IPAV vs. CAOS

Last updated Jun 5, 2026

IPAV (Global X Infrastructure Development ex-U.S. ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - IPAV is a Industrials Equities fund tracking the Global X Infrastructure Development ex-U.S. Index, while CAOS is a Options Trading fund actively managed by Alpha Architect. IPAV is passively managed, while CAOS is actively managed. Over the past year, IPAV returned 28.99% vs 1.85% for CAOS. At a correlation of -0.29, they often move in opposite directions. IPAV charges 0.55%/yr vs 0.63%/yr for CAOS.

Performance

IPAV vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Infrastructure Development ex-U.S. ETF (IPAV) 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, IPAV achieves a 14.14% return, which is significantly higher than CAOS's 0.77% return.

IPAV

• 1D: 0.33%
• 1M: -1.53%
• YTD: 14.14%
• 6M: 16.56%
• 1Y: 28.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAOS

• 1D: -0.04%
• 1M: -0.05%
• YTD: 0.77%
• 6M: 0.63%
• 1Y: 1.85%
• 3Y*: 4.27%
• 5Y*: —
• 10Y*: —

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

IPAV vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IPAV Global X Infrastructure Development ex-U.S. ETF	14.14%	29.77%	-6.87%
CAOS Alpha Architect Tail Risk ETF	0.77%	2.55%	2.03%

Correlation

The correlation between IPAV and CAOS is -0.31, 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	-0.31
Correlation (All Time) Calculated using the full available price history since Aug 29, 2024	-0.29

IPAV vs. CAOS - Sectors Allocation Comparison

Sectors	IPAV	CAOS
Industrials	47.4%	8.5%
Basic Materials	45.5%	1.9%
Real Estate	3.3%	2.0%
Communication Services	2.6%	10.4%
Energy	1.2%	4.1%
Consumer Cyclical	-	10.0%
Consumer Defensive	-	5.4%
Financial Services	-	12.4%
Healthcare	-	9.6%
Technology	-	33.1%
Utilities	-	2.6%

Return for Risk

IPAV vs. CAOS — Risk / Return Rank

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

IPAV

IPAV Risk / Return Rank: 48
IPAV Sharpe Ratio Rank: 50
IPAV Sortino Ratio Rank: 52
IPAV Omega Ratio Rank: 50
IPAV Calmar Ratio Rank: 42
IPAV Martin Ratio Rank: 46

CAOS

CAOS Risk / Return Rank: 40
CAOS Sharpe Ratio Rank: 35
CAOS Sortino Ratio Rank: 38
CAOS Omega Ratio Rank: 39
CAOS Calmar Ratio Rank: 51
CAOS Martin Ratio Rank: 39

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.

IPAV vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Infrastructure Development ex-U.S. ETF (IPAV) 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.

	IPAV	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	1.71	1.22	+0.49
Sortino ratio: Return per unit of downside risk	2.48	1.94	+0.54
Omega ratio: Gain probability vs. loss probability	1.31	1.25	+0.06
Calmar ratio: Return relative to maximum drawdown	2.00	2.45	-0.45
Martin ratio: Return relative to average drawdown	7.33	6.09	+1.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IPAV vs. CAOS - Sharpe Ratio Comparison

The current IPAV Sharpe Ratio is 1.71, which is higher than the CAOS Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of IPAV 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.

Sharpe Ratios by Period

	IPAV	CAOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.71	1.22	+0.49
Sharpe Ratio (All Time) Calculated using the full available price history	1.14	1.21	-0.06

Drawdowns

IPAV vs. CAOS - Drawdown Comparison

The maximum IPAV drawdown since its inception was -14.59%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for IPAV and CAOS.

Drawdown Indicators

	IPAV	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-14.59%	-3.60%	-10.99%
Max Drawdown (1Y) Largest decline over 1 year	-14.59%	-0.76%	-13.83%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-4.75%	-1.11%	-3.64%
Average Drawdown Average peak-to-trough decline	-3.53%	-0.90%	-2.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.96%	0.30%	+3.66%

Volatility

IPAV vs. CAOS - Volatility Comparison

Global X Infrastructure Development ex-U.S. ETF (IPAV) has a higher volatility of 6.35% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.25%. This indicates that IPAV'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

	IPAV	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.35%	0.25%	+6.10%
Volatility (6M) Calculated over the trailing 6-month period	14.59%	1.03%	+13.56%
Volatility (1Y) Calculated over the trailing 1-year period	17.06%	1.52%	+15.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.67%	4.25%	+13.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.67%	4.25%	+13.42%

IPAV vs. CAOS - Expense Ratio Comparison

IPAV has a 0.55% expense ratio, which is lower than CAOS's 0.63% expense ratio.

Dividends

IPAV vs. CAOS - Dividend Comparison

IPAV's dividend yield for the trailing twelve months is around 1.13%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025	2024
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%
IPAV Global X Infrastructure Development ex-U.S. ETF	1.13%	1.29%	0.31%

Frequently Asked Questions

Can I hold both IPAV and CAOS in my portfolio?

IPAV and CAOS have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IPAV or CAOS?

IPAV has higher volatility (6.35%) compared to CAOS (0.25%). In terms of maximum drawdown, IPAV dropped -14.59% vs CAOS's -3.60%.

Which ETF is better, IPAV or CAOS?

On 1-year performance, IPAV leads with 28.99% vs 1.85% for CAOS. On fees, IPAV is cheaper at 0.55% per year. On volatility, CAOS has been the lower-risk option at 0.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IPAV or CAOS?

Over the 1-year period, IPAV has performed better with a 28.99% return vs 1.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IPAV or CAOS?

IPAV is cheaper with a 0.55% expense ratio, compared with 0.63% for CAOS.

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

IPAV has the higher dividend yield at 1.13%, compared with 0.00% for CAOS.

What is the main difference between IPAV and CAOS?

IPAV is categorized as Industrials Equities, while CAOS is Options Trading. They also come from different issuers: Global X and Alpha Architect. Their fees differ too: 0.55% for IPAV and 0.63% for CAOS.

Which has better risk-adjusted returns?

IPAV currently has the higher Sharpe Ratio (1.71 vs 1.22), 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.