SHY vs. CAOS
SHY (iShares 1-3 Year Treasury Bond ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - SHY is a Government Bonds fund tracking the ICE US Treasury 1-3 Year Index, while CAOS is a Options Trading fund actively managed by Alpha Architect. SHY is passively managed, while CAOS is actively managed. Over the past 3 years, SHY returned 4.19%/yr vs 3.48%/yr for CAOS. Their 0.01 correlation means their historical movements had little consistent relationship. SHY charges 0.15%/yr vs 0.63%/yr for CAOS.
Performance
SHY vs. CAOS - Performance Comparison
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Returns By Period
As of year-to-date, both investments have demonstrated similar returns, with SHY at 0.76% and CAOS at 0.76%.
SHY
- 1D
- -0.01%
- 1M
- 0.07%
- 6M
- 0.55%
- YTD
- 0.76%
- 1Y
- 2.53%
- 3Y*
- 4.19%
- 5Y*
- 1.78%
- 10Y*
- 1.65%
- ALL TIME*
- 1.95%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.81M | $5.39M | $5.09M | |
| $257.73M | $267.74M | $273.79M |
SHY vs. CAOS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SHY iShares 1-3 Year Treasury Bond ETF | 0.76% | 4.95% | 3.92% | 4.29% |
CAOS Alpha Architect Tail Risk ETF | 0.76% | 2.55% | 5.33% | 7.43% |
Correlation
The correlation between SHY and CAOS is -0.00, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.00 |
Correlation (3Y) Balances recent behavior with more history. | 0.08 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023 | 0.01 |
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Return for Risk
SHY vs. CAOS — Risk / Return Rank
SHY
CAOS
SHY vs. CAOS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 1-3 Year Treasury Bond ETF (SHY) 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.
| SHY | CAOS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.02 | ||
| Sortino ratioReturn per unit of downside risk | +1.62 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.24 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 3.43 | 2.47 | +0.96 |
| Martin ratioReturn relative to average drawdown | 13.40 | 5.45 | +7.95 |
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Drawdowns
SHY vs. CAOS - Drawdown Comparison
The maximum SHY drawdown since its inception was -5.71%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for SHY and CAOS.
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Drawdown Indicators
| SHY | CAOS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.71% | -3.89% | -1.82% |
Max Drawdown (1Y)Largest decline over 1 year | -0.89% | -0.76% | -0.13% |
Max Drawdown (3Y)Largest decline over 3 years | -0.97% | -3.60% | +2.63% |
Max Drawdown (5Y)Largest decline over 5 years | -5.67% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -5.71% | — | — |
Current DrawdownCurrent decline from peak | -0.01% | -1.13% | +1.12% |
Average DrawdownAverage peak-to-trough decline | -0.52% | -0.92% | +0.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.23% | 0.34% | -0.11% |
Volatility
SHY vs. CAOS - Volatility Comparison
The current volatility for iShares 1-3 Year Treasury Bond ETF (SHY) is 0.38%, while Alpha Architect Tail Risk ETF (CAOS) has a volatility of 0.51%. This indicates that SHY experiences smaller price fluctuations and is considered to be less risky than CAOS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHY | CAOS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.38% | 0.51% | -0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 1.07% | 1.07% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.38% | 1.57% | -0.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.00% | 4.18% | -2.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.57% | 4.18% | -2.61% |
SHY vs. CAOS - Expense Ratio Comparison
SHY has a 0.15% expense ratio, which is lower than CAOS's 0.63% expense ratio.
Dividends
SHY vs. CAOS - Dividend Comparison
SHY's dividend yield for the trailing twelve months is around 3.65%, while CAOS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
SHY iShares 1-3 Year Treasury Bond ETF | 3.32% | 3.81% | 3.92% | 2.99% | 1.30% | 0.26% | 0.94% | 2.12% | 1.72% | 0.98% | 0.71% | 0.54% |
Frequently Asked Questions
SHY and CAOS have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CAOS has higher volatility (0.51%) compared to SHY (0.38%). In terms of maximum drawdown, SHY dropped -5.71% vs CAOS's -3.89%.
On 3-year performance, SHY leads with 4.19% vs 3.48% for CAOS. On fees, SHY is cheaper at 0.15% per year. On volatility, SHY has been the lower-risk option at 0.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SHY has performed better with a 4.19% return vs 3.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHY is cheaper with a 0.15% expense ratio, compared with 0.63% for CAOS.
SHY has the higher dividend yield at 3.32%, compared with 0.00% for CAOS.
SHY is categorized as Government Bonds, while CAOS is Options Trading. They also come from different issuers: iShares and Alpha Architect. Their fees differ too: 0.15% for SHY and 0.63% for CAOS.
SHY currently has the higher Sharpe Ratio (2.21 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.
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