CAOS vs. BTAL

Last updated Jun 24, 2026

CAOS (Alpha Architect Tail Risk ETF) and BTAL (AGF U.S. Market Neutral Anti-Beta Fund) are both exchange-traded funds - CAOS is a Options Trading fund actively managed by Alpha Architect, while BTAL is a Equity Market Neutral fund actively managed by AGF. Both are actively managed. Over the past 3 years, CAOS returned 3.94%/yr vs -13.01%/yr for BTAL. At a 0.03 correlation, their price movements are largely independent. CAOS charges 0.63%/yr vs 1.40%/yr for BTAL.

Performance

CAOS vs. BTAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alpha Architect Tail Risk ETF (CAOS) and AGF U.S. Market Neutral Anti-Beta Fund (BTAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CAOS achieves a 0.71% return, which is significantly higher than BTAL's -21.75% return.

CAOS

• 1D: -0.04%
• 1M: -0.12%
• YTD: 0.71%
• 6M: 0.61%
• 1Y: 1.62%
• 3Y*: 3.94%
• 5Y*: —
• 10Y*: —

BTAL

• 1D: 3.11%
• 1M: -7.70%
• YTD: -21.75%
• 6M: -20.50%
• 1Y: -36.96%
• 3Y*: -13.01%
• 5Y*: -5.21%
• 10Y*: -5.50%

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

CAOS vs. BTAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CAOS Alpha Architect Tail Risk ETF	0.71%	2.55%	5.33%	7.43%
BTAL AGF U.S. Market Neutral Anti-Beta Fund	-21.75%	-20.17%	12.83%	-6.75%

Correlation

The correlation between CAOS and BTAL is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023	0.03

Over the past year, CAOS and BTAL have become more correlated (0.24) than their long-term average of 0.03, meaning their price movements have been converging.

Return for Risk

CAOS vs. BTAL — 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: 34
CAOS Calmar Ratio Rank: 45
CAOS Martin Ratio Rank: 36

BTAL

BTAL Risk / Return Rank: 0
BTAL Sharpe Ratio Rank: 0
BTAL Sortino Ratio Rank: 0
BTAL Omega Ratio Rank: 0
BTAL Calmar Ratio Rank: 1
BTAL Martin Ratio Rank: 0

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. BTAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alpha Architect Tail Risk ETF (CAOS) and AGF U.S. Market Neutral Anti-Beta Fund (BTAL). 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	BTAL	Difference
Sharpe ratio: Return per unit of total volatility	1.08	-1.62	+2.71
Sortino ratio: Return per unit of downside risk	1.72	-2.55	+4.27
Omega ratio: Gain probability vs. loss probability	1.22	0.74	+0.49
Calmar ratio: Return relative to maximum drawdown	2.15	-0.98	+3.13
Martin ratio: Return relative to average drawdown	5.18	-1.85	+7.03

CAOS vs. BTAL - Sharpe Ratio Comparison

The current CAOS Sharpe Ratio is 1.08, which is higher than the BTAL Sharpe Ratio of -1.62. The chart below compares the historical Sharpe Ratios of CAOS and BTAL, 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. BTAL - Drawdown Comparison

The maximum CAOS drawdown since its inception was -3.89%, smaller than the maximum BTAL drawdown of -52.70%. Use the drawdown chart below to compare losses from any high point for CAOS and BTAL.

Drawdown Indicators

	CAOS	BTAL	Difference
Max Drawdown Largest peak-to-trough decline	-3.89%	-52.70%	+48.81%
Max Drawdown (1Y) Largest decline over 1 year	-0.76%	-37.81%	+37.05%
Max Drawdown (3Y) Largest decline over 3 years	-3.60%	-47.83%	+44.23%
Max Drawdown (5Y) Largest decline over 5 years	—	-47.83%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-52.70%	—
Current Drawdown Current decline from peak	-1.18%	-51.23%	+50.05%
Average Drawdown Average peak-to-trough decline	-0.92%	-22.05%	+21.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.32%	21.21%	-20.89%

Volatility

CAOS vs. BTAL - Volatility Comparison

The current volatility for Alpha Architect Tail Risk ETF (CAOS) is 0.32%, while AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a volatility of 9.28%. This indicates that CAOS experiences smaller price fluctuations and is considered to be less risky than BTAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAOS	BTAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.32%	9.28%	-8.96%
Volatility (6M) Calculated over the trailing 6-month period	1.05%	16.73%	-15.68%
Volatility (1Y) Calculated over the trailing 1-year period	1.50%	22.83%	-21.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.23%	19.10%	-14.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.23%	17.36%	-13.13%

CAOS vs. BTAL - Expense Ratio Comparison

CAOS has a 0.63% expense ratio, which is lower than BTAL's 1.40% expense ratio.

Dividends

CAOS vs. BTAL - Dividend Comparison

CAOS has not paid dividends to shareholders, while BTAL's dividend yield for the trailing twelve months is around 3.18%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BTAL AGF U.S. Market Neutral Anti-Beta Fund	3.18%	2.49%	3.49%	6.14%	1.01%	0.00%	0.00%	0.88%	0.39%
CAOS Alpha Architect Tail Risk ETF	0.00%	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 BTAL in my portfolio?

CAOS and BTAL have a correlation of 0.24, 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 BTAL?

BTAL has higher volatility (9.28%) compared to CAOS (0.32%). In terms of maximum drawdown, CAOS dropped -3.89% vs BTAL's -52.70%.

Which ETF is better, CAOS or BTAL?

On 3-year performance, CAOS leads with 3.94% vs -13.01% for BTAL. On fees, CAOS is cheaper at 0.63% per year. On volatility, CAOS has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CAOS or BTAL?

Over the 3-year period, CAOS has performed better with a 3.94% return vs -13.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CAOS or BTAL?

CAOS is cheaper with a 0.63% expense ratio, compared with 1.40% for BTAL.

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

BTAL has the higher dividend yield at 3.18%, compared with 0.00% for CAOS.

What is the main difference between CAOS and BTAL?

CAOS is categorized as Options Trading, while BTAL is Equity Market Neutral. They also come from different issuers: Alpha Architect and AGF. Their fees differ too: 0.63% for CAOS and 1.40% for BTAL.

Which has better risk-adjusted returns?

CAOS currently has the higher Sharpe Ratio (1.08 vs -1.62), 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.