{"schemaVersion":1,"ticker":"TAIL","asOf":"2026-10-30","desk":"alternatives","cite":{"publisher":"ETFIQ","page":"https://etfiq.com/funds/tail/","methodology":"https://etfiq.com/methodology/","as_of":"2026-10-30","credit":"Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records; risk-free rate: U.S. Treasury, Daily Treasury Bill Rates, 13-week coupon equivalent","class":"mixed","license":"https://etfiq.com/license/","license_text":"Only the numbers in etfiq_fields are ETFIQ's, free to use with attribution: ETFIQ (etfiq.com). Every other number stays under its owner's terms: issuer_fields as the issuer published them, vendor_fields from an end-of-day data vendor.","fields_note":"Not yet classed field by field: only data ETFIQ computes is covered by its licence.","cite_as":"ETFIQ, Risk and return scorecard, TAIL against its benchmark, data as of 2026-10-30, https://etfiq.com/funds/tail/"},"benchmark":{"ticker":"VOO","name":"S&P 500 Index","tier":1,"kind":"index","basisOnPage":"total","basisHere":"total"},"kind":"benchmark","a":"TAIL","b":"VOO","window":{"from":"2017-06-23","to":"2026-10-30","firstReturn":"2017-06-30","weeklyReturns":488,"years":9.35,"short":false,"weekEnding":"2026-11-01"},"riskFree":{"rate":0.02648324,"perWeek":0.0005092931,"days":2339,"series":"13-week Treasury bill, coupon equivalent, average of daily yields","source":"U.S. Department of the Treasury, Daily Treasury Bill Rates","url":"https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_bill_rates"},"measures":{"total":{"a":-0.51041261,"b":2.60450598,"edge":"VOO","lead":"VOO"},"annualised":{"a":-0.07327875,"b":0.14639959,"edge":"VOO","lead":"VOO"},"price":{"a":-0.59004452,"b":2.11057886,"edge":"VOO","lead":"VOO"},"volatility":{"a":0.13152941,"b":0.17528788,"edge":"TAIL","lead":"TAIL"},"downsideDeviation":{"a":0.085643,"b":0.12213072,"edge":"TAIL","lead":"TAIL"},"maxDrawdown":{"a":-0.54840069,"b":-0.31777419,"edge":"VOO","lead":"VOO","aPeak":"2020-03-20","aTrough":"2026-10-09","bPeak":"2020-02-14","bTrough":"2020-03-20"},"excess":{"a":-0.09408421,"b":0.12579392,"edge":"VOO","lead":"VOO"},"sharpe":{"a":-0.71530926,"b":0.71764183,"edge":"VOO","lead":"VOO"},"sortino":{"a":-1.09856275,"b":1.02999405,"edge":"VOO","lead":"VOO"},"calmar":{"a":-0.13362264,"b":0.46070322,"edge":"VOO","lead":"VOO"}},"relative":{"TAIL":{"on":"VOO","beta":-0.59140466,"r2":0.62119438,"alpha":-0.0196891,"alphaT":-0.74064858,"alphaLow":-0.07192205,"alphaHigh":0.03254386,"upsideCapture":-0.2658721,"downsideCapture":-1.06497969,"treynor":0.15908601,"trackingError":0.29046281,"informationRatio":-0.75699236,"upWeeks":284,"downWeeks":203,"treynorReference":0.12579392,"edges":{"beta":{"edge":"Lower beta","neutral":true},"r2":{"edge":null,"neutral":true},"alpha":{"edge":"Not significant"},"alphaRange":{"edge":"Includes zero"},"upsideCapture":{"edge":"VOO","lead":"VOO"},"downsideCapture":{"edge":"TAIL","lead":"TAIL"},"treynor":{"edge":"TAIL","lead":"TAIL"},"informationRatio":{"edge":null,"lead":"VOO","note":"one number for the pair: its sign says which side it favours"},"trackingError":{"edge":null,"neutral":true}}}},"sources":{"TAIL":{"kept":"2026-11-01","distributions":37,"addedFromRecord":[],"notInVendorSeries":[],"vendorAmountDiffers":[],"vendorStepsWithoutDistribution":[],"vendor":{"weeks":488,"beyond":0,"tolerance":0.0005,"worst":0.0,"vendorTotal":-0.51041261}},"VOO":{"kept":"2026-11-01","distributions":37,"addedFromRecord":[],"notInVendorSeries":[],"vendorAmountDiffers":[{"ex":"2020-03-10","amount":1.178,"vendor":1.120751}],"vendorStepsWithoutDistribution":[],"issuerCloses":{"compared":11,"agree":11},"vendor":{"weeks":488,"beyond":0,"tolerance":0.0005,"worst":0.0,"vendorTotal":2.60450598}}}}