GPZ vs. CAOS
GPZ (VanEck Alternative Asset Manager ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - GPZ is a Financials Equities fund tracking the MarketVector Alternative Asset Managers Index, while CAOS is a Options Trading fund actively managed by Alpha Architect. GPZ is passively managed, while CAOS is actively managed. Over the past year, GPZ returned -18.09% vs 1.83% for CAOS. At a correlation of -0.27, they often move in opposite directions. GPZ charges 0.40%/yr vs 0.63%/yr for CAOS.
Performance
GPZ vs. CAOS - Performance Comparison
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Returns By Period
In the year-to-date period, GPZ achieves a -17.20% return, which is significantly lower than CAOS's 0.79% return.
GPZ
- 1D
- 1.35%
- 1M
- -1.83%
- 6M
- -19.12%
- YTD
- -17.20%
- 1Y
- -18.09%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CAOS
- 1D
- 0.06%
- 1M
- 0.05%
- 6M
- 0.31%
- YTD
- 0.79%
- 1Y
- 1.83%
- 3Y*
- 3.61%
- 5Y*
- —
- 10Y*
- —
GPZ vs. CAOS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GPZ VanEck Alternative Asset Manager ETF | -17.20% | 9.24% |
CAOS Alpha Architect Tail Risk ETF | 0.79% | 1.07% |
Correlation
The correlation between GPZ and CAOS is -0.26, 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 | -0.26 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025 | -0.27 |
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Return for Risk
GPZ vs. CAOS — Risk / Return Rank
GPZ
CAOS
GPZ vs. CAOS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Alternative Asset Manager ETF (GPZ) 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.
| GPZ | CAOS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.83 | ||
| Sortino ratioReturn per unit of downside risk | -2.65 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.24 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.57 | 2.42 | -3.00 |
| Martin ratioReturn relative to average drawdown | -1.07 | 5.49 | -6.56 |
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Drawdowns
GPZ vs. CAOS - Drawdown Comparison
The maximum GPZ drawdown since its inception was -31.72%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for GPZ and CAOS.
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Drawdown Indicators
| GPZ | CAOS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.72% | -3.89% | -27.83% |
Max Drawdown (1Y)Largest decline over 1 year | -31.72% | -0.76% | -30.96% |
Max Drawdown (3Y)Largest decline over 3 years | — | -3.60% | — |
Current DrawdownCurrent decline from peak | -23.94% | -1.10% | -22.84% |
Average DrawdownAverage peak-to-trough decline | -12.98% | -0.92% | -12.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.97% | 0.33% | +16.64% |
Volatility
GPZ vs. CAOS - Volatility Comparison
VanEck Alternative Asset Manager ETF (GPZ) has a higher volatility of 7.42% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.49%. This indicates that GPZ'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
| GPZ | CAOS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.42% | 0.49% | +6.93% |
Volatility (6M)Calculated over the trailing 6-month period | 22.32% | 1.08% | +21.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.78% | 1.56% | +26.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.44% | 4.20% | +23.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.44% | 4.20% | +23.24% |
GPZ vs. CAOS - Expense Ratio Comparison
GPZ has a 0.40% expense ratio, which is lower than CAOS's 0.63% expense ratio.
Dividends
GPZ vs. CAOS - Dividend Comparison
GPZ's dividend yield for the trailing twelve months is around 1.00%, while CAOS has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
CAOS Alpha Architect Tail Risk ETF | 0.00% | 0.00% |
GPZ VanEck Alternative Asset Manager ETF | 1.00% | 0.83% |
Frequently Asked Questions
GPZ and CAOS have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GPZ has higher volatility (7.42%) compared to CAOS (0.49%). In terms of maximum drawdown, GPZ dropped -31.72% vs CAOS's -3.89%.
On 1-year performance, CAOS leads with 1.83% vs -18.09% for GPZ. On fees, GPZ is cheaper at 0.40% per year. On volatility, CAOS has been the lower-risk option at 0.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CAOS has performed better with a 1.83% return vs -18.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GPZ is cheaper with a 0.40% expense ratio, compared with 0.63% for CAOS.
GPZ has the higher dividend yield at 1.00%, compared with 0.00% for CAOS.
GPZ is categorized as Financials Equities, while CAOS is Options Trading. They also come from different issuers: VanEck and Alpha Architect. Their fees differ too: 0.40% for GPZ and 0.63% for CAOS.
CAOS currently has the higher Sharpe Ratio (1.18 vs -0.65), 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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