average week when the S&P 500 fell | fell 0.75% | 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
Nov 4, 2022 to Oct 30, 2026 · 208 weekly returns · each against VOOFrom Nov 2022 to Oct 2026, SHDG returned more: +65.9% to −26.7%. SHDG swung less: 10.1% to 12.3%. SHDG fell less at its worst: −13.9% to −30.3%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | SHDG | TAIL | VOO | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +65.9% | −26.7% | SHDG | Price change plus distributions, reinvested. | |
| Annualized | +13.5% | −7.5% | SHDG | Total return as a yearly rate. | |
| Price return | +60.6% | −35.0% | SHDG | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 10.1% | 12.3% | SHDG | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 6.8% | 7.3% | SHDG (slight) | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −13.9% | −30.3% | SHDG | Deepest fall from a high to the low after it. | |
| Upside capture | 59.0% | −22.9% | 100.0% | SHDG | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 76.3% | −70.5% | 100.0% | TAIL | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.69 | −0.60 | 1.00 | TAIL lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.92 | 0.47 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.85 | −0.95 | SHDG | Return above Treasury bills per unit of volatility. | |
| Sortino | 1.27 | −1.60 | SHDG | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.125 | 0.194 | 0.152 | TAIL | Return above Treasury bills per unit of beta. |
| Calmar | 0.97 | −0.25 | SHDG | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | VOO | VOO | VOO | The ETF each fund is measured against. | |
| Alpha | −1.9% a year | −2.5% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −1.33 | −0.56 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −4.7% to +0.9% | −11.4% to +6.4% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −1.28 | −1.11 | TAIL | Return against its benchmark per unit of tracking error. | |
| Tracking error | 5.2% | 24.2% | 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, 208 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | SHDG | TAIL | SHDG | TAIL |
| 3 months | +0.6% | −2.7% | +0.7 pts vs VOO | −2.6 pts vs VOO |
| 6 months | +4.0% | −7.1% | −1.0 pts vs VOO | −12.1 pts vs VOO |
| 1 year | +5.6% | −13.1% | −9.2 pts vs VOO | −27.9 pts vs VOO |
| 3 years | +46.8% | −14.2% | −36.5 pts vs VOO | −97.5 pts vs VOO |
| Since launchNot the same days: SHDG Oct 2022 · TAIL Jun 2017 | +67.7% | −51.5% | −46.2 pts vs VOO | −316.9 pts vs VOO |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
SHDG and TAIL both run a hedged equity strategy. Over the same 52 weeks to Nov 4, 2026, SHDG’s weekly returns had a correlation of +0.90 with the S&P 500 and TAIL’s −0.74. In the 26 weeks the index fell, by 1.07% a week on average, SHDG averaged −0.75% and TAIL +0.17%. Over the same weeks, SHDG finished 1.6 percentage points ahead of cash and TAIL finished 16.0 points behind cash.
Client brief:
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SHDG
SHDG 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 +0.90 with the S&P 500’s and a beta of +0.60, so for each 1% the index moved it moved about 0.60% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks SHDG fell 0.75% on average, a down-week capture of 70.4%. Over the same 52 weeks SHDG returned +5.2% and a Treasury bill fund +3.7%, so it finished 1.6 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, SHDG or TAIL?
- Over the 52 weeks to Nov 4, 2026, SHDG’s weekly returns had a correlation of +0.90 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, SHDG or TAIL?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, SHDG averaged −0.75% 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, SHDG against TAIL, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/shdg-vs-tail
ETFIQ. (Nov 4, 2026). SHDG against TAIL. Retrieved from https://etfiq.com/compare/alternatives/shdg-vs-tail
[SHDG against TAIL (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/shdg-vs-tail)
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