PSMR vs. CAOS

Last updated Aug 2, 2026

PSMR (Pacer Swan SOS Moderate (April) ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - PSMR is a Defined Outcome fund actively managed by Pacer, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past 3 years, PSMR returned 10.88%/yr vs 3.48%/yr for CAOS. Their 0.10 correlation means their historical movements had little consistent relationship. PSMR charges 0.61%/yr vs 0.63%/yr for CAOS.

Performance

PSMR vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer Swan SOS Moderate (April) ETF (PSMR) 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, PSMR achieves a 8.76% return, which is significantly higher than CAOS's 0.76% return.

PSMR

• 1D: 0.35%
• 1M: 0.70%
• 6M: 8.10%
• YTD: 8.76%
• 1Y: 13.45%
• 3Y*: 10.88%
• 5Y*: 8.47%
• 10Y*: —
• ALL TIME*: 8.69%

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
PSMR Pacer Swan SOS Moderate (April) ETF	$7.64K	$9.12K	$119.55K

PSMR vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PSMR Pacer Swan SOS Moderate (April) ETF	8.76%	6.74%	11.99%	12.50%
CAOS Alpha Architect Tail Risk ETF	0.76%	2.55%	5.33%	7.43%

Correlation

The correlation between PSMR 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.	-0.36
Correlation (3Y) Balances recent behavior with more history.	-0.04
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023	0.10

The correlation between PSMR and CAOS shifts across timeframes, from -0.36 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PSMR vs. CAOS — Risk / Return Rank

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

PSMR

PSMR Risk / Return Rank: 98
PSMR Sharpe Ratio Rank: 97
PSMR Sortino Ratio Rank: 98
PSMR Omega Ratio Rank: 97
PSMR Calmar Ratio Rank: 98
PSMR Martin Ratio Rank: 98

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.

PSMR vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer Swan SOS Moderate (April) ETF (PSMR) 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.

	PSMR	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	3.50	1.19	+2.31
Sortino ratio: Return per unit of downside risk	5.73	1.89	+3.84
Omega ratio: Gain probability vs. loss probability	1.75	1.24	+0.51
Calmar ratio: Return relative to maximum drawdown	11.97	2.47	+9.50
Martin ratio: Return relative to average drawdown	52.08	5.45	+46.63

PSMR vs. CAOS - Sharpe Ratio Comparison

The current PSMR Sharpe Ratio is 3.50, which is higher than the CAOS Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of PSMR 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

PSMR vs. CAOS - Drawdown Comparison

The maximum PSMR drawdown since its inception was -11.78%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for PSMR and CAOS.

Drawdown Indicators

	PSMR	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-11.78%	-3.89%	-7.89%
Max Drawdown (1Y) Largest decline over 1 year	-1.09%	-0.76%	-0.33%
Max Drawdown (3Y) Largest decline over 3 years	-11.78%	-3.60%	-8.18%
Max Drawdown (5Y) Largest decline over 5 years	-11.78%	—	—
Current Drawdown Current decline from peak	0.00%	-1.13%	+1.13%
Average Drawdown Average peak-to-trough decline	-1.62%	-0.92%	-0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.25%	0.34%	-0.09%

Volatility

PSMR vs. CAOS - Volatility Comparison

Pacer Swan SOS Moderate (April) ETF (PSMR) has a higher volatility of 1.08% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that PSMR'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

	PSMR	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	0.51%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	3.03%	1.07%	+1.96%
Volatility (1Y) Calculated over the trailing 1-year period	3.72%	1.57%	+2.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.49%	4.18%	+4.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.33%	4.18%	+4.15%

PSMR vs. CAOS - Expense Ratio Comparison

PSMR has a 0.61% expense ratio, which is lower than CAOS's 0.63% expense ratio.

Dividends

PSMR vs. CAOS - Dividend Comparison

Neither PSMR nor CAOS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PSMR and CAOS in my portfolio?

PSMR 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, PSMR or CAOS?

PSMR has higher volatility (1.08%) compared to CAOS (0.51%). In terms of maximum drawdown, PSMR dropped -11.78% vs CAOS's -3.89%.

Which ETF is better, PSMR or CAOS?

On 3-year performance, PSMR leads with 10.88% vs 3.48% for CAOS. On fees, PSMR is cheaper at 0.61% 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, PSMR or CAOS?

Over the 3-year period, PSMR has performed better with a 10.88% return vs 3.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSMR or CAOS?

PSMR is cheaper with a 0.61% expense ratio, compared with 0.63% for CAOS.

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

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

What is the main difference between PSMR and CAOS?

PSMR is categorized as Defined Outcome, while CAOS is Options Trading. They also come from different issuers: Pacer and Alpha Architect. Their fees differ too: 0.61% for PSMR and 0.63% for CAOS.

Which has better risk-adjusted returns?

PSMR currently has the higher Sharpe Ratio (3.50 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.