AHTPX vs. CAOS

Last updated Jun 23, 2026

AHTPX (American Beacon AHL TargetRisk Fund) and CAOS (Alpha Architect Tail Risk ETF) are both funds - AHTPX is a Tactical Allocation fund managed by American Beacon, while CAOS is a Options Trading fund actively managed by Alpha Architect. Over the past 3 years, AHTPX returned 9.68%/yr vs 3.95%/yr for CAOS. At a 0.07 correlation, their price movements are largely independent. AHTPX charges 1.41%/yr vs 0.63%/yr for CAOS.

Performance

AHTPX vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Beacon AHL TargetRisk Fund (AHTPX) 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, AHTPX achieves a 8.90% return, which is significantly higher than CAOS's 0.75% return.

AHTPX

• 1D: 0.35%
• 1M: 1.31%
• YTD: 8.90%
• 6M: 9.63%
• 1Y: 21.54%
• 3Y*: 9.68%
• 5Y*: 5.30%
• 10Y*: —

CAOS

• 1D: 0.11%
• 1M: -0.08%
• YTD: 0.75%
• 6M: 0.67%
• 1Y: 1.64%
• 3Y*: 3.95%
• 5Y*: —
• 10Y*: —

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

AHTPX vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AHTPX American Beacon AHL TargetRisk Fund	8.90%	7.76%	6.73%	10.27%
CAOS Alpha Architect Tail Risk ETF	0.75%	2.55%	5.33%	7.43%

Correlation

The correlation between AHTPX and CAOS is -0.15, 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	-0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023	0.07

The correlation between AHTPX and CAOS shifts across timeframes, from -0.15 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AHTPX vs. CAOS — Risk / Return Rank

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

AHTPX

AHTPX Risk / Return Rank: 63
AHTPX Sharpe Ratio Rank: 72
AHTPX Sortino Ratio Rank: 68
AHTPX Omega Ratio Rank: 71
AHTPX Calmar Ratio Rank: 64
AHTPX Martin Ratio Rank: 39

CAOS

CAOS Risk / Return Rank: 36
CAOS Sharpe Ratio Rank: 31
CAOS Sortino Ratio Rank: 34
CAOS Omega Ratio Rank: 35
CAOS Calmar Ratio Rank: 45
CAOS Martin Ratio Rank: 36

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.

AHTPX vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Beacon AHL TargetRisk Fund (AHTPX) 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.

	AHTPX	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	2.26	1.10	+1.17
Sortino ratio: Return per unit of downside risk	3.13	1.75	+1.38
Omega ratio: Gain probability vs. loss probability	1.43	1.23	+0.20
Calmar ratio: Return relative to maximum drawdown	2.93	2.17	+0.76
Martin ratio: Return relative to average drawdown	7.97	5.23	+2.74

AHTPX vs. CAOS - Sharpe Ratio Comparison

The current AHTPX Sharpe Ratio is 2.26, which is higher than the CAOS Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of AHTPX 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

AHTPX vs. CAOS - Drawdown Comparison

The maximum AHTPX drawdown since its inception was -19.23%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for AHTPX and CAOS.

Drawdown Indicators

	AHTPX	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-19.23%	-3.89%	-15.34%
Max Drawdown (1Y) Largest decline over 1 year	-7.26%	-0.76%	-6.50%
Max Drawdown (3Y) Largest decline over 3 years	-12.89%	-3.60%	-9.29%
Max Drawdown (5Y) Largest decline over 5 years	-19.23%	—	—
Current Drawdown Current decline from peak	-1.86%	-1.14%	-0.72%
Average Drawdown Average peak-to-trough decline	-5.64%	-0.92%	-4.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	0.32%	+2.34%

Volatility

AHTPX vs. CAOS - Volatility Comparison

American Beacon AHL TargetRisk Fund (AHTPX) has a higher volatility of 2.23% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.32%. This indicates that AHTPX'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.

Volatility by Period

	AHTPX	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.23%	0.32%	+1.91%
Volatility (6M) Calculated over the trailing 6-month period	6.83%	1.05%	+5.78%
Volatility (1Y) Calculated over the trailing 1-year period	9.40%	1.50%	+7.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.65%	4.23%	+5.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.94%	4.23%	+4.71%

AHTPX vs. CAOS - Expense Ratio Comparison

AHTPX has a 1.41% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

AHTPX vs. CAOS - Dividend Comparison

AHTPX's dividend yield for the trailing twelve months is around 7.33%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AHTPX American Beacon AHL TargetRisk Fund	7.33%	7.98%	4.80%	3.63%	5.07%	18.73%	0.54%	4.51%
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AHTPX and CAOS in my portfolio?

AHTPX and CAOS have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AHTPX or CAOS?

AHTPX has higher volatility (2.23%) compared to CAOS (0.32%). In terms of maximum drawdown, AHTPX dropped -19.23% vs CAOS's -3.89%.

Which has better risk-adjusted returns?

AHTPX currently has the higher Sharpe Ratio (2.26 vs 1.10), 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.