FMKT vs. CAOS
FMKT (The Free Markets ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - FMKT is a Large Cap Blend Equities fund, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. At a correlation of -0.22, they often move in opposite directions. FMKT charges 0.76%/yr vs 0.63%/yr for CAOS.
Performance
FMKT vs. CAOS - Performance Comparison
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Returns By Period
In the year-to-date period, FMKT achieves a 2.65% return, which is significantly higher than CAOS's 0.82% return.
FMKT
- 1D
- -2.40%
- 1M
- -0.64%
- YTD
- 2.65%
- 6M
- 0.39%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CAOS
- 1D
- 0.12%
- 1M
- -0.09%
- YTD
- 0.82%
- 6M
- 0.69%
- 1Y
- 1.88%
- 3Y*
- 4.26%
- 5Y*
- —
- 10Y*
- —
FMKT vs. CAOS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FMKT The Free Markets ETF | 2.65% | 10.93% |
CAOS Alpha Architect Tail Risk ETF | 0.82% | 1.21% |
Correlation
The correlation between FMKT and CAOS is -0.22, 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 (All Time) Calculated using the full available price history since Jun 11, 2025 | -0.22 |
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Return for Risk
FMKT vs. CAOS — Risk / Return Rank
FMKT
CAOS
FMKT vs. CAOS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Free Markets ETF (FMKT) 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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| FMKT | CAOS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 1.24 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.73 | 1.21 | -0.48 |
Drawdowns
FMKT vs. CAOS - Drawdown Comparison
The maximum FMKT drawdown since its inception was -17.79%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for FMKT and CAOS.
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Drawdown Indicators
| FMKT | CAOS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.79% | -3.60% | -14.19% |
Max Drawdown (1Y)Largest decline over 1 year | — | -0.76% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -3.60% | — |
Current DrawdownCurrent decline from peak | -6.86% | -1.07% | -5.79% |
Average DrawdownAverage peak-to-trough decline | -5.25% | -0.90% | -4.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.30% | — |
Volatility
FMKT vs. CAOS - Volatility Comparison
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Volatility by Period
| FMKT | CAOS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.26% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.03% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 19.59% | 1.52% | +18.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.59% | 4.26% | +15.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.59% | 4.26% | +15.33% |
FMKT vs. CAOS - Expense Ratio Comparison
FMKT has a 0.76% expense ratio, which is higher than CAOS's 0.63% expense ratio.
Dividends
FMKT vs. CAOS - Dividend Comparison
FMKT's dividend yield for the trailing twelve months is around 2.10%, while CAOS has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
CAOS Alpha Architect Tail Risk ETF | 0.00% | 0.00% |
FMKT The Free Markets ETF | 2.10% | 2.15% |
Frequently Asked Questions
FMKT and CAOS have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CAOS is cheaper at 0.63% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CAOS is cheaper with a 0.63% expense ratio, compared with 0.76% for FMKT.
FMKT has the higher dividend yield at 2.10%, compared with 0.00% for CAOS.
FMKT is categorized as Large Cap Blend Equities, while CAOS is Options Trading. Their fees differ too: 0.76% for FMKT and 0.63% for CAOS.
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