PCIG vs. CAOS

Last updated Aug 2, 2026

PCIG (Polen Capital International Growth ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - PCIG is a Foreign Large Cap 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, PCIG returned -4.10% vs 1.73% for CAOS. Their -0.19 correlation means they have often moved in opposite directions in the past. PCIG charges 0.85%/yr vs 0.63%/yr for CAOS.

Performance

PCIG vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Polen Capital International Growth ETF (PCIG) 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, PCIG achieves a -3.62% return, which is significantly lower than CAOS's 0.76% return.

PCIG

• 1D: 0.08%
• 1M: 0.56%
• 6M: -4.56%
• YTD: -3.62%
• 1Y: -4.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -5.15%

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
PCIG Polen Capital International Growth ETF	$57.88K	$64.26K	$56.49K

PCIG vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PCIG Polen Capital International Growth ETF	-3.62%	-0.02%	-8.47%
CAOS Alpha Architect Tail Risk ETF	0.76%	2.55%	4.20%

Correlation

The correlation between PCIG and CAOS is -0.29, 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.	-0.29
Correlation (All Time) Calculated using the full available price history since Mar 15, 2024	-0.19

Return for Risk

PCIG vs. CAOS — Risk / Return Rank

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

PCIG

PCIG Risk / Return Rank: 7
PCIG Sharpe Ratio Rank: 7
PCIG Sortino Ratio Rank: 7
PCIG Omega Ratio Rank: 7
PCIG Calmar Ratio Rank: 7
PCIG Martin Ratio Rank: 7

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.

PCIG vs. CAOS - Risk-Adjusted Trends Comparison

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

	PCIG	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	-0.29	1.19	-1.48
Sortino ratio: Return per unit of downside risk	-0.28	1.89	-2.17
Omega ratio: Gain probability vs. loss probability	0.97	1.24	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.28	2.47	-2.75
Martin ratio: Return relative to average drawdown	-0.61	5.45	-6.06

PCIG vs. CAOS - Sharpe Ratio Comparison

The current PCIG Sharpe Ratio is -0.29, which is lower than the CAOS Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of PCIG 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

PCIG vs. CAOS - Drawdown Comparison

The maximum PCIG drawdown since its inception was -23.40%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for PCIG and CAOS.

Drawdown Indicators

	PCIG	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-23.40%	-3.89%	-19.51%
Max Drawdown (1Y) Largest decline over 1 year	-20.69%	-0.76%	-19.93%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-12.77%	-1.13%	-11.64%
Average Drawdown Average peak-to-trough decline	-7.57%	-0.92%	-6.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.46%	0.34%	+9.12%

Volatility

PCIG vs. CAOS - Volatility Comparison

Polen Capital International Growth ETF (PCIG) has a higher volatility of 6.08% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that PCIG'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

	PCIG	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.08%	0.51%	+5.57%
Volatility (6M) Calculated over the trailing 6-month period	16.23%	1.07%	+15.16%
Volatility (1Y) Calculated over the trailing 1-year period	19.86%	1.57%	+18.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.38%	4.18%	+14.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.38%	4.18%	+14.20%

PCIG vs. CAOS - Expense Ratio Comparison

PCIG has a 0.85% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

PCIG vs. CAOS - Dividend Comparison

PCIG's dividend yield for the trailing twelve months is around 0.15%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025	2024
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%
PCIG Polen Capital International Growth ETF	0.15%	0.14%	0.36%

Frequently Asked Questions

Can I hold both PCIG and CAOS in my portfolio?

PCIG 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, PCIG or CAOS?

PCIG has higher volatility (6.08%) compared to CAOS (0.51%). In terms of maximum drawdown, PCIG dropped -23.40% vs CAOS's -3.89%.

Which ETF is better, PCIG or CAOS?

On 1-year performance, CAOS leads with 1.73% vs -4.10% for PCIG. 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, PCIG or CAOS?

Over the 1-year period, CAOS has performed better with a 1.73% return vs -4.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PCIG or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.85% for PCIG.

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

PCIG has the higher dividend yield at 0.15%, compared with 0.00% for CAOS.

What is the main difference between PCIG and CAOS?

PCIG is categorized as Foreign Large Cap Equities, while CAOS is Options Trading. They also come from different issuers: Polen and Alpha Architect. Their fees differ too: 0.85% for PCIG and 0.63% for CAOS.

Which has better risk-adjusted returns?

CAOS currently has the higher Sharpe Ratio (1.19 vs -0.29), 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.