MMSC vs. CAOS
MMSC (First Trust Multi-Manager Small Cap Opportunities ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - MMSC is a Small Cap Growth Equities 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 3 years, MMSC returned 18.15%/yr vs 3.48%/yr for CAOS. Their 0.03 correlation means their historical movements had little consistent relationship. MMSC charges 0.95%/yr vs 0.63%/yr for CAOS.
Performance
MMSC vs. CAOS - Performance Comparison
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Returns By Period
In the year-to-date period, MMSC achieves a 13.92% return, which is significantly higher than CAOS's 0.76% return.
MMSC
- 1D
- -0.15%
- 1M
- -4.59%
- 6M
- 8.24%
- YTD
- 13.92%
- 1Y
- 31.80%
- 3Y*
- 18.15%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 6.19%
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 | |
| $114.94K | $131.01K | $135.54K |
MMSC vs. CAOS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MMSC First Trust Multi-Manager Small Cap Opportunities ETF | 13.92% | 15.45% | 22.19% | 9.01% |
CAOS Alpha Architect Tail Risk ETF | 0.76% | 2.55% | 5.33% | 7.43% |
Correlation
The correlation between MMSC and CAOS is -0.28, 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. | -0.28 |
Correlation (3Y) Balances recent behavior with more history. | -0.08 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023 | 0.03 |
The correlation between MMSC and CAOS shifts across timeframes, from -0.28 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MMSC vs. CAOS — Risk / Return Rank
MMSC
CAOS
MMSC vs. CAOS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Multi-Manager Small Cap Opportunities ETF (MMSC) 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.
| MMSC | CAOS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.24 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.11 | 2.47 | -0.36 |
| Martin ratioReturn relative to average drawdown | 7.33 | 5.45 | +1.89 |
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Drawdowns
MMSC vs. CAOS - Drawdown Comparison
The maximum MMSC drawdown since its inception was -40.82%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for MMSC and CAOS.
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Drawdown Indicators
| MMSC | CAOS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.82% | -3.89% | -36.93% |
Max Drawdown (1Y)Largest decline over 1 year | -14.10% | -0.76% | -13.34% |
Max Drawdown (3Y)Largest decline over 3 years | -29.76% | -3.60% | -26.16% |
Current DrawdownCurrent decline from peak | -7.71% | -1.13% | -6.58% |
Average DrawdownAverage peak-to-trough decline | -18.26% | -0.92% | -17.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.06% | 0.34% | +3.72% |
Volatility
MMSC vs. CAOS - Volatility Comparison
First Trust Multi-Manager Small Cap Opportunities ETF (MMSC) has a higher volatility of 6.38% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that MMSC'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.
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Volatility by Period
| MMSC | CAOS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.38% | 0.51% | +5.87% |
Volatility (6M)Calculated over the trailing 6-month period | 18.89% | 1.07% | +17.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.13% | 1.57% | +22.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.52% | 4.18% | +20.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.52% | 4.18% | +20.34% |
MMSC vs. CAOS - Expense Ratio Comparison
MMSC has a 0.95% expense ratio, which is higher than CAOS's 0.63% expense ratio.
Dividends
MMSC vs. CAOS - Dividend Comparison
Neither MMSC nor CAOS has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CAOS Alpha Architect Tail Risk ETF | 0.00% | 0.00% | 0.00% |
MMSC First Trust Multi-Manager Small Cap Opportunities ETF | 0.00% | 0.00% | 0.41% |
Frequently Asked Questions
MMSC and CAOS have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MMSC has higher volatility (6.38%) compared to CAOS (0.51%). In terms of maximum drawdown, MMSC dropped -40.82% vs CAOS's -3.89%.
On 3-year performance, MMSC leads with 18.15% vs 3.48% for CAOS. On fees, CAOS is cheaper at 0.63% 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.
Over the 3-year period, MMSC has performed better with a 18.15% return vs 3.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CAOS is cheaper with a 0.63% expense ratio, compared with 0.95% for MMSC.
MMSC and CAOS have nearly identical dividend yields, around 0.00%.
MMSC is categorized as Small Cap Growth Equities, while CAOS is Options Trading. They also come from different issuers: First Trust and Alpha Architect. Their fees differ too: 0.95% for MMSC and 0.63% for CAOS.
MMSC currently has the higher Sharpe Ratio (1.24 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.
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