BOXX vs. CAOS

Last updated Jun 23, 2026

BOXX (Alpha Architect 1-3 Month Box ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - BOXX is a Ultrashort Bond fund tracking the Solactive 1-3 Month US T-Bill Index, while CAOS is a Options Trading fund actively managed by Alpha Architect. BOXX is passively managed, while CAOS is actively managed. Over the past 3 years, BOXX returned 4.71%/yr vs 3.95%/yr for CAOS. At a 0.05 correlation, their price movements are largely independent. BOXX charges 0.19%/yr vs 0.63%/yr for CAOS.

Performance

BOXX vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alpha Architect 1-3 Month Box ETF (BOXX) 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, BOXX achieves a 1.72% return, which is significantly higher than CAOS's 0.75% return.

BOXX

• 1D: 0.02%
• 1M: 0.18%
• YTD: 1.72%
• 6M: 1.87%
• 1Y: 4.02%
• 3Y*: 4.71%
• 5Y*: —
• 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)

BOXX vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BOXX Alpha Architect 1-3 Month Box ETF	1.72%	4.37%	5.16%	4.30%
CAOS Alpha Architect Tail Risk ETF	0.75%	2.55%	5.33%	7.43%

Correlation

The correlation between BOXX and CAOS is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023	0.05

The correlation between BOXX and CAOS shifts across timeframes, from 0.05 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BOXX vs. CAOS — Risk / Return Rank

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

BOXX

BOXX Risk / Return Rank: 100
BOXX Sharpe Ratio Rank: 100
BOXX Sortino Ratio Rank: 99
BOXX Omega Ratio Rank: 99
BOXX Calmar Ratio Rank: 99
BOXX Martin Ratio Rank: 100

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.

BOXX vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alpha Architect 1-3 Month Box ETF (BOXX) 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.

	BOXX	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	12.63	1.10	+11.53
Sortino ratio: Return per unit of downside risk	35.92	1.75	+34.17
Omega ratio: Gain probability vs. loss probability	9.07	1.23	+7.84
Calmar ratio: Return relative to maximum drawdown	58.74	2.17	+56.57
Martin ratio: Return relative to average drawdown	507.08	5.23	+501.84

BOXX vs. CAOS - Sharpe Ratio Comparison

The current BOXX Sharpe Ratio is 12.63, which is higher than the CAOS Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of BOXX 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

BOXX vs. CAOS - Drawdown Comparison

The maximum BOXX drawdown since its inception was -0.12%, smaller than the maximum CAOS drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for BOXX and CAOS.

Drawdown Indicators

	BOXX	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-0.12%	-3.89%	+3.77%
Max Drawdown (1Y) Largest decline over 1 year	-0.07%	-0.76%	+0.69%
Max Drawdown (3Y) Largest decline over 3 years	-0.12%	-3.60%	+3.48%
Current Drawdown Current decline from peak	0.00%	-1.14%	+1.14%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.92%	+0.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.32%	-0.31%

Volatility

BOXX vs. CAOS - Volatility Comparison

The current volatility for Alpha Architect 1-3 Month Box ETF (BOXX) is 0.12%, while Alpha Architect Tail Risk ETF (CAOS) has a volatility of 0.32%. This indicates that BOXX 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

	BOXX	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.12%	0.32%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	0.26%	1.05%	-0.79%
Volatility (1Y) Calculated over the trailing 1-year period	0.32%	1.50%	-1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.37%	4.23%	-3.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.37%	4.23%	-3.86%

BOXX vs. CAOS - Expense Ratio Comparison

BOXX has a 0.19% expense ratio, which is lower than CAOS's 0.63% expense ratio.

Dividends

BOXX vs. CAOS - Dividend Comparison

Neither BOXX nor CAOS has paid dividends to shareholders.

Position	TTM	2025	2024
BOXX Alpha Architect 1-3 Month Box ETF	0.00%	0.00%	0.26%
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BOXX and CAOS in my portfolio?

BOXX 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, BOXX or CAOS?

CAOS has higher volatility (0.32%) compared to BOXX (0.12%). In terms of maximum drawdown, BOXX dropped -0.12% vs CAOS's -3.89%.

Which ETF is better, BOXX or CAOS?

On 3-year performance, BOXX leads with 4.71% vs 3.95% for CAOS. On fees, BOXX is cheaper at 0.19% per year. On volatility, BOXX has been the lower-risk option at 0.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BOXX or CAOS?

Over the 3-year period, BOXX has performed better with a 4.71% return vs 3.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BOXX or CAOS?

BOXX is cheaper with a 0.19% expense ratio, compared with 0.63% for CAOS.

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

BOXX and CAOS have nearly identical dividend yields, around 0.00%.

What is the main difference between BOXX and CAOS?

BOXX is categorized as Ultrashort Bond, while CAOS is Options Trading. Their fees differ too: 0.19% for BOXX and 0.63% for CAOS.

Which has better risk-adjusted returns?

BOXX currently has the higher Sharpe Ratio (12.63 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.