MARM vs. CAOS

Last updated Aug 2, 2026

MARM (FT Vest U.S. Equity Max Buffer ETF - March) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - MARM is a Defined Outcome fund actively managed by First Trust, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past year, MARM returned 6.52% vs 1.73% for CAOS. Their -0.13 correlation means they have often moved in opposite directions in the past. MARM charges 0.85%/yr vs 0.63%/yr for CAOS.

Performance

MARM vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Max Buffer ETF - March (MARM) 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, MARM achieves a 3.75% return, which is significantly higher than CAOS's 0.76% return.

MARM

• 1D: 0.11%
• 1M: 0.45%
• 6M: 3.37%
• YTD: 3.75%
• 1Y: 6.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.18%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CAOS Alpha Architect Tail Risk ETF	$6.81M	$5.39M	$5.09M
MARM FT Vest U.S. Equity Max Buffer ETF - March	$86.91K	$116.28K	$141.41K

MARM vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MARM FT Vest U.S. Equity Max Buffer ETF - March	3.75%	7.04%	5.93%
CAOS Alpha Architect Tail Risk ETF	0.76%	2.55%	3.91%

Correlation

The correlation between MARM and CAOS is -0.23, 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.	-0.23
Correlation (All Time) Calculated using the full available price history since Mar 27, 2024	-0.13

Return for Risk

MARM vs. CAOS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MARM

MARM Risk / Return Rank: 98
MARM Sharpe Ratio Rank: 98
MARM Sortino Ratio Rank: 98
MARM Omega Ratio Rank: 98
MARM Calmar Ratio Rank: 98
MARM Martin Ratio Rank: 98

CAOS

CAOS Risk / Return Rank: 56
CAOS Sharpe Ratio Rank: 49
CAOS Sortino Ratio Rank: 55
CAOS Omega Ratio Rank: 54
CAOS Calmar Ratio Rank: 72
CAOS Martin Ratio Rank: 48

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MARM vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Max Buffer ETF - March (MARM) 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.

	MARM	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	4.04	1.19	+2.85
Sortino ratio: Return per unit of downside risk	6.86	1.89	+4.97
Omega ratio: Gain probability vs. loss probability	1.96	1.24	+0.72
Calmar ratio: Return relative to maximum drawdown	10.36	2.47	+7.89
Martin ratio: Return relative to average drawdown	57.16	5.45	+51.71

MARM vs. CAOS - Sharpe Ratio Comparison

The current MARM Sharpe Ratio is 4.04, which is higher than the CAOS Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of MARM 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.

Drawdowns

MARM vs. CAOS - Drawdown Comparison

The maximum MARM drawdown since its inception was -2.74%, smaller than the maximum CAOS drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for MARM and CAOS.

Drawdown Indicators

	MARM	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-2.74%	-3.89%	+1.15%
Max Drawdown (1Y) Largest decline over 1 year	-0.63%	-0.76%	+0.13%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	0.00%	-1.13%	+1.13%
Average Drawdown Average peak-to-trough decline	-0.20%	-0.92%	+0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.11%	0.34%	-0.23%

Volatility

MARM vs. CAOS - Volatility Comparison

The current volatility for FT Vest U.S. Equity Max Buffer ETF - March (MARM) is 0.36%, while Alpha Architect Tail Risk ETF (CAOS) has a volatility of 0.51%. This indicates that MARM experiences smaller price fluctuations and is considered to be less risky than CAOS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MARM	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.36%	0.51%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	1.37%	1.07%	+0.30%
Volatility (1Y) Calculated over the trailing 1-year period	1.61%	1.57%	+0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.29%	4.18%	-0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.29%	4.18%	-0.89%

MARM vs. CAOS - Expense Ratio Comparison

MARM has a 0.85% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

MARM vs. CAOS - Dividend Comparison

Neither MARM nor CAOS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MARM and CAOS in my portfolio?

MARM and CAOS have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MARM or CAOS?

CAOS has higher volatility (0.51%) compared to MARM (0.36%). In terms of maximum drawdown, MARM dropped -2.74% vs CAOS's -3.89%.

Which ETF is better, MARM or CAOS?

On 1-year performance, MARM leads with 6.52% vs 1.73% for CAOS. On fees, CAOS is cheaper at 0.63% per year. On volatility, MARM has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MARM or CAOS?

Over the 1-year period, MARM has performed better with a 6.52% return vs 1.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MARM or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.85% for MARM.

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

MARM and CAOS have nearly identical dividend yields, around 0.00%.

What is the main difference between MARM and CAOS?

MARM is categorized as Defined Outcome, while CAOS is Options Trading. They also come from different issuers: First Trust and Alpha Architect. Their fees differ too: 0.85% for MARM and 0.63% for CAOS.

Which has better risk-adjusted returns?

MARM currently has the higher Sharpe Ratio (4.04 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.