BTGD vs. CAOS

Last updated Jun 9, 2026

BTGD (STKD Bitcoin & Gold ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - BTGD is a Cryptocurrency fund actively managed by Quantify Funds, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past year, BTGD returned -31.91% vs 1.88% for CAOS. At a correlation of -0.19, they often move in opposite directions. BTGD charges 1.00%/yr vs 0.63%/yr for CAOS.

Performance

BTGD vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in STKD Bitcoin & Gold ETF (BTGD) 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, BTGD achieves a -32.80% return, which is significantly lower than CAOS's 0.81% return.

BTGD

• 1D: 5.44%
• 1M: -28.40%
• YTD: -32.80%
• 6M: -33.78%
• 1Y: -31.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAOS

• 1D: -0.09%
• 1M: -0.08%
• YTD: 0.81%
• 6M: 0.65%
• 1Y: 1.88%
• 3Y*: 4.15%
• 5Y*: —
• 10Y*: —

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

BTGD vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTGD STKD Bitcoin & Gold ETF	-32.80%	34.62%	29.81%
CAOS Alpha Architect Tail Risk ETF	0.81%	2.55%	0.69%

Correlation

The correlation between BTGD and CAOS is -0.18, 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	-0.18
Correlation (All Time) Calculated using the full available price history since Oct 17, 2024	-0.19

Return for Risk

BTGD vs. CAOS — Risk / Return Rank

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

BTGD

BTGD Risk / Return Rank: 4
BTGD Sharpe Ratio Rank: 5
BTGD Sortino Ratio Rank: 5
BTGD Omega Ratio Rank: 5
BTGD Calmar Ratio Rank: 4
BTGD Martin Ratio Rank: 3

CAOS

CAOS Risk / Return Rank: 45
CAOS Sharpe Ratio Rank: 39
CAOS Sortino Ratio Rank: 43
CAOS Omega Ratio Rank: 44
CAOS Calmar Ratio Rank: 56
CAOS Martin Ratio Rank: 42

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.

BTGD vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for STKD Bitcoin & Gold ETF (BTGD) 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.

	BTGD	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	-0.57	1.23	-1.81
Sortino ratio: Return per unit of downside risk	-0.55	1.97	-2.52
Omega ratio: Gain probability vs. loss probability	0.93	1.25	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.60	2.49	-3.09
Martin ratio: Return relative to average drawdown	-1.29	6.17	-7.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTGD vs. CAOS - Sharpe Ratio Comparison

The current BTGD Sharpe Ratio is -0.57, which is lower than the CAOS Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of BTGD 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

	BTGD	CAOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.57	1.23	-1.81
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	1.21	-1.02

Drawdowns

BTGD vs. CAOS - Drawdown Comparison

The maximum BTGD drawdown since its inception was -53.31%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for BTGD and CAOS.

Drawdown Indicators

	BTGD	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-53.31%	-3.60%	-49.71%
Max Drawdown (1Y) Largest decline over 1 year	-53.31%	-0.76%	-52.55%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-50.77%	-1.08%	-49.69%
Average Drawdown Average peak-to-trough decline	-14.85%	-0.90%	-13.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.72%	0.31%	+24.41%

Volatility

BTGD vs. CAOS - Volatility Comparison

STKD Bitcoin & Gold ETF (BTGD) has a higher volatility of 14.85% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.29%. This indicates that BTGD'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

	BTGD	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.85%	0.29%	+14.56%
Volatility (6M) Calculated over the trailing 6-month period	46.45%	1.04%	+45.41%
Volatility (1Y) Calculated over the trailing 1-year period	56.04%	1.53%	+54.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.94%	4.25%	+51.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.94%	4.25%	+51.69%

BTGD vs. CAOS - Expense Ratio Comparison

BTGD has a 1.00% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

BTGD vs. CAOS - Dividend Comparison

BTGD's dividend yield for the trailing twelve months is around 5.00%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025	2024
BTGD STKD Bitcoin & Gold ETF	5.00%	3.36%	0.19%
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BTGD and CAOS in my portfolio?

BTGD and CAOS have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTGD or CAOS?

BTGD has higher volatility (14.85%) compared to CAOS (0.29%). In terms of maximum drawdown, BTGD dropped -53.31% vs CAOS's -3.60%.

Which ETF is better, BTGD or CAOS?

On 1-year performance, CAOS leads with 1.88% vs -31.91% for BTGD. On fees, CAOS is cheaper at 0.63% per year. On volatility, CAOS has been the lower-risk option at 0.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTGD or CAOS?

Over the 1-year period, CAOS has performed better with a 1.88% return vs -31.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTGD or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 1.00% for BTGD.

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

BTGD has the higher dividend yield at 5.00%, compared with 0.00% for CAOS.

What is the main difference between BTGD and CAOS?

BTGD is categorized as Cryptocurrency, while CAOS is Options Trading. They also come from different issuers: Quantify Funds and Alpha Architect. Their fees differ too: 1.00% for BTGD and 0.63% for CAOS.

Which has better risk-adjusted returns?

CAOS currently has the higher Sharpe Ratio (1.23 vs -0.57), 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.