FLCV vs. CAOS

Last updated Jun 4, 2026

FLCV (Federated Hermes MDT Large Cap Value ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - FLCV is a Large Cap Value Equities fund actively managed by Federated Hermes, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past year, FLCV returned 22.99% vs 1.88% for CAOS. At a correlation of -0.33, they often move in opposite directions. FLCV charges 0.32%/yr vs 0.63%/yr for CAOS.

Performance

FLCV vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes MDT Large Cap Value ETF (FLCV) 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, FLCV achieves a 12.98% return, which is significantly higher than CAOS's 0.82% return.

FLCV

• 1D: 0.02%
• 1M: 3.46%
• YTD: 12.98%
• 6M: 14.06%
• 1Y: 22.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAOS

• 1D: 0.12%
• 1M: -0.09%
• YTD: 0.82%
• 6M: 0.69%
• 1Y: 1.88%
• 3Y*: 4.26%
• 5Y*: —
• 10Y*: —

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

FLCV vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FLCV Federated Hermes MDT Large Cap Value ETF	12.98%	15.64%	6.56%
CAOS Alpha Architect Tail Risk ETF	0.82%	2.55%	2.41%

Correlation

The correlation between FLCV 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 Aug 1, 2024	-0.33

FLCV vs. CAOS - Sectors Allocation Comparison

Sectors	FLCV	CAOS
Financial Services	18.3%	12.4%
Technology	16.1%	33.1%
Industrials	12.9%	8.5%
Healthcare	11.8%	9.6%
Consumer Cyclical	9.6%	10.0%
Communication Services	7.7%	10.4%
Energy	6.9%	4.1%
Consumer Defensive	5.5%	5.4%
Utilities	4.2%	2.6%
Basic Materials	4.0%	1.9%
Real Estate	3.0%	2.0%

Return for Risk

FLCV vs. CAOS — Risk / Return Rank

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

FLCV

FLCV Risk / Return Rank: 69
FLCV Sharpe Ratio Rank: 62
FLCV Sortino Ratio Rank: 65
FLCV Omega Ratio Rank: 60
FLCV Calmar Ratio Rank: 79
FLCV Martin Ratio Rank: 79

CAOS

CAOS Risk / Return Rank: 40
CAOS Sharpe Ratio Rank: 34
CAOS Sortino Ratio Rank: 37
CAOS Omega Ratio Rank: 39
CAOS Calmar Ratio Rank: 49
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.

FLCV vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes MDT Large Cap Value ETF (FLCV) 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.

	FLCV	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	2.04	1.24	+0.80
Sortino ratio: Return per unit of downside risk	2.95	1.98	+0.97
Omega ratio: Gain probability vs. loss probability	1.36	1.26	+0.10
Calmar ratio: Return relative to maximum drawdown	4.05	2.49	+1.56
Martin ratio: Return relative to average drawdown	15.17	6.22	+8.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLCV vs. CAOS - Sharpe Ratio Comparison

The current FLCV Sharpe Ratio is 2.04, which is higher than the CAOS Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of FLCV 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

	FLCV	CAOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	1.24	+0.80
Sharpe Ratio (All Time) Calculated using the full available price history	1.33	1.21	+0.12

Drawdowns

FLCV vs. CAOS - Drawdown Comparison

The maximum FLCV drawdown since its inception was -15.93%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for FLCV and CAOS.

Drawdown Indicators

	FLCV	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-15.93%	-3.60%	-12.33%
Max Drawdown (1Y) Largest decline over 1 year	-5.70%	-0.76%	-4.94%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	0.00%	-1.07%	+1.07%
Average Drawdown Average peak-to-trough decline	-2.03%	-0.90%	-1.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.52%	0.30%	+1.22%

Volatility

FLCV vs. CAOS - Volatility Comparison

Federated Hermes MDT Large Cap Value ETF (FLCV) has a higher volatility of 2.66% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.26%. This indicates that FLCV'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

	FLCV	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	0.26%	+2.40%
Volatility (6M) Calculated over the trailing 6-month period	8.20%	1.03%	+7.17%
Volatility (1Y) Calculated over the trailing 1-year period	11.31%	1.52%	+9.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.95%	4.26%	+10.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.95%	4.26%	+10.69%

FLCV vs. CAOS - Expense Ratio Comparison

FLCV has a 0.32% expense ratio, which is lower than CAOS's 0.63% expense ratio.

Dividends

FLCV vs. CAOS - Dividend Comparison

FLCV's dividend yield for the trailing twelve months is around 0.73%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025	2024
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%
FLCV Federated Hermes MDT Large Cap Value ETF	0.73%	0.83%	0.24%

Frequently Asked Questions

Can I hold both FLCV and CAOS in my portfolio?

FLCV 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, FLCV or CAOS?

FLCV has higher volatility (2.66%) compared to CAOS (0.26%). In terms of maximum drawdown, FLCV dropped -15.93% vs CAOS's -3.60%.

Which ETF is better, FLCV or CAOS?

On 1-year performance, FLCV leads with 22.99% vs 1.88% for CAOS. On fees, FLCV is cheaper at 0.32% per year. On volatility, CAOS has been the lower-risk option at 0.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLCV or CAOS?

Over the 1-year period, FLCV has performed better with a 22.99% return vs 1.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLCV or CAOS?

FLCV is cheaper with a 0.32% expense ratio, compared with 0.63% for CAOS.

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

FLCV has the higher dividend yield at 0.73%, compared with 0.00% for CAOS.

What is the main difference between FLCV and CAOS?

FLCV is categorized as Large Cap Value Equities, while CAOS is Options Trading. They also come from different issuers: Federated Hermes and Alpha Architect. Their fees differ too: 0.32% for FLCV and 0.63% for CAOS.

Which has better risk-adjusted returns?

FLCV currently has the higher Sharpe Ratio (2.04 vs 1.24), 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.