PCCE vs. CAOS

Last updated Jun 4, 2026

PCCE (Polen Capital China Growth ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - PCCE is a China Equities fund actively managed by Polen, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past year, PCCE returned 7.18% vs 1.88% for CAOS. At a correlation of -0.15, they often move in opposite directions. PCCE charges 1.00%/yr vs 0.63%/yr for CAOS.

Performance

PCCE vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Polen Capital China Growth ETF (PCCE) 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, PCCE achieves a -1.00% return, which is significantly lower than CAOS's 0.82% return.

PCCE

• 1D: -1.53%
• 1M: 0.72%
• YTD: -1.00%
• 6M: -1.44%
• 1Y: 7.18%
• 3Y*: —
• 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)

PCCE vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PCCE Polen Capital China Growth ETF	-1.00%	23.07%	11.85%
CAOS Alpha Architect Tail Risk ETF	0.82%	2.55%	4.21%

Correlation

The correlation between PCCE and CAOS is -0.26, 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	-0.26
Correlation (All Time) Calculated using the full available price history since Mar 18, 2024	-0.15

The correlation between PCCE and CAOS shifts across timeframes, from -0.26 (1 year) to -0.15 (all time), reflecting how their relationship changes across market environments.

PCCE vs. CAOS - Sectors Allocation Comparison

Sectors	PCCE	CAOS
Communication Services	20.1%	10.4%
Financial Services	19.9%	12.4%
Consumer Cyclical	17.3%	10.0%
Industrials	13.7%	8.5%
Real Estate	8.7%	2.0%
Healthcare	8.0%	9.6%
Technology	6.1%	33.1%
Consumer Defensive	4.3%	5.4%
Basic Materials	1.8%	1.9%
Energy	-	4.1%
Utilities	-	2.6%

Return for Risk

PCCE vs. CAOS — Risk / Return Rank

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

PCCE

PCCE Risk / Return Rank: 15
PCCE Sharpe Ratio Rank: 15
PCCE Sortino Ratio Rank: 15
PCCE Omega Ratio Rank: 15
PCCE Calmar Ratio Rank: 14
PCCE Martin Ratio Rank: 14

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.

PCCE vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Polen Capital China Growth ETF (PCCE) 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.

	PCCE	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	0.38	1.24	-0.86
Sortino ratio: Return per unit of downside risk	0.67	1.98	-1.30
Omega ratio: Gain probability vs. loss probability	1.08	1.26	-0.18
Calmar ratio: Return relative to maximum drawdown	0.43	2.49	-2.06
Martin ratio: Return relative to average drawdown	0.99	6.22	-5.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PCCE vs. CAOS - Sharpe Ratio Comparison

The current PCCE Sharpe Ratio is 0.38, which is lower than the CAOS Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of PCCE 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

	PCCE	CAOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.38	1.24	-0.86
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	1.21	-0.63

Drawdowns

PCCE vs. CAOS - Drawdown Comparison

The maximum PCCE drawdown since its inception was -26.38%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for PCCE and CAOS.

Drawdown Indicators

	PCCE	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-26.38%	-3.60%	-22.78%
Max Drawdown (1Y) Largest decline over 1 year	-16.59%	-0.76%	-15.83%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-9.66%	-1.07%	-8.59%
Average Drawdown Average peak-to-trough decline	-9.93%	-0.90%	-9.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.30%	0.30%	+7.00%

Volatility

PCCE vs. CAOS - Volatility Comparison

Polen Capital China Growth ETF (PCCE) has a higher volatility of 7.84% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.26%. This indicates that PCCE'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

	PCCE	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.84%	0.26%	+7.58%
Volatility (6M) Calculated over the trailing 6-month period	14.23%	1.03%	+13.20%
Volatility (1Y) Calculated over the trailing 1-year period	18.91%	1.52%	+17.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.21%	4.26%	+21.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.21%	4.26%	+21.95%

PCCE vs. CAOS - Expense Ratio Comparison

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

Dividends

PCCE vs. CAOS - Dividend Comparison

PCCE's dividend yield for the trailing twelve months is around 2.31%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025	2024
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%
PCCE Polen Capital China Growth ETF	2.31%	2.29%	1.95%

Frequently Asked Questions

Can I hold both PCCE and CAOS in my portfolio?

PCCE and CAOS have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCCE or CAOS?

PCCE has higher volatility (7.84%) compared to CAOS (0.26%). In terms of maximum drawdown, PCCE dropped -26.38% vs CAOS's -3.60%.

Which ETF is better, PCCE or CAOS?

On 1-year performance, PCCE leads with 7.18% vs 1.88% 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, PCCE or CAOS?

Over the 1-year period, PCCE has performed better with a 7.18% return vs 1.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PCCE or CAOS?

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

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

PCCE has the higher dividend yield at 2.31%, compared with 0.00% for CAOS.

What is the main difference between PCCE and CAOS?

PCCE is categorized as China Equities, while CAOS is Options Trading. They also come from different issuers: Polen and Alpha Architect. Their fees differ too: 1.00% for PCCE and 0.63% for CAOS.

Which has better risk-adjusted returns?

CAOS currently has the higher Sharpe Ratio (1.24 vs 0.38), 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.