SHDG vs. CAOS

Last updated Apr 1, 2026

Compare and contrast key facts about Soundwatch Hedged Equity ETF (SHDG) and Alpha Architect Tail Risk ETF (CAOS).

SHDG and CAOS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SHDG is an actively managed fund by SoundWatch Capital. It was launched on Nov 30, 2016. CAOS is an actively managed fund by Alpha Architect. It was launched on Aug 14, 2013.

Performance

SHDG vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Soundwatch Hedged Equity ETF (SHDG) and Alpha Architect Tail Risk ETF (CAOS). The values are adjusted to include any dividend payments, if applicable.

SHDG vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHDG Soundwatch Hedged Equity ETF	-4.91%	11.46%	19.66%	12.65%
CAOS Alpha Architect Tail Risk ETF	1.10%	2.55%	5.33%	7.97%

Returns By Period

In the year-to-date period, SHDG achieves a -4.91% return, which is significantly lower than CAOS's 1.10% return.

SHDG

• 1D: 0.19%
• 1M: -5.49%
• YTD: -4.91%
• 6M: -2.56%
• 1Y: 10.92%
• 3Y*: 11.83%
• 5Y*: —
• 10Y*: —

CAOS

• 1D: 0.07%
• 1M: 0.43%
• YTD: 1.10%
• 6M: 1.37%
• 1Y: 3.19%
• 3Y*: 5.46%
• 5Y*: —
• 10Y*: —

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

SHDG vs. CAOS - Expense Ratio Comparison

SHDG has a 0.53% expense ratio, which is lower than CAOS's 0.63% expense ratio.

CAOS

Alpha Architect Tail Risk ETF

SHDG

Soundwatch Hedged Equity ETF

Return for Risk

SHDG vs. CAOS — Risk / Return Rank

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

SHDG

SHDG Risk / Return Rank: 50
SHDG Sharpe Ratio Rank: 46
SHDG Sortino Ratio Rank: 47
SHDG Omega Ratio Rank: 53
SHDG Calmar Ratio Rank: 45
SHDG Martin Ratio Rank: 58

CAOS

CAOS Risk / Return Rank: 41
CAOS Sharpe Ratio Rank: 39
CAOS Sortino Ratio Rank: 36
CAOS Omega Ratio Rank: 72
CAOS Calmar Ratio Rank: 35
CAOS Martin Ratio Rank: 23

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.

SHDG vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Soundwatch Hedged Equity ETF (SHDG) 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.

	SHDG	CAOS	Difference
Sharpe ratio Return per unit of total volatility	0.84	0.69	+0.16
Sortino ratio Return per unit of downside risk	1.30	0.97	+0.33
Omega ratio Gain probability vs. loss probability	1.20	1.26	-0.06
Calmar ratio Return relative to maximum drawdown	1.19	0.83	+0.36
Martin ratio Return relative to average drawdown	5.73	1.38	+4.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHDG vs. CAOS - Sharpe Ratio Comparison

The current SHDG Sharpe Ratio is 0.84, which is comparable to the CAOS Sharpe Ratio of 0.69. The chart below compares the historical Sharpe Ratios of SHDG and CAOS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SHDG	CAOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.84	0.69	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	1.19	1.27	-0.08

Correlation

The correlation between SHDG and CAOS is 0.14, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

SHDG vs. CAOS - Dividend Comparison

SHDG's dividend yield for the trailing twelve months is around 0.52%, while CAOS has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022
SHDG Soundwatch Hedged Equity ETF	0.52%	0.49%	0.62%	1.24%	0.90%
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

SHDG vs. CAOS - Drawdown Comparison

The maximum SHDG drawdown since its inception was -15.82%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for SHDG and CAOS.

Drawdown Indicators

	SHDG	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-15.82%	-3.60%	-12.22%
Max Drawdown (1Y) Largest decline over 1 year	-9.00%	-3.60%	-5.40%
Current Drawdown Current decline from peak	-6.45%	-0.80%	-5.65%
Average Drawdown Average peak-to-trough decline	-1.71%	-0.90%	-0.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.87%	2.18%	-0.31%

Volatility

SHDG vs. CAOS - Volatility Comparison

Soundwatch Hedged Equity ETF (SHDG) has a higher volatility of 2.78% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.74%. This indicates that SHDG'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

	SHDG	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.78%	0.74%	+2.04%
Volatility (6M) Calculated over the trailing 6-month period	6.70%	1.30%	+5.40%
Volatility (1Y) Calculated over the trailing 1-year period	12.99%	4.68%	+8.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.22%	4.37%	+6.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.22%	4.37%	+6.85%