QHDG vs. CAOS

Last updated Jun 4, 2026

QHDG (Innovator Hedged Nasdaq-100 ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - QHDG is a Equity Hedged fund actively managed by Innovator, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past year, QHDG returned 11.61% vs 1.88% for CAOS. At a correlation of -0.32, they often move in opposite directions. QHDG charges 0.79%/yr vs 0.63%/yr for CAOS.

Performance

QHDG vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Hedged Nasdaq-100 ETF (QHDG) 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, QHDG achieves a 1.03% return, which is significantly higher than CAOS's 0.82% return.

QHDG

• 1D: -0.03%
• 1M: 0.89%
• YTD: 1.03%
• 6M: 0.25%
• 1Y: 11.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAOS

• 1D: 0.12%
• 1M: -0.09%
• YTD: 0.82%
• 6M: 0.69%
• 1Y: 1.88%
• 3Y*: 4.26%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

QHDG vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QHDG Innovator Hedged Nasdaq-100 ETF	1.03%	12.13%	6.35%
CAOS Alpha Architect Tail Risk ETF	0.82%	2.55%	2.08%

Correlation

The correlation between QHDG and CAOS is -0.33, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.33
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.32

QHDG vs. CAOS - Sectors Allocation Comparison

Sectors	QHDG	CAOS
Technology	53.8%	33.1%
Communication Services	15.8%	10.4%
Consumer Cyclical	12.3%	10.0%
Consumer Defensive	7.7%	5.4%
Healthcare	4.2%	9.6%
Industrials	2.8%	8.5%
Utilities	1.4%	2.6%
Basic Materials	1.1%	1.9%
Energy	0.6%	4.1%
Financial Services	0.2%	12.4%
Real Estate	0.1%	2.0%

Return for Risk

QHDG vs. CAOS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

QHDG

QHDG Risk / Return Rank: 37
QHDG Sharpe Ratio Rank: 38
QHDG Sortino Ratio Rank: 35
QHDG Omega Ratio Rank: 41
QHDG Calmar Ratio Rank: 34
QHDG Martin Ratio Rank: 37

CAOS

CAOS Risk / Return Rank: 40
CAOS Sharpe Ratio Rank: 34
CAOS Sortino Ratio Rank: 37
CAOS Omega Ratio Rank: 39
CAOS Calmar Ratio Rank: 49
CAOS Martin Ratio Rank: 39

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

QHDG vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Hedged Nasdaq-100 ETF (QHDG) 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.

	QHDG	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	1.33	1.24	+0.09
Sortino ratio: Return per unit of downside risk	1.81	1.98	-0.17
Omega ratio: Gain probability vs. loss probability	1.26	1.26	0.00
Calmar ratio: Return relative to maximum drawdown	1.67	2.49	-0.82
Martin ratio: Return relative to average drawdown	5.69	6.22	-0.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QHDG vs. CAOS - Sharpe Ratio Comparison

The current QHDG Sharpe Ratio is 1.33, which is comparable to the CAOS Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of QHDG 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.

Sharpe Ratios by Period

	QHDG	CAOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	1.24	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	1.21	-0.32

Drawdowns

QHDG vs. CAOS - Drawdown Comparison

The maximum QHDG drawdown since its inception was -15.29%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for QHDG and CAOS.

Drawdown Indicators

	QHDG	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-15.29%	-3.60%	-11.69%
Max Drawdown (1Y) Largest decline over 1 year	-7.00%	-0.76%	-6.24%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-1.00%	-1.07%	+0.07%
Average Drawdown Average peak-to-trough decline	-2.15%	-0.90%	-1.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	0.30%	+1.75%

Volatility

QHDG vs. CAOS - Volatility Comparison

Innovator Hedged Nasdaq-100 ETF (QHDG) and Alpha Architect Tail Risk ETF (CAOS) have volatilities of 0.26% and 0.26%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QHDG	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.26%	0.26%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	6.54%	1.03%	+5.51%
Volatility (1Y) Calculated over the trailing 1-year period	8.79%	1.52%	+7.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.44%	4.26%	+8.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.44%	4.26%	+8.18%

QHDG vs. CAOS - Expense Ratio Comparison

QHDG has a 0.79% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

QHDG vs. CAOS - Dividend Comparison

Neither QHDG nor CAOS has paid dividends to shareholders.

Position	TTM	2025	2024
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%
QHDG Innovator Hedged Nasdaq-100 ETF	0.00%	0.00%	0.02%

Frequently Asked Questions

Can I hold both QHDG and CAOS in my portfolio?

QHDG 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.

Which is riskier, QHDG or CAOS?

CAOS has higher volatility (0.26%) compared to QHDG (0.26%). In terms of maximum drawdown, QHDG dropped -15.29% vs CAOS's -3.60%.

Which ETF is better, QHDG or CAOS?

On 1-year performance, QHDG leads with 11.61% vs 1.88% for CAOS. On fees, CAOS is cheaper at 0.63% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QHDG or CAOS?

Over the 1-year period, QHDG has performed better with a 11.61% return vs 1.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QHDG or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.79% for QHDG.

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

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

What is the main difference between QHDG and CAOS?

QHDG is categorized as Equity Hedged, while CAOS is Options Trading. They also come from different issuers: Innovator and Alpha Architect. Their fees differ too: 0.79% for QHDG and 0.63% for CAOS.

Which has better risk-adjusted returns?

QHDG currently has the higher Sharpe Ratio (1.33 vs 1.24), 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.