AMZP vs. CAOS

Last updated Jun 3, 2026

AMZP (Kurv Yield Premium Strategy Amazon AMZN ETF) and CAOS (Alpha Architect Tail Risk ETF) are both Options Trading funds. Both are actively managed. Over the past year, AMZP returned 23.84% vs 1.79% for CAOS. At a correlation of -0.15, they often move in opposite directions. AMZP charges 0.99%/yr vs 0.63%/yr for CAOS.

Performance

AMZP vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kurv Yield Premium Strategy Amazon AMZN ETF (AMZP) 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, AMZP achieves a 8.22% return, which is significantly higher than CAOS's 0.69% return.

AMZP

• 1D: -1.91%
• 1M: -5.00%
• YTD: 8.22%
• 6M: 7.97%
• 1Y: 23.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAOS

• 1D: 0.03%
• 1M: -0.21%
• YTD: 0.69%
• 6M: 0.56%
• 1Y: 1.79%
• 3Y*: 4.22%
• 5Y*: —
• 10Y*: —

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

AMZP vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AMZP Kurv Yield Premium Strategy Amazon AMZN ETF	8.22%	9.56%	37.42%	7.73%
CAOS Alpha Architect Tail Risk ETF	0.69%	2.55%	5.33%	0.63%

Correlation

The correlation between AMZP and CAOS is -0.29, 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	-0.29
Correlation (All Time) Calculated using the full available price history since Nov 7, 2023	-0.15

The correlation between AMZP and CAOS shifts across timeframes, from -0.29 (1 year) to -0.15 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AMZP vs. CAOS — Risk / Return Rank

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

AMZP

AMZP Risk / Return Rank: 23
AMZP Sharpe Ratio Rank: 24
AMZP Sortino Ratio Rank: 24
AMZP Omega Ratio Rank: 24
AMZP Calmar Ratio Rank: 23
AMZP Martin Ratio Rank: 22

CAOS

CAOS Risk / Return Rank: 39
CAOS Sharpe Ratio Rank: 33
CAOS Sortino Ratio Rank: 36
CAOS Omega Ratio Rank: 37
CAOS Calmar Ratio Rank: 49
CAOS Martin Ratio Rank: 39

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.

AMZP vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kurv Yield Premium Strategy Amazon AMZN ETF (AMZP) 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.

	AMZP	CAOS	Difference
Sharpe ratio Return per unit of total volatility	0.83	1.18	-0.36
Sortino ratio Return per unit of downside risk	1.28	1.88	-0.60
Omega ratio Gain probability vs. loss probability	1.16	1.24	-0.08
Calmar ratio Return relative to maximum drawdown	1.05	2.44	-1.39
Martin ratio Return relative to average drawdown	2.71	6.13	-3.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AMZP vs. CAOS - Sharpe Ratio Comparison

The current AMZP Sharpe Ratio is 0.83, which is lower than the CAOS Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of AMZP 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.

Sharpe Ratios by Period

	AMZP	CAOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.83	1.18	-0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	1.20	-0.28

Drawdowns

AMZP vs. CAOS - Drawdown Comparison

The maximum AMZP drawdown since its inception was -27.36%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for AMZP and CAOS.

Drawdown Indicators

	AMZP	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-27.36%	-3.60%	-23.76%
Max Drawdown (1Y) Largest decline over 1 year	-23.64%	-0.76%	-22.88%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-7.65%	-1.19%	-6.46%
Average Drawdown Average peak-to-trough decline	-6.02%	-0.90%	-5.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.15%	0.30%	+8.85%

Volatility

AMZP vs. CAOS - Volatility Comparison

Kurv Yield Premium Strategy Amazon AMZN ETF (AMZP) has a higher volatility of 8.11% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.22%. This indicates that AMZP'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

	AMZP	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.11%	0.22%	+7.89%
Volatility (6M) Calculated over the trailing 6-month period	22.00%	1.02%	+20.98%
Volatility (1Y) Calculated over the trailing 1-year period	28.99%	1.52%	+27.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.81%	4.26%	+22.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.81%	4.26%	+22.55%

AMZP vs. CAOS - Expense Ratio Comparison

AMZP has a 0.99% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

AMZP vs. CAOS - Dividend Comparison

AMZP's dividend yield for the trailing twelve months is around 19.00%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
AMZP Kurv Yield Premium Strategy Amazon AMZN ETF	19.00%	22.04%	15.15%	2.45%
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AMZP and CAOS in my portfolio?

AMZP and CAOS have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMZP or CAOS?

AMZP has higher volatility (8.11%) compared to CAOS (0.22%). In terms of maximum drawdown, AMZP dropped -27.36% vs CAOS's -3.60%.

Which ETF is better, AMZP or CAOS?

On 1-year performance, AMZP leads with 23.84% vs 1.79% for CAOS. On fees, CAOS is cheaper at 0.63% per year. On volatility, CAOS has been the lower-risk option at 0.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMZP or CAOS?

Over the 1-year period, AMZP has performed better with a 23.84% return vs 1.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMZP or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.99% for AMZP.

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

AMZP has the higher dividend yield at 19.00%, compared with 0.00% for CAOS.

What is the main difference between AMZP and CAOS?

They also come from different issuers: Kurv and Alpha Architect. Their fees differ too: 0.99% for AMZP and 0.63% for CAOS.

Which has better risk-adjusted returns?

CAOS currently has the higher Sharpe Ratio (1.18 vs 0.83), 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.