PBAP vs. CAOS
Compare and contrast key facts about PGIM US Large-Cap Buffer 20 ETF - April (PBAP) and Alpha Architect Tail Risk ETF (CAOS).
PBAP and CAOS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PBAP is an actively managed fund by PGIM. It was launched on Mar 28, 2024. CAOS is an actively managed fund by Alpha Architect. It was launched on Aug 14, 2013.
Performance
PBAP vs. CAOS - Performance Comparison
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PBAP vs. CAOS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PBAP PGIM US Large-Cap Buffer 20 ETF - April | 1.48% | 6.34% | 8.88% |
CAOS Alpha Architect Tail Risk ETF | 1.10% | 2.55% | 3.89% |
Returns By Period
In the year-to-date period, PBAP achieves a 1.48% return, which is significantly higher than CAOS's 1.10% return.
PBAP
- 1D
- 0.04%
- 1M
- 1.08%
- YTD
- 1.48%
- 6M
- 3.46%
- 1Y
- 10.49%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CAOS
- 1D
- 0.07%
- 1M
- 0.43%
- YTD
- 1.10%
- 6M
- 1.37%
- 1Y
- 3.19%
- 3Y*
- 5.46%
- 5Y*
- —
- 10Y*
- —
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PBAP vs. CAOS - Expense Ratio Comparison
PBAP has a 0.50% expense ratio, which is lower than CAOS's 0.63% expense ratio.
Return for Risk
PBAP vs. CAOS — Risk / Return Rank
PBAP
CAOS
PBAP vs. CAOS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM US Large-Cap Buffer 20 ETF - April (PBAP) 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.
| PBAP | CAOS | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.46 | 0.69 | +0.77 |
Sortino ratioReturn per unit of downside risk | 2.19 | 0.97 | +1.22 |
Omega ratioGain probability vs. loss probability | 1.48 | 1.26 | +0.23 |
Calmar ratioReturn relative to maximum drawdown | 1.91 | 0.83 | +1.08 |
Martin ratioReturn relative to average drawdown | 13.78 | 1.38 | +12.41 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PBAP | CAOS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.46 | 0.69 | +0.77 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.15 | 1.27 | -0.12 |
Correlation
The correlation between PBAP and CAOS is -0.17. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
PBAP vs. CAOS - Dividend Comparison
Neither PBAP nor CAOS has paid dividends to shareholders.
Drawdowns
PBAP vs. CAOS - Drawdown Comparison
The maximum PBAP drawdown since its inception was -9.70%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for PBAP and CAOS.
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Drawdown Indicators
| PBAP | CAOS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.70% | -3.60% | -6.10% |
Max Drawdown (1Y)Largest decline over 1 year | -5.83% | -3.60% | -2.23% |
Current DrawdownCurrent decline from peak | 0.00% | -0.80% | +0.80% |
Average DrawdownAverage peak-to-trough decline | -0.86% | -0.90% | +0.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.81% | 2.18% | -1.37% |
Volatility
PBAP vs. CAOS - Volatility Comparison
PGIM US Large-Cap Buffer 20 ETF - April (PBAP) has a higher volatility of 0.84% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.74%. This indicates that PBAP'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
| PBAP | CAOS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.84% | 0.74% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 2.34% | 1.30% | +1.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.26% | 4.68% | +2.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.33% | 4.37% | +2.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.33% | 4.37% | +2.96% |