CHIQ vs. CAOS
CHIQ (Global X MSCI China Consumer Discretionary ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - CHIQ is a China Equities fund tracking the MSCI China Consumer Discretionary 10/50 Index, while CAOS is a Options Trading fund actively managed by Alpha Architect. CHIQ is passively managed, while CAOS is actively managed. Over the past 3 years, CHIQ returned -0.91%/yr vs 3.63%/yr for CAOS. At a 0.01 correlation, their price movements are largely independent. CHIQ charges 0.65%/yr vs 0.63%/yr for CAOS.
Performance
CHIQ vs. CAOS - Performance Comparison
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Returns By Period
In the year-to-date period, CHIQ achieves a -16.55% return, which is significantly lower than CAOS's 0.84% return.
CHIQ
- 1D
- 2.74%
- 1M
- -0.47%
- 6M
- -17.42%
- YTD
- -16.55%
- 1Y
- -16.73%
- 3Y*
- -0.91%
- 5Y*
- -10.19%
- 10Y*
- 6.13%
CAOS
- 1D
- 0.06%
- 1M
- 0.12%
- 6M
- 0.30%
- YTD
- 0.84%
- 1Y
- 2.02%
- 3Y*
- 3.63%
- 5Y*
- —
- 10Y*
- —
CHIQ vs. CAOS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CHIQ Global X MSCI China Consumer Discretionary ETF | -16.55% | 13.69% | 10.74% | -14.60% |
CAOS Alpha Architect Tail Risk ETF | 0.84% | 2.55% | 5.33% | 7.43% |
Correlation
The correlation between CHIQ and CAOS is -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023 | 0.01 |
The correlation between CHIQ and CAOS shifts across timeframes, from -0.22 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CHIQ vs. CAOS — Risk / Return Rank
CHIQ
CAOS
CHIQ vs. CAOS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X MSCI China Consumer Discretionary ETF (CHIQ) 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.
| CHIQ | CAOS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.05 | ||
| Sortino ratioReturn per unit of downside risk | -3.05 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.27 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.47 | 2.68 | -3.15 |
| Martin ratioReturn relative to average drawdown | -1.06 | 6.06 | -7.12 |
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Drawdowns
CHIQ vs. CAOS - Drawdown Comparison
The maximum CHIQ drawdown since its inception was -67.04%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for CHIQ and CAOS.
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Drawdown Indicators
| CHIQ | CAOS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.04% | -3.89% | -63.15% |
Max Drawdown (1Y)Largest decline over 1 year | -35.53% | -0.76% | -34.77% |
Max Drawdown (3Y)Largest decline over 3 years | -35.53% | -3.60% | -31.93% |
Max Drawdown (5Y)Largest decline over 5 years | -56.55% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -67.04% | — | — |
Current DrawdownCurrent decline from peak | -56.22% | -1.04% | -55.18% |
Average DrawdownAverage peak-to-trough decline | -30.79% | -0.92% | -29.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.74% | 0.33% | +15.41% |
Volatility
CHIQ vs. CAOS - Volatility Comparison
Global X MSCI China Consumer Discretionary ETF (CHIQ) has a higher volatility of 7.67% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.48%. This indicates that CHIQ's price experiences larger fluctuations and is considered to be riskier than CAOS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CHIQ | CAOS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.67% | 0.48% | +7.19% |
Volatility (6M)Calculated over the trailing 6-month period | 16.38% | 1.09% | +15.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.90% | 1.56% | +21.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.73% | 4.20% | +33.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.44% | 4.20% | +28.24% |
CHIQ vs. CAOS - Expense Ratio Comparison
CHIQ has a 0.65% expense ratio, which is higher than CAOS's 0.63% expense ratio.
Dividends
CHIQ vs. CAOS - Dividend Comparison
CHIQ's dividend yield for the trailing twelve months is around 1.62%, while CAOS has not paid dividends to shareholders.
| 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% |
CHIQ Global X MSCI China Consumer Discretionary ETF | 1.62% | 1.48% | 2.65% | 2.26% | 0.38% | 0.00% | 0.11% | 1.05% | 2.71% | 0.62% | 1.51% | 4.86% |
Frequently Asked Questions
CHIQ and CAOS have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CHIQ has higher volatility (7.67%) compared to CAOS (0.48%). In terms of maximum drawdown, CHIQ dropped -67.04% vs CAOS's -3.89%.
On 3-year performance, CAOS leads with 3.63% vs -0.91% for CHIQ. On fees, CAOS is cheaper at 0.63% per year. On volatility, CAOS has been the lower-risk option at 0.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CAOS has performed better with a 3.63% return vs -0.91%. 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 0.65% for CHIQ.
CHIQ has the higher dividend yield at 1.62%, compared with 0.00% for CAOS.
CHIQ is categorized as China Equities, while CAOS is Options Trading. They also come from different issuers: Global X and Alpha Architect. Their fees differ too: 0.65% for CHIQ and 0.63% for CAOS.
CAOS currently has the higher Sharpe Ratio (1.31 vs -0.74), 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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