CAOS vs. AHTPX

Last updated Jun 23, 2026

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

Performance

CAOS vs. AHTPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alpha Architect Tail Risk ETF (CAOS) and American Beacon AHL TargetRisk Fund (AHTPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CAOS achieves a 0.75% return, which is significantly lower than AHTPX's 8.90% return.

CAOS

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

AHTPX

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

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

CAOS vs. AHTPX - Yearly Performance Comparison

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

Correlation

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

Return for Risk

CAOS vs. AHTPX — Risk / Return Rank

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

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

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

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.

CAOS vs. AHTPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alpha Architect Tail Risk ETF (CAOS) and American Beacon AHL TargetRisk Fund (AHTPX). 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.

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

CAOS vs. AHTPX - Sharpe Ratio Comparison

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

CAOS vs. AHTPX - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

CAOS vs. AHTPX - Volatility Comparison

The current volatility for Alpha Architect Tail Risk ETF (CAOS) is 0.32%, while American Beacon AHL TargetRisk Fund (AHTPX) has a volatility of 2.23%. This indicates that CAOS experiences smaller price fluctuations and is considered to be less risky than AHTPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

CAOS vs. AHTPX - Expense Ratio Comparison

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

Dividends

CAOS vs. AHTPX - Dividend Comparison

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

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 CAOS and AHTPX in my portfolio?

CAOS and AHTPX 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, CAOS or AHTPX?

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

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.