CAOS vs. HEFT

Last updated Jun 4, 2026

CAOS (Alpha Architect Tail Risk ETF) and HEFT (Hedgeye Fourth Turning ETF) are both exchange-traded funds - CAOS is a Options Trading fund actively managed by Alpha Architect, while HEFT is a Long-Short fund actively managed by Hedgeye. Both are actively managed. At a correlation of -0.04, they often move in opposite directions. CAOS charges 0.63%/yr vs 0.70%/yr for HEFT.

Performance

CAOS vs. HEFT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alpha Architect Tail Risk ETF (CAOS) and Hedgeye Fourth Turning ETF (HEFT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CAOS achieves a 0.82% return, which is significantly lower than HEFT's 7.91% return.

CAOS

• 1D: 0.12%
• 1M: -0.09%
• YTD: 0.82%
• 6M: 0.69%
• 1Y: 1.88%
• 3Y*: 4.26%
• 5Y*: —
• 10Y*: —

HEFT

• 1D: -0.02%
• 1M: 4.12%
• YTD: 7.91%
• 6M: 7.32%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CAOS vs. HEFT - Yearly Performance Comparison

	2026 (YTD)	2025
CAOS Alpha Architect Tail Risk ETF	0.82%	-0.44%
HEFT Hedgeye Fourth Turning ETF	7.91%	0.98%

Correlation

The correlation between CAOS and HEFT is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 24, 2025	-0.04

Return for Risk

CAOS vs. HEFT — Risk / Return Rank

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

CAOS

CAOS Risk / Return Rank: 40
CAOS Sharpe Ratio Rank: 34
CAOS Sortino Ratio Rank: 37
CAOS Omega Ratio Rank: 39
CAOS Calmar Ratio Rank: 49
CAOS 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. HEFT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alpha Architect Tail Risk ETF (CAOS) and Hedgeye Fourth Turning ETF (HEFT). 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.

	CAOS	HEFT	Difference
Sharpe ratio: Return per unit of total volatility	1.24	—	—
Sortino ratio: Return per unit of downside risk	1.98	—	—
Omega ratio: Gain probability vs. loss probability	1.26	—	—
Calmar ratio: Return relative to maximum drawdown	2.49	—	—
Martin ratio: Return relative to average drawdown	6.22	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CAOS	HEFT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.21	1.44	-0.23

Drawdowns

CAOS vs. HEFT - Drawdown Comparison

The maximum CAOS drawdown since its inception was -3.60%, smaller than the maximum HEFT drawdown of -9.17%. Use the drawdown chart below to compare losses from any high point for CAOS and HEFT.

Drawdown Indicators

	CAOS	HEFT	Difference
Max Drawdown Largest peak-to-trough decline	-3.60%	-9.17%	+5.57%
Max Drawdown (1Y) Largest decline over 1 year	-0.76%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-3.60%	—	—
Current Drawdown Current decline from peak	-1.07%	-2.64%	+1.57%
Average Drawdown Average peak-to-trough decline	-0.90%	-3.13%	+2.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	—	—

Volatility

Volatility by Period

	CAOS	HEFT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.26%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.03%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.52%	12.53%	-11.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.26%	12.53%	-8.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.26%	12.53%	-8.27%

CAOS vs. HEFT - Expense Ratio Comparison

CAOS has a 0.63% expense ratio, which is lower than HEFT's 0.70% expense ratio.

Dividends

CAOS vs. HEFT - Dividend Comparison

CAOS has not paid dividends to shareholders, while HEFT's dividend yield for the trailing twelve months is around 0.02%.

Position	TTM	2025
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%

Frequently Asked Questions

Can I hold both CAOS and HEFT in my portfolio?

CAOS and HEFT have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CAOS or HEFT?

On fees, CAOS is cheaper at 0.63% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CAOS or HEFT?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.70% for HEFT.

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

HEFT has the higher dividend yield at 0.02%, compared with 0.00% for CAOS.

What is the main difference between CAOS and HEFT?

CAOS is categorized as Options Trading, while HEFT is Long-Short. They also come from different issuers: Alpha Architect and Hedgeye. Their fees differ too: 0.63% for CAOS and 0.70% for HEFT.