CAOS vs. MAIN

Last updated Aug 2, 2026

CAOS (Alpha Architect Tail Risk ETF) is Options Trading fund actively managed by Alpha Architect, while MAIN (Main Street Capital Corporation) is a stock. Over the past 3 years, CAOS returned 3.48%/yr vs 17.89%/yr for MAIN. Their -0.01 correlation means they have often moved in opposite directions in the past.

Performance

CAOS vs. MAIN - Performance Comparison

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

Returns By Period

In the year-to-date period, CAOS achieves a 0.76% return, which is significantly higher than MAIN's -5.85% return.

CAOS

• 1D: -0.06%
• 1M: -0.01%
• 6M: 0.16%
• YTD: 0.76%
• 1Y: 1.73%
• 3Y*: 3.48%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.70%

MAIN

• 1D: -0.06%
• 1M: 5.25%
• 6M: -11.27%
• YTD: -5.85%
• 1Y: -8.42%
• 3Y*: 17.89%
• 5Y*: 14.24%
• 10Y*: 13.31%
• ALL TIME*: 16.52%

*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)
CAOS Alpha Architect Tail Risk ETF	$6.81M	$5.39M	$5.09M
MAIN Main Street Capital Corporation	$28.94M	$32.47M	$36.34M

CAOS vs. MAIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CAOS Alpha Architect Tail Risk ETF	0.76%	2.55%	5.33%	7.43%
MAIN Main Street Capital Corporation	-5.85%	10.74%	47.30%	10.78%

Correlation

The correlation between CAOS and MAIN is -0.20, 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.	-0.20
Correlation (3Y) Balances recent behavior with more history.	-0.09
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023	-0.01

The correlation between CAOS and MAIN shifts across timeframes, from -0.20 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CAOS vs. MAIN — Risk / Return Rank

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

CAOS

CAOS Risk / Return Rank: 56
CAOS Sharpe Ratio Rank: 49
CAOS Sortino Ratio Rank: 55
CAOS Omega Ratio Rank: 54
CAOS Calmar Ratio Rank: 72
CAOS Martin Ratio Rank: 48

MAIN

MAIN Risk / Return Rank: 28
MAIN Sharpe Ratio Rank: 28
MAIN Sortino Ratio Rank: 25
MAIN Omega Ratio Rank: 25
MAIN Calmar Ratio Rank: 30
MAIN Martin Ratio Rank: 30

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. MAIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alpha Architect Tail Risk ETF (CAOS) and Main Street Capital Corporation (MAIN). 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	MAIN	Difference
Sharpe ratio: Return per unit of total volatility	1.19	-0.37	+1.56
Sortino ratio: Return per unit of downside risk	1.89	-0.36	+2.25
Omega ratio: Gain probability vs. loss probability	1.24	0.96	+0.28
Calmar ratio: Return relative to maximum drawdown	2.47	-0.42	+2.89
Martin ratio: Return relative to average drawdown	5.45	-0.74	+6.19

CAOS vs. MAIN - Sharpe Ratio Comparison

The current CAOS Sharpe Ratio is 1.19, which is higher than the MAIN Sharpe Ratio of -0.37. The chart below compares the historical Sharpe Ratios of CAOS and MAIN, 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. MAIN - Drawdown Comparison

The maximum CAOS drawdown since its inception was -3.89%, smaller than the maximum MAIN drawdown of -64.53%. Use the drawdown chart below to compare losses from any high point for CAOS and MAIN.

Drawdown Indicators

	CAOS	MAIN	Difference
Max Drawdown Largest peak-to-trough decline	-3.89%	-64.53%	+60.64%
Max Drawdown (1Y) Largest decline over 1 year	-0.76%	-22.43%	+21.67%
Max Drawdown (3Y) Largest decline over 3 years	-3.60%	-22.43%	+18.83%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.06%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-64.53%	—
Current Drawdown Current decline from peak	-1.13%	-13.59%	+12.46%
Average Drawdown Average peak-to-trough decline	-0.92%	-7.37%	+6.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.34%	12.75%	-12.41%

Volatility

CAOS vs. MAIN - Volatility Comparison

The current volatility for Alpha Architect Tail Risk ETF (CAOS) is 0.51%, while Main Street Capital Corporation (MAIN) has a volatility of 6.80%. This indicates that CAOS experiences smaller price fluctuations and is considered to be less risky than MAIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAOS	MAIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.51%	6.80%	-6.29%
Volatility (6M) Calculated over the trailing 6-month period	1.07%	20.02%	-18.95%
Volatility (1Y) Calculated over the trailing 1-year period	1.57%	25.45%	-23.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.18%	21.64%	-17.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.18%	27.38%	-23.20%

Dividends

CAOS vs. MAIN - Dividend Comparison

CAOS has not paid dividends to shareholders, while MAIN's dividend yield for the trailing twelve months is around 7.90%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MAIN Main Street Capital Corporation	7.90%	7.00%	7.02%	8.55%	7.97%	5.74%	6.99%	6.76%	8.43%	7.49%	7.42%	9.15%

Frequently Asked Questions

Can I hold both CAOS and MAIN in my portfolio?

CAOS and MAIN have a correlation of -0.20, 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 MAIN?

MAIN has higher volatility (6.80%) compared to CAOS (0.51%). In terms of maximum drawdown, CAOS dropped -3.89% vs MAIN's -64.53%.

Which has better risk-adjusted returns?

CAOS currently has the higher Sharpe Ratio (1.19 vs -0.37), 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.