AAXJ vs. CAOS
AAXJ (iShares MSCI All Country Asia ex-Japan ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - AAXJ is a Asia Pacific Equities fund tracking the MSCI All Country Asia ex Japan Index, while CAOS is a Options Trading fund actively managed by Alpha Architect. AAXJ is passively managed, while CAOS is actively managed. Over the past 3 years, AAXJ returned 20.53%/yr vs 3.63%/yr for CAOS. At a correlation of -0.01, they often move in opposite directions. AAXJ charges 0.68%/yr vs 0.63%/yr for CAOS.
Performance
AAXJ vs. CAOS - Performance Comparison
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Returns By Period
In the year-to-date period, AAXJ achieves a 22.69% return, which is significantly higher than CAOS's 0.84% return.
AAXJ
- 1D
- -0.09%
- 1M
- -6.17%
- 6M
- 16.00%
- YTD
- 22.69%
- 1Y
- 38.21%
- 3Y*
- 20.53%
- 5Y*
- 6.41%
- 10Y*
- 9.18%
CAOS
- 1D
- 0.06%
- 1M
- 0.12%
- 6M
- 0.30%
- YTD
- 0.84%
- 1Y
- 2.02%
- 3Y*
- 3.63%
- 5Y*
- —
- 10Y*
- —
AAXJ vs. CAOS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
AAXJ iShares MSCI All Country Asia ex-Japan ETF | 22.69% | 31.53% | 10.41% | 0.07% |
CAOS Alpha Architect Tail Risk ETF | 0.84% | 2.55% | 5.33% | 7.43% |
Correlation
The correlation between AAXJ and CAOS is -0.33, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023 | -0.01 |
Over the past year, the inverse relationship between AAXJ and CAOS has strengthened: their correlation has moved from -0.01 to -0.33, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
AAXJ vs. CAOS — Risk / Return Rank
AAXJ
CAOS
AAXJ vs. CAOS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI All Country Asia ex-Japan ETF (AAXJ) and Alpha Architect Tail Risk ETF (CAOS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| AAXJ | CAOS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.27 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.81 | 2.68 | +0.13 |
| Martin ratioReturn relative to average drawdown | 9.36 | 6.06 | +3.31 |
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Drawdowns
AAXJ vs. CAOS - Drawdown Comparison
The maximum AAXJ drawdown since its inception was -49.37%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for AAXJ and CAOS.
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Drawdown Indicators
| AAXJ | CAOS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.37% | -3.89% | -45.48% |
Max Drawdown (1Y)Largest decline over 1 year | -13.66% | -0.76% | -12.90% |
Max Drawdown (3Y)Largest decline over 3 years | -19.74% | -3.60% | -16.14% |
Max Drawdown (5Y)Largest decline over 5 years | -38.49% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -44.52% | — | — |
Current DrawdownCurrent decline from peak | -8.35% | -1.04% | -7.31% |
Average DrawdownAverage peak-to-trough decline | -13.97% | -0.92% | -13.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.09% | 0.33% | +3.76% |
Volatility
AAXJ vs. CAOS - Volatility Comparison
iShares MSCI All Country Asia ex-Japan ETF (AAXJ) has a higher volatility of 11.24% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.48%. This indicates that AAXJ's price experiences larger fluctuations and is considered to be riskier than CAOS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AAXJ | CAOS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.24% | 0.48% | +10.76% |
Volatility (6M)Calculated over the trailing 6-month period | 22.18% | 1.09% | +21.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.33% | 1.56% | +22.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.83% | 4.20% | +16.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.59% | 4.20% | +16.39% |
AAXJ vs. CAOS - Expense Ratio Comparison
AAXJ has a 0.68% expense ratio, which is higher than CAOS's 0.63% expense ratio.
Dividends
AAXJ vs. CAOS - Dividend Comparison
AAXJ's dividend yield for the trailing twelve months is around 1.36%, while CAOS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AAXJ iShares MSCI All Country Asia ex-Japan ETF | 1.36% | 1.81% | 1.86% | 1.95% | 1.74% | 2.21% | 1.06% | 1.83% | 2.10% | 1.99% | 1.77% | 2.44% |
CAOS Alpha Architect Tail Risk ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AAXJ and CAOS have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AAXJ has higher volatility (11.24%) compared to CAOS (0.48%). In terms of maximum drawdown, AAXJ dropped -49.37% vs CAOS's -3.89%.
On 3-year performance, AAXJ leads with 20.53% vs 3.63% for CAOS. On fees, CAOS is cheaper at 0.63% per year. On volatility, CAOS has been the lower-risk option at 0.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, AAXJ has performed better with a 20.53% return vs 3.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CAOS is cheaper with a 0.63% expense ratio, compared with 0.68% for AAXJ.
AAXJ has the higher dividend yield at 1.36%, compared with 0.00% for CAOS.
AAXJ is categorized as Asia Pacific Equities, while CAOS is Options Trading. They also come from different issuers: iShares and Alpha Architect. Their fees differ too: 0.68% for AAXJ and 0.63% for CAOS.
AAXJ currently has the higher Sharpe Ratio (1.58 vs 1.31), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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