MDPL vs. CAOS

Last updated Jul 11, 2026

MDPL (Monarch Dividend Plus ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - MDPL is a Mid Cap Value Equities fund tracking the Monarch Dividend Plus Index, while CAOS is a Options Trading fund actively managed by Alpha Architect. MDPL is passively managed, while CAOS is actively managed. Over the past year, MDPL returned 0.34% vs 1.81% for CAOS. At a correlation of -0.12, they often move in opposite directions. MDPL charges 1.24%/yr vs 0.63%/yr for CAOS.

Performance

MDPL vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Monarch Dividend Plus ETF (MDPL) 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, MDPL achieves a -2.31% return, which is significantly lower than CAOS's 0.70% return.

MDPL

• 1D: 0.23%
• 1M: -0.74%
• 6M: -6.22%
• YTD: -2.31%
• 1Y: 0.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAOS

• 1D: 0.01%
• 1M: -0.04%
• 6M: 0.23%
• YTD: 0.70%
• 1Y: 1.81%
• 3Y*: 3.68%
• 5Y*: —
• 10Y*: —

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

MDPL vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MDPL Monarch Dividend Plus ETF	-2.31%	7.57%	0.42%
CAOS Alpha Architect Tail Risk ETF	0.70%	2.55%	4.38%

Correlation

The correlation between MDPL and CAOS is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	-0.12

Return for Risk

MDPL vs. CAOS — Risk / Return Rank

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

MDPL

MDPL Risk / Return Rank: 9
MDPL Sharpe Ratio Rank: 9
MDPL Sortino Ratio Rank: 8
MDPL Omega Ratio Rank: 8
MDPL Calmar Ratio Rank: 9
MDPL Martin Ratio Rank: 9

CAOS

CAOS Risk / Return Rank: 46
CAOS Sharpe Ratio Rank: 40
CAOS Sortino Ratio Rank: 45
CAOS Omega Ratio Rank: 45
CAOS Calmar Ratio Rank: 59
CAOS Martin Ratio Rank: 42

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.

MDPL vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Monarch Dividend Plus ETF (MDPL) 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.

	MDPL	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	-0.03	1.15	-1.19
Sortino ratio: Return per unit of downside risk	0.07	1.83	-1.76
Omega ratio: Gain probability vs. loss probability	1.01	1.23	-0.23
Calmar ratio: Return relative to maximum drawdown	-0.04	2.37	-2.41
Martin ratio: Return relative to average drawdown	-0.10	5.39	-5.49

MDPL vs. CAOS - Sharpe Ratio Comparison

The current MDPL Sharpe Ratio is -0.03, which is lower than the CAOS Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of MDPL 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

MDPL vs. CAOS - Drawdown Comparison

The maximum MDPL drawdown since its inception was -14.21%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for MDPL and CAOS.

Drawdown Indicators

	MDPL	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-14.21%	-3.89%	-10.32%
Max Drawdown (1Y) Largest decline over 1 year	-12.38%	-0.76%	-11.62%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-6.80%	-1.19%	-5.61%
Average Drawdown Average peak-to-trough decline	-4.54%	-0.92%	-3.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.51%	0.33%	+5.18%

Volatility

MDPL vs. CAOS - Volatility Comparison

Monarch Dividend Plus ETF (MDPL) has a higher volatility of 6.12% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.49%. This indicates that MDPL'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

	MDPL	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.12%	0.49%	+5.63%
Volatility (6M) Calculated over the trailing 6-month period	11.95%	1.12%	+10.83%
Volatility (1Y) Calculated over the trailing 1-year period	15.92%	1.56%	+14.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.36%	4.21%	+11.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.36%	4.21%	+11.15%

MDPL vs. CAOS - Expense Ratio Comparison

MDPL has a 1.24% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

MDPL vs. CAOS - Dividend Comparison

MDPL's dividend yield for the trailing twelve months is around 1.58%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025	2024
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%
MDPL Monarch Dividend Plus ETF	1.58%	1.42%	1.02%

Frequently Asked Questions

Can I hold both MDPL and CAOS in my portfolio?

MDPL and CAOS have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MDPL or CAOS?

MDPL has higher volatility (6.12%) compared to CAOS (0.49%). In terms of maximum drawdown, MDPL dropped -14.21% vs CAOS's -3.89%.

Which ETF is better, MDPL or CAOS?

On 1-year performance, CAOS leads with 1.81% vs 0.34% for MDPL. On fees, CAOS is cheaper at 0.63% per year. On volatility, CAOS has been the lower-risk option at 0.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MDPL or CAOS?

Over the 1-year period, CAOS has performed better with a 1.81% return vs 0.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDPL or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 1.24% for MDPL.

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

MDPL has the higher dividend yield at 1.58%, compared with 0.00% for CAOS.

What is the main difference between MDPL and CAOS?

MDPL is categorized as Mid Cap Value Equities, while CAOS is Options Trading. They also come from different issuers: Monarch and Alpha Architect. Their fees differ too: 1.24% for MDPL and 0.63% for CAOS.

Which has better risk-adjusted returns?

CAOS currently has the higher Sharpe Ratio (1.15 vs -0.03), 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.