ROE vs. CAOS

Last updated Aug 2, 2026

ROE (Astoria US Equal Weight Quality Kings ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - ROE is a Quality Factor fund actively managed by Astoria, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past 3 years, ROE returned 20.30%/yr vs 3.48%/yr for CAOS. Their -0.10 correlation means they have often moved in opposite directions in the past. ROE charges 0.49%/yr vs 0.63%/yr for CAOS.

Performance

ROE vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Astoria US Equal Weight Quality Kings ETF (ROE) 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, ROE achieves a 20.35% return, which is significantly higher than CAOS's 0.76% return.

ROE

• 1D: 0.50%
• 1M: 0.63%
• 6M: 16.21%
• YTD: 20.35%
• 1Y: 33.36%
• 3Y*: 20.30%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.32%

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
ROE Astoria US Equal Weight Quality Kings ETF	$1.20M	$1.18M	$910.23K

ROE vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ROE Astoria US Equal Weight Quality Kings ETF	20.35%	17.20%	18.34%	4.31%
CAOS Alpha Architect Tail Risk ETF	0.76%	2.55%	5.33%	1.86%

Correlation

The correlation between ROE and CAOS is -0.36, 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.	-0.36
Correlation (3Y) Balances recent behavior with more history.	-0.10
Correlation (All Time) Calculated using the full available price history since Aug 1, 2023	-0.10

Over the past year, the inverse relationship between ROE and CAOS has strengthened: their correlation has moved from -0.10 to -0.36, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

ROE vs. CAOS — Risk / Return Rank

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

ROE

ROE Risk / Return Rank: 88
ROE Sharpe Ratio Rank: 88
ROE Sortino Ratio Rank: 86
ROE Omega Ratio Rank: 85
ROE Calmar Ratio Rank: 89
ROE Martin Ratio Rank: 92

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.

ROE vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Astoria US Equal Weight Quality Kings ETF (ROE) 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.

	ROE	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	2.14	1.19	+0.95
Sortino ratio: Return per unit of downside risk	2.88	1.89	+0.99
Omega ratio: Gain probability vs. loss probability	1.37	1.24	+0.13
Calmar ratio: Return relative to maximum drawdown	3.72	2.47	+1.25
Martin ratio: Return relative to average drawdown	15.82	5.45	+10.37

ROE vs. CAOS - Sharpe Ratio Comparison

The current ROE Sharpe Ratio is 2.14, which is higher than the CAOS Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of ROE 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

ROE vs. CAOS - Drawdown Comparison

The maximum ROE drawdown since its inception was -19.10%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for ROE and CAOS.

Drawdown Indicators

	ROE	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-19.10%	-3.89%	-15.21%
Max Drawdown (1Y) Largest decline over 1 year	-8.66%	-0.76%	-7.90%
Max Drawdown (3Y) Largest decline over 3 years	-19.10%	-3.60%	-15.50%
Current Drawdown Current decline from peak	-1.30%	-1.13%	-0.17%
Average Drawdown Average peak-to-trough decline	-2.54%	-0.92%	-1.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	0.34%	+1.69%

Volatility

ROE vs. CAOS - Volatility Comparison

Astoria US Equal Weight Quality Kings ETF (ROE) has a higher volatility of 3.59% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that ROE'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

	ROE	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.59%	0.51%	+3.08%
Volatility (6M) Calculated over the trailing 6-month period	11.81%	1.07%	+10.74%
Volatility (1Y) Calculated over the trailing 1-year period	15.07%	1.57%	+13.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.87%	4.18%	+11.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.87%	4.18%	+11.69%

ROE vs. CAOS - Expense Ratio Comparison

ROE has a 0.49% expense ratio, which is lower than CAOS's 0.63% expense ratio.

Dividends

ROE vs. CAOS - Dividend Comparison

ROE's dividend yield for the trailing twelve months is around 1.01%, 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%
ROE Astoria US Equal Weight Quality Kings ETF	1.01%	0.97%	1.18%	0.68%

Frequently Asked Questions

Can I hold both ROE and CAOS in my portfolio?

ROE 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, ROE or CAOS?

ROE has higher volatility (3.59%) compared to CAOS (0.51%). In terms of maximum drawdown, ROE dropped -19.10% vs CAOS's -3.89%.

Which ETF is better, ROE or CAOS?

On 3-year performance, ROE leads with 20.30% vs 3.48% for CAOS. On fees, ROE is cheaper at 0.49% 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, ROE or CAOS?

Over the 3-year period, ROE has performed better with a 20.30% return vs 3.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ROE or CAOS?

ROE is cheaper with a 0.49% expense ratio, compared with 0.63% for CAOS.

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

ROE has the higher dividend yield at 1.01%, compared with 0.00% for CAOS.

What is the main difference between ROE and CAOS?

ROE is categorized as Quality Factor, while CAOS is Options Trading. They also come from different issuers: Astoria and Alpha Architect. Their fees differ too: 0.49% for ROE and 0.63% for CAOS.

Which has better risk-adjusted returns?

ROE currently has the higher Sharpe Ratio (2.14 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.