CAOS vs. ISWN

Last updated Apr 1, 2026

Compare and contrast key facts about Alpha Architect Tail Risk ETF (CAOS) and Amplify BlackSwan ISWN ETF (ISWN).

CAOS and ISWN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CAOS is an actively managed fund by Alpha Architect. It was launched on Aug 14, 2013. ISWN is a passively managed fund by Amplify that tracks the performance of the S-Network International BlackSwan. It was launched on Jan 25, 2021.

Performance

CAOS vs. ISWN - Performance Comparison

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

CAOS vs. ISWN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CAOS Alpha Architect Tail Risk ETF	1.10%	2.55%	5.33%	7.97%
ISWN Amplify BlackSwan ISWN ETF	0.94%	23.23%	-3.96%	5.07%

Returns By Period

In the year-to-date period, CAOS achieves a 1.10% return, which is significantly higher than ISWN's 0.94% return.

CAOS

• 1D: 0.07%
• 1M: 0.43%
• YTD: 1.10%
• 6M: 1.37%
• 1Y: 3.19%
• 3Y*: 5.46%
• 5Y*: —
• 10Y*: —

ISWN

• 1D: 2.06%
• 1M: -6.89%
• YTD: 0.94%
• 6M: 3.42%
• 1Y: 15.90%
• 3Y*: 6.58%
• 5Y*: -0.01%
• 10Y*: —

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

CAOS vs. ISWN - Expense Ratio Comparison

CAOS has a 0.63% expense ratio, which is higher than ISWN's 0.49% expense ratio.

CAOS

Alpha Architect Tail Risk ETF

ISWN

Amplify BlackSwan ISWN ETF

Return for Risk

CAOS vs. ISWN — Risk / Return Rank

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

CAOS

CAOS Risk / Return Rank: 41
CAOS Sharpe Ratio Rank: 39
CAOS Sortino Ratio Rank: 36
CAOS Omega Ratio Rank: 72
CAOS Calmar Ratio Rank: 35
CAOS Martin Ratio Rank: 23

ISWN

ISWN Risk / Return Rank: 68
ISWN Sharpe Ratio Rank: 74
ISWN Sortino Ratio Rank: 73
ISWN Omega Ratio Rank: 65
ISWN Calmar Ratio Rank: 63
ISWN Martin Ratio Rank: 65

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. ISWN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alpha Architect Tail Risk ETF (CAOS) and Amplify BlackSwan ISWN ETF (ISWN). 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	ISWN	Difference
Sharpe ratio Return per unit of total volatility	0.69	1.35	-0.67
Sortino ratio Return per unit of downside risk	0.97	1.86	-0.89
Omega ratio Gain probability vs. loss probability	1.26	1.24	+0.01
Calmar ratio Return relative to maximum drawdown	0.83	1.61	-0.78
Martin ratio Return relative to average drawdown	1.38	6.68	-5.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CAOS vs. ISWN - Sharpe Ratio Comparison

The current CAOS Sharpe Ratio is 0.69, which is lower than the ISWN Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of CAOS and ISWN, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CAOS	ISWN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.69	1.35	-0.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.00	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.27	-0.04	+1.31

Correlation

The correlation between CAOS and ISWN is 0.05, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

CAOS vs. ISWN - Dividend Comparison

CAOS has not paid dividends to shareholders, while ISWN's dividend yield for the trailing twelve months is around 2.91%.

	TTM	2025	2024	2023	2022	2021
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ISWN Amplify BlackSwan ISWN ETF	2.91%	2.89%	3.27%	2.91%	2.00%	0.76%

Drawdowns

CAOS vs. ISWN - Drawdown Comparison

The maximum CAOS drawdown since its inception was -3.60%, smaller than the maximum ISWN drawdown of -32.35%. Use the drawdown chart below to compare losses from any high point for CAOS and ISWN.

Drawdown Indicators

	CAOS	ISWN	Difference
Max Drawdown Largest peak-to-trough decline	-3.60%	-32.35%	+28.75%
Max Drawdown (1Y) Largest decline over 1 year	-3.60%	-9.63%	+6.03%
Max Drawdown (5Y) Largest decline over 5 years	—	-32.35%	—
Current Drawdown Current decline from peak	-0.80%	-7.11%	+6.31%
Average Drawdown Average peak-to-trough decline	-0.90%	-16.57%	+15.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.18%	2.32%	-0.14%

Volatility

CAOS vs. ISWN - Volatility Comparison

The current volatility for Alpha Architect Tail Risk ETF (CAOS) is 0.74%, while Amplify BlackSwan ISWN ETF (ISWN) has a volatility of 6.13%. This indicates that CAOS experiences smaller price fluctuations and is considered to be less risky than ISWN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAOS	ISWN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.74%	6.13%	-5.39%
Volatility (6M) Calculated over the trailing 6-month period	1.30%	8.60%	-7.30%
Volatility (1Y) Calculated over the trailing 1-year period	4.68%	11.81%	-7.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.37%	11.47%	-7.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.37%	11.40%	-7.03%