NVBT vs. CAOS

Last updated Jun 4, 2026

NVBT (Allianzim U.S. Large Cap Buffer10 Nov ETF) and CAOS (Alpha Architect Tail Risk ETF) are both Options Trading funds. Both are actively managed. Over the past 3 years, NVBT returned 12.89%/yr vs 4.26%/yr for CAOS. At a 0.13 correlation, their price movements are largely independent. NVBT charges 0.74%/yr vs 0.63%/yr for CAOS.

Performance

NVBT vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allianzim U.S. Large Cap Buffer10 Nov ETF (NVBT) 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, NVBT achieves a 7.57% return, which is significantly higher than CAOS's 0.82% return.

NVBT

• 1D: -0.29%
• 1M: 3.28%
• YTD: 7.57%
• 6M: 8.01%
• 1Y: 18.70%
• 3Y*: 12.89%
• 5Y*: —
• 10Y*: —

CAOS

• 1D: 0.12%
• 1M: -0.09%
• YTD: 0.82%
• 6M: 0.69%
• 1Y: 1.88%
• 3Y*: 4.26%
• 5Y*: —
• 10Y*: —

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

NVBT vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVBT Allianzim U.S. Large Cap Buffer10 Nov ETF	7.57%	12.84%	12.03%	11.03%
CAOS Alpha Architect Tail Risk ETF	0.82%	2.55%	5.33%	7.97%

Correlation

The correlation between NVBT and CAOS is -0.35, 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	-0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.00
Correlation (All Time) Calculated using the full available price history since Mar 7, 2023	0.13

The correlation between NVBT and CAOS shifts across timeframes, from -0.35 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.

NVBT vs. CAOS - Sectors Allocation Comparison

Sectors	NVBT	CAOS
Technology	36.2%	33.1%
Financial Services	11.9%	12.4%
Communication Services	10.9%	10.4%
Consumer Cyclical	10.1%	10.0%
Healthcare	8.4%	9.6%
Industrials	8.1%	8.5%
Consumer Defensive	4.9%	5.4%
Energy	3.5%	4.1%
Utilities	2.3%	2.6%
Real Estate	1.9%	2.0%
Basic Materials	1.8%	1.9%

Return for Risk

NVBT vs. CAOS — Risk / Return Rank

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

NVBT

NVBT Risk / Return Rank: 74
NVBT Sharpe Ratio Rank: 74
NVBT Sortino Ratio Rank: 78
NVBT Omega Ratio Rank: 79
NVBT Calmar Ratio Rank: 62
NVBT Martin Ratio Rank: 78

CAOS

CAOS Risk / Return Rank: 40
CAOS Sharpe Ratio Rank: 34
CAOS Sortino Ratio Rank: 37
CAOS Omega Ratio Rank: 39
CAOS Calmar Ratio Rank: 49
CAOS Martin Ratio Rank: 39

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.

NVBT vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allianzim U.S. Large Cap Buffer10 Nov ETF (NVBT) 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.

	NVBT	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	2.41	1.24	+1.17
Sortino ratio: Return per unit of downside risk	3.46	1.98	+1.49
Omega ratio: Gain probability vs. loss probability	1.47	1.26	+0.22
Calmar ratio: Return relative to maximum drawdown	3.03	2.49	+0.53
Martin ratio: Return relative to average drawdown	15.08	6.22	+8.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NVBT vs. CAOS - Sharpe Ratio Comparison

The current NVBT Sharpe Ratio is 2.41, which is higher than the CAOS Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of NVBT 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.

Sharpe Ratios by Period

	NVBT	CAOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	1.24	+1.17
Sharpe Ratio (All Time) Calculated using the full available price history	1.34	1.21	+0.13

Drawdowns

NVBT vs. CAOS - Drawdown Comparison

The maximum NVBT drawdown since its inception was -12.90%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for NVBT and CAOS.

Drawdown Indicators

	NVBT	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-12.90%	-3.60%	-9.30%
Max Drawdown (1Y) Largest decline over 1 year	-6.21%	-0.76%	-5.45%
Max Drawdown (3Y) Largest decline over 3 years	-12.90%	-3.60%	-9.30%
Current Drawdown Current decline from peak	-0.29%	-1.07%	+0.78%
Average Drawdown Average peak-to-trough decline	-1.35%	-0.90%	-0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.24%	0.30%	+0.94%

Volatility

NVBT vs. CAOS - Volatility Comparison

Allianzim U.S. Large Cap Buffer10 Nov ETF (NVBT) has a higher volatility of 1.53% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.26%. This indicates that NVBT'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

	NVBT	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.53%	0.26%	+1.27%
Volatility (6M) Calculated over the trailing 6-month period	6.32%	1.03%	+5.29%
Volatility (1Y) Calculated over the trailing 1-year period	7.80%	1.52%	+6.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.33%	4.26%	+6.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.33%	4.26%	+6.07%

NVBT vs. CAOS - Expense Ratio Comparison

NVBT has a 0.74% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

NVBT vs. CAOS - Dividend Comparison

Neither NVBT nor CAOS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NVBT and CAOS in my portfolio?

NVBT and CAOS have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVBT or CAOS?

NVBT has higher volatility (1.53%) compared to CAOS (0.26%). In terms of maximum drawdown, NVBT dropped -12.90% vs CAOS's -3.60%.

Which ETF is better, NVBT or CAOS?

On 3-year performance, NVBT leads with 12.89% vs 4.26% for CAOS. On fees, CAOS is cheaper at 0.63% per year. On volatility, CAOS has been the lower-risk option at 0.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVBT or CAOS?

Over the 3-year period, NVBT has performed better with a 12.89% return vs 4.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVBT or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.74% for NVBT.

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

NVBT and CAOS have nearly identical dividend yields, around 0.00%.

What is the main difference between NVBT and CAOS?

They also come from different issuers: Allianz and Alpha Architect. Their fees differ too: 0.74% for NVBT and 0.63% for CAOS.

Which has better risk-adjusted returns?

NVBT currently has the higher Sharpe Ratio (2.41 vs 1.24), 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.