FBOT vs. CAOS

Last updated Jul 16, 2026

FBOT (Fidelity Disruptive Automation ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - FBOT is a Technology Equities fund actively managed by Fidelity, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past 3 years, FBOT returned 14.52%/yr vs 3.63%/yr for CAOS. At a correlation of -0.05, they often move in opposite directions. FBOT charges 0.50%/yr vs 0.63%/yr for CAOS.

Performance

FBOT vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Disruptive Automation ETF (FBOT) 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, FBOT achieves a 14.09% return, which is significantly higher than CAOS's 0.84% return.

FBOT

• 1D: 0.20%
• 1M: -2.67%
• 6M: 7.58%
• YTD: 14.09%
• 1Y: 25.66%
• 3Y*: 14.52%
• 5Y*: —
• 10Y*: —

CAOS

• 1D: 0.06%
• 1M: 0.12%
• 6M: 0.30%
• YTD: 0.84%
• 1Y: 2.02%
• 3Y*: 3.63%
• 5Y*: —
• 10Y*: —

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

FBOT vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FBOT Fidelity Disruptive Automation ETF	14.09%	19.15%	12.58%	-0.65%
CAOS Alpha Architect Tail Risk ETF	0.84%	2.55%	5.33%	3.76%

Correlation

The correlation between FBOT and CAOS is -0.36, 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	-0.36
Correlation (3Y) Calculated over the trailing 3-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Jun 12, 2023	-0.05

Over the past year, the inverse relationship between FBOT and CAOS has strengthened: their correlation has moved from -0.05 to -0.36, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

FBOT vs. CAOS — Risk / Return Rank

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

FBOT

FBOT Risk / Return Rank: 41
FBOT Sharpe Ratio Rank: 40
FBOT Sortino Ratio Rank: 39
FBOT Omega Ratio Rank: 39
FBOT Calmar Ratio Rank: 41
FBOT Martin Ratio Rank: 47

CAOS

CAOS Risk / Return Rank: 53
CAOS Sharpe Ratio Rank: 46
CAOS Sortino Ratio Rank: 52
CAOS Omega Ratio Rank: 53
CAOS Calmar Ratio Rank: 67
CAOS Martin Ratio Rank: 45

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.

FBOT vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Disruptive Automation ETF (FBOT) 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.

	FBOT	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	1.18	1.31	-0.13
Sortino ratio: Return per unit of downside risk	1.68	2.09	-0.41
Omega ratio: Gain probability vs. loss probability	1.21	1.27	-0.06
Calmar ratio: Return relative to maximum drawdown	1.70	2.68	-0.98
Martin ratio: Return relative to average drawdown	6.33	6.06	+0.28

FBOT vs. CAOS - Sharpe Ratio Comparison

The current FBOT Sharpe Ratio is 1.18, which is comparable to the CAOS Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of FBOT 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

FBOT vs. CAOS - Drawdown Comparison

The maximum FBOT drawdown since its inception was -23.61%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for FBOT and CAOS.

Drawdown Indicators

	FBOT	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-23.61%	-3.89%	-19.72%
Max Drawdown (1Y) Largest decline over 1 year	-15.17%	-0.76%	-14.41%
Max Drawdown (3Y) Largest decline over 3 years	-23.61%	-3.60%	-20.01%
Current Drawdown Current decline from peak	-5.36%	-1.04%	-4.32%
Average Drawdown Average peak-to-trough decline	-5.10%	-0.92%	-4.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.06%	0.33%	+3.73%

Volatility

FBOT vs. CAOS - Volatility Comparison

Fidelity Disruptive Automation ETF (FBOT) has a higher volatility of 7.55% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.48%. This indicates that FBOT'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

	FBOT	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.55%	0.48%	+7.07%
Volatility (6M) Calculated over the trailing 6-month period	18.02%	1.09%	+16.93%
Volatility (1Y) Calculated over the trailing 1-year period	21.85%	1.56%	+20.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.28%	4.20%	+17.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.28%	4.20%	+17.08%

FBOT vs. CAOS - Expense Ratio Comparison

FBOT has a 0.50% expense ratio, which is lower than CAOS's 0.63% expense ratio.

Dividends

FBOT vs. CAOS - Dividend Comparison

FBOT's dividend yield for the trailing twelve months is around 0.44%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%	0.00%
FBOT Fidelity Disruptive Automation ETF	0.44%	0.81%	0.31%	0.20%

Frequently Asked Questions

Can I hold both FBOT and CAOS in my portfolio?

FBOT and CAOS have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FBOT or CAOS?

FBOT has higher volatility (7.55%) compared to CAOS (0.48%). In terms of maximum drawdown, FBOT dropped -23.61% vs CAOS's -3.89%.

Which ETF is better, FBOT or CAOS?

On 3-year performance, FBOT leads with 14.52% vs 3.63% for CAOS. On fees, FBOT is cheaper at 0.50% 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.

Which ETF has performed better, FBOT or CAOS?

Over the 3-year period, FBOT has performed better with a 14.52% return vs 3.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBOT or CAOS?

FBOT is cheaper with a 0.50% expense ratio, compared with 0.63% for CAOS.

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

FBOT has the higher dividend yield at 0.44%, compared with 0.00% for CAOS.

What is the main difference between FBOT and CAOS?

FBOT is categorized as Technology Equities, while CAOS is Options Trading. They also come from different issuers: Fidelity and Alpha Architect. Their fees differ too: 0.50% for FBOT and 0.63% for CAOS.

Which has better risk-adjusted returns?

CAOS currently has the higher Sharpe Ratio (1.31 vs 1.18), 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.