CAOS vs. SWAN
CAOS (Alpha Architect Tail Risk ETF) and SWAN (Amplify BlackSwan Growth & Treasury Core ETF) are both exchange-traded funds - CAOS is a Options Trading fund actively managed by Alpha Architect, while SWAN is a Diversified Portfolio fund tracking the S-Network BlackSwan Core Index. CAOS is actively managed, while SWAN is passively managed. Over the past 3 years, CAOS returned 3.56%/yr vs 12.25%/yr for SWAN. Their 0.01 correlation means their historical movements had little consistent relationship. CAOS charges 0.63%/yr vs 0.49%/yr for SWAN.
Performance
CAOS vs. SWAN - Performance Comparison
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Returns By Period
In the year-to-date period, CAOS achieves a 0.75% return, which is significantly lower than SWAN's 4.02% return.
CAOS
- 1D
- -0.01%
- 1M
- -0.02%
- 6M
- 0.18%
- YTD
- 0.75%
- 1Y
- 1.71%
- 3Y*
- 3.56%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.69%
SWAN
- 1D
- 1.36%
- 1M
- 0.05%
- 6M
- 3.61%
- YTD
- 4.02%
- 1Y
- 11.48%
- 3Y*
- 12.25%
- 5Y*
- 2.16%
- 10Y*
- —
- ALL TIME*
- 6.83%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $7.09M | $5.54M | $5.04M | |
| $325.45K | $262.32K | $362.67K |
CAOS vs. SWAN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CAOS Alpha Architect Tail Risk ETF | 0.75% | 2.55% | 5.33% | 7.43% |
SWAN Amplify BlackSwan Growth & Treasury Core ETF | 4.02% | 13.93% | 13.44% | 10.18% |
Correlation
The correlation between CAOS and SWAN is -0.31, 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. | -0.31 |
Correlation (3Y) Balances recent behavior with more history. | -0.04 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023 | 0.01 |
The correlation between CAOS and SWAN shifts across timeframes, from -0.31 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CAOS vs. SWAN — Risk / Return Rank
CAOS
SWAN
CAOS vs. SWAN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Alpha Architect Tail Risk ETF (CAOS) and Amplify BlackSwan Growth & Treasury Core ETF (SWAN). 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 | SWAN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.20 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.27 | 1.64 | +0.64 |
| Martin ratioReturn relative to average drawdown | 4.99 | 5.79 | -0.80 |
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Drawdowns
CAOS vs. SWAN - Drawdown Comparison
The maximum CAOS drawdown since its inception was -3.89%, smaller than the maximum SWAN drawdown of -31.04%. Use the drawdown chart below to compare losses from any high point for CAOS and SWAN.
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Drawdown Indicators
| CAOS | SWAN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.89% | -31.04% | +27.15% |
Max Drawdown (1Y)Largest decline over 1 year | -0.76% | -7.05% | +6.29% |
Max Drawdown (3Y)Largest decline over 3 years | -3.60% | -10.19% | +6.59% |
Max Drawdown (5Y)Largest decline over 5 years | — | -31.04% | — |
Current DrawdownCurrent decline from peak | -1.14% | -1.73% | +0.59% |
Average DrawdownAverage peak-to-trough decline | -0.92% | -8.74% | +7.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.34% | 1.99% | -1.65% |
Volatility
CAOS vs. SWAN - Volatility Comparison
The current volatility for Alpha Architect Tail Risk ETF (CAOS) is 0.46%, while Amplify BlackSwan Growth & Treasury Core ETF (SWAN) has a volatility of 3.18%. This indicates that CAOS experiences smaller price fluctuations and is considered to be less risky than SWAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CAOS | SWAN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.46% | 3.18% | -2.72% |
Volatility (6M)Calculated over the trailing 6-month period | 1.07% | 8.27% | -7.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.57% | 10.21% | -8.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.17% | 11.49% | -7.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.17% | 12.46% | -8.29% |
CAOS vs. SWAN - Expense Ratio Comparison
CAOS has a 0.63% expense ratio, which is higher than SWAN's 0.49% expense ratio.
Dividends
CAOS vs. SWAN - Dividend Comparison
CAOS has not paid dividends to shareholders, while SWAN's dividend yield for the trailing twelve months is around 3.21%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CAOS Alpha Architect Tail Risk ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SWAN Amplify BlackSwan Growth & Treasury Core ETF | 3.21% | 2.86% | 2.54% | 2.98% | 2.12% | 5.04% | 1.64% | 3.69% | 0.29% |
Frequently Asked Questions
CAOS and SWAN have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SWAN has higher volatility (3.18%) compared to CAOS (0.46%). In terms of maximum drawdown, CAOS dropped -3.89% vs SWAN's -31.04%.
On 3-year performance, SWAN leads with 12.25% vs 3.56% for CAOS. On fees, SWAN is cheaper at 0.49% per year. On volatility, CAOS has been the lower-risk option at 0.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SWAN has performed better with a 12.25% return vs 3.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SWAN is cheaper with a 0.49% expense ratio, compared with 0.63% for CAOS.
SWAN has the higher dividend yield at 3.21%, compared with 0.00% for CAOS.
CAOS is categorized as Options Trading, while SWAN is Diversified Portfolio. They also come from different issuers: Alpha Architect and Amplify. Their fees differ too: 0.63% for CAOS and 0.49% for SWAN.
SWAN currently has the higher Sharpe Ratio (1.13 vs 1.10), 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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