SDVD vs. CAOS

Last updated Jun 4, 2026

SDVD (FT Vest SMID Rising Dividend Achievers Target Income ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - SDVD is a Derivative Income fund tracking the Nasdaq US Small-Mid Cap Rising Dividend Achievers Index, while CAOS is a Options Trading fund actively managed by Alpha Architect. SDVD is passively managed, while CAOS is actively managed. Over the past year, SDVD returned 19.64% vs 1.88% for CAOS. At a correlation of -0.10, they often move in opposite directions. SDVD charges 0.85%/yr vs 0.63%/yr for CAOS.

Performance

SDVD vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest SMID Rising Dividend Achievers Target Income ETF (SDVD) 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, SDVD achieves a 7.75% return, which is significantly higher than CAOS's 0.82% return.

SDVD

• 1D: -0.22%
• 1M: -1.53%
• YTD: 7.75%
• 6M: 8.14%
• 1Y: 19.64%
• 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)

SDVD vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SDVD FT Vest SMID Rising Dividend Achievers Target Income ETF	7.75%	8.66%	11.82%	10.25%
CAOS Alpha Architect Tail Risk ETF	0.82%	2.55%	5.33%	2.03%

Correlation

The correlation between SDVD and CAOS is -0.27, 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	-0.27
Correlation (All Time) Calculated using the full available price history since Aug 11, 2023	-0.10

The correlation between SDVD and CAOS shifts across timeframes, from -0.27 (1 year) to -0.10 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SDVD vs. CAOS — Risk / Return Rank

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

SDVD

SDVD Risk / Return Rank: 43
SDVD Sharpe Ratio Rank: 39
SDVD Sortino Ratio Rank: 43
SDVD Omega Ratio Rank: 38
SDVD Calmar Ratio Rank: 47
SDVD Martin Ratio Rank: 47

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.

SDVD vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest SMID Rising Dividend Achievers Target Income ETF (SDVD) 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.

	SDVD	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.24	+0.14
Sortino ratio: Return per unit of downside risk	2.13	1.98	+0.15
Omega ratio: Gain probability vs. loss probability	1.25	1.26	-0.01
Calmar ratio: Return relative to maximum drawdown	2.25	2.49	-0.24
Martin ratio: Return relative to average drawdown	7.65	6.22	+1.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SDVD vs. CAOS - Sharpe Ratio Comparison

The current SDVD Sharpe Ratio is 1.38, which is comparable to the CAOS Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of SDVD 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

	SDVD	CAOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	1.24	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	1.21	-0.44

Drawdowns

SDVD vs. CAOS - Drawdown Comparison

The maximum SDVD drawdown since its inception was -24.17%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for SDVD and CAOS.

Drawdown Indicators

	SDVD	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-24.17%	-3.60%	-20.57%
Max Drawdown (1Y) Largest decline over 1 year	-8.76%	-0.76%	-8.00%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-3.31%	-1.07%	-2.24%
Average Drawdown Average peak-to-trough decline	-4.86%	-0.90%	-3.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	0.30%	+2.27%

Volatility

SDVD vs. CAOS - Volatility Comparison

FT Vest SMID Rising Dividend Achievers Target Income ETF (SDVD) has a higher volatility of 3.78% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.26%. This indicates that SDVD'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

	SDVD	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.78%	0.26%	+3.52%
Volatility (6M) Calculated over the trailing 6-month period	10.33%	1.03%	+9.30%
Volatility (1Y) Calculated over the trailing 1-year period	14.31%	1.52%	+12.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.19%	4.26%	+13.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.19%	4.26%	+13.93%

SDVD vs. CAOS - Expense Ratio Comparison

SDVD has a 0.85% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

SDVD vs. CAOS - Dividend Comparison

SDVD's dividend yield for the trailing twelve months is around 8.95%, 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%
SDVD FT Vest SMID Rising Dividend Achievers Target Income ETF	8.95%	8.36%	9.26%	3.18%

Frequently Asked Questions

Can I hold both SDVD and CAOS in my portfolio?

SDVD and CAOS have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SDVD or CAOS?

SDVD has higher volatility (3.78%) compared to CAOS (0.26%). In terms of maximum drawdown, SDVD dropped -24.17% vs CAOS's -3.60%.

Which ETF is better, SDVD or CAOS?

On 1-year performance, SDVD leads with 19.64% vs 1.88% for CAOS. On fees, CAOS is cheaper at 0.63% 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, SDVD or CAOS?

Over the 1-year period, SDVD has performed better with a 19.64% return vs 1.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SDVD or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.85% for SDVD.

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

SDVD has the higher dividend yield at 8.95%, compared with 0.00% for CAOS.

What is the main difference between SDVD and CAOS?

SDVD is categorized as Derivative Income, while CAOS is Options Trading. They also come from different issuers: First Trust and Alpha Architect. Their fees differ too: 0.85% for SDVD and 0.63% for CAOS.

Which has better risk-adjusted returns?

SDVD currently has the higher Sharpe Ratio (1.38 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.