CAOS vs. APRJ

Last updated Aug 4, 2026

CAOS (Alpha Architect Tail Risk ETF) and APRJ (Innovator Premium Income 30 Barrier ETF - April) are both Options Trading funds. Both are actively managed. Over the past 3 years, CAOS returned 3.56%/yr vs 6.22%/yr for APRJ. Their 0.01 correlation means their historical movements had little consistent relationship. CAOS charges 0.63%/yr vs 0.79%/yr for APRJ.

Performance

CAOS vs. APRJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alpha Architect Tail Risk ETF (CAOS) and Innovator Premium Income 30 Barrier ETF - April (APRJ). 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 APRJ's 4.00% return.

CAOS

• 1D: -0.01%
• 1M: -0.02%
• 6M: 0.18%
• YTD: 0.75%
• 1Y: 1.71%
• 3Y*: 3.56%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.69%

APRJ

• 1D: 0.08%
• 1M: 0.48%
• 6M: 3.83%
• YTD: 4.00%
• 1Y: 6.57%
• 3Y*: 6.22%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.45%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
APRJ Innovator Premium Income 30 Barrier ETF - April	$53.14K	$60.00K	$147.43K
CAOS Alpha Architect Tail Risk ETF	$7.09M	$5.54M	$5.04M

CAOS vs. APRJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CAOS Alpha Architect Tail Risk ETF	0.75%	2.55%	5.33%	7.40%
APRJ Innovator Premium Income 30 Barrier ETF - April	4.00%	5.71%	6.24%	5.47%

Correlation

The correlation between CAOS and APRJ is -0.14, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.14
Correlation (3Y) Balances recent behavior with more history.	-0.09
Correlation (All Time) Calculated using the full available price history since Apr 3, 2023	0.01

The correlation between CAOS and APRJ shifts across timeframes, from -0.14 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CAOS vs. APRJ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CAOS

CAOS Risk / Return Rank: 49
CAOS Sharpe Ratio Rank: 43
CAOS Sortino Ratio Rank: 47
CAOS Omega Ratio Rank: 47
CAOS Calmar Ratio Rank: 63
CAOS Martin Ratio Rank: 44

APRJ

APRJ Risk / Return Rank: 98
APRJ Sharpe Ratio Rank: 98
APRJ Sortino Ratio Rank: 98
APRJ Omega Ratio Rank: 98
APRJ Calmar Ratio Rank: 99
APRJ Martin Ratio Rank: 99

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CAOS vs. APRJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alpha Architect Tail Risk ETF (CAOS) and Innovator Premium Income 30 Barrier ETF - April (APRJ). 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	APRJ	Difference
Sharpe ratio: Return per unit of total volatility	1.10	4.22	-3.12
Sortino ratio: Return per unit of downside risk	1.74	7.69	-5.95
Omega ratio: Gain probability vs. loss probability	1.22	2.06	-0.84
Calmar ratio: Return relative to maximum drawdown	2.27	16.57	-14.29
Martin ratio: Return relative to average drawdown	4.99	78.40	-73.41

CAOS vs. APRJ - Sharpe Ratio Comparison

The current CAOS Sharpe Ratio is 1.10, which is lower than the APRJ Sharpe Ratio of 4.22. The chart below compares the historical Sharpe Ratios of CAOS and APRJ, 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. APRJ - Drawdown Comparison

The maximum CAOS drawdown since its inception was -3.89%, smaller than the maximum APRJ drawdown of -4.68%. Use the drawdown chart below to compare losses from any high point for CAOS and APRJ.

Drawdown Indicators

	CAOS	APRJ	Difference
Max Drawdown Largest peak-to-trough decline	-3.89%	-4.68%	+0.79%
Max Drawdown (1Y) Largest decline over 1 year	-0.76%	-0.40%	-0.36%
Max Drawdown (3Y) Largest decline over 3 years	-3.60%	-4.68%	+1.08%
Current Drawdown Current decline from peak	-1.14%	0.00%	-1.14%
Average Drawdown Average peak-to-trough decline	-0.92%	-0.12%	-0.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.34%	0.08%	+0.26%

Volatility

CAOS vs. APRJ - Volatility Comparison

Alpha Architect Tail Risk ETF (CAOS) has a higher volatility of 0.46% compared to Innovator Premium Income 30 Barrier ETF - April (APRJ) at 0.41%. This indicates that CAOS's price experiences larger fluctuations and is considered to be riskier than APRJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAOS	APRJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.46%	0.41%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	1.07%	1.29%	-0.22%
Volatility (1Y) Calculated over the trailing 1-year period	1.57%	1.57%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.17%	3.56%	+0.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.17%	3.56%	+0.61%

CAOS vs. APRJ - Expense Ratio Comparison

CAOS has a 0.63% expense ratio, which is lower than APRJ's 0.79% expense ratio.

Dividends

CAOS vs. APRJ - Dividend Comparison

CAOS has not paid dividends to shareholders, while APRJ's dividend yield for the trailing twelve months is around 5.72%.

Position	TTM	2025	2024	2023
APRJ Innovator Premium Income 30 Barrier ETF - April	5.72%	5.46%	5.88%	4.88%
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CAOS and APRJ in my portfolio?

CAOS and APRJ have a correlation of -0.14, 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 APRJ?

CAOS has higher volatility (0.46%) compared to APRJ (0.41%). In terms of maximum drawdown, CAOS dropped -3.89% vs APRJ's -4.68%.

Which ETF is better, CAOS or APRJ?

On 3-year performance, APRJ leads with 6.22% vs 3.56% for CAOS. On fees, CAOS is cheaper at 0.63% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CAOS or APRJ?

Over the 3-year period, APRJ has performed better with a 6.22% return vs 3.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CAOS or APRJ?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.79% for APRJ.

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

APRJ has the higher dividend yield at 5.72%, compared with 0.00% for CAOS.

What is the main difference between CAOS and APRJ?

They also come from different issuers: Alpha Architect and Innovator. Their fees differ too: 0.63% for CAOS and 0.79% for APRJ.

Which has better risk-adjusted returns?

APRJ currently has the higher Sharpe Ratio (4.22 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.