HOLA vs. CAOS

Last updated Aug 2, 2026

HOLA (JPMorgan International Hedged Equity Laddered Overlay ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - HOLA is a Equity Hedged fund actively managed by JPMorgan, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past year, HOLA returned 17.66% vs 1.73% for CAOS. Their -0.21 correlation means they have often moved in opposite directions in the past. HOLA charges 0.50%/yr vs 0.63%/yr for CAOS.

Performance

HOLA vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan International Hedged Equity Laddered Overlay ETF (HOLA) 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, HOLA achieves a 7.29% return, which is significantly higher than CAOS's 0.76% return.

HOLA

• 1D: -0.36%
• 1M: 1.19%
• 6M: 3.35%
• YTD: 7.29%
• 1Y: 17.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.71%

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
HOLA JPMorgan International Hedged Equity Laddered Overlay ETF	$762.47K	$628.26K	$1.14M

HOLA vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025
HOLA JPMorgan International Hedged Equity Laddered Overlay ETF	7.29%	7.60%
CAOS Alpha Architect Tail Risk ETF	0.76%	1.10%

Correlation

The correlation between HOLA and CAOS is -0.25, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.25
Correlation (All Time) Calculated using the full available price history since Jul 14, 2025	-0.21

Return for Risk

HOLA vs. CAOS — Risk / Return Rank

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

HOLA

HOLA Risk / Return Rank: 73
HOLA Sharpe Ratio Rank: 75
HOLA Sortino Ratio Rank: 77
HOLA Omega Ratio Rank: 73
HOLA Calmar Ratio Rank: 71
HOLA Martin Ratio Rank: 69

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.

HOLA vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan International Hedged Equity Laddered Overlay ETF (HOLA) 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.

	HOLA	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	1.71	1.19	+0.52
Sortino ratio: Return per unit of downside risk	2.50	1.89	+0.61
Omega ratio: Gain probability vs. loss probability	1.31	1.24	+0.07
Calmar ratio: Return relative to maximum drawdown	2.48	2.47	+0.01
Martin ratio: Return relative to average drawdown	8.40	5.45	+2.95

HOLA vs. CAOS - Sharpe Ratio Comparison

The current HOLA Sharpe Ratio is 1.71, which is higher than the CAOS Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of HOLA and CAOS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HOLA vs. CAOS - Drawdown Comparison

The maximum HOLA drawdown since its inception was -6.99%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for HOLA and CAOS.

Drawdown Indicators

	HOLA	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-6.99%	-3.89%	-3.10%
Max Drawdown (1Y) Largest decline over 1 year	-6.99%	-0.76%	-6.23%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-0.36%	-1.13%	+0.77%
Average Drawdown Average peak-to-trough decline	-1.40%	-0.92%	-0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	0.34%	+1.72%

Volatility

HOLA vs. CAOS - Volatility Comparison

JPMorgan International Hedged Equity Laddered Overlay ETF (HOLA) has a higher volatility of 3.65% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that HOLA'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.

Volatility by Period

	HOLA	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.65%	0.51%	+3.14%
Volatility (6M) Calculated over the trailing 6-month period	8.38%	1.07%	+7.31%
Volatility (1Y) Calculated over the trailing 1-year period	10.13%	1.57%	+8.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.15%	4.18%	+5.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.15%	4.18%	+5.97%

HOLA vs. CAOS - Expense Ratio Comparison

HOLA has a 0.50% expense ratio, which is lower than CAOS's 0.63% expense ratio.

Dividends

HOLA vs. CAOS - Dividend Comparison

HOLA's dividend yield for the trailing twelve months is around 2.82%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%
HOLA JPMorgan International Hedged Equity Laddered Overlay ETF	2.82%	3.02%

Frequently Asked Questions

Can I hold both HOLA and CAOS in my portfolio?

HOLA and CAOS have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HOLA or CAOS?

HOLA has higher volatility (3.65%) compared to CAOS (0.51%). In terms of maximum drawdown, HOLA dropped -6.99% vs CAOS's -3.89%.

Which ETF is better, HOLA or CAOS?

On 1-year performance, HOLA leads with 17.66% vs 1.73% for CAOS. On fees, HOLA is cheaper at 0.50% per year. On volatility, CAOS has been the lower-risk option at 0.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HOLA or CAOS?

Over the 1-year period, HOLA has performed better with a 17.66% return vs 1.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HOLA or CAOS?

HOLA is cheaper with a 0.50% expense ratio, compared with 0.63% for CAOS.

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

HOLA has the higher dividend yield at 2.82%, compared with 0.00% for CAOS.

What is the main difference between HOLA and CAOS?

HOLA is categorized as Equity Hedged, while CAOS is Options Trading. They also come from different issuers: JPMorgan and Alpha Architect. Their fees differ too: 0.50% for HOLA and 0.63% for CAOS.

Which has better risk-adjusted returns?

HOLA currently has the higher Sharpe Ratio (1.71 vs 1.19), 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.