AETH vs. CAOS

Last updated Jun 14, 2026

AETH (Bitwise Ethereum Strategy ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - AETH is a Cryptocurrency fund actively managed by Bitwise, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past year, AETH returned -6.22% vs 1.60% for CAOS. At a correlation of -0.10, they often move in opposite directions. AETH charges 0.90%/yr vs 0.63%/yr for CAOS.

Performance

AETH vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Ethereum Strategy ETF (AETH) and Alpha Architect Tail Risk ETF (CAOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AETH achieves a -9.70% return, which is significantly lower than CAOS's 0.74% return.

AETH

• 1D: 0.05%
• 1M: 0.25%
• YTD: -9.70%
• 6M: -13.33%
• 1Y: -6.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAOS

• 1D: -0.13%
• 1M: -0.13%
• YTD: 0.74%
• 6M: 0.65%
• 1Y: 1.60%
• 3Y*: 4.01%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AETH vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AETH Bitwise Ethereum Strategy ETF	-9.70%	-0.11%	31.76%	33.21%
CAOS Alpha Architect Tail Risk ETF	0.74%	2.55%	5.33%	2.23%

Correlation

The correlation between AETH and CAOS is -0.20, 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	-0.20
Correlation (All Time) Calculated using the full available price history since Oct 2, 2023	-0.10

The correlation between AETH and CAOS shifts across timeframes, from -0.20 (1 year) to -0.10 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AETH vs. CAOS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AETH

AETH Risk / Return Rank: 7
AETH Sharpe Ratio Rank: 7
AETH Sortino Ratio Rank: 8
AETH Omega Ratio Rank: 7
AETH Calmar Ratio Rank: 7
AETH Martin Ratio Rank: 8

CAOS

CAOS Risk / Return Rank: 43
CAOS Sharpe Ratio Rank: 37
CAOS Sortino Ratio Rank: 41
CAOS Omega Ratio Rank: 42
CAOS Calmar Ratio Rank: 54
CAOS Martin Ratio Rank: 41

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AETH vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Ethereum Strategy ETF (AETH) 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.

	AETH	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	-0.27	1.18	-1.45
Sortino ratio: Return per unit of downside risk	-0.11	1.87	-1.98
Omega ratio: Gain probability vs. loss probability	0.98	1.24	-0.26
Calmar ratio: Return relative to maximum drawdown	-0.27	2.37	-2.65
Martin ratio: Return relative to average drawdown	-0.38	5.80	-6.18

AETH vs. CAOS - Sharpe Ratio Comparison

The current AETH Sharpe Ratio is -0.27, which is lower than the CAOS Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of AETH and CAOS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AETH vs. CAOS - Drawdown Comparison

The maximum AETH drawdown since its inception was -47.78%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for AETH and CAOS.

Drawdown Indicators

	AETH	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-47.78%	-3.89%	-43.89%
Max Drawdown (1Y) Largest decline over 1 year	-43.98%	-0.76%	-43.22%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-43.79%	-1.15%	-42.64%
Average Drawdown Average peak-to-trough decline	-24.88%	-0.91%	-23.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.64%	0.31%	+31.33%

Volatility

AETH vs. CAOS - Volatility Comparison

The current volatility for Bitwise Ethereum Strategy ETF (AETH) is 0.28%, while Alpha Architect Tail Risk ETF (CAOS) has a volatility of 0.32%. This indicates that AETH experiences smaller price fluctuations and is considered to be less risky than CAOS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AETH	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.28%	0.32%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	25.93%	1.04%	+24.89%
Volatility (1Y) Calculated over the trailing 1-year period	44.49%	1.53%	+42.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.40%	4.25%	+50.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.40%	4.25%	+50.15%

AETH vs. CAOS - Expense Ratio Comparison

AETH has a 0.90% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

AETH vs. CAOS - Dividend Comparison

AETH's dividend yield for the trailing twelve months is around 2.66%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
AETH Bitwise Ethereum Strategy ETF	2.66%	2.41%	14.73%	6.64%
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AETH and CAOS in my portfolio?

AETH and CAOS have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AETH or CAOS?

CAOS has higher volatility (0.32%) compared to AETH (0.28%). In terms of maximum drawdown, AETH dropped -47.78% vs CAOS's -3.89%.

Which ETF is better, AETH or CAOS?

On 1-year performance, CAOS leads with 1.60% vs -6.22% for AETH. On fees, CAOS is cheaper at 0.63% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AETH or CAOS?

Over the 1-year period, CAOS has performed better with a 1.60% return vs -6.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AETH or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.90% for AETH.

Which ETF pays a higher dividend yield, AETH or CAOS?

AETH has the higher dividend yield at 2.66%, compared with 0.00% for CAOS.

What is the main difference between AETH and CAOS?

AETH is categorized as Cryptocurrency, while CAOS is Options Trading. They also come from different issuers: Bitwise and Alpha Architect. Their fees differ too: 0.90% for AETH and 0.63% for CAOS.

Which has better risk-adjusted returns?

CAOS currently has the higher Sharpe Ratio (1.18 vs -0.27), 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.