DXJS vs. CAOS

Last updated Aug 1, 2026

DXJS (WisdomTree Japan Hedged SmallCap Equity Fund) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - DXJS is a Japan Equities fund tracking the WisdomTree Japan Hedged SmallCap Equity Index, while CAOS is a Options Trading fund actively managed by Alpha Architect. DXJS is passively managed, while CAOS is actively managed. Their 0.02 correlation means their historical movements had little consistent relationship. DXJS charges 0.58%/yr vs 0.63%/yr for CAOS.

Performance

DXJS vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Japan Hedged SmallCap Equity Fund (DXJS) and Alpha Architect Tail Risk ETF (CAOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DXJS

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

CAOS

• 1D: -0.06%
• 1M: -0.01%
• 6M: 0.16%
• YTD: 0.76%
• 1Y: 1.73%
• 3Y*: 3.48%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.70%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CAOS Alpha Architect Tail Risk ETF	$6.81M	$5.39M	$5.09M

DXJS vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DXJS WisdomTree Japan Hedged SmallCap Equity Fund	23.30%	37.08%	20.70%	25.24%
CAOS Alpha Architect Tail Risk ETF	0.76%	2.55%	5.33%	7.43%

Correlation

The correlation between DXJS and CAOS is -0.19, 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.	-0.19
Correlation (3Y) Balances recent behavior with more history.	-0.06
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023	0.02

The correlation between DXJS and CAOS shifts across timeframes, from -0.19 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DXJS vs. CAOS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DXJS

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

CAOS

CAOS Risk / Return Rank: 56
CAOS Sharpe Ratio Rank: 49
CAOS Sortino Ratio Rank: 55
CAOS Omega Ratio Rank: 54
CAOS Calmar Ratio Rank: 72
CAOS Martin Ratio Rank: 48

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DXJS vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Japan Hedged SmallCap Equity Fund (DXJS) 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.

	DXJS	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	—	1.19	—
Sortino ratio: Return per unit of downside risk	—	1.89	—
Omega ratio: Gain probability vs. loss probability	—	1.24	—
Calmar ratio: Return relative to maximum drawdown	—	2.47	—
Martin ratio: Return relative to average drawdown	—	5.45	—

Drawdowns

Drawdown Indicators

	DXJS	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	—	-3.89%	—
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	—	-1.13%	—
Average Drawdown Average peak-to-trough decline	—	-0.92%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.34%	—

Volatility

Volatility by Period

	DXJS	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.51%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.07%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	1.57%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	4.18%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	4.18%	—

DXJS vs. CAOS - Expense Ratio Comparison

DXJS has a 0.58% expense ratio, which is lower than CAOS's 0.63% expense ratio.

Dividends

DXJS vs. CAOS - Dividend Comparison

Neither DXJS nor CAOS has 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%
DXJS WisdomTree Japan Hedged SmallCap Equity Fund	0.53%	1.78%	4.02%	2.71%	2.63%	2.96%	3.04%	2.17%	2.06%	1.53%	1.66%	3.61%

Frequently Asked Questions

Can I hold both DXJS and CAOS in my portfolio?

DXJS and CAOS have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DXJS or CAOS?

On fees, DXJS is cheaper at 0.58% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DXJS or CAOS?

DXJS is cheaper with a 0.58% expense ratio, compared with 0.63% for CAOS.

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

DXJS has the higher dividend yield at 0.53%, compared with 0.00% for CAOS.

What is the main difference between DXJS and CAOS?

DXJS is categorized as Japan Equities, while CAOS is Options Trading. They also come from different issuers: WisdomTree and Alpha Architect. Their fees differ too: 0.58% for DXJS and 0.63% for CAOS.