NSI vs. CAOS

Last updated Jun 24, 2026

NSI (National Security Emerging Markets Index ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - NSI is a Emerging Markets Diversified fund tracking the Alerian National Security Emerging Markets Index, while CAOS is a Options Trading fund actively managed by Alpha Architect. NSI is passively managed, while CAOS is actively managed. Over the past year, NSI returned 34.20% vs 1.62% for CAOS. At a correlation of -0.20, they often move in opposite directions. NSI charges 1.00%/yr vs 0.63%/yr for CAOS.

Performance

NSI vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in National Security Emerging Markets Index ETF (NSI) 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, NSI achieves a 12.82% return, which is significantly higher than CAOS's 0.71% return.

NSI

• 1D: -3.73%
• 1M: -0.13%
• YTD: 12.82%
• 6M: 13.56%
• 1Y: 34.20%
• 3Y*: —
• 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)

NSI vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NSI National Security Emerging Markets Index ETF	12.82%	35.94%	-1.21%	4.94%
CAOS Alpha Architect Tail Risk ETF	0.71%	2.55%	5.33%	0.25%

Correlation

The correlation between NSI and CAOS is -0.29, 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	-0.29
Correlation (All Time) Calculated using the full available price history since Dec 7, 2023	-0.20

Return for Risk

NSI vs. CAOS — Risk / Return Rank

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

NSI

NSI Risk / Return Rank: 54
NSI Sharpe Ratio Rank: 54
NSI Sortino Ratio Rank: 51
NSI Omega Ratio Rank: 54
NSI Calmar Ratio Rank: 55
NSI Martin Ratio Rank: 55

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.

NSI vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for National Security Emerging Markets Index ETF (NSI) 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.

	NSI	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	1.71	1.08	+0.62
Sortino ratio: Return per unit of downside risk	2.32	1.72	+0.60
Omega ratio: Gain probability vs. loss probability	1.31	1.22	+0.09
Calmar ratio: Return relative to maximum drawdown	2.51	2.15	+0.37
Martin ratio: Return relative to average drawdown	8.95	5.18	+3.77

NSI vs. CAOS - Sharpe Ratio Comparison

The current NSI Sharpe Ratio is 1.71, which is higher than the CAOS Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of NSI 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

NSI vs. CAOS - Drawdown Comparison

The maximum NSI drawdown since its inception was -18.77%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for NSI and CAOS.

Drawdown Indicators

	NSI	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-18.77%	-3.89%	-14.88%
Max Drawdown (1Y) Largest decline over 1 year	-13.66%	-0.76%	-12.90%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-5.47%	-1.18%	-4.29%
Average Drawdown Average peak-to-trough decline	-3.66%	-0.92%	-2.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.83%	0.32%	+3.51%

Volatility

NSI vs. CAOS - Volatility Comparison

National Security Emerging Markets Index ETF (NSI) has a higher volatility of 9.61% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.32%. This indicates that NSI'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

	NSI	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.61%	0.32%	+9.29%
Volatility (6M) Calculated over the trailing 6-month period	17.60%	1.05%	+16.55%
Volatility (1Y) Calculated over the trailing 1-year period	20.16%	1.50%	+18.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.78%	4.23%	+14.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.78%	4.23%	+14.55%

NSI vs. CAOS - Expense Ratio Comparison

NSI has a 1.00% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

NSI vs. CAOS - Dividend Comparison

NSI's dividend yield for the trailing twelve months is around 1.22%, 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%
NSI National Security Emerging Markets Index ETF	1.22%	1.69%	3.39%	0.34%

Frequently Asked Questions

Can I hold both NSI and CAOS in my portfolio?

NSI 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, NSI or CAOS?

NSI has higher volatility (9.61%) compared to CAOS (0.32%). In terms of maximum drawdown, NSI dropped -18.77% vs CAOS's -3.89%.

Which ETF is better, NSI or CAOS?

On 1-year performance, NSI leads with 34.20% vs 1.62% 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, NSI or CAOS?

Over the 1-year period, NSI has performed better with a 34.20% return vs 1.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NSI or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 1.00% for NSI.

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

NSI has the higher dividend yield at 1.22%, compared with 0.00% for CAOS.

What is the main difference between NSI and CAOS?

NSI is categorized as Emerging Markets Diversified, while CAOS is Options Trading. They also come from different issuers: Tuttle and Alpha Architect. Their fees differ too: 1.00% for NSI and 0.63% for CAOS.

Which has better risk-adjusted returns?

NSI currently has the higher Sharpe Ratio (1.71 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.