FIVY vs. CAOS

Last updated Jun 6, 2026

FIVY (YieldMax Dorsey Wright Hybrid 5 Income ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - FIVY is a Derivative Income fund tracking the Nasdaq Dorsey Wright Tactical Hybrid Option Income Strategy Index, while CAOS is a Options Trading fund actively managed by Alpha Architect. FIVY is passively managed, while CAOS is actively managed. Over the past year, FIVY returned -9.34% vs 1.97% for CAOS. At a correlation of -0.29, they often move in opposite directions. FIVY charges 0.88%/yr vs 0.63%/yr for CAOS.

Performance

FIVY vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Dorsey Wright Hybrid 5 Income ETF (FIVY) 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, FIVY achieves a -9.58% return, which is significantly lower than CAOS's 0.90% return.

FIVY

• 1D: -5.51%
• 1M: -7.44%
• YTD: -9.58%
• 6M: -13.61%
• 1Y: -9.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAOS

• 1D: 0.12%
• 1M: 0.02%
• YTD: 0.90%
• 6M: 0.76%
• 1Y: 1.97%
• 3Y*: 4.27%
• 5Y*: —
• 10Y*: —

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

FIVY vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FIVY YieldMax Dorsey Wright Hybrid 5 Income ETF	-9.58%	-1.07%	-9.94%
CAOS Alpha Architect Tail Risk ETF	0.90%	2.55%	0.41%

Correlation

The correlation between FIVY and CAOS is -0.28, 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	-0.28
Correlation (All Time) Calculated using the full available price history since Dec 18, 2024	-0.29

FIVY vs. CAOS - Sectors Allocation Comparison

Sectors	FIVY	CAOS
Technology	44.9%	33.1%
Communication Services	24.3%	10.4%
Healthcare	17.0%	9.6%
Financial Services	13.8%	12.4%
Basic Materials	-	1.9%
Consumer Cyclical	-	10.0%
Consumer Defensive	-	5.4%
Energy	-	4.1%
Industrials	-	8.5%
Real Estate	-	2.0%
Utilities	-	2.6%

Return for Risk

FIVY vs. CAOS — Risk / Return Rank

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

FIVY

FIVY Risk / Return Rank: 7
FIVY Sharpe Ratio Rank: 6
FIVY Sortino Ratio Rank: 7
FIVY Omega Ratio Rank: 7
FIVY Calmar Ratio Rank: 7
FIVY Martin Ratio Rank: 6

CAOS

CAOS Risk / Return Rank: 43
CAOS Sharpe Ratio Rank: 37
CAOS Sortino Ratio Rank: 41
CAOS Omega Ratio Rank: 42
CAOS Calmar Ratio Rank: 54
CAOS Martin Ratio Rank: 42

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.

FIVY vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Dorsey Wright Hybrid 5 Income ETF (FIVY) 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.

	FIVY	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	-0.30	1.27	-1.58
Sortino ratio: Return per unit of downside risk	-0.22	2.03	-2.25
Omega ratio: Gain probability vs. loss probability	0.97	1.26	-0.29
Calmar ratio: Return relative to maximum drawdown	-0.29	2.57	-2.85
Martin ratio: Return relative to average drawdown	-0.59	6.37	-6.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIVY vs. CAOS - Sharpe Ratio Comparison

The current FIVY Sharpe Ratio is -0.30, which is lower than the CAOS Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of FIVY 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

	FIVY	CAOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.30	1.27	-1.58
Sharpe Ratio (All Time) Calculated using the full available price history	-0.42	1.21	-1.63

Drawdowns

FIVY vs. CAOS - Drawdown Comparison

The maximum FIVY drawdown since its inception was -32.77%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for FIVY and CAOS.

Drawdown Indicators

	FIVY	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-32.77%	-3.60%	-29.17%
Max Drawdown (1Y) Largest decline over 1 year	-32.77%	-0.76%	-32.01%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-22.84%	-0.99%	-21.85%
Average Drawdown Average peak-to-trough decline	-13.15%	-0.90%	-12.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.95%	0.30%	+15.65%

Volatility

FIVY vs. CAOS - Volatility Comparison

YieldMax Dorsey Wright Hybrid 5 Income ETF (FIVY) has a higher volatility of 8.44% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.27%. This indicates that FIVY'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

	FIVY	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.44%	0.27%	+8.17%
Volatility (6M) Calculated over the trailing 6-month period	22.01%	1.03%	+20.98%
Volatility (1Y) Calculated over the trailing 1-year period	30.84%	1.53%	+29.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.08%	4.25%	+28.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.08%	4.25%	+28.83%

FIVY vs. CAOS - Expense Ratio Comparison

FIVY has a 0.88% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

FIVY vs. CAOS - Dividend Comparison

FIVY's dividend yield for the trailing twelve months is around 52.80%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%
FIVY YieldMax Dorsey Wright Hybrid 5 Income ETF	52.80%	46.51%

Frequently Asked Questions

Can I hold both FIVY and CAOS in my portfolio?

FIVY and CAOS have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIVY or CAOS?

FIVY has higher volatility (8.44%) compared to CAOS (0.27%). In terms of maximum drawdown, FIVY dropped -32.77% vs CAOS's -3.60%.

Which ETF is better, FIVY or CAOS?

On 1-year performance, CAOS leads with 1.97% vs -9.34% for FIVY. On fees, CAOS is cheaper at 0.63% per year. On volatility, CAOS has been the lower-risk option at 0.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FIVY or CAOS?

Over the 1-year period, CAOS has performed better with a 1.97% return vs -9.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FIVY or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.88% for FIVY.

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

FIVY has the higher dividend yield at 52.80%, compared with 0.00% for CAOS.

What is the main difference between FIVY and CAOS?

FIVY is categorized as Derivative Income, while CAOS is Options Trading. They also come from different issuers: YieldMax and Alpha Architect. Their fees differ too: 0.88% for FIVY and 0.63% for CAOS.

Which has better risk-adjusted returns?

CAOS currently has the higher Sharpe Ratio (1.27 vs -0.30), 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.