HIGH vs. CAOS

Last updated Apr 1, 2026

Compare and contrast key facts about Simplify Enhanced Income ETF (HIGH) and Alpha Architect Tail Risk ETF (CAOS).

HIGH and CAOS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HIGH is an actively managed fund by Simplify. It was launched on Oct 27, 2022. CAOS is an actively managed fund by Alpha Architect. It was launched on Aug 14, 2013.

Performance

HIGH vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Enhanced Income ETF (HIGH) and Alpha Architect Tail Risk ETF (CAOS). The values are adjusted to include any dividend payments, if applicable.

HIGH vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HIGH Simplify Enhanced Income ETF	-2.89%	4.35%	1.52%	5.78%
CAOS Alpha Architect Tail Risk ETF	1.10%	2.55%	5.33%	7.97%

Returns By Period

In the year-to-date period, HIGH achieves a -2.89% return, which is significantly lower than CAOS's 1.10% return.

HIGH

• 1D: -0.12%
• 1M: -0.90%
• YTD: -2.89%
• 6M: -4.38%
• 1Y: 4.90%
• 3Y*: 2.90%
• 5Y*: —
• 10Y*: —

CAOS

• 1D: 0.07%
• 1M: 0.43%
• YTD: 1.10%
• 6M: 1.37%
• 1Y: 3.19%
• 3Y*: 5.46%
• 5Y*: —
• 10Y*: —

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

HIGH vs. CAOS - Expense Ratio Comparison

HIGH has a 0.51% expense ratio, which is lower than CAOS's 0.63% expense ratio.

CAOS

Alpha Architect Tail Risk ETF

HIGH

Simplify Enhanced Income ETF

Return for Risk

HIGH vs. CAOS — Risk / Return Rank

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

HIGH

HIGH Risk / Return Rank: 23
HIGH Sharpe Ratio Rank: 21
HIGH Sortino Ratio Rank: 26
HIGH Omega Ratio Rank: 26
HIGH Calmar Ratio Rank: 25
HIGH Martin Ratio Rank: 19

CAOS

CAOS Risk / Return Rank: 41
CAOS Sharpe Ratio Rank: 39
CAOS Sortino Ratio Rank: 36
CAOS Omega Ratio Rank: 72
CAOS Calmar Ratio Rank: 35
CAOS Martin Ratio Rank: 23

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.

HIGH vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Enhanced Income ETF (HIGH) 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.

	HIGH	CAOS	Difference
Sharpe ratio Return per unit of total volatility	0.30	0.69	-0.38
Sortino ratio Return per unit of downside risk	0.71	0.97	-0.27
Omega ratio Gain probability vs. loss probability	1.09	1.26	-0.16
Calmar ratio Return relative to maximum drawdown	0.51	0.83	-0.32
Martin ratio Return relative to average drawdown	0.85	1.38	-0.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HIGH vs. CAOS - Sharpe Ratio Comparison

The current HIGH Sharpe Ratio is 0.30, which is lower than the CAOS Sharpe Ratio of 0.69. The chart below compares the historical Sharpe Ratios of HIGH and CAOS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HIGH	CAOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.30	0.69	-0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	1.27	-0.95

Correlation

The correlation between HIGH and CAOS is -0.07. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

HIGH vs. CAOS - Dividend Comparison

HIGH's dividend yield for the trailing twelve months is around 8.15%, while CAOS has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022
HIGH Simplify Enhanced Income ETF	8.15%	7.71%	8.34%	9.40%	0.62%
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

HIGH vs. CAOS - Drawdown Comparison

The maximum HIGH drawdown since its inception was -9.50%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for HIGH and CAOS.

Drawdown Indicators

	HIGH	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-9.50%	-3.60%	-5.90%
Max Drawdown (1Y) Largest decline over 1 year	-9.50%	-3.60%	-5.90%
Current Drawdown Current decline from peak	-9.46%	-0.80%	-8.66%
Average Drawdown Average peak-to-trough decline	-2.07%	-0.90%	-1.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.71%	2.18%	+3.53%

Volatility

HIGH vs. CAOS - Volatility Comparison

The current volatility for Simplify Enhanced Income ETF (HIGH) is 0.57%, while Alpha Architect Tail Risk ETF (CAOS) has a volatility of 0.74%. This indicates that HIGH experiences smaller price fluctuations and is considered to be less risky than CAOS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HIGH	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.57%	0.74%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	5.32%	1.30%	+4.02%
Volatility (1Y) Calculated over the trailing 1-year period	16.32%	4.68%	+11.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.75%	4.37%	+5.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.75%	4.37%	+5.38%