HEDG vs. CAOS

Last updated Jun 4, 2026

HEDG (Equable Shares Hedged Equity ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - HEDG is a Equity Hedged fund tracking the Actively Managed, while CAOS is a Options Trading fund actively managed by Alpha Architect. HEDG is passively managed, while CAOS is actively managed. At a correlation of -0.46, they often move in opposite directions. HEDG charges 0.96%/yr vs 0.63%/yr for CAOS.

Performance

HEDG vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Equable Shares Hedged Equity ETF (HEDG) 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, HEDG achieves a 2.64% return, which is significantly higher than CAOS's 0.82% return.

HEDG

• 1D: 0.00%
• 1M: 0.64%
• YTD: 2.64%
• 6M: 3.75%
• 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*: —

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

HEDG vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025
HEDG Equable Shares Hedged Equity ETF	2.64%	3.16%
CAOS Alpha Architect Tail Risk ETF	0.82%	-0.10%

Correlation

The correlation between HEDG and CAOS is -0.46, 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 Oct 14, 2025	-0.46

HEDG vs. CAOS - Sectors Allocation Comparison

Sectors	HEDG	CAOS
Technology	36.2%	33.1%
Financial Services	11.9%	12.4%
Communication Services	10.9%	10.4%
Consumer Cyclical	10.1%	10.0%
Healthcare	8.4%	9.6%
Industrials	8.1%	8.5%
Consumer Defensive	4.9%	5.4%
Energy	3.5%	4.1%
Utilities	2.3%	2.6%
Real Estate	1.9%	2.0%
Basic Materials	1.8%	1.9%

Return for Risk

HEDG vs. CAOS — Risk / Return Rank

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

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.

HEDG vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Equable Shares Hedged Equity ETF (HEDG) 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.

Sharpe Ratios by Period

	HEDG	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	1.60	1.21	+0.39

Drawdowns

HEDG vs. CAOS - Drawdown Comparison

The maximum HEDG drawdown since its inception was -3.85%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for HEDG and CAOS.

Drawdown Indicators

	HEDG	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-3.85%	-3.60%	-0.25%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.76%	—
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	-0.39%	-0.90%	+0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.30%	—

Volatility

Volatility by Period

	HEDG	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	5.90%	1.52%	+4.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.90%	4.26%	+1.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.90%	4.26%	+1.64%

HEDG vs. CAOS - Expense Ratio Comparison

HEDG has a 0.96% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

HEDG vs. CAOS - Dividend Comparison

HEDG's dividend yield for the trailing twelve months is around 1.84%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%
HEDG Equable Shares Hedged Equity ETF	1.84%	1.38%

Frequently Asked Questions

Can I hold both HEDG and CAOS in my portfolio?

HEDG and CAOS have a correlation of -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HEDG or CAOS?

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.

Which ETF is cheaper, HEDG or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.96% for HEDG.

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

HEDG has the higher dividend yield at 1.84%, compared with 0.00% for CAOS.

What is the main difference between HEDG and CAOS?

HEDG is categorized as Equity Hedged, while CAOS is Options Trading. They also come from different issuers: Equable Shares and Alpha Architect. Their fees differ too: 0.96% for HEDG and 0.63% for CAOS.