MEMX vs. CAOS

Last updated Jun 23, 2026

MEMX (Matthews Emerging Markets Ex China Active ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - MEMX is a Emerging Markets Diversified fund actively managed by Matthews, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past 3 years, MEMX returned 28.01%/yr vs 3.94%/yr for CAOS. At a 0.03 correlation, their price movements are largely independent. MEMX charges 0.79%/yr vs 0.63%/yr for CAOS.

Performance

MEMX vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Emerging Markets Ex China Active ETF (MEMX) 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, MEMX achieves a 37.54% return, which is significantly higher than CAOS's 0.71% return.

MEMX

• 1D: 0.22%
• 1M: 9.62%
• YTD: 37.54%
• 6M: 41.09%
• 1Y: 73.16%
• 3Y*: 28.01%
• 5Y*: —
• 10Y*: —

CAOS

• 1D: -0.04%
• 1M: -0.12%
• YTD: 0.71%
• 6M: 0.61%
• 1Y: 1.62%
• 3Y*: 3.94%
• 5Y*: —
• 10Y*: —

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

MEMX vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MEMX Matthews Emerging Markets Ex China Active ETF	37.54%	35.88%	5.50%	10.06%
CAOS Alpha Architect Tail Risk ETF	0.71%	2.55%	5.33%	7.43%

Correlation

The correlation between MEMX and CAOS is -0.30, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.30
Correlation (3Y) Calculated over the trailing 3-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023	0.03

The correlation between MEMX and CAOS shifts across timeframes, from -0.30 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MEMX vs. CAOS — Risk / Return Rank

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

MEMX

MEMX Risk / Return Rank: 89
MEMX Sharpe Ratio Rank: 92
MEMX Sortino Ratio Rank: 87
MEMX Omega Ratio Rank: 90
MEMX Calmar Ratio Rank: 88
MEMX Martin Ratio Rank: 89

CAOS

CAOS Risk / Return Rank: 36
CAOS Sharpe Ratio Rank: 31
CAOS Sortino Ratio Rank: 34
CAOS Omega Ratio Rank: 34
CAOS Calmar Ratio Rank: 45
CAOS Martin Ratio Rank: 36

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.

MEMX vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Emerging Markets Ex China Active ETF (MEMX) 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.

	MEMX	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	3.09	1.08	+2.00
Sortino ratio: Return per unit of downside risk	3.76	1.72	+2.04
Omega ratio: Gain probability vs. loss probability	1.55	1.22	+0.33
Calmar ratio: Return relative to maximum drawdown	5.00	2.15	+2.86
Martin ratio: Return relative to average drawdown	19.19	5.18	+14.01

MEMX vs. CAOS - Sharpe Ratio Comparison

The current MEMX Sharpe Ratio is 3.09, which is higher than the CAOS Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of MEMX 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

MEMX vs. CAOS - Drawdown Comparison

The maximum MEMX drawdown since its inception was -19.27%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for MEMX and CAOS.

Drawdown Indicators

	MEMX	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-19.27%	-3.89%	-15.38%
Max Drawdown (1Y) Largest decline over 1 year	-14.70%	-0.76%	-13.94%
Max Drawdown (3Y) Largest decline over 3 years	-19.27%	-3.60%	-15.67%
Current Drawdown Current decline from peak	0.00%	-1.18%	+1.18%
Average Drawdown Average peak-to-trough decline	-3.48%	-0.92%	-2.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.83%	0.32%	+3.51%

Volatility

MEMX vs. CAOS - Volatility Comparison

Matthews Emerging Markets Ex China Active ETF (MEMX) has a higher volatility of 11.89% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.32%. This indicates that MEMX'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

	MEMX	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.89%	0.32%	+11.57%
Volatility (6M) Calculated over the trailing 6-month period	21.63%	1.05%	+20.58%
Volatility (1Y) Calculated over the trailing 1-year period	23.88%	1.50%	+22.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.90%	4.23%	+13.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.90%	4.23%	+13.67%

MEMX vs. CAOS - Expense Ratio Comparison

MEMX has a 0.79% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

MEMX vs. CAOS - Dividend Comparison

MEMX's dividend yield for the trailing twelve months is around 3.55%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%	0.00%
MEMX Matthews Emerging Markets Ex China Active ETF	3.55%	4.88%	0.99%	1.13%

Frequently Asked Questions

Can I hold both MEMX and CAOS in my portfolio?

MEMX and CAOS have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MEMX or CAOS?

MEMX has higher volatility (11.89%) compared to CAOS (0.32%). In terms of maximum drawdown, MEMX dropped -19.27% vs CAOS's -3.89%.

Which ETF is better, MEMX or CAOS?

On 3-year performance, MEMX leads with 28.01% vs 3.94% for CAOS. On fees, CAOS is cheaper at 0.63% per year. On volatility, CAOS has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MEMX or CAOS?

Over the 3-year period, MEMX has performed better with a 28.01% return vs 3.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MEMX or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.79% for MEMX.

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

MEMX has the higher dividend yield at 3.55%, compared with 0.00% for CAOS.

What is the main difference between MEMX and CAOS?

MEMX is categorized as Emerging Markets Diversified, while CAOS is Options Trading. They also come from different issuers: Matthews and Alpha Architect. Their fees differ too: 0.79% for MEMX and 0.63% for CAOS.

Which has better risk-adjusted returns?

MEMX currently has the higher Sharpe Ratio (3.09 vs 1.08), 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.