DEXC vs. CAOS

Last updated Jun 24, 2026

DEXC (Dimensional Emerging Markets ex China Core Equity ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - DEXC is a Emerging Markets Diversified fund actively managed by Dimensional Fund Advisors, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past year, DEXC returned 55.75% vs 1.62% for CAOS. At a correlation of -0.33, they often move in opposite directions. DEXC charges 0.43%/yr vs 0.63%/yr for CAOS.

Performance

DEXC vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional Emerging Markets ex China Core Equity ETF (DEXC) 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, DEXC achieves a 33.63% return, which is significantly higher than CAOS's 0.71% return.

DEXC

• 1D: -6.22%
• 1M: 3.82%
• YTD: 33.63%
• 6M: 34.97%
• 1Y: 55.75%
• 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)

DEXC vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DEXC Dimensional Emerging Markets ex China Core Equity ETF	33.63%	27.13%	-1.63%
CAOS Alpha Architect Tail Risk ETF	0.71%	2.55%	0.14%

Correlation

The correlation between DEXC and CAOS is -0.27, 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	-0.27
Correlation (All Time) Calculated using the full available price history since Nov 14, 2024	-0.33

Return for Risk

DEXC vs. CAOS — Risk / Return Rank

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

DEXC

DEXC Risk / Return Rank: 82
DEXC Sharpe Ratio Rank: 81
DEXC Sortino Ratio Rank: 73
DEXC Omega Ratio Rank: 83
DEXC Calmar Ratio Rank: 85
DEXC Martin Ratio Rank: 86

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.

DEXC vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Emerging Markets ex China Core Equity ETF (DEXC) 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.

	DEXC	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	2.36	1.08	+1.28
Sortino ratio: Return per unit of downside risk	2.96	1.72	+1.23
Omega ratio: Gain probability vs. loss probability	1.45	1.22	+0.23
Calmar ratio: Return relative to maximum drawdown	4.36	2.15	+2.21
Martin ratio: Return relative to average drawdown	16.49	5.18	+11.31

DEXC vs. CAOS - Sharpe Ratio Comparison

The current DEXC Sharpe Ratio is 2.36, which is higher than the CAOS Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of DEXC and CAOS, 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

DEXC vs. CAOS - Drawdown Comparison

The maximum DEXC drawdown since its inception was -15.07%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for DEXC and CAOS.

Drawdown Indicators

	DEXC	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-15.07%	-3.89%	-11.18%
Max Drawdown (1Y) Largest decline over 1 year	-12.86%	-0.76%	-12.10%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-6.22%	-1.18%	-5.04%
Average Drawdown Average peak-to-trough decline	-2.45%	-0.92%	-1.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.39%	0.32%	+3.07%

Volatility

DEXC vs. CAOS - Volatility Comparison

Dimensional Emerging Markets ex China Core Equity ETF (DEXC) has a higher volatility of 13.89% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.32%. This indicates that DEXC'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.

Volatility by Period

	DEXC	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.89%	0.32%	+13.57%
Volatility (6M) Calculated over the trailing 6-month period	22.10%	1.05%	+21.05%
Volatility (1Y) Calculated over the trailing 1-year period	23.74%	1.50%	+22.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.74%	4.23%	+17.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.74%	4.23%	+17.51%

DEXC vs. CAOS - Expense Ratio Comparison

DEXC has a 0.43% expense ratio, which is lower than CAOS's 0.63% expense ratio.

Dividends

DEXC vs. CAOS - Dividend Comparison

DEXC's dividend yield for the trailing twelve months is around 1.97%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025	2024
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%
DEXC Dimensional Emerging Markets ex China Core Equity ETF	1.97%	1.97%	0.19%

Frequently Asked Questions

Can I hold both DEXC and CAOS in my portfolio?

DEXC and CAOS have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DEXC or CAOS?

DEXC has higher volatility (13.89%) compared to CAOS (0.32%). In terms of maximum drawdown, DEXC dropped -15.07% vs CAOS's -3.89%.

Which ETF is better, DEXC or CAOS?

On 1-year performance, DEXC leads with 55.75% vs 1.62% for CAOS. On fees, DEXC is cheaper at 0.43% per year. On volatility, CAOS has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DEXC or CAOS?

Over the 1-year period, DEXC has performed better with a 55.75% return vs 1.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DEXC or CAOS?

DEXC is cheaper with a 0.43% expense ratio, compared with 0.63% for CAOS.

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

DEXC has the higher dividend yield at 1.97%, compared with 0.00% for CAOS.

What is the main difference between DEXC and CAOS?

DEXC is categorized as Emerging Markets Diversified, while CAOS is Options Trading. They also come from different issuers: Dimensional Fund Advisors and Alpha Architect. Their fees differ too: 0.43% for DEXC and 0.63% for CAOS.

Which has better risk-adjusted returns?

DEXC currently has the higher Sharpe Ratio (2.36 vs 1.08), 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.