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

In the 25 weeks the S&P 500 fell, by 1.10% a week on average, TAIL averaged +0.09% and TOAK −0.02%, so TAIL returned more in those weeks.

Which earned more than cash, TAIL or TOAK?

Over the same weeks, TAIL finished 17.2 percentage points behind cash and TOAK finished 0.1 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, TAIL or TOAK?

TAIL charges 0.60% a year and TOAK charges 0.26%, so TOAK is cheaper. Fees come from each fund's prospectus.

Data as of Oct 27, 2026.

Alternative ETFs

TAIL vs TOAK: Correlation to the S&P 500

Over the year to Oct 27, 2026, TAIL moved less with the S&P 500 than TOAK: correlation −0.67 against +0.17.

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Net assets: $147m on Jul 31, 2026 for Cambria Tail Risk ETF, and $90m on May 31, 2026 for Manager Directed Portfolios Twin Oak Short Horizon Absolute Return ETF.

TAIL on its own →TOAK on its own →

At a glance

−0.67

TAIL correlation with the S&P 500

+0.17

TOAK correlation with the S&P 500

−8.5%

TAIL down-week capture

1.9%

TOAK down-week capture

TAIL Rose when the S&P 500 fell

TAIL in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, TAIL +0.09%.

TOAK Fell 2% as much as the S&P 500

TOAK in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, TOAK −0.02%.

Pair scorecard

TOAK costs 0.34 points a year less; their one-year returns differ by 17.0 points.

TAIL vs TOAK: Correlation to the S&P 500
Measure	TAIL	TOAK
Return
Measure	TAIL	TOAK
Total return, 1 year	−13.4%	+3.6%
Against its benchmark
Measure	TAIL	TOAK
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	TAIL	TOAK
Expense ratio	0.60%	0.26%
Net assets, TAIL as of Jul 31, 2026 and TOAK as of May 31, 2026	$147m	$90m
Holdings
Measure	TAIL	TOAK
Holdings in common	not published
Risk
Measure	TAIL	TOAK
Beta to the S&P 500	−0.34: about 0.34% for each 1%	+0.04: about 0.04% for each 1%
Its average week when the S&P 500 fell	rose 0.09%	fell 0.02%

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

IQ Alternatives Score93.2TAIL79.5TOAK

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

TAIL 93.2

TOAK 79.5

8.0, the lowest in this set 97.7, the highest

A percentile among the 22 equity hedged alternatives ETFs with a full year. 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: TAIL vs TOAK: Correlation to the S&P 500
	Total return		vs its benchmark
Window	TAIL	TOAK	TAIL	TOAK
3 months	−4.8%	+0.9%	−9.0 pts vs VOO	not measured
6 months	−8.7%	+1.8%	−17.4 pts vs VOO	not measured
1 year	−13.4%	+3.6%	−27.0 pts vs VOO	not measured
3 years	−17.4%	–	−112.2 pts vs VOO	–
Since launchNot the same days: TAIL Jun 2017 · TOAK Aug 2024	−51.8%	+8.9%	−318.6 pts vs VOO	not measured

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

Side by side

TAIL Cambria Tail Risk ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options TOAK Manager Directed Portfolios Twin Oak Short Horizon Absolute Return ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options

Issuer Cambria Manager Directed Portfolios

Strategy Hedged equity Hedged equity

Correlation with the S&P 500 −0.67 +0.17

Beta to the S&P 500 −0.34 +0.04

Down-week capture −8.5% 1.9%

Average week when the S&P 500 fell +0.09% −0.02%

The S&P 500 in those weeks −1.10% −1.10%

Total return, same 52 weeks −13.6% +3.6%

Against T-bills, percentage points −17.2 pts −0.1 pts

Expense ratio 0.60% 0.26%

First traded Jun 13, 2017 Aug 20, 2024

Net assets, TAIL as of Jul 31, 2026 and TOAK as of May 31, 2026 $147m $90m

As of Oct 27, 2026. Source: ETFIQ.

One strategy, two funds

TAIL and TOAK both run a hedged equity strategy. Over the same 52 weeks to Oct 27, 2026, TAIL’s weekly returns had a correlation of −0.67 with the S&P 500 and TOAK’s +0.17. In the 25 weeks the index fell, by 1.10% a week on average, TAIL averaged +0.09% and TOAK −0.02%. Over the same weeks, TAIL finished 17.2 percentage points behind cash and TOAK finished 0.1 points behind cash.

Alert

About each fund

TAIL

TAIL 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 Oct 27, 2026, its weekly returns had a correlation of −0.67 with the S&P 500’s and a beta of −0.34, so for each 1% the index moved it moved about 0.34% the other way. The S&P 500 fell in 25 of those 52 weeks, by 1.10% on average. In the same weeks TAIL rose 0.09% on average, a down-week capture of −8.5%. Over the same 52 weeks TAIL returned −13.6% and a Treasury bill fund +3.7%, so it finished 17.2 percentage points behind cash.

TOAK

TOAK is a hedged equity fund. Over the year to Oct 27, 2026, its weekly returns had a correlation of +0.17 with the S&P 500’s and a beta of +0.04, so for each 1% the index moved it moved about 0.04% the same way. In the same weeks TOAK fell 0.02% on average, a down-week capture of 1.9%. Over the same 52 weeks TOAK returned +3.6% and a Treasury bill fund +3.7%, so it finished 0.1 percentage points behind cash.

Questions people ask

Which moved less with the S&P 500, TAIL or TOAK?: Over the 52 weeks to Oct 27, 2026, TAIL’s weekly returns had a correlation of −0.67 with the S&P 500 and TOAK’s +0.17, so TAIL moved less with the index.
Which did better when the S&P 500 fell, TAIL or TOAK?: In the 25 weeks the S&P 500 fell, by 1.10% a week on average, TAIL averaged +0.09% and TOAK −0.02%, so TAIL returned more in those weeks.
Which earned more than cash, TAIL or TOAK?: Over the same weeks, TAIL finished 17.2 percentage points behind cash and TOAK finished 0.1 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, TAIL or TOAK?: TAIL charges 0.60% a year and TOAK charges 0.26%, so TOAK is cheaper. Fees come from each fund's prospectus.

Other comparisons

TAIL vs ATTR TAIL vs QBER TAIL vs KSPY TAIL vs PHEQ TOAK vs CCOR TOAK vs FHEQ TOAK vs ACIO TOAK vs HELO

Where to next

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

Sources and dates

TAIL filings on SEC EDGAR ↗

TAIL prospectus with the expense ratio (SEC) ↗

Cambria website ↗

TOAK filings on SEC EDGAR ↗

TOAK prospectus with the expense ratio (SEC) ↗

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, TAIL against TOAK, data as of Oct 27, 2026. https://etfiq.com/compare/alternatives/tail-vs-toak

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