FTQI vs. CAOS
FTQI (First Trust Nasdaq BuyWrite Income ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - FTQI is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while CAOS is a Options Trading fund actively managed by Alpha Architect. FTQI is passively managed, while CAOS is actively managed. Over the past 3 years, FTQI returned 16.62%/yr vs 3.60%/yr for CAOS. At a 0.02 correlation, their price movements are largely independent. FTQI charges 0.75%/yr vs 0.63%/yr for CAOS.
Performance
FTQI vs. CAOS - Performance Comparison
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Returns By Period
In the year-to-date period, FTQI achieves a 12.76% return, which is significantly higher than CAOS's 0.80% return.
FTQI
- 1D
- -0.72%
- 1M
- 1.28%
- 6M
- 11.68%
- YTD
- 12.76%
- 1Y
- 26.34%
- 3Y*
- 16.62%
- 5Y*
- 12.26%
- 10Y*
- 7.85%
CAOS
- 1D
- -0.04%
- 1M
- 0.13%
- 6M
- 0.30%
- YTD
- 0.80%
- 1Y
- 1.82%
- 3Y*
- 3.60%
- 5Y*
- —
- 10Y*
- —
FTQI vs. CAOS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FTQI First Trust Nasdaq BuyWrite Income ETF | 12.76% | 12.68% | 18.30% | 13.77% |
CAOS Alpha Architect Tail Risk ETF | 0.80% | 2.55% | 5.33% | 7.43% |
Correlation
The correlation between FTQI 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 (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023 | 0.02 |
The correlation between FTQI and CAOS shifts across timeframes, from -0.34 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FTQI vs. CAOS — Risk / Return Rank
FTQI
CAOS
FTQI vs. CAOS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Nasdaq BuyWrite Income ETF (FTQI) 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.
| FTQI | CAOS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.25 | ||
| Sortino ratioReturn per unit of downside risk | +1.48 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.24 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 4.24 | 2.41 | +1.83 |
| Martin ratioReturn relative to average drawdown | 20.07 | 5.44 | +14.64 |
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Drawdowns
FTQI vs. CAOS - Drawdown Comparison
The maximum FTQI drawdown since its inception was -19.42%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for FTQI and CAOS.
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Drawdown Indicators
| FTQI | CAOS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.42% | -3.89% | -15.53% |
Max Drawdown (1Y)Largest decline over 1 year | -6.24% | -0.76% | -5.48% |
Max Drawdown (3Y)Largest decline over 3 years | -19.42% | -3.60% | -15.82% |
Max Drawdown (5Y)Largest decline over 5 years | -19.42% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -19.42% | — | — |
Current DrawdownCurrent decline from peak | -0.85% | -1.08% | +0.23% |
Average DrawdownAverage peak-to-trough decline | -3.73% | -0.92% | -2.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.32% | 0.34% | +0.98% |
Volatility
FTQI vs. CAOS - Volatility Comparison
First Trust Nasdaq BuyWrite Income ETF (FTQI) has a higher volatility of 2.92% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.48%. This indicates that FTQI'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.
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Volatility by Period
| FTQI | CAOS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.92% | 0.48% | +2.44% |
Volatility (6M)Calculated over the trailing 6-month period | 8.83% | 1.09% | +7.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.87% | 1.55% | +9.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.82% | 4.20% | +10.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.98% | 4.20% | +8.78% |
FTQI vs. CAOS - Expense Ratio Comparison
FTQI has a 0.75% expense ratio, which is higher than CAOS's 0.63% expense ratio.
Dividends
FTQI vs. CAOS - Dividend Comparison
FTQI's dividend yield for the trailing twelve months is around 10.92%, while CAOS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CAOS Alpha Architect Tail Risk ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FTQI First Trust Nasdaq BuyWrite Income ETF | 10.92% | 11.46% | 11.66% | 11.49% | 9.85% | 3.05% | 3.27% | 2.95% | 3.27% | 2.74% | 3.02% | 3.54% |
Frequently Asked Questions
FTQI 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.
FTQI has higher volatility (2.92%) compared to CAOS (0.48%). In terms of maximum drawdown, FTQI dropped -19.42% vs CAOS's -3.89%.
On 3-year performance, FTQI leads with 16.62% vs 3.60% for CAOS. On fees, CAOS is cheaper at 0.63% per year. On volatility, CAOS has been the lower-risk option at 0.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FTQI has performed better with a 16.62% return vs 3.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CAOS is cheaper with a 0.63% expense ratio, compared with 0.75% for FTQI.
FTQI has the higher dividend yield at 10.92%, compared with 0.00% for CAOS.
FTQI is categorized as Nasdaq-100, while CAOS is Options Trading. They also come from different issuers: First Trust and Alpha Architect. Their fees differ too: 0.75% for FTQI and 0.63% for CAOS.
FTQI currently has the higher Sharpe Ratio (2.43 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.
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