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

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, TAIL averaged +0.17% and ZHDG −0.92%, so TAIL returned more in those weeks.

Which earned more than cash, TAIL or ZHDG?

Over the same weeks, TAIL finished 16.0 percentage points behind cash and ZHDG finished 2.6 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, TAIL or ZHDG?

TAIL charges 0.60% a year and ZHDG charges 0.95%, so TAIL is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

TAIL vs ZHDG: 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 ZHDG: correlation −0.74 against +0.96.

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Net assets on Jul 31, 2026: $147m for Cambria Tail Risk ETF and $35m for ZEGA Buy and Hedge ETF.

TAIL on its own →ZHDG on its own →

At a glance

−0.74

TAIL correlation with the S&P 500

+0.96

ZHDG correlation with the S&P 500

−15.9%

TAIL down-week capture

85.6%

ZHDG down-week capture

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%.

ZHDG Fell 86% as much as the S&P 500

ZHDG in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, ZHDG −0.92%.

Pair scorecard

TAIL costs 0.35 points a year less; their one-year returns differ by 19.7 points; TAIL is 4.2 times larger.

TAIL vs ZHDG: Correlation to the S&P 500
Measure	TAIL	ZHDG
Return
Measure	TAIL	ZHDG
Total return, 1 year	−13.1%	+6.6%
Against its benchmark
Measure	TAIL	ZHDG
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	TAIL	ZHDG
Expense ratio	0.60%	0.95%
Net assets, as of Jul 31, 2026	$147m	$35m
Holdings
Measure	TAIL	ZHDG
Holdings in common	not published
Risk
Measure	TAIL	ZHDG
Beta to the S&P 500	−0.36: about 0.36% for each 1%	+0.82: about 0.82% for each 1%
Its average week when the S&P 500 fell	rose 0.17%	fell 0.92%

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

IQ Alternatives Score95.5TAIL25ZHDG

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 95.5

ZHDG 25

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: TAIL vs ZHDG: Correlation to the S&P 500
	Total return		vs its benchmark
Window	TAIL	ZHDG	TAIL	ZHDG
3 months	−2.7%	−1.4%	−2.6 pts vs VOO	not measured
6 months	−7.1%	+3.0%	−12.1 pts vs VOO	not measured
1 year	−13.1%	+6.6%	−27.9 pts vs VOO	not measured
3 years	−14.2%	+49.1%	−97.5 pts vs VOO	not measured
Since launchNot the same days: TAIL Jun 2017 · ZHDG Jul 2021	−51.5%	+33.8%	−316.9 pts vs VOO	not measured

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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 ZHDG ZEGA Buy and Hedge ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options

Issuer Cambria Zega

Strategy Hedged equity Hedged equity

Correlation with the S&P 500 −0.74 +0.96

Beta to the S&P 500 −0.36 +0.82

Down-week capture −15.9% 85.6%

Average week when the S&P 500 fell +0.17% −0.92%

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

Total return, same 52 weeks −12.4% +6.3%

Against T-bills, percentage points −16.0 pts +2.6 pts

Expense ratio 0.60% 0.95%

First traded Jun 13, 2017 Jul 7, 2021

Net assets, as of Jul 31, 2026 $147m $35m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

TAIL and ZHDG both run a hedged equity strategy. Over the same 52 weeks to Nov 4, 2026, TAIL’s weekly returns had a correlation of −0.74 with the S&P 500 and ZHDG’s +0.96. In the 26 weeks the index fell, by 1.07% a week on average, TAIL averaged +0.17% and ZHDG −0.92%. Over the same weeks, TAIL finished 16.0 percentage points behind cash and ZHDG finished 2.6 points ahead of 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 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. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. 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.

ZHDG

ZHDG is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.96 with the S&P 500’s and a beta of +0.82, so for each 1% the index moved it moved about 0.82% the same way. In the same weeks ZHDG fell 0.92% on average, a down-week capture of 85.6%. Over the same 52 weeks ZHDG returned +6.3% and a Treasury bill fund +3.7%, so it finished 2.6 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, TAIL or ZHDG?: Over the 52 weeks to Nov 4, 2026, TAIL’s weekly returns had a correlation of −0.74 with the S&P 500 and ZHDG’s +0.96, so TAIL moved less with the index.
Which did better when the S&P 500 fell, TAIL or ZHDG?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, TAIL averaged +0.17% and ZHDG −0.92%, so TAIL returned more in those weeks.
Which earned more than cash, TAIL or ZHDG?: Over the same weeks, TAIL finished 16.0 percentage points behind cash and ZHDG finished 2.6 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, TAIL or ZHDG?: TAIL charges 0.60% a year and ZHDG charges 0.95%, so TAIL is cheaper. Fees come from each fund's prospectus.

Other comparisons

TAIL vs XTR TAIL vs THEQ TAIL vs HEQQ TAIL vs CCOR ZHDG vs HEQQ ZHDG vs CCOR ZHDG vs FHEQ ZHDG vs ACIO

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 →ZHDG on its own →TAIL dividend history →ZHDG dividend history →Method →Standards and sources →

Sources and dates

TAIL filings on SEC EDGAR ↗

TAIL prospectus with the expense ratio (SEC) ↗

Cambria website ↗

ZHDG filings on SEC EDGAR ↗

ZHDG prospectus with the expense ratio (SEC) ↗

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

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