PEX vs. CAOS
PEX (ProShares Global Listed Private Equity ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - PEX is a Financials Equities fund tracking the LPX Direct Listed Private Equity Index, while CAOS is a Options Trading fund actively managed by Alpha Architect. PEX is passively managed, while CAOS is actively managed. Over the past 3 years, PEX returned 4.37%/yr vs 3.48%/yr for CAOS. Their 0.04 correlation means their historical movements had little consistent relationship. PEX charges 3.13%/yr vs 0.63%/yr for CAOS.
Performance
PEX vs. CAOS - Performance Comparison
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Returns By Period
In the year-to-date period, PEX achieves a -6.82% return, which is significantly lower than CAOS's 0.76% return.
PEX
- 1D
- 0.15%
- 1M
- 3.38%
- 6M
- -7.02%
- YTD
- -6.82%
- 1Y
- -10.44%
- 3Y*
- 4.37%
- 5Y*
- -0.25%
- 10Y*
- 4.91%
- ALL TIME*
- 5.23%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.81M | $5.39M | $5.09M | |
| $46.71K | $56.13K | $56.35K |
PEX vs. CAOS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PEX ProShares Global Listed Private Equity ETF | -6.82% | 0.21% | 13.05% | 12.10% |
CAOS Alpha Architect Tail Risk ETF | 0.76% | 2.55% | 5.33% | 7.43% |
Correlation
The correlation between PEX and CAOS is -0.31, 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. | -0.31 |
Correlation (3Y) Balances recent behavior with more history. | -0.08 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023 | 0.04 |
The correlation between PEX and CAOS shifts across timeframes, from -0.31 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PEX vs. CAOS — Risk / Return Rank
PEX
CAOS
PEX vs. CAOS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Global Listed Private Equity ETF (PEX) 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.
| PEX | CAOS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.90 | ||
| Sortino ratioReturn per unit of downside risk | -2.79 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.24 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | 2.47 | -3.00 |
| Martin ratioReturn relative to average drawdown | -1.04 | 5.45 | -6.49 |
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Drawdowns
PEX vs. CAOS - Drawdown Comparison
The maximum PEX drawdown since its inception was -49.17%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for PEX and CAOS.
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Drawdown Indicators
| PEX | CAOS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.17% | -3.89% | -45.28% |
Max Drawdown (1Y)Largest decline over 1 year | -21.09% | -0.76% | -20.33% |
Max Drawdown (3Y)Largest decline over 3 years | -24.72% | -3.60% | -21.12% |
Max Drawdown (5Y)Largest decline over 5 years | -36.58% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -49.17% | — | — |
Current DrawdownCurrent decline from peak | -15.79% | -1.13% | -14.66% |
Average DrawdownAverage peak-to-trough decline | -8.34% | -0.92% | -7.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.79% | 0.34% | +10.45% |
Volatility
PEX vs. CAOS - Volatility Comparison
ProShares Global Listed Private Equity ETF (PEX) has a higher volatility of 3.74% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that PEX'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
| PEX | CAOS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.74% | 0.51% | +3.23% |
Volatility (6M)Calculated over the trailing 6-month period | 13.32% | 1.07% | +12.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.89% | 1.57% | +14.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.99% | 4.18% | +13.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.26% | 4.18% | +15.08% |
PEX vs. CAOS - Expense Ratio Comparison
PEX has a 3.13% expense ratio, which is higher than CAOS's 0.63% expense ratio.
Dividends
PEX vs. CAOS - Dividend Comparison
PEX's dividend yield for the trailing twelve months is around 8.52%, while CAOS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CAOS Alpha Architect Tail Risk ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PEX ProShares Global Listed Private Equity ETF | 8.52% | 12.80% | 14.11% | 13.02% | 1.77% | 13.64% | 5.52% | 7.94% | 4.72% | 24.26% | 3.24% | 12.50% |
Frequently Asked Questions
PEX and CAOS have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PEX has higher volatility (3.74%) compared to CAOS (0.51%). In terms of maximum drawdown, PEX dropped -49.17% vs CAOS's -3.89%.
On 3-year performance, PEX leads with 4.37% 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.
Over the 3-year period, PEX has performed better with a 4.37% return vs 3.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CAOS is cheaper with a 0.63% expense ratio, compared with 3.13% for PEX.
PEX has the higher dividend yield at 8.52%, compared with 0.00% for CAOS.
PEX is categorized as Financials Equities, while CAOS is Options Trading. They also come from different issuers: ProShares and Alpha Architect. Their fees differ too: 3.13% for PEX and 0.63% for CAOS.
CAOS currently has the higher Sharpe Ratio (1.19 vs -0.71), 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.
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