HIGH vs. CAOS
HIGH (Simplify Enhanced Income ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - HIGH is a Derivative Income fund actively managed by Simplify, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past 3 years, HIGH returned 2.69%/yr vs 3.60%/yr for CAOS. At a correlation of -0.07, they often move in opposite directions. HIGH charges 0.50%/yr vs 0.63%/yr for CAOS.
Performance
HIGH vs. CAOS - Performance Comparison
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Returns By Period
In the year-to-date period, HIGH achieves a -0.61% return, which is significantly lower than CAOS's 0.80% return.
HIGH
- 1D
- -0.53%
- 1M
- -0.23%
- 6M
- -0.45%
- YTD
- -0.61%
- 1Y
- -2.26%
- 3Y*
- 2.69%
- 5Y*
- —
- 10Y*
- —
CAOS
- 1D
- -0.04%
- 1M
- 0.13%
- 6M
- 0.30%
- YTD
- 0.80%
- 1Y
- 1.82%
- 3Y*
- 3.60%
- 5Y*
- —
- 10Y*
- —
HIGH vs. CAOS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HIGH Simplify Enhanced Income ETF | -0.61% | 4.35% | 1.52% | 5.80% |
CAOS Alpha Architect Tail Risk ETF | 0.80% | 2.55% | 5.33% | 7.43% |
Correlation
The correlation between HIGH and CAOS is -0.20, 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 | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023 | -0.07 |
The correlation between HIGH and CAOS shifts across timeframes, from -0.20 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HIGH vs. CAOS — Risk / Return Rank
HIGH
CAOS
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.
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.
| HIGH | CAOS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.50 | ||
| Sortino ratioReturn per unit of downside risk | -2.30 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.24 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.32 | 2.41 | -2.73 |
| Martin ratioReturn relative to average drawdown | -0.52 | 5.44 | -5.96 |
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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 -3.89%. Use the drawdown chart below to compare losses from any high point for HIGH and CAOS.
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Drawdown Indicators
| HIGH | CAOS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.50% | -3.89% | -5.61% |
Max Drawdown (1Y)Largest decline over 1 year | -7.08% | -0.76% | -6.32% |
Max Drawdown (3Y)Largest decline over 3 years | -9.50% | -3.60% | -5.90% |
Current DrawdownCurrent decline from peak | -7.33% | -1.08% | -6.25% |
Average DrawdownAverage peak-to-trough decline | -2.52% | -0.92% | -1.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.34% | 0.34% | +4.00% |
Volatility
HIGH vs. CAOS - Volatility Comparison
Simplify Enhanced Income ETF (HIGH) has a higher volatility of 1.87% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.48%. This indicates that HIGH'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
| HIGH | CAOS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.87% | 0.48% | +1.39% |
Volatility (6M)Calculated over the trailing 6-month period | 3.76% | 1.09% | +2.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.25% | 1.55% | +5.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.48% | 4.20% | +5.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.48% | 4.20% | +5.28% |
HIGH vs. CAOS - Expense Ratio Comparison
HIGH has a 0.50% expense ratio, which is lower than CAOS's 0.63% expense ratio.
Dividends
HIGH vs. CAOS - Dividend Comparison
HIGH's dividend yield for the trailing twelve months is around 7.10%, while CAOS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CAOS Alpha Architect Tail Risk ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HIGH Simplify Enhanced Income ETF | 7.10% | 7.71% | 8.34% | 9.40% | 0.62% |
Frequently Asked Questions
HIGH and CAOS have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIGH has higher volatility (1.87%) compared to CAOS (0.48%). In terms of maximum drawdown, HIGH dropped -9.50% vs CAOS's -3.89%.
On 3-year performance, CAOS leads with 3.60% vs 2.69% for HIGH. On fees, HIGH is cheaper at 0.50% per year. On volatility, CAOS has been the lower-risk option at 0.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CAOS has performed better with a 3.60% return vs 2.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HIGH is cheaper with a 0.50% expense ratio, compared with 0.63% for CAOS.
HIGH has the higher dividend yield at 7.10%, compared with 0.00% for CAOS.
HIGH is categorized as Derivative Income, while CAOS is Options Trading. They also come from different issuers: Simplify and Alpha Architect. Their fees differ too: 0.50% for HIGH and 0.63% for CAOS.
CAOS currently has the higher Sharpe Ratio (1.19 vs -0.31), 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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