CEFZ vs. CAOS

Last updated Jun 24, 2026

CEFZ (RiverNorth Active Income ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - CEFZ is a Tactical Allocation fund actively managed by RiverNorth, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. At a correlation of -0.35, they often move in opposite directions. CEFZ charges 3.36%/yr vs 0.63%/yr for CAOS.

Performance

CEFZ vs. CAOS - Performance Comparison

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

Returns By Period

In the year-to-date period, CEFZ achieves a 3.57% return, which is significantly higher than CAOS's 0.71% return.

CEFZ

• 1D: -0.97%
• 1M: -1.00%
• YTD: 3.57%
• 6M: 3.99%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAOS

• 1D: -0.04%
• 1M: -0.12%
• YTD: 0.71%
• 6M: 0.61%
• 1Y: 1.62%
• 3Y*: 3.94%
• 5Y*: —
• 10Y*: —

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

CEFZ vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025
CEFZ RiverNorth Active Income ETF	3.57%	7.41%
CAOS Alpha Architect Tail Risk ETF	0.71%	0.96%

Correlation

The correlation between CEFZ and CAOS is -0.35, 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 (All Time) Calculated using the full available price history since Aug 4, 2025	-0.35

Return for Risk

CEFZ vs. CAOS — Risk / Return Rank

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

CEFZ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

CAOS

CAOS Risk / Return Rank: 36
CAOS Sharpe Ratio Rank: 31
CAOS Sortino Ratio Rank: 34
CAOS Omega Ratio Rank: 34
CAOS Calmar Ratio Rank: 45
CAOS Martin Ratio Rank: 36

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.

CEFZ vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth Active Income ETF (CEFZ) and Alpha Architect Tail Risk ETF (CAOS). 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.

	CEFZ	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	—	1.08	—
Sortino ratio: Return per unit of downside risk	—	1.72	—
Omega ratio: Gain probability vs. loss probability	—	1.22	—
Calmar ratio: Return relative to maximum drawdown	—	2.15	—
Martin ratio: Return relative to average drawdown	—	5.18	—

Drawdowns

CEFZ vs. CAOS - Drawdown Comparison

The maximum CEFZ drawdown since its inception was -6.66%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for CEFZ and CAOS.

Drawdown Indicators

	CEFZ	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-6.66%	-3.89%	-2.77%
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	-2.23%	-1.18%	-1.05%
Average Drawdown Average peak-to-trough decline	-1.21%	-0.92%	-0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.32%	—

Volatility

Volatility by Period

	CEFZ	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.32%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.05%	—
Volatility (1Y) Calculated over the trailing 1-year period	10.46%	1.50%	+8.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.46%	4.23%	+6.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.46%	4.23%	+6.23%

CEFZ vs. CAOS - Expense Ratio Comparison

CEFZ has a 3.36% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

CEFZ vs. CAOS - Dividend Comparison

CEFZ's dividend yield for the trailing twelve months is around 8.40%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%
CEFZ RiverNorth Active Income ETF	8.40%	4.17%

Frequently Asked Questions

Can I hold both CEFZ and CAOS in my portfolio?

CEFZ and CAOS have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CEFZ or CAOS?

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, CEFZ or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 3.36% for CEFZ.

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

CEFZ has the higher dividend yield at 8.40%, compared with 0.00% for CAOS.

What is the main difference between CEFZ and CAOS?

CEFZ is categorized as Tactical Allocation, while CAOS is Options Trading. They also come from different issuers: RiverNorth and Alpha Architect. Their fees differ too: 3.36% for CEFZ and 0.63% for CAOS.