BKCG vs. CAOS

Last updated Jun 4, 2026

BKCG (BNY Mellon Concentrated Growth ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - BKCG is a Large Cap Growth Equities fund actively managed by BNY Mellon, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past year, BKCG returned 13.80% vs 1.85% for CAOS. At a correlation of -0.37, they often move in opposite directions. BKCG charges 0.50%/yr vs 0.63%/yr for CAOS.

Performance

BKCG vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Concentrated Growth ETF (BKCG) 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, BKCG achieves a 4.02% return, which is significantly higher than CAOS's 0.77% return.

BKCG

• 1D: -1.19%
• 1M: 1.33%
• YTD: 4.02%
• 6M: 4.51%
• 1Y: 13.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAOS

• 1D: -0.04%
• 1M: -0.05%
• YTD: 0.77%
• 6M: 0.63%
• 1Y: 1.85%
• 3Y*: 4.27%
• 5Y*: —
• 10Y*: —

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

BKCG vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025
BKCG BNY Mellon Concentrated Growth ETF	4.02%	18.56%
CAOS Alpha Architect Tail Risk ETF	0.77%	2.07%

Correlation

The correlation between BKCG and CAOS is -0.34, 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	-0.34
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025	-0.37

BKCG vs. CAOS - Sectors Allocation Comparison

Sectors	BKCG	CAOS
Technology	37.8%	33.1%
Financial Services	19.5%	12.4%
Communication Services	12.8%	10.4%
Consumer Cyclical	11.6%	10.0%
Industrials	9.2%	8.5%
Healthcare	6.2%	9.6%
Consumer Defensive	2.9%	5.4%
Basic Materials	-	1.9%
Energy	-	4.1%
Real Estate	-	2.0%
Utilities	-	2.6%

Return for Risk

BKCG vs. CAOS — Risk / Return Rank

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

BKCG

BKCG Risk / Return Rank: 29
BKCG Sharpe Ratio Rank: 30
BKCG Sortino Ratio Rank: 28
BKCG Omega Ratio Rank: 29
BKCG Calmar Ratio Rank: 25
BKCG Martin Ratio Rank: 32

CAOS

CAOS Risk / Return Rank: 40
CAOS Sharpe Ratio Rank: 35
CAOS Sortino Ratio Rank: 38
CAOS Omega Ratio Rank: 39
CAOS Calmar Ratio Rank: 51
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.

BKCG vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Concentrated Growth ETF (BKCG) 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.

	BKCG	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	1.05	1.22	-0.17
Sortino ratio: Return per unit of downside risk	1.51	1.94	-0.43
Omega ratio: Gain probability vs. loss probability	1.19	1.25	-0.06
Calmar ratio: Return relative to maximum drawdown	1.14	2.45	-1.30
Martin ratio: Return relative to average drawdown	4.65	6.09	-1.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BKCG vs. CAOS - Sharpe Ratio Comparison

The current BKCG Sharpe Ratio is 1.05, which is comparable to the CAOS Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of BKCG 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

	BKCG	CAOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.05	1.22	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	1.09	1.21	-0.12

Drawdowns

BKCG vs. CAOS - Drawdown Comparison

The maximum BKCG drawdown since its inception was -12.12%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for BKCG and CAOS.

Drawdown Indicators

	BKCG	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-12.12%	-3.60%	-8.52%
Max Drawdown (1Y) Largest decline over 1 year	-12.12%	-0.76%	-11.36%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-2.09%	-1.11%	-0.98%
Average Drawdown Average peak-to-trough decline	-1.97%	-0.90%	-1.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	0.30%	+2.67%

Volatility

BKCG vs. CAOS - Volatility Comparison

BNY Mellon Concentrated Growth ETF (BKCG) has a higher volatility of 3.38% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.25%. This indicates that BKCG'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

	BKCG	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.38%	0.25%	+3.13%
Volatility (6M) Calculated over the trailing 6-month period	10.37%	1.03%	+9.34%
Volatility (1Y) Calculated over the trailing 1-year period	13.19%	1.52%	+11.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.03%	4.25%	+13.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	4.25%	+13.78%

BKCG vs. CAOS - Expense Ratio Comparison

BKCG has a 0.50% expense ratio, which is lower than CAOS's 0.63% expense ratio.

Dividends

BKCG vs. CAOS - Dividend Comparison

BKCG's dividend yield for the trailing twelve months is around 0.78%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025
BKCG BNY Mellon Concentrated Growth ETF	0.78%	0.45%
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both BKCG and CAOS in my portfolio?

BKCG and CAOS have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BKCG or CAOS?

BKCG has higher volatility (3.38%) compared to CAOS (0.25%). In terms of maximum drawdown, BKCG dropped -12.12% vs CAOS's -3.60%.

Which ETF is better, BKCG or CAOS?

On 1-year performance, BKCG leads with 13.80% vs 1.85% for CAOS. On fees, BKCG is cheaper at 0.50% per year. On volatility, CAOS has been the lower-risk option at 0.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BKCG or CAOS?

Over the 1-year period, BKCG has performed better with a 13.80% return vs 1.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BKCG or CAOS?

BKCG is cheaper with a 0.50% expense ratio, compared with 0.63% for CAOS.

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

BKCG has the higher dividend yield at 0.78%, compared with 0.00% for CAOS.

What is the main difference between BKCG and CAOS?

BKCG is categorized as Large Cap Growth Equities, while CAOS is Options Trading. They also come from different issuers: BNY Mellon and Alpha Architect. Their fees differ too: 0.50% for BKCG and 0.63% for CAOS.

Which has better risk-adjusted returns?

CAOS currently has the higher Sharpe Ratio (1.22 vs 1.05), 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.