IVAL vs. CAOS

Last updated Jun 4, 2026

IVAL (Alpha Architect International Quantitative Value ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - IVAL is a Foreign Large Cap Equities fund actively managed by Alpha Architect, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past 3 years, IVAL returned 19.90%/yr vs 4.26%/yr for CAOS. At a 0.07 correlation, their price movements are largely independent. IVAL charges 0.39%/yr vs 0.63%/yr for CAOS.

Performance

IVAL vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alpha Architect International Quantitative Value ETF (IVAL) 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, IVAL achieves a 13.29% return, which is significantly higher than CAOS's 0.82% return.

IVAL

• 1D: -0.50%
• 1M: 3.49%
• YTD: 13.29%
• 6M: 16.64%
• 1Y: 32.20%
• 3Y*: 19.90%
• 5Y*: 8.36%
• 10Y*: 8.01%

CAOS

• 1D: 0.12%
• 1M: -0.09%
• YTD: 0.82%
• 6M: 0.69%
• 1Y: 1.88%
• 3Y*: 4.26%
• 5Y*: —
• 10Y*: —

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

IVAL vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IVAL Alpha Architect International Quantitative Value ETF	13.29%	34.92%	-0.71%	9.88%
CAOS Alpha Architect Tail Risk ETF	0.82%	2.55%	5.33%	7.97%

Correlation

The correlation between IVAL and CAOS is -0.21, 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	-0.21
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Mar 7, 2023	0.08

The correlation between IVAL and CAOS shifts across timeframes, from -0.21 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.

IVAL vs. CAOS - Sectors Allocation Comparison

Sectors	IVAL	CAOS
Industrials	28.5%	8.5%
Consumer Cyclical	23.5%	10.0%
Basic Materials	21.2%	1.9%
Energy	11.6%	4.1%
Consumer Defensive	7.4%	5.4%
Technology	3.9%	33.1%
Communication Services	2.1%	10.4%
Healthcare	1.8%	9.6%
Financial Services	-	12.4%
Real Estate	-	2.0%
Utilities	-	2.6%

Return for Risk

IVAL vs. CAOS — Risk / Return Rank

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

IVAL

IVAL Risk / Return Rank: 61
IVAL Sharpe Ratio Rank: 63
IVAL Sortino Ratio Rank: 63
IVAL Omega Ratio Rank: 62
IVAL Calmar Ratio Rank: 58
IVAL Martin Ratio Rank: 57

CAOS

CAOS Risk / Return Rank: 40
CAOS Sharpe Ratio Rank: 34
CAOS Sortino Ratio Rank: 37
CAOS Omega Ratio Rank: 39
CAOS Calmar Ratio Rank: 49
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.

IVAL vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alpha Architect International Quantitative Value ETF (IVAL) 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.

	IVAL	CAOS	Difference
Sharpe ratio Return per unit of total volatility	2.11	1.24	+0.87
Sortino ratio Return per unit of downside risk	2.96	1.98	+0.98
Omega ratio Gain probability vs. loss probability	1.38	1.26	+0.12
Calmar ratio Return relative to maximum drawdown	2.88	2.49	+0.39
Martin ratio Return relative to average drawdown	10.17	6.22	+3.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IVAL vs. CAOS - Sharpe Ratio Comparison

The current IVAL Sharpe Ratio is 2.11, which is higher than the CAOS Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of IVAL 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

	IVAL	CAOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	1.24	+0.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	1.21	-0.87

Drawdowns

IVAL vs. CAOS - Drawdown Comparison

The maximum IVAL drawdown since its inception was -46.09%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for IVAL and CAOS.

Drawdown Indicators

	IVAL	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-46.09%	-3.60%	-42.49%
Max Drawdown (1Y) Largest decline over 1 year	-11.24%	-0.76%	-10.48%
Max Drawdown (3Y) Largest decline over 3 years	-14.92%	-3.60%	-11.32%
Max Drawdown (5Y) Largest decline over 5 years	-31.01%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.09%	—	—
Current Drawdown Current decline from peak	-2.94%	-1.07%	-1.87%
Average Drawdown Average peak-to-trough decline	-12.00%	-0.90%	-11.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	0.30%	+2.88%

Volatility

IVAL vs. CAOS - Volatility Comparison

Alpha Architect International Quantitative Value ETF (IVAL) has a higher volatility of 3.82% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.26%. This indicates that IVAL'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

	IVAL	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.82%	0.26%	+3.56%
Volatility (6M) Calculated over the trailing 6-month period	12.00%	1.03%	+10.97%
Volatility (1Y) Calculated over the trailing 1-year period	15.37%	1.52%	+13.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.74%	4.26%	+13.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.84%	4.26%	+14.58%

IVAL vs. CAOS - Expense Ratio Comparison

IVAL has a 0.39% expense ratio, which is lower than CAOS's 0.63% expense ratio.

Dividends

IVAL vs. CAOS - Dividend Comparison

IVAL's dividend yield for the trailing twelve months is around 2.66%, 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%
IVAL Alpha Architect International Quantitative Value ETF	2.66%	2.75%	3.60%	5.15%	8.00%	3.95%	2.07%	2.51%	2.93%	1.73%	2.02%	1.86%

Frequently Asked Questions

Can I hold both IVAL and CAOS in my portfolio?

IVAL and CAOS have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IVAL or CAOS?

IVAL has higher volatility (3.82%) compared to CAOS (0.26%). In terms of maximum drawdown, IVAL dropped -46.09% vs CAOS's -3.60%.

Which ETF is better, IVAL or CAOS?

On 3-year performance, IVAL leads with 19.90% vs 4.26% for CAOS. On fees, IVAL is cheaper at 0.39% per year. On volatility, CAOS has been the lower-risk option at 0.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVAL or CAOS?

Over the 3-year period, IVAL has performed better with a 19.90% return vs 4.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVAL or CAOS?

IVAL is cheaper with a 0.39% expense ratio, compared with 0.63% for CAOS.

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

IVAL has the higher dividend yield at 2.66%, compared with 0.00% for CAOS.

What is the main difference between IVAL and CAOS?

IVAL is categorized as Foreign Large Cap Equities, while CAOS is Options Trading. Their fees differ too: 0.39% for IVAL and 0.63% for CAOS.

Which has better risk-adjusted returns?

IVAL currently has the higher Sharpe Ratio (2.11 vs 1.24), 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.