GCAD vs. CAOS

Last updated Jun 4, 2026

GCAD (Gabelli Commercial Aerospace & Defense ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - GCAD is a Aerospace & Defense fund actively managed by Gabelli, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past 3 years, GCAD returned 33.27%/yr vs 4.26%/yr for CAOS. At a 0.05 correlation, their price movements are largely independent. GCAD charges 0.00%/yr vs 0.63%/yr for CAOS.

Performance

GCAD vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gabelli Commercial Aerospace & Defense ETF (GCAD) 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, GCAD achieves a 14.09% return, which is significantly higher than CAOS's 0.82% return.

GCAD

• 1D: -1.56%
• 1M: 5.29%
• YTD: 14.09%
• 6M: 19.16%
• 1Y: 35.52%
• 3Y*: 33.27%
• 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)

GCAD vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GCAD Gabelli Commercial Aerospace & Defense ETF	14.09%	39.28%	26.61%	14.02%
CAOS Alpha Architect Tail Risk ETF	0.82%	2.55%	5.33%	7.97%

Correlation

The correlation between GCAD and CAOS is -0.19, 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	-0.19
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Mar 7, 2023	0.05

The correlation between GCAD and CAOS shifts across timeframes, from -0.19 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.

GCAD vs. CAOS - Sectors Allocation Comparison

Sectors	GCAD	CAOS
Industrials	78.6%	8.5%
Consumer Cyclical	6.4%	10.0%
Technology	3.3%	33.1%
Basic Materials	0.7%	1.9%
Real Estate	0.7%	2.0%
Communication Services	-	10.4%
Consumer Defensive	-	5.4%
Energy	-	4.1%
Financial Services	-	12.4%
Healthcare	-	9.6%
Utilities	-	2.6%

Return for Risk

GCAD vs. CAOS — Risk / Return Rank

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

GCAD

GCAD Risk / Return Rank: 52
GCAD Sharpe Ratio Rank: 54
GCAD Sortino Ratio Rank: 57
GCAD Omega Ratio Rank: 52
GCAD Calmar Ratio Rank: 48
GCAD Martin Ratio Rank: 49

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.

GCAD vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gabelli Commercial Aerospace & Defense ETF (GCAD) 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.

	GCAD	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.24	+0.62
Sortino ratio: Return per unit of downside risk	2.70	1.98	+0.72
Omega ratio: Gain probability vs. loss probability	1.32	1.26	+0.07
Calmar ratio: Return relative to maximum drawdown	2.38	2.49	-0.11
Martin ratio: Return relative to average drawdown	8.24	6.22	+2.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GCAD vs. CAOS - Sharpe Ratio Comparison

The current GCAD Sharpe Ratio is 1.86, which is higher than the CAOS Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of GCAD 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

	GCAD	CAOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	1.24	+0.62
Sharpe Ratio (All Time) Calculated using the full available price history	1.56	1.21	+0.35

Drawdowns

GCAD vs. CAOS - Drawdown Comparison

The maximum GCAD drawdown since its inception was -16.14%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for GCAD and CAOS.

Drawdown Indicators

	GCAD	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-16.14%	-3.60%	-12.54%
Max Drawdown (1Y) Largest decline over 1 year	-14.96%	-0.76%	-14.20%
Max Drawdown (3Y) Largest decline over 3 years	-16.14%	-3.60%	-12.54%
Current Drawdown Current decline from peak	-5.92%	-1.07%	-4.85%
Average Drawdown Average peak-to-trough decline	-3.03%	-0.90%	-2.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.32%	0.30%	+4.02%

Volatility

GCAD vs. CAOS - Volatility Comparison

Gabelli Commercial Aerospace & Defense ETF (GCAD) has a higher volatility of 7.14% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.26%. This indicates that GCAD'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

	GCAD	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.14%	0.26%	+6.88%
Volatility (6M) Calculated over the trailing 6-month period	16.33%	1.03%	+15.30%
Volatility (1Y) Calculated over the trailing 1-year period	19.25%	1.52%	+17.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.49%	4.26%	+14.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.49%	4.26%	+14.23%

GCAD vs. CAOS - Expense Ratio Comparison

GCAD has a 0.00% expense ratio, which is lower than CAOS's 0.63% expense ratio.

Dividends

GCAD vs. CAOS - Dividend Comparison

GCAD's dividend yield for the trailing twelve months is around 1.81%, 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%
GCAD Gabelli Commercial Aerospace & Defense ETF	1.81%	2.06%	4.94%	3.62%

Frequently Asked Questions

Can I hold both GCAD and CAOS in my portfolio?

GCAD and CAOS have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GCAD or CAOS?

GCAD has higher volatility (7.14%) compared to CAOS (0.26%). In terms of maximum drawdown, GCAD dropped -16.14% vs CAOS's -3.60%.

Which ETF is better, GCAD or CAOS?

On 3-year performance, GCAD leads with 33.27% vs 4.26% for CAOS. On fees, GCAD is cheaper at 0.00% 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, GCAD or CAOS?

Over the 3-year period, GCAD has performed better with a 33.27% return vs 4.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GCAD or CAOS?

GCAD is cheaper with a 0.00% expense ratio, compared with 0.63% for CAOS.

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

GCAD has the higher dividend yield at 1.81%, compared with 0.00% for CAOS.

What is the main difference between GCAD and CAOS?

GCAD is categorized as Aerospace & Defense, while CAOS is Options Trading. They also come from different issuers: Gabelli and Alpha Architect. Their fees differ too: 0.00% for GCAD and 0.63% for CAOS.

Which has better risk-adjusted returns?

GCAD currently has the higher Sharpe Ratio (1.86 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.