MAXJ vs. CAOS

Last updated Aug 1, 2026

MAXJ (iShares Large Cap Max Buffer Jun ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - MAXJ is a Equity Hedged fund actively managed by iShares, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past year, MAXJ returned 7.01% vs 1.73% for CAOS. Their -0.24 correlation means they have often moved in opposite directions in the past. MAXJ charges 0.50%/yr vs 0.63%/yr for CAOS.

Performance

MAXJ vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap Max Buffer Jun ETF (MAXJ) 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, MAXJ achieves a 3.65% return, which is significantly higher than CAOS's 0.76% return.

MAXJ

• 1D: 0.22%
• 1M: 0.34%
• 6M: 3.11%
• YTD: 3.65%
• 1Y: 7.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.32%

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
MAXJ iShares Large Cap Max Buffer Jun ETF	$1.74M	$2.01M	$1.56M

MAXJ vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MAXJ iShares Large Cap Max Buffer Jun ETF	3.65%	8.97%	4.56%
CAOS Alpha Architect Tail Risk ETF	0.76%	2.55%	3.15%

Correlation

The correlation between MAXJ and CAOS is -0.29, 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.	-0.29
Correlation (All Time) Calculated using the full available price history since Jul 1, 2024	-0.24

Return for Risk

MAXJ vs. CAOS — Risk / Return Rank

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

MAXJ

MAXJ Risk / Return Rank: 95
MAXJ Sharpe Ratio Rank: 96
MAXJ Sortino Ratio Rank: 96
MAXJ Omega Ratio Rank: 96
MAXJ Calmar Ratio Rank: 91
MAXJ Martin Ratio Rank: 96

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.

MAXJ vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Max Buffer Jun ETF (MAXJ) 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.

	MAXJ	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	2.94	1.19	+1.74
Sortino ratio: Return per unit of downside risk	4.61	1.89	+2.72
Omega ratio: Gain probability vs. loss probability	1.63	1.24	+0.39
Calmar ratio: Return relative to maximum drawdown	4.03	2.47	+1.56
Martin ratio: Return relative to average drawdown	23.21	5.45	+17.76

MAXJ vs. CAOS - Sharpe Ratio Comparison

The current MAXJ Sharpe Ratio is 2.94, which is higher than the CAOS Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of MAXJ 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

MAXJ vs. CAOS - Drawdown Comparison

The maximum MAXJ drawdown since its inception was -6.35%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for MAXJ and CAOS.

Drawdown Indicators

	MAXJ	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-6.35%	-3.89%	-2.46%
Max Drawdown (1Y) Largest decline over 1 year	-1.70%	-0.76%	-0.94%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-0.06%	-1.13%	+1.07%
Average Drawdown Average peak-to-trough decline	-0.53%	-0.92%	+0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	0.34%	-0.04%

Volatility

MAXJ vs. CAOS - Volatility Comparison

iShares Large Cap Max Buffer Jun ETF (MAXJ) has a higher volatility of 0.68% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that MAXJ'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

	MAXJ	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.68%	0.51%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	1.91%	1.07%	+0.84%
Volatility (1Y) Calculated over the trailing 1-year period	2.35%	1.57%	+0.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.10%	4.18%	+0.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.10%	4.18%	+0.92%

MAXJ vs. CAOS - Expense Ratio Comparison

MAXJ has a 0.50% expense ratio, which is lower than CAOS's 0.63% expense ratio.

Dividends

MAXJ vs. CAOS - Dividend Comparison

MAXJ's dividend yield for the trailing twelve months is around 0.97%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025	2024
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%
MAXJ iShares Large Cap Max Buffer Jun ETF	0.97%	1.01%	0.81%

Frequently Asked Questions

Can I hold both MAXJ and CAOS in my portfolio?

MAXJ and CAOS have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MAXJ or CAOS?

MAXJ has higher volatility (0.68%) compared to CAOS (0.51%). In terms of maximum drawdown, MAXJ dropped -6.35% vs CAOS's -3.89%.

Which ETF is better, MAXJ or CAOS?

On 1-year performance, MAXJ leads with 7.01% vs 1.73% for CAOS. On fees, MAXJ is cheaper at 0.50% 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.

Which ETF has performed better, MAXJ or CAOS?

Over the 1-year period, MAXJ has performed better with a 7.01% return vs 1.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAXJ or CAOS?

MAXJ is cheaper with a 0.50% expense ratio, compared with 0.63% for CAOS.

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

MAXJ has the higher dividend yield at 0.97%, compared with 0.00% for CAOS.

What is the main difference between MAXJ and CAOS?

MAXJ is categorized as Equity Hedged, while CAOS is Options Trading. They also come from different issuers: iShares and Alpha Architect. Their fees differ too: 0.50% for MAXJ and 0.63% for CAOS.

Which has better risk-adjusted returns?

MAXJ currently has the higher Sharpe Ratio (2.94 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.