PXQ vs. CAOS
PXQ (Invesco Next Gen Connectivity ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - PXQ is a Technology Equities fund tracking the STOXX World AC NexGen Connectivity Index, while CAOS is a Options Trading fund actively managed by Alpha Architect. PXQ is passively managed, while CAOS is actively managed. Over the past 3 years, PXQ returned 33.13%/yr vs 3.48%/yr for CAOS. Their 0.02 correlation means their historical movements had little consistent relationship. PXQ charges 0.40%/yr vs 0.63%/yr for CAOS.
Performance
PXQ vs. CAOS - Performance Comparison
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Returns By Period
In the year-to-date period, PXQ achieves a 40.12% return, which is significantly higher than CAOS's 0.76% return.
PXQ
- 1D
- 0.08%
- 1M
- -4.96%
- 6M
- 31.73%
- YTD
- 40.12%
- 1Y
- 63.92%
- 3Y*
- 33.13%
- 5Y*
- 16.31%
- 10Y*
- 18.83%
- ALL TIME*
- 13.22%
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 | |
| $741.37K | $822.66K | $837.91K |
PXQ vs. CAOS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PXQ Invesco Next Gen Connectivity ETF | 40.12% | 28.65% | 19.41% | 20.67% |
CAOS Alpha Architect Tail Risk ETF | 0.76% | 2.55% | 5.33% | 7.43% |
Correlation
The correlation between PXQ and CAOS is -0.28, 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. | -0.28 |
Correlation (3Y) Balances recent behavior with more history. | -0.08 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023 | 0.02 |
The correlation between PXQ and CAOS shifts across timeframes, from -0.28 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PXQ vs. CAOS — Risk / Return Rank
PXQ
CAOS
PXQ vs. CAOS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Next Gen Connectivity ETF (PXQ) 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.
| PXQ | CAOS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.93 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.24 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.31 | 2.47 | +0.84 |
| Martin ratioReturn relative to average drawdown | 13.33 | 5.45 | +7.89 |
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Drawdowns
PXQ vs. CAOS - Drawdown Comparison
The maximum PXQ drawdown since its inception was -57.18%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for PXQ and CAOS.
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Drawdown Indicators
| PXQ | CAOS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.18% | -3.89% | -53.29% |
Max Drawdown (1Y)Largest decline over 1 year | -18.91% | -0.76% | -18.15% |
Max Drawdown (3Y)Largest decline over 3 years | -21.40% | -3.60% | -17.80% |
Max Drawdown (5Y)Largest decline over 5 years | -34.55% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -34.55% | — | — |
Current DrawdownCurrent decline from peak | -14.80% | -1.13% | -13.67% |
Average DrawdownAverage peak-to-trough decline | -10.73% | -0.92% | -9.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.68% | 0.34% | +4.34% |
Volatility
PXQ vs. CAOS - Volatility Comparison
Invesco Next Gen Connectivity ETF (PXQ) has a higher volatility of 11.26% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that PXQ'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
| PXQ | CAOS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.26% | 0.51% | +10.75% |
Volatility (6M)Calculated over the trailing 6-month period | 24.68% | 1.07% | +23.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.67% | 1.57% | +26.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.48% | 4.18% | +20.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.55% | 4.18% | +19.37% |
PXQ vs. CAOS - Expense Ratio Comparison
PXQ has a 0.40% expense ratio, which is lower than CAOS's 0.63% expense ratio.
Dividends
PXQ vs. CAOS - Dividend Comparison
PXQ's dividend yield for the trailing twelve months is around 0.68%, while CAOS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
PXQ Invesco Next Gen Connectivity ETF | 0.68% | 0.86% | 1.38% | 0.60% | 2.24% | 0.55% | 0.18% | 0.44% | 1.22% | 0.66% | 0.44% |
Frequently Asked Questions
PXQ and CAOS have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PXQ has higher volatility (11.26%) compared to CAOS (0.51%). In terms of maximum drawdown, PXQ dropped -57.18% vs CAOS's -3.89%.
On 3-year performance, PXQ leads with 33.13% vs 3.48% for CAOS. On fees, PXQ is cheaper at 0.40% 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, PXQ has performed better with a 33.13% return vs 3.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PXQ is cheaper with a 0.40% expense ratio, compared with 0.63% for CAOS.
PXQ has the higher dividend yield at 0.68%, compared with 0.00% for CAOS.
PXQ is categorized as Technology Equities, while CAOS is Options Trading. They also come from different issuers: Invesco and Alpha Architect. Their fees differ too: 0.40% for PXQ and 0.63% for CAOS.
PXQ currently has the higher Sharpe Ratio (2.27 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.
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