QQQY vs. CAOS

Last updated Jul 16, 2026

QQQY (Defiance Nasdaq 100 Enhanced Options Income ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - QQQY is a Nasdaq-100 fund actively managed by Defiance, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past year, QQQY returned 26.50% vs 2.02% for CAOS. At a correlation of -0.15, they often move in opposite directions. QQQY charges 0.99%/yr vs 0.63%/yr for CAOS.

Performance

QQQY vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY) 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, QQQY achieves a 16.28% return, which is significantly higher than CAOS's 0.84% return.

QQQY

• 1D: -0.13%
• 1M: -2.26%
• 6M: 14.97%
• YTD: 16.28%
• 1Y: 26.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAOS

• 1D: 0.06%
• 1M: 0.12%
• 6M: 0.30%
• YTD: 0.84%
• 1Y: 2.02%
• 3Y*: 3.63%
• 5Y*: —
• 10Y*: —

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

QQQY vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	16.28%	14.96%	7.70%	7.19%
CAOS Alpha Architect Tail Risk ETF	0.84%	2.55%	5.33%	1.55%

Correlation

The correlation between QQQY and CAOS is -0.36, 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	-0.36
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	-0.15

Over the past year, the inverse relationship between QQQY and CAOS has strengthened: their correlation has moved from -0.15 to -0.36, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

QQQY vs. CAOS — Risk / Return Rank

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

QQQY

QQQY Risk / Return Rank: 60
QQQY Sharpe Ratio Rank: 60
QQQY Sortino Ratio Rank: 53
QQQY Omega Ratio Rank: 62
QQQY Calmar Ratio Rank: 59
QQQY Martin Ratio Rank: 66

CAOS

CAOS Risk / Return Rank: 53
CAOS Sharpe Ratio Rank: 46
CAOS Sortino Ratio Rank: 52
CAOS Omega Ratio Rank: 53
CAOS Calmar Ratio Rank: 67
CAOS Martin Ratio Rank: 45

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.

QQQY vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY) 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.

	QQQY	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	1.61	1.31	+0.30
Sortino ratio: Return per unit of downside risk	2.11	2.09	+0.02
Omega ratio: Gain probability vs. loss probability	1.30	1.27	+0.03
Calmar ratio: Return relative to maximum drawdown	2.39	2.68	-0.29
Martin ratio: Return relative to average drawdown	9.37	6.06	+3.31

QQQY vs. CAOS - Sharpe Ratio Comparison

The current QQQY Sharpe Ratio is 1.61, which is comparable to the CAOS Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of QQQY 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

QQQY vs. CAOS - Drawdown Comparison

The maximum QQQY drawdown since its inception was -19.05%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for QQQY and CAOS.

Drawdown Indicators

	QQQY	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-19.05%	-3.89%	-15.16%
Max Drawdown (1Y) Largest decline over 1 year	-11.14%	-0.76%	-10.38%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-2.70%	-1.04%	-1.66%
Average Drawdown Average peak-to-trough decline	-2.91%	-0.92%	-1.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.84%	0.33%	+2.51%

Volatility

QQQY vs. CAOS - Volatility Comparison

Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY) has a higher volatility of 7.69% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.48%. This indicates that QQQY'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

	QQQY	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.69%	0.48%	+7.21%
Volatility (6M) Calculated over the trailing 6-month period	14.51%	1.09%	+13.42%
Volatility (1Y) Calculated over the trailing 1-year period	16.58%	1.56%	+15.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.55%	4.20%	+11.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.55%	4.20%	+11.35%

QQQY vs. CAOS - Expense Ratio Comparison

QQQY has a 0.99% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

QQQY vs. CAOS - Dividend Comparison

QQQY's dividend yield for the trailing twelve months is around 36.30%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%	0.00%
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	36.30%	45.34%	83.34%	20.64%

Frequently Asked Questions

Can I hold both QQQY and CAOS in my portfolio?

QQQY 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, QQQY or CAOS?

QQQY has higher volatility (7.69%) compared to CAOS (0.48%). In terms of maximum drawdown, QQQY dropped -19.05% vs CAOS's -3.89%.

Which ETF is better, QQQY or CAOS?

On 1-year performance, QQQY leads with 26.50% vs 2.02% for CAOS. On fees, CAOS is cheaper at 0.63% per year. On volatility, CAOS has been the lower-risk option at 0.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQQY or CAOS?

Over the 1-year period, QQQY has performed better with a 26.50% return vs 2.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQQY or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.99% for QQQY.

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

QQQY has the higher dividend yield at 36.30%, compared with 0.00% for CAOS.

What is the main difference between QQQY and CAOS?

QQQY is categorized as Nasdaq-100, while CAOS is Options Trading. They also come from different issuers: Defiance and Alpha Architect. Their fees differ too: 0.99% for QQQY and 0.63% for CAOS.

Which has better risk-adjusted returns?

QQQY currently has the higher Sharpe Ratio (1.61 vs 1.31), 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.