CAOS vs. BTGD

Last updated Jul 22, 2026

CAOS (Alpha Architect Tail Risk ETF) and BTGD (STKD Bitcoin & Gold ETF) are both exchange-traded funds - CAOS is a Options Trading fund actively managed by Alpha Architect, while BTGD is a Cryptocurrency fund actively managed by Quantify Funds. Both are actively managed. Over the past year, CAOS returned 1.98% vs -42.90% for BTGD. At a correlation of -0.17, they often move in opposite directions. CAOS charges 0.63%/yr vs 1.00%/yr for BTGD.

Performance

CAOS vs. BTGD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alpha Architect Tail Risk ETF (CAOS) and STKD Bitcoin & Gold ETF (BTGD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CAOS achieves a 0.95% return, which is significantly higher than BTGD's -35.83% return.

CAOS

• 1D: -0.15%
• 1M: 0.30%
• 6M: 0.18%
• YTD: 0.95%
• 1Y: 1.98%
• 3Y*: 3.63%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.80%

BTGD

• 1D: 4.01%
• 1M: 0.82%
• 6M: -42.84%
• YTD: -35.83%
• 1Y: -42.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.49%

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

CAOS vs. BTGD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CAOS Alpha Architect Tail Risk ETF	0.95%	2.55%	0.68%
BTGD STKD Bitcoin & Gold ETF	-35.83%	34.62%	29.32%

Correlation

The correlation between CAOS and BTGD is -0.17, 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	-0.17
Correlation (All Time) Calculated using the full available price history since Oct 16, 2024	-0.17

Return for Risk

CAOS vs. BTGD — Risk / Return Rank

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

CAOS

CAOS Risk / Return Rank: 56
CAOS Sharpe Ratio Rank: 49
CAOS Sortino Ratio Rank: 56
CAOS Omega Ratio Rank: 56
CAOS Calmar Ratio Rank: 70
CAOS Martin Ratio Rank: 48

BTGD

BTGD Risk / Return Rank: 3
BTGD Sharpe Ratio Rank: 3
BTGD Sortino Ratio Rank: 4
BTGD Omega Ratio Rank: 4
BTGD Calmar Ratio Rank: 3
BTGD Martin Ratio Rank: 1

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. BTGD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alpha Architect Tail Risk ETF (CAOS) and STKD Bitcoin & Gold ETF (BTGD). 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	BTGD	Difference
Sharpe ratio: Return per unit of total volatility	1.27	-0.74	+2.02
Sortino ratio: Return per unit of downside risk	2.03	-0.91	+2.94
Omega ratio: Gain probability vs. loss probability	1.26	0.90	+0.37
Calmar ratio: Return relative to maximum drawdown	2.62	-0.73	+3.35
Martin ratio: Return relative to average drawdown	5.89	-1.39	+7.28

CAOS vs. BTGD - Sharpe Ratio Comparison

The current CAOS Sharpe Ratio is 1.27, which is higher than the BTGD Sharpe Ratio of -0.74. The chart below compares the historical Sharpe Ratios of CAOS and BTGD, 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. BTGD - Drawdown Comparison

The maximum CAOS drawdown since its inception was -3.89%, smaller than the maximum BTGD drawdown of -58.79%. Use the drawdown chart below to compare losses from any high point for CAOS and BTGD.

Drawdown Indicators

	CAOS	BTGD	Difference
Max Drawdown Largest peak-to-trough decline	-3.89%	-58.79%	+54.90%
Max Drawdown (1Y) Largest decline over 1 year	-0.76%	-58.79%	+58.03%
Max Drawdown (3Y) Largest decline over 3 years	-3.60%	—	—
Current Drawdown Current decline from peak	-0.95%	-52.99%	+52.04%
Average Drawdown Average peak-to-trough decline	-0.92%	-17.44%	+16.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.34%	30.90%	-30.56%

Volatility

CAOS vs. BTGD - Volatility Comparison

The current volatility for Alpha Architect Tail Risk ETF (CAOS) is 0.54%, while STKD Bitcoin & Gold ETF (BTGD) has a volatility of 15.69%. This indicates that CAOS experiences smaller price fluctuations and is considered to be less risky than BTGD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAOS	BTGD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.54%	15.69%	-15.15%
Volatility (6M) Calculated over the trailing 6-month period	1.11%	47.88%	-46.77%
Volatility (1Y) Calculated over the trailing 1-year period	1.56%	57.94%	-56.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.19%	55.96%	-51.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.19%	55.96%	-51.77%

CAOS vs. BTGD - Expense Ratio Comparison

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

Dividends

CAOS vs. BTGD - Dividend Comparison

CAOS has not paid dividends to shareholders, while BTGD's dividend yield for the trailing twelve months is around 5.24%.

Position	TTM	2025	2024
BTGD STKD Bitcoin & Gold ETF	5.24%	3.36%	0.19%
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CAOS and BTGD in my portfolio?

CAOS and BTGD have a correlation of -0.17, 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 BTGD?

BTGD has higher volatility (15.69%) compared to CAOS (0.54%). In terms of maximum drawdown, CAOS dropped -3.89% vs BTGD's -58.79%.

Which ETF is better, CAOS or BTGD?

On 1-year performance, CAOS leads with 1.98% vs -42.90% for BTGD. On fees, CAOS is cheaper at 0.63% per year. On volatility, CAOS has been the lower-risk option at 0.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CAOS or BTGD?

Over the 1-year period, CAOS has performed better with a 1.98% return vs -42.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CAOS or BTGD?

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

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

BTGD has the higher dividend yield at 5.24%, compared with 0.00% for CAOS.

What is the main difference between CAOS and BTGD?

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

Which has better risk-adjusted returns?

CAOS currently has the higher Sharpe Ratio (1.27 vs -0.74), 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.