IOYY vs. CAOS

Last updated Jul 18, 2026

IOYY (GraniteShares YieldBOOST IONQ ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - IOYY is a Derivative Income fund actively managed by GraniteShares, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. At a correlation of -0.10, they often move in opposite directions. IOYY charges 1.07%/yr vs 0.63%/yr for CAOS.

Performance

IOYY vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares YieldBOOST IONQ ETF (IOYY) 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, IOYY achieves a -21.31% return, which is significantly lower than CAOS's 0.96% return.

IOYY

• 1D: -0.77%
• 1M: -8.75%
• 6M: -30.36%
• YTD: -21.31%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAOS

• 1D: 0.16%
• 1M: 0.32%
• 6M: 0.48%
• YTD: 0.96%
• 1Y: 2.07%
• 3Y*: 3.65%
• 5Y*: —
• 10Y*: —

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

IOYY vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025
IOYY GraniteShares YieldBOOST IONQ ETF	-21.31%	-13.50%
CAOS Alpha Architect Tail Risk ETF	0.96%	-0.09%

Correlation

The correlation between IOYY and CAOS is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 4, 2025	-0.10

Return for Risk

IOYY vs. CAOS — Risk / Return Rank

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

IOYY

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

CAOS

CAOS Risk / Return Rank: 55
CAOS Sharpe Ratio Rank: 47
CAOS Sortino Ratio Rank: 56
CAOS Omega Ratio Rank: 56
CAOS Calmar Ratio Rank: 69
CAOS Martin Ratio Rank: 47

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.

IOYY vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares YieldBOOST IONQ ETF (IOYY) 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.

	IOYY	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	—	1.35	—
Sortino ratio: Return per unit of downside risk	—	2.15	—
Omega ratio: Gain probability vs. loss probability	—	1.28	—
Calmar ratio: Return relative to maximum drawdown	—	2.75	—
Martin ratio: Return relative to average drawdown	—	6.18	—

Drawdowns

IOYY vs. CAOS - Drawdown Comparison

The maximum IOYY drawdown since its inception was -38.47%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for IOYY and CAOS.

Drawdown Indicators

	IOYY	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-38.47%	-3.89%	-34.58%
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	-36.18%	-0.93%	-35.25%
Average Drawdown Average peak-to-trough decline	-24.33%	-0.92%	-23.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.34%	—

Volatility

Volatility by Period

	IOYY	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.50%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.10%	—
Volatility (1Y) Calculated over the trailing 1-year period	31.98%	1.55%	+30.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.98%	4.20%	+27.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.98%	4.20%	+27.78%

IOYY vs. CAOS - Expense Ratio Comparison

IOYY has a 1.07% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

IOYY vs. CAOS - Dividend Comparison

IOYY's dividend yield for the trailing twelve months is around 171.96%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%
IOYY GraniteShares YieldBOOST IONQ ETF	171.96%	28.55%

Frequently Asked Questions

Can I hold both IOYY and CAOS in my portfolio?

IOYY and CAOS have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IOYY 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, IOYY or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 1.07% for IOYY.

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

IOYY has the higher dividend yield at 171.96%, compared with 0.00% for CAOS.

What is the main difference between IOYY and CAOS?

IOYY is categorized as Derivative Income, while CAOS is Options Trading. They also come from different issuers: GraniteShares and Alpha Architect. Their fees differ too: 1.07% for IOYY and 0.63% for CAOS.