CAOS vs. SVXY
CAOS (Alpha Architect Tail Risk ETF) and SVXY (ProShares Short VIX Short-Term Futures ETF) are both exchange-traded funds - CAOS is a Options Trading fund actively managed by Alpha Architect, while SVXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index (-100%). CAOS is actively managed, while SVXY is passively managed. Over the past 3 years, CAOS returned 4.26%/yr vs 13.21%/yr for SVXY. At a correlation of -0.03, they often move in opposite directions. CAOS charges 0.63%/yr vs 1.38%/yr for SVXY.
Performance
CAOS vs. SVXY - Performance Comparison
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Returns By Period
In the year-to-date period, CAOS achieves a 0.82% return, which is significantly higher than SVXY's -0.92% return.
CAOS
- 1D
- 0.12%
- 1M
- -0.09%
- YTD
- 0.82%
- 6M
- 0.69%
- 1Y
- 1.88%
- 3Y*
- 4.26%
- 5Y*
- —
- 10Y*
- —
SVXY
- 1D
- -0.20%
- 1M
- 8.44%
- YTD
- -0.92%
- 6M
- 7.55%
- 1Y
- 33.37%
- 3Y*
- 13.21%
- 5Y*
- 15.76%
- 10Y*
- -1.59%
CAOS vs. SVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CAOS Alpha Architect Tail Risk ETF | 0.82% | 2.55% | 5.33% | 7.97% |
SVXY ProShares Short VIX Short-Term Futures ETF | -0.92% | 10.63% | -3.17% | 54.72% |
Correlation
The correlation between CAOS and SVXY is -0.43, 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 | -0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
Correlation (All Time) Calculated using the full available price history since Mar 7, 2023 | -0.03 |
Over the past year, the inverse relationship between CAOS and SVXY has strengthened: their correlation has moved from -0.03 to -0.43, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
CAOS vs. SVXY — Risk / Return Rank
CAOS
SVXY
CAOS vs. SVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Alpha Architect Tail Risk ETF (CAOS) and ProShares Short VIX Short-Term Futures ETF (SVXY). 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 | SVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.23 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.49 | 1.46 | +1.03 |
| Martin ratioReturn relative to average drawdown | 6.22 | 4.78 | +1.44 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CAOS | SVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.24 | 1.17 | +0.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.45 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.03 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.21 | 0.22 | +0.99 |
Drawdowns
CAOS vs. SVXY - Drawdown Comparison
The maximum CAOS drawdown since its inception was -3.60%, smaller than the maximum SVXY drawdown of -95.25%. Use the drawdown chart below to compare losses from any high point for CAOS and SVXY.
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Drawdown Indicators
| CAOS | SVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.60% | -95.25% | +91.65% |
Max Drawdown (1Y)Largest decline over 1 year | -0.76% | -22.94% | +22.18% |
Max Drawdown (3Y)Largest decline over 3 years | -3.60% | -46.45% | +42.85% |
Max Drawdown (5Y)Largest decline over 5 years | — | -46.45% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -95.25% | — |
Current DrawdownCurrent decline from peak | -1.07% | -80.15% | +79.08% |
Average DrawdownAverage peak-to-trough decline | -0.90% | -56.87% | +55.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.30% | 7.00% | -6.70% |
Volatility
CAOS vs. SVXY - Volatility Comparison
The current volatility for Alpha Architect Tail Risk ETF (CAOS) is 0.26%, while ProShares Short VIX Short-Term Futures ETF (SVXY) has a volatility of 3.76%. This indicates that CAOS experiences smaller price fluctuations and is considered to be less risky than SVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CAOS | SVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.26% | 3.76% | -3.50% |
Volatility (6M)Calculated over the trailing 6-month period | 1.03% | 21.42% | -20.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.52% | 28.62% | -27.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.26% | 35.38% | -31.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.26% | 50.75% | -46.49% |
CAOS vs. SVXY - Expense Ratio Comparison
CAOS has a 0.63% expense ratio, which is lower than SVXY's 1.38% expense ratio.
Dividends
CAOS vs. SVXY - Dividend Comparison
Neither CAOS nor SVXY has paid dividends to shareholders.
Frequently Asked Questions
CAOS and SVXY have a correlation of -0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SVXY has higher volatility (3.76%) compared to CAOS (0.26%). In terms of maximum drawdown, CAOS dropped -3.60% vs SVXY's -95.25%.
On 3-year performance, SVXY leads with 13.21% vs 4.26% for CAOS. On fees, CAOS is cheaper at 0.63% per year. On volatility, CAOS has been the lower-risk option at 0.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SVXY has performed better with a 13.21% return vs 4.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CAOS is cheaper with a 0.63% expense ratio, compared with 1.38% for SVXY.
CAOS and SVXY have nearly identical dividend yields, around 0.00%.
CAOS is categorized as Options Trading, while SVXY is Volatility. They also come from different issuers: Alpha Architect and ProShares. Their fees differ too: 0.63% for CAOS and 1.38% for SVXY.
CAOS currently has the higher Sharpe Ratio (1.24 vs 1.17), 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.
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