QDEC vs. CAOS

Last updated Aug 2, 2026

QDEC (FT Vest Nasdaq-100 Buffer ETF – December) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - QDEC is a Nasdaq-100 fund actively managed by FT Vest, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past 3 years, QDEC returned 15.79%/yr vs 3.48%/yr for CAOS. Their 0.03 correlation means their historical movements had little consistent relationship. QDEC charges 0.90%/yr vs 0.63%/yr for CAOS.

Performance

QDEC vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest Nasdaq-100 Buffer ETF – December (QDEC) 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, QDEC achieves a 8.08% return, which is significantly higher than CAOS's 0.76% return.

QDEC

• 1D: 0.51%
• 1M: -0.28%
• 6M: 7.23%
• YTD: 8.08%
• 1Y: 19.47%
• 3Y*: 15.79%
• 5Y*: 9.74%
• 10Y*: —
• ALL TIME*: 10.75%

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
QDEC FT Vest Nasdaq-100 Buffer ETF – December	$1.40M	$874.77K	$1.05M

QDEC vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
QDEC FT Vest Nasdaq-100 Buffer ETF – December	8.08%	18.12%	16.40%	18.71%
CAOS Alpha Architect Tail Risk ETF	0.76%	2.55%	5.33%	7.43%

Correlation

The correlation between QDEC and CAOS is -0.35, 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.	-0.35
Correlation (3Y) Balances recent behavior with more history.	-0.08
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023	0.03

The correlation between QDEC and CAOS shifts across timeframes, from -0.35 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.

Return for Risk

QDEC vs. CAOS — Risk / Return Rank

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

QDEC

QDEC Risk / Return Rank: 75
QDEC Sharpe Ratio Rank: 75
QDEC Sortino Ratio Rank: 75
QDEC Omega Ratio Rank: 75
QDEC Calmar Ratio Rank: 67
QDEC Martin Ratio Rank: 81

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.

QDEC vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest Nasdaq-100 Buffer ETF – December (QDEC) 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.

	QDEC	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	1.71	1.19	+0.52
Sortino ratio: Return per unit of downside risk	2.44	1.89	+0.55
Omega ratio: Gain probability vs. loss probability	1.31	1.24	+0.07
Calmar ratio: Return relative to maximum drawdown	2.36	2.47	-0.11
Martin ratio: Return relative to average drawdown	10.65	5.45	+5.20

QDEC vs. CAOS - Sharpe Ratio Comparison

The current QDEC Sharpe Ratio is 1.71, which is higher than the CAOS Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of QDEC 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

QDEC vs. CAOS - Drawdown Comparison

The maximum QDEC drawdown since its inception was -25.25%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for QDEC and CAOS.

Drawdown Indicators

	QDEC	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-25.25%	-3.89%	-21.36%
Max Drawdown (1Y) Largest decline over 1 year	-7.58%	-0.76%	-6.82%
Max Drawdown (3Y) Largest decline over 3 years	-16.08%	-3.60%	-12.48%
Max Drawdown (5Y) Largest decline over 5 years	-25.25%	—	—
Current Drawdown Current decline from peak	-1.54%	-1.13%	-0.41%
Average Drawdown Average peak-to-trough decline	-4.92%	-0.92%	-4.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	0.34%	+1.34%

Volatility

QDEC vs. CAOS - Volatility Comparison

FT Vest Nasdaq-100 Buffer ETF – December (QDEC) has a higher volatility of 3.25% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that QDEC'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

	QDEC	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.25%	0.51%	+2.74%
Volatility (6M) Calculated over the trailing 6-month period	8.31%	1.07%	+7.24%
Volatility (1Y) Calculated over the trailing 1-year period	10.47%	1.57%	+8.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.80%	4.18%	+10.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.53%	4.18%	+10.35%

QDEC vs. CAOS - Expense Ratio Comparison

QDEC has a 0.90% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

QDEC vs. CAOS - Dividend Comparison

Neither QDEC nor CAOS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both QDEC and CAOS in my portfolio?

QDEC and CAOS have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QDEC or CAOS?

QDEC has higher volatility (3.25%) compared to CAOS (0.51%). In terms of maximum drawdown, QDEC dropped -25.25% vs CAOS's -3.89%.

Which ETF is better, QDEC or CAOS?

On 3-year performance, QDEC leads with 15.79% 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.

Which ETF has performed better, QDEC or CAOS?

Over the 3-year period, QDEC has performed better with a 15.79% return vs 3.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QDEC or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.90% for QDEC.

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

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

What is the main difference between QDEC and CAOS?

QDEC is categorized as Nasdaq-100, while CAOS is Options Trading. They also come from different issuers: FT Vest and Alpha Architect. Their fees differ too: 0.90% for QDEC and 0.63% for CAOS.

Which has better risk-adjusted returns?

QDEC currently has the higher Sharpe Ratio (1.71 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.