KBE vs. CAOS
KBE (State Street SPDR S&P Bank ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - KBE is a Financials Equities fund tracking the S&P Banks Select Industry Index, while CAOS is a Options Trading fund actively managed by Alpha Architect. KBE is passively managed, while CAOS is actively managed. Over the past 3 years, KBE returned 22.07%/yr vs 3.48%/yr for CAOS. Their 0.01 correlation means their historical movements had little consistent relationship. KBE charges 0.35%/yr vs 0.63%/yr for CAOS.
Performance
KBE vs. CAOS - Performance Comparison
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Returns By Period
In the year-to-date period, KBE achieves a 16.05% return, which is significantly higher than CAOS's 0.76% return.
KBE
- 1D
- 0.24%
- 1M
- 1.50%
- 6M
- 10.80%
- YTD
- 16.05%
- 1Y
- 29.08%
- 3Y*
- 22.07%
- 5Y*
- 10.07%
- 10Y*
- 11.05%
- ALL TIME*
- 3.92%
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 | |
| $98.17M | $107.02M | $128.95M |
KBE vs. CAOS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
KBE State Street SPDR S&P Bank ETF | 16.05% | 12.36% | 23.78% | -0.77% |
CAOS Alpha Architect Tail Risk ETF | 0.76% | 2.55% | 5.33% | 7.43% |
Correlation
The correlation between KBE and CAOS is -0.26, 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. | -0.26 |
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 KBE and CAOS shifts across timeframes, from -0.26 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
KBE vs. CAOS — Risk / Return Rank
KBE
CAOS
KBE vs. CAOS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P Bank ETF (KBE) 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.
| KBE | CAOS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.24 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.85 | 2.47 | -0.62 |
| Martin ratioReturn relative to average drawdown | 4.90 | 5.45 | -0.55 |
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Drawdowns
KBE vs. CAOS - Drawdown Comparison
The maximum KBE drawdown since its inception was -83.15%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for KBE and CAOS.
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Drawdown Indicators
| KBE | CAOS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.15% | -3.89% | -79.26% |
Max Drawdown (1Y)Largest decline over 1 year | -14.63% | -0.76% | -13.87% |
Max Drawdown (3Y)Largest decline over 3 years | -25.97% | -3.60% | -22.37% |
Max Drawdown (5Y)Largest decline over 5 years | -45.25% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -53.14% | — | — |
Current DrawdownCurrent decline from peak | -2.30% | -1.13% | -1.17% |
Average DrawdownAverage peak-to-trough decline | -27.33% | -0.92% | -26.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.50% | 0.34% | +5.16% |
Volatility
KBE vs. CAOS - Volatility Comparison
State Street SPDR S&P Bank ETF (KBE) has a higher volatility of 5.24% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that KBE'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
| KBE | CAOS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.24% | 0.51% | +4.73% |
Volatility (6M)Calculated over the trailing 6-month period | 14.49% | 1.07% | +13.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.29% | 1.57% | +19.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.05% | 4.18% | +22.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.67% | 4.18% | +25.49% |
KBE vs. CAOS - Expense Ratio Comparison
KBE has a 0.35% expense ratio, which is lower than CAOS's 0.63% expense ratio.
Dividends
KBE vs. CAOS - Dividend Comparison
KBE's dividend yield for the trailing twelve months is around 2.11%, 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% |
KBE State Street SPDR S&P Bank ETF | 2.11% | 2.51% | 2.35% | 2.78% | 2.99% | 2.16% | 2.44% | 2.33% | 2.18% | 1.36% | 1.39% | 1.70% |
Frequently Asked Questions
KBE and CAOS have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KBE has higher volatility (5.24%) compared to CAOS (0.51%). In terms of maximum drawdown, KBE dropped -83.15% vs CAOS's -3.89%.
On 3-year performance, KBE leads with 22.07% vs 3.48% for CAOS. On fees, KBE is cheaper at 0.35% 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, KBE has performed better with a 22.07% return vs 3.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KBE is cheaper with a 0.35% expense ratio, compared with 0.63% for CAOS.
KBE has the higher dividend yield at 2.11%, compared with 0.00% for CAOS.
KBE is categorized as Financials Equities, while CAOS is Options Trading. They also come from different issuers: State Street and Alpha Architect. Their fees differ too: 0.35% for KBE and 0.63% for CAOS.
KBE currently has the higher Sharpe Ratio (1.27 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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