FEBP vs. CAOS

Last updated Jun 25, 2026

FEBP (PGIM US Large-Cap Buffer 12 ETF - February) and CAOS (Alpha Architect Tail Risk ETF) are both Options Trading funds. Both are actively managed. Over the past year, FEBP returned 15.84% vs 1.78% for CAOS. At a correlation of -0.24, they often move in opposite directions. FEBP charges 0.50%/yr vs 0.63%/yr for CAOS.

Performance

FEBP vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM US Large-Cap Buffer 12 ETF - February (FEBP) 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, FEBP achieves a 5.88% return, which is significantly higher than CAOS's 0.79% return.

FEBP

• 1D: -0.09%
• 1M: 0.25%
• YTD: 5.88%
• 6M: 5.65%
• 1Y: 15.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAOS

• 1D: 0.09%
• 1M: -0.03%
• YTD: 0.79%
• 6M: 0.71%
• 1Y: 1.78%
• 3Y*: 3.97%
• 5Y*: —
• 10Y*: —

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

FEBP vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FEBP PGIM US Large-Cap Buffer 12 ETF - February	5.88%	12.06%	11.40%
CAOS Alpha Architect Tail Risk ETF	0.79%	2.55%	4.96%

Correlation

The correlation between FEBP and CAOS is -0.34, 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	-0.34
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024	-0.24

Return for Risk

FEBP vs. CAOS — Risk / Return Rank

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

FEBP

FEBP Risk / Return Rank: 80
FEBP Sharpe Ratio Rank: 81
FEBP Sortino Ratio Rank: 83
FEBP Omega Ratio Rank: 84
FEBP Calmar Ratio Rank: 67
FEBP Martin Ratio Rank: 83

CAOS

CAOS Risk / Return Rank: 42
CAOS Sharpe Ratio Rank: 36
CAOS Sortino Ratio Rank: 40
CAOS Omega Ratio Rank: 41
CAOS Calmar Ratio Rank: 53
CAOS Martin Ratio Rank: 39

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.

FEBP vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM US Large-Cap Buffer 12 ETF - February (FEBP) 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.

	FEBP	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	2.25	1.19	+1.06
Sortino ratio: Return per unit of downside risk	3.22	1.89	+1.32
Omega ratio: Gain probability vs. loss probability	1.44	1.25	+0.19
Calmar ratio: Return relative to maximum drawdown	2.91	2.36	+0.55
Martin ratio: Return relative to average drawdown	14.73	5.68	+9.05

FEBP vs. CAOS - Sharpe Ratio Comparison

The current FEBP Sharpe Ratio is 2.25, which is higher than the CAOS Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of FEBP 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

FEBP vs. CAOS - Drawdown Comparison

The maximum FEBP drawdown since its inception was -12.11%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for FEBP and CAOS.

Drawdown Indicators

	FEBP	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-12.11%	-3.89%	-8.22%
Max Drawdown (1Y) Largest decline over 1 year	-5.47%	-0.76%	-4.71%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-1.11%	-1.09%	-0.02%
Average Drawdown Average peak-to-trough decline	-0.92%	-0.92%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.08%	0.31%	+0.77%

Volatility

FEBP vs. CAOS - Volatility Comparison

PGIM US Large-Cap Buffer 12 ETF - February (FEBP) has a higher volatility of 2.35% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.33%. This indicates that FEBP'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

	FEBP	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.35%	0.33%	+2.02%
Volatility (6M) Calculated over the trailing 6-month period	5.75%	1.05%	+4.70%
Volatility (1Y) Calculated over the trailing 1-year period	7.09%	1.50%	+5.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.01%	4.23%	+4.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.01%	4.23%	+4.78%

FEBP vs. CAOS - Expense Ratio Comparison

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

Dividends

FEBP vs. CAOS - Dividend Comparison

Neither FEBP nor CAOS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FEBP and CAOS in my portfolio?

FEBP and CAOS have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEBP or CAOS?

FEBP has higher volatility (2.35%) compared to CAOS (0.33%). In terms of maximum drawdown, FEBP dropped -12.11% vs CAOS's -3.89%.

Which ETF is better, FEBP or CAOS?

On 1-year performance, FEBP leads with 15.84% vs 1.78% for CAOS. On fees, FEBP is cheaper at 0.50% per year. On volatility, CAOS has been the lower-risk option at 0.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEBP or CAOS?

Over the 1-year period, FEBP has performed better with a 15.84% return vs 1.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEBP or CAOS?

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

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

FEBP and CAOS have nearly identical dividend yields, around 0.00%.

What is the main difference between FEBP and CAOS?

They also come from different issuers: PGIM and Alpha Architect. Their fees differ too: 0.50% for FEBP and 0.63% for CAOS.

Which has better risk-adjusted returns?

FEBP currently has the higher Sharpe Ratio (2.25 vs 1.19), 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.