IAT vs. CAOS
IAT (iShares U.S. Regional Banks ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - IAT is a Financials Equities fund tracking the Dow Jones U.S. Select Regional Banks Index, while CAOS is a Options Trading fund actively managed by Alpha Architect. IAT is passively managed, while CAOS is actively managed. Over the past 3 years, IAT returned 22.18%/yr vs 3.48%/yr for CAOS. Their 0.01 correlation means their historical movements had little consistent relationship. IAT charges 0.42%/yr vs 0.63%/yr for CAOS.
Performance
IAT vs. CAOS - Performance Comparison
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Returns By Period
In the year-to-date period, IAT achieves a 16.55% return, which is significantly higher than CAOS's 0.76% return.
IAT
- 1D
- 0.05%
- 1M
- 1.29%
- 6M
- 10.79%
- YTD
- 16.55%
- 1Y
- 33.38%
- 3Y*
- 22.18%
- 5Y*
- 5.94%
- 10Y*
- 9.76%
- ALL TIME*
- 3.78%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.81M | $5.39M | $5.09M | |
| $7.75M | $9.87M | $9.53M |
IAT vs. CAOS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
IAT iShares U.S. Regional Banks ETF | 16.55% | 13.05% | 24.36% | -12.88% |
CAOS Alpha Architect Tail Risk ETF | 0.76% | 2.55% | 5.33% | 7.43% |
Correlation
The correlation between IAT and CAOS is -0.24, 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. | -0.24 |
Correlation (3Y) Balances recent behavior with more history. | -0.11 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023 | 0.01 |
The correlation between IAT and CAOS shifts across timeframes, from -0.24 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IAT vs. CAOS — Risk / Return Rank
IAT
CAOS
IAT vs. CAOS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Regional Banks ETF (IAT) 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.
| IAT | CAOS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.24 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | 2.47 | -0.72 |
| Martin ratioReturn relative to average drawdown | 4.51 | 5.45 | -0.93 |
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Drawdowns
IAT vs. CAOS - Drawdown Comparison
The maximum IAT drawdown since its inception was -77.22%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for IAT and CAOS.
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Drawdown Indicators
| IAT | CAOS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.22% | -3.89% | -73.33% |
Max Drawdown (1Y)Largest decline over 1 year | -17.49% | -0.76% | -16.73% |
Max Drawdown (3Y)Largest decline over 3 years | -29.29% | -3.60% | -25.69% |
Max Drawdown (5Y)Largest decline over 5 years | -55.55% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -55.55% | — | — |
Current DrawdownCurrent decline from peak | -2.53% | -1.13% | -1.40% |
Average DrawdownAverage peak-to-trough decline | -26.77% | -0.92% | -25.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.77% | 0.34% | +6.43% |
Volatility
IAT vs. CAOS - Volatility Comparison
iShares U.S. Regional Banks ETF (IAT) has a higher volatility of 5.49% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that IAT'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
| IAT | CAOS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.49% | 0.51% | +4.98% |
Volatility (6M)Calculated over the trailing 6-month period | 16.01% | 1.07% | +14.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.95% | 1.57% | +20.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.76% | 4.18% | +24.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.67% | 4.18% | +26.49% |
IAT vs. CAOS - Expense Ratio Comparison
IAT has a 0.42% expense ratio, which is lower than CAOS's 0.63% expense ratio.
Dividends
IAT vs. CAOS - Dividend Comparison
IAT's dividend yield for the trailing twelve months is around 2.54%, while CAOS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CAOS Alpha Architect Tail Risk ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IAT iShares U.S. Regional Banks ETF | 2.54% | 2.94% | 2.95% | 3.56% | 3.12% | 1.88% | 2.87% | 2.49% | 2.48% | 1.55% | 1.52% | 1.78% |
Frequently Asked Questions
IAT and CAOS have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IAT has higher volatility (5.49%) compared to CAOS (0.51%). In terms of maximum drawdown, IAT dropped -77.22% vs CAOS's -3.89%.
On 3-year performance, IAT leads with 22.18% vs 3.48% for CAOS. On fees, IAT is cheaper at 0.42% 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.
Over the 3-year period, IAT has performed better with a 22.18% return vs 3.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAT is cheaper with a 0.42% expense ratio, compared with 0.63% for CAOS.
IAT has the higher dividend yield at 2.54%, compared with 0.00% for CAOS.
IAT is categorized as Financials Equities, while CAOS is Options Trading. They also come from different issuers: iShares and Alpha Architect. Their fees differ too: 0.42% for IAT and 0.63% for CAOS.
IAT currently has the higher Sharpe Ratio (1.40 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.
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