PSP vs. CAOS
PSP (Invesco Global Listed Private Equity ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - PSP is a Global Equities fund tracking the Red Rocks Global Listed Private Equity Index, while CAOS is a Options Trading fund actively managed by Alpha Architect. PSP is passively managed, while CAOS is actively managed. Over the past 3 years, PSP returned 9.22%/yr vs 3.48%/yr for CAOS. Their 0.03 correlation means their historical movements had little consistent relationship. PSP charges 1.44%/yr vs 0.63%/yr for CAOS.
Performance
PSP vs. CAOS - Performance Comparison
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Returns By Period
In the year-to-date period, PSP achieves a -9.07% return, which is significantly lower than CAOS's 0.76% return.
PSP
- 1D
- -0.43%
- 1M
- 6.04%
- 6M
- -9.78%
- YTD
- -9.07%
- 1Y
- -9.44%
- 3Y*
- 9.22%
- 5Y*
- 0.04%
- 10Y*
- 8.10%
- ALL TIME*
- 2.48%
CAOS
- 1D
- -0.06%
- 1M
- 0.20%
- 6M
- 0.16%
- YTD
- 0.76%
- 1Y
- 1.86%
- 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 | |
| $1.20M | $1.24M | $2.68M |
PSP vs. CAOS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PSP Invesco Global Listed Private Equity ETF | -9.07% | 6.49% | 17.42% | 20.60% |
CAOS Alpha Architect Tail Risk ETF | 0.76% | 2.55% | 5.33% | 7.43% |
Correlation
The correlation between PSP and CAOS is -0.33, 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. | -0.33 |
Correlation (3Y) Balances recent behavior with more history. | -0.09 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023 | 0.03 |
The correlation between PSP and CAOS shifts across timeframes, from -0.33 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PSP vs. CAOS — Risk / Return Rank
PSP
CAOS
PSP vs. CAOS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Global Listed Private Equity ETF (PSP) 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.
| PSP | CAOS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.66 | ||
| Sortino ratioReturn per unit of downside risk | -2.41 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.24 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.43 | 2.47 | -2.90 |
| Martin ratioReturn relative to average drawdown | -0.81 | 5.45 | -6.26 |
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Drawdowns
PSP vs. CAOS - Drawdown Comparison
The maximum PSP drawdown since its inception was -85.40%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for PSP and CAOS.
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Drawdown Indicators
| PSP | CAOS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.40% | -3.89% | -81.51% |
Max Drawdown (1Y)Largest decline over 1 year | -22.27% | -0.76% | -21.51% |
Max Drawdown (3Y)Largest decline over 3 years | -22.94% | -3.60% | -19.34% |
Max Drawdown (5Y)Largest decline over 5 years | -47.16% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -47.16% | — | — |
Current DrawdownCurrent decline from peak | -13.51% | -1.13% | -12.38% |
Average DrawdownAverage peak-to-trough decline | -30.58% | -0.92% | -29.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.63% | 0.34% | +11.29% |
Volatility
PSP vs. CAOS - Volatility Comparison
Invesco Global Listed Private Equity ETF (PSP) has a higher volatility of 4.92% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that PSP'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
| PSP | CAOS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.92% | 0.51% | +4.41% |
Volatility (6M)Calculated over the trailing 6-month period | 16.69% | 1.07% | +15.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.19% | 1.57% | +18.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.88% | 4.18% | +19.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.30% | 4.18% | +18.12% |
PSP vs. CAOS - Expense Ratio Comparison
PSP has a 1.44% expense ratio, which is higher than CAOS's 0.63% expense ratio.
Dividends
PSP vs. CAOS - Dividend Comparison
PSP's dividend yield for the trailing twelve months is around 5.99%, 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% |
PSP Invesco Global Listed Private Equity ETF | 5.99% | 5.87% | 8.62% | 3.96% | 2.88% | 10.34% | 4.66% | 5.87% | 6.81% | 10.18% | 4.12% | 6.23% |
Frequently Asked Questions
PSP and CAOS have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PSP has higher volatility (4.92%) compared to CAOS (0.51%). In terms of maximum drawdown, PSP dropped -85.40% vs CAOS's -3.89%.
On 3-year performance, PSP leads with 9.22% 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, PSP has performed better with a 9.22% 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 1.44% for PSP.
PSP has the higher dividend yield at 5.99%, compared with 0.00% for CAOS.
PSP is categorized as Global Equities, while CAOS is Options Trading. They also come from different issuers: Invesco and Alpha Architect. Their fees differ too: 1.44% for PSP and 0.63% for CAOS.
CAOS currently has the higher Sharpe Ratio (1.19 vs -0.47), 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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