QVAL vs. CAOS

Last updated Jun 4, 2026

QVAL (Alpha Architect U.S. Quantitative Value ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - QVAL is a Mid Cap Value Equities fund actively managed by Alpha Architect, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past 3 years, QVAL returned 21.66%/yr vs 4.26%/yr for CAOS. At a 0.03 correlation, their price movements are largely independent. QVAL charges 0.28%/yr vs 0.63%/yr for CAOS.

Performance

QVAL vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alpha Architect U.S. Quantitative Value ETF (QVAL) 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, QVAL achieves a 14.68% return, which is significantly higher than CAOS's 0.82% return.

QVAL

• 1D: -0.23%
• 1M: 4.34%
• YTD: 14.68%
• 6M: 15.27%
• 1Y: 29.65%
• 3Y*: 21.66%
• 5Y*: 12.15%
• 10Y*: 11.64%

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)

QVAL vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
QVAL Alpha Architect U.S. Quantitative Value ETF	14.68%	10.98%	12.21%	15.46%
CAOS Alpha Architect Tail Risk ETF	0.82%	2.55%	5.33%	7.97%

Correlation

The correlation between QVAL and CAOS is -0.26, 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	-0.26
Correlation (3Y) Calculated over the trailing 3-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Mar 7, 2023	0.03

The correlation between QVAL and CAOS shifts across timeframes, from -0.26 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.

QVAL vs. CAOS - Sectors Allocation Comparison

Sectors	QVAL	CAOS
Consumer Cyclical	32.4%	10.0%
Technology	16.7%	33.1%
Industrials	15.0%	8.5%
Healthcare	11.1%	9.6%
Consumer Defensive	7.9%	5.4%
Basic Materials	7.6%	1.9%
Energy	5.5%	4.1%
Communication Services	3.8%	10.4%
Real Estate	2.0%	2.0%
Financial Services	-	12.4%
Utilities	-	2.6%

Return for Risk

QVAL vs. CAOS — Risk / Return Rank

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

QVAL

QVAL Risk / Return Rank: 69
QVAL Sharpe Ratio Rank: 60
QVAL Sortino Ratio Rank: 69
QVAL Omega Ratio Rank: 57
QVAL Calmar Ratio Rank: 86
QVAL Martin Ratio Rank: 73

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.

QVAL vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alpha Architect U.S. Quantitative Value ETF (QVAL) 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.

	QVAL	CAOS	Difference
Sharpe ratio Return per unit of total volatility	2.07	1.24	+0.83
Sortino ratio Return per unit of downside risk	3.21	1.98	+1.23
Omega ratio Gain probability vs. loss probability	1.35	1.26	+0.10
Calmar ratio Return relative to maximum drawdown	4.93	2.49	+2.44
Martin ratio Return relative to average drawdown	13.98	6.22	+7.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QVAL vs. CAOS - Sharpe Ratio Comparison

The current QVAL Sharpe Ratio is 2.07, which is higher than the CAOS Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of QVAL 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

	QVAL	CAOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	1.24	+0.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	1.21	-0.72

Drawdowns

QVAL vs. CAOS - Drawdown Comparison

The maximum QVAL drawdown since its inception was -51.49%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for QVAL and CAOS.

Drawdown Indicators

	QVAL	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-51.49%	-3.60%	-47.89%
Max Drawdown (1Y) Largest decline over 1 year	-6.04%	-0.76%	-5.28%
Max Drawdown (3Y) Largest decline over 3 years	-21.41%	-3.60%	-17.81%
Max Drawdown (5Y) Largest decline over 5 years	-27.17%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-51.49%	—	—
Current Drawdown Current decline from peak	-0.78%	-1.07%	+0.29%
Average Drawdown Average peak-to-trough decline	-7.80%	-0.90%	-6.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	0.30%	+1.83%

Volatility

QVAL vs. CAOS - Volatility Comparison

Alpha Architect U.S. Quantitative Value ETF (QVAL) has a higher volatility of 4.16% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.26%. This indicates that QVAL'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

	QVAL	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.16%	0.26%	+3.90%
Volatility (6M) Calculated over the trailing 6-month period	10.06%	1.03%	+9.03%
Volatility (1Y) Calculated over the trailing 1-year period	14.44%	1.52%	+12.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.63%	4.26%	+17.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.79%	4.26%	+18.53%

QVAL vs. CAOS - Expense Ratio Comparison

QVAL has a 0.28% expense ratio, which is lower than CAOS's 0.63% expense ratio.

Dividends

QVAL vs. CAOS - Dividend Comparison

QVAL's dividend yield for the trailing twelve months is around 1.46%, 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%
QVAL Alpha Architect U.S. Quantitative Value ETF	1.46%	1.44%	1.72%	1.76%	2.00%	1.23%	1.86%	1.99%	1.64%	1.08%	1.30%

Frequently Asked Questions

Can I hold both QVAL and CAOS in my portfolio?

QVAL and CAOS have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QVAL or CAOS?

QVAL has higher volatility (4.16%) compared to CAOS (0.26%). In terms of maximum drawdown, QVAL dropped -51.49% vs CAOS's -3.60%.

Which ETF is better, QVAL or CAOS?

On 3-year performance, QVAL leads with 21.66% vs 4.26% for CAOS. On fees, QVAL is cheaper at 0.28% per year. On volatility, CAOS has been the lower-risk option at 0.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QVAL or CAOS?

Over the 3-year period, QVAL has performed better with a 21.66% return vs 4.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QVAL or CAOS?

QVAL is cheaper with a 0.28% expense ratio, compared with 0.63% for CAOS.

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

QVAL has the higher dividend yield at 1.46%, compared with 0.00% for CAOS.

What is the main difference between QVAL and CAOS?

QVAL is categorized as Mid Cap Value Equities, while CAOS is Options Trading. Their fees differ too: 0.28% for QVAL and 0.63% for CAOS.

Which has better risk-adjusted returns?

QVAL currently has the higher Sharpe Ratio (2.07 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.