FELG vs. CAOS

Last updated Jun 5, 2026

FELG (Fidelity Enhanced Large Cap Growth ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - FELG is a Large Cap Growth 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 year, FELG returned 27.08% vs 1.85% for CAOS. At a correlation of -0.17, they often move in opposite directions. FELG charges 0.18%/yr vs 0.63%/yr for CAOS.

Performance

FELG vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Large Cap Growth ETF (FELG) 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, FELG achieves a 7.79% return, which is significantly higher than CAOS's 0.77% return.

FELG

• 1D: 0.09%
• 1M: 5.20%
• YTD: 7.79%
• 6M: 7.15%
• 1Y: 27.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAOS

• 1D: -0.04%
• 1M: -0.05%
• YTD: 0.77%
• 6M: 0.63%
• 1Y: 1.85%
• 3Y*: 4.27%
• 5Y*: —
• 10Y*: —

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

FELG vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FELG Fidelity Enhanced Large Cap Growth ETF	7.79%	18.44%	35.45%	4.20%
CAOS Alpha Architect Tail Risk ETF	0.77%	2.55%	5.33%	0.37%

Correlation

The correlation between FELG 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 Nov 21, 2023	-0.17

The correlation between FELG and CAOS shifts across timeframes, from -0.34 (1 year) to -0.17 (all time), reflecting how their relationship changes across market environments.

FELG vs. CAOS - Sectors Allocation Comparison

Sectors	FELG	CAOS
Technology	53.9%	33.1%
Communication Services	13.8%	10.4%
Consumer Cyclical	11.5%	10.0%
Industrials	7.2%	8.5%
Healthcare	6.3%	9.6%
Financial Services	4.7%	12.4%
Energy	1.1%	4.1%
Consumer Defensive	1.0%	5.4%
Basic Materials	0.5%	1.9%
Utilities	0.1%	2.6%
Real Estate	0.0%	2.0%

Return for Risk

FELG vs. CAOS — Risk / Return Rank

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

FELG

FELG Risk / Return Rank: 45
FELG Sharpe Ratio Rank: 52
FELG Sortino Ratio Rank: 50
FELG Omega Ratio Rank: 50
FELG Calmar Ratio Rank: 34
FELG Martin Ratio Rank: 38

CAOS

CAOS Risk / Return Rank: 40
CAOS Sharpe Ratio Rank: 35
CAOS Sortino Ratio Rank: 38
CAOS Omega Ratio Rank: 39
CAOS Calmar Ratio Rank: 51
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.

FELG vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Large Cap Growth ETF (FELG) 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.

	FELG	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	1.76	1.22	+0.54
Sortino ratio: Return per unit of downside risk	2.41	1.94	+0.47
Omega ratio: Gain probability vs. loss probability	1.31	1.25	+0.06
Calmar ratio: Return relative to maximum drawdown	1.68	2.45	-0.77
Martin ratio: Return relative to average drawdown	5.75	6.09	-0.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FELG vs. CAOS - Sharpe Ratio Comparison

The current FELG Sharpe Ratio is 1.76, which is higher than the CAOS Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of FELG 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.

Sharpe Ratios by Period

	FELG	CAOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	1.22	+0.54
Sharpe Ratio (All Time) Calculated using the full available price history	1.33	1.21	+0.12

Drawdowns

FELG vs. CAOS - Drawdown Comparison

The maximum FELG drawdown since its inception was -23.89%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for FELG and CAOS.

Drawdown Indicators

	FELG	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-23.89%	-3.60%	-20.29%
Max Drawdown (1Y) Largest decline over 1 year	-16.17%	-0.76%	-15.41%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-1.25%	-1.11%	-0.14%
Average Drawdown Average peak-to-trough decline	-3.52%	-0.90%	-2.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.72%	0.30%	+4.42%

Volatility

FELG vs. CAOS - Volatility Comparison

Fidelity Enhanced Large Cap Growth ETF (FELG) has a higher volatility of 3.47% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.25%. This indicates that FELG'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

	FELG	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.47%	0.25%	+3.22%
Volatility (6M) Calculated over the trailing 6-month period	11.59%	1.03%	+10.56%
Volatility (1Y) Calculated over the trailing 1-year period	15.45%	1.52%	+13.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.87%	4.25%	+15.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.87%	4.25%	+15.62%

FELG vs. CAOS - Expense Ratio Comparison

FELG has a 0.18% expense ratio, which is lower than CAOS's 0.63% expense ratio.

Dividends

FELG vs. CAOS - Dividend Comparison

FELG's dividend yield for the trailing twelve months is around 0.34%, 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%
FELG Fidelity Enhanced Large Cap Growth ETF	0.34%	0.38%	0.44%	0.11%

Frequently Asked Questions

Can I hold both FELG and CAOS in my portfolio?

FELG 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, FELG or CAOS?

FELG has higher volatility (3.47%) compared to CAOS (0.25%). In terms of maximum drawdown, FELG dropped -23.89% vs CAOS's -3.60%.

Which ETF is better, FELG or CAOS?

On 1-year performance, FELG leads with 27.08% vs 1.85% for CAOS. On fees, FELG is cheaper at 0.18% per year. On volatility, CAOS has been the lower-risk option at 0.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FELG or CAOS?

Over the 1-year period, FELG has performed better with a 27.08% return vs 1.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FELG or CAOS?

FELG is cheaper with a 0.18% expense ratio, compared with 0.63% for CAOS.

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

FELG has the higher dividend yield at 0.34%, compared with 0.00% for CAOS.

What is the main difference between FELG and CAOS?

FELG is categorized as Large Cap Growth Equities, while CAOS is Options Trading. They also come from different issuers: Fidelity and Alpha Architect. Their fees differ too: 0.18% for FELG and 0.63% for CAOS.

Which has better risk-adjusted returns?

FELG currently has the higher Sharpe Ratio (1.76 vs 1.22), 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.