MCSE vs. CAOS
MCSE (Franklin Sustainable International Equity ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - MCSE is a Foreign Large Cap Equities fund actively managed by Franklin, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past 3 years, MCSE returned -0.12%/yr vs 3.48%/yr for CAOS. Their 0.12 correlation means their historical movements had little consistent relationship. MCSE charges 0.59%/yr vs 0.63%/yr for CAOS.
Performance
MCSE vs. CAOS - Performance Comparison
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Returns By Period
In the year-to-date period, MCSE achieves a 1.12% return, which is significantly higher than CAOS's 0.76% return.
MCSE
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 0.00%
- YTD
- 1.12%
- 1Y
- 4.30%
- 3Y*
- -0.12%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 6.07%
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 | |
| $0.00 | $0.00 | $0.00 |
MCSE vs. CAOS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MCSE Franklin Sustainable International Equity ETF | 1.12% | 7.79% | -9.46% | 4.48% |
CAOS Alpha Architect Tail Risk ETF | 0.76% | 2.55% | 5.33% | 7.43% |
Correlation
The correlation between MCSE and CAOS is -0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.08 |
Correlation (3Y) Balances recent behavior with more history. | 0.02 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023 | 0.12 |
The correlation between MCSE and CAOS shifts across timeframes, from -0.08 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MCSE vs. CAOS — Risk / Return Rank
MCSE
CAOS
MCSE vs. CAOS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Sustainable International Equity ETF (MCSE) 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.
| MCSE | CAOS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.82 | ||
| Sortino ratioReturn per unit of downside risk | -1.31 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.24 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.37 | 2.47 | -2.10 |
| Martin ratioReturn relative to average drawdown | 0.92 | 5.45 | -4.53 |
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Drawdowns
MCSE vs. CAOS - Drawdown Comparison
The maximum MCSE drawdown since its inception was -26.36%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for MCSE and CAOS.
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Drawdown Indicators
| MCSE | CAOS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.36% | -3.89% | -22.47% |
Max Drawdown (1Y)Largest decline over 1 year | -10.42% | -0.76% | -9.66% |
Max Drawdown (3Y)Largest decline over 3 years | -26.36% | -3.60% | -22.76% |
Current DrawdownCurrent decline from peak | -10.51% | -1.13% | -9.38% |
Average DrawdownAverage peak-to-trough decline | -8.79% | -0.92% | -7.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.36% | 0.34% | +4.02% |
Volatility
MCSE vs. CAOS - Volatility Comparison
The current volatility for Franklin Sustainable International Equity ETF (MCSE) is 0.00%, while Alpha Architect Tail Risk ETF (CAOS) has a volatility of 0.51%. This indicates that MCSE 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.
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Volatility by Period
| MCSE | CAOS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.00% | 0.51% | -0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 1.91% | 1.07% | +0.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.71% | 1.57% | +9.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.08% | 4.18% | +14.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.08% | 4.18% | +14.90% |
MCSE vs. CAOS - Expense Ratio Comparison
MCSE has a 0.59% expense ratio, which is lower than CAOS's 0.63% expense ratio.
Dividends
MCSE vs. CAOS - Dividend Comparison
MCSE's dividend yield for the trailing twelve months is around 3.74%, while CAOS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CAOS Alpha Architect Tail Risk ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MCSE Franklin Sustainable International Equity ETF | 3.74% | 3.78% | 0.63% | 0.57% | 0.48% |
Frequently Asked Questions
MCSE and CAOS have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CAOS has higher volatility (0.51%) compared to MCSE (0.00%). In terms of maximum drawdown, MCSE dropped -26.36% vs CAOS's -3.89%.
On 3-year performance, CAOS leads with 3.48% vs -0.12% for MCSE. On fees, MCSE is cheaper at 0.59% per year. On volatility, MCSE has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CAOS has performed better with a 3.48% return vs -0.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MCSE is cheaper with a 0.59% expense ratio, compared with 0.63% for CAOS.
MCSE has the higher dividend yield at 3.74%, compared with 0.00% for CAOS.
MCSE is categorized as Foreign Large Cap Equities, while CAOS is Options Trading. They also come from different issuers: Franklin and Alpha Architect. Their fees differ too: 0.59% for MCSE and 0.63% for CAOS.
CAOS currently has the higher Sharpe Ratio (1.19 vs 0.37), 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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