HEFT vs. CAOS

Last updated Aug 2, 2026

HEFT (Hedgeye Fourth Turning ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - HEFT is a Long-Short fund actively managed by Hedgeye, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Their -0.07 correlation means they have often moved in opposite directions in the past. HEFT charges 0.70%/yr vs 0.63%/yr for CAOS.

Performance

HEFT vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hedgeye Fourth Turning ETF (HEFT) 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, HEFT achieves a 3.28% return, which is significantly higher than CAOS's 0.76% return.

HEFT

• 1D: -0.04%
• 1M: -0.42%
• 6M: -3.62%
• YTD: 3.28%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

CAOS

• 1D: -0.06%
• 1M: -0.01%
• 6M: 0.16%
• YTD: 0.76%
• 1Y: 1.73%
• 3Y*: 3.48%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.70%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CAOS Alpha Architect Tail Risk ETF	$6.81M	$5.39M	$5.09M
HEFT Hedgeye Fourth Turning ETF	$283.91K	$525.47K	$801.16K

HEFT vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025
HEFT Hedgeye Fourth Turning ETF	3.28%	1.10%
CAOS Alpha Architect Tail Risk ETF	0.76%	-0.52%

Correlation

The correlation between HEFT and CAOS is -0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 21, 2025	-0.07

Return for Risk

HEFT vs. CAOS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HEFT

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

CAOS

CAOS Risk / Return Rank: 56
CAOS Sharpe Ratio Rank: 49
CAOS Sortino Ratio Rank: 55
CAOS Omega Ratio Rank: 54
CAOS Calmar Ratio Rank: 72
CAOS Martin Ratio Rank: 48

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HEFT vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye Fourth Turning ETF (HEFT) 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.

	HEFT	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	—	1.19	—
Sortino ratio: Return per unit of downside risk	—	1.89	—
Omega ratio: Gain probability vs. loss probability	—	1.24	—
Calmar ratio: Return relative to maximum drawdown	—	2.47	—
Martin ratio: Return relative to average drawdown	—	5.45	—

Drawdowns

HEFT vs. CAOS - Drawdown Comparison

The maximum HEFT drawdown since its inception was -9.17%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for HEFT and CAOS.

Drawdown Indicators

	HEFT	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-9.17%	-3.89%	-5.28%
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	-6.82%	-1.13%	-5.69%
Average Drawdown Average peak-to-trough decline	-3.79%	-0.92%	-2.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.34%	—

Volatility

Volatility by Period

	HEFT	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.51%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.07%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.66%	1.57%	+11.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.66%	4.18%	+8.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.66%	4.18%	+8.48%

HEFT vs. CAOS - Expense Ratio Comparison

HEFT has a 0.70% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

HEFT vs. CAOS - Dividend Comparison

HEFT's dividend yield for the trailing twelve months is around 0.02%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%

Frequently Asked Questions

Can I hold both HEFT and CAOS in my portfolio?

HEFT and CAOS have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HEFT 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, HEFT or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.70% for HEFT.

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

HEFT has the higher dividend yield at 0.02%, compared with 0.00% for CAOS.

What is the main difference between HEFT and CAOS?

HEFT is categorized as Long-Short, while CAOS is Options Trading. They also come from different issuers: Hedgeye and Alpha Architect. Their fees differ too: 0.70% for HEFT and 0.63% for CAOS.