OCTW vs. CAOS

Last updated Aug 2, 2026

OCTW (AllianzIM U.S. Equity Buffer20 Oct ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - OCTW is a Defined Outcome fund tracking the SPDR S&P 500 ETF Trust, while CAOS is a Options Trading fund actively managed by Alpha Architect. OCTW is passively managed, while CAOS is actively managed. Over the past 3 years, OCTW returned 10.42%/yr vs 3.48%/yr for CAOS. Their 0.06 correlation means their historical movements had little consistent relationship. OCTW charges 0.74%/yr vs 0.63%/yr for CAOS.

Performance

OCTW vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer20 Oct ETF (OCTW) 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, OCTW achieves a 5.74% return, which is significantly higher than CAOS's 0.76% return.

OCTW

• 1D: 0.37%
• 1M: 0.76%
• 6M: 5.10%
• YTD: 5.74%
• 1Y: 10.80%
• 3Y*: 10.42%
• 5Y*: 8.95%
• 10Y*: —
• ALL TIME*: 8.96%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CAOS Alpha Architect Tail Risk ETF	$6.81M	$5.39M	$5.09M
OCTW AllianzIM U.S. Equity Buffer20 Oct ETF	$584.65K	$1.46M	$4.73M

OCTW vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
OCTW AllianzIM U.S. Equity Buffer20 Oct ETF	5.74%	9.68%	8.67%	13.50%
CAOS Alpha Architect Tail Risk ETF	0.76%	2.55%	5.33%	7.43%

Correlation

The correlation between OCTW and CAOS is -0.36, 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.	-0.37
Correlation (3Y) Balances recent behavior with more history.	-0.10
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023	0.06

The correlation between OCTW and CAOS shifts across timeframes, from -0.36 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.

Return for Risk

OCTW vs. CAOS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

OCTW

OCTW Risk / Return Rank: 86
OCTW Sharpe Ratio Rank: 86
OCTW Sortino Ratio Rank: 88
OCTW Omega Ratio Rank: 89
OCTW Calmar Ratio Rank: 78
OCTW Martin Ratio Rank: 89

CAOS

CAOS Risk / Return Rank: 56
CAOS Sharpe Ratio Rank: 49
CAOS Sortino Ratio Rank: 55
CAOS Omega Ratio Rank: 54
CAOS Calmar Ratio Rank: 72
CAOS Martin Ratio Rank: 48

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

OCTW vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer20 Oct ETF (OCTW) 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.

	OCTW	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	2.02	1.19	+0.83
Sortino ratio: Return per unit of downside risk	2.98	1.89	+1.08
Omega ratio: Gain probability vs. loss probability	1.40	1.24	+0.17
Calmar ratio: Return relative to maximum drawdown	2.77	2.47	+0.30
Martin ratio: Return relative to average drawdown	14.05	5.45	+8.60

OCTW vs. CAOS - Sharpe Ratio Comparison

The current OCTW Sharpe Ratio is 2.02, which is higher than the CAOS Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of OCTW 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

OCTW vs. CAOS - Drawdown Comparison

The maximum OCTW drawdown since its inception was -8.38%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for OCTW and CAOS.

Drawdown Indicators

	OCTW	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-8.38%	-3.89%	-4.49%
Max Drawdown (1Y) Largest decline over 1 year	-3.65%	-0.76%	-2.89%
Max Drawdown (3Y) Largest decline over 3 years	-8.38%	-3.60%	-4.78%
Max Drawdown (5Y) Largest decline over 5 years	-8.38%	—	—
Current Drawdown Current decline from peak	0.00%	-1.13%	+1.13%
Average Drawdown Average peak-to-trough decline	-0.80%	-0.92%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	0.34%	+0.38%

Volatility

OCTW vs. CAOS - Volatility Comparison

AllianzIM U.S. Equity Buffer20 Oct ETF (OCTW) has a higher volatility of 1.20% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that OCTW'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

	OCTW	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.20%	0.51%	+0.69%
Volatility (6M) Calculated over the trailing 6-month period	3.90%	1.07%	+2.83%
Volatility (1Y) Calculated over the trailing 1-year period	5.00%	1.57%	+3.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.33%	4.18%	+2.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.10%	4.18%	+1.92%

OCTW vs. CAOS - Expense Ratio Comparison

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

Dividends

OCTW vs. CAOS - Dividend Comparison

Neither OCTW nor CAOS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both OCTW and CAOS in my portfolio?

OCTW and CAOS have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OCTW or CAOS?

OCTW has higher volatility (1.20%) compared to CAOS (0.51%). In terms of maximum drawdown, OCTW dropped -8.38% vs CAOS's -3.89%.

Which ETF is better, OCTW or CAOS?

On 3-year performance, OCTW leads with 10.42% 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.

Which ETF has performed better, OCTW or CAOS?

Over the 3-year period, OCTW has performed better with a 10.42% return vs 3.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OCTW or CAOS?

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

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

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

What is the main difference between OCTW and CAOS?

OCTW is categorized as Defined Outcome, while CAOS is Options Trading. They also come from different issuers: Allianz and Alpha Architect. Their fees differ too: 0.74% for OCTW and 0.63% for CAOS.

Which has better risk-adjusted returns?

OCTW currently has the higher Sharpe Ratio (2.02 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.