SIXJ vs. CAOS

Last updated Jun 24, 2026

SIXJ (AllianzIM U.S. Large Cap 6 Month Buffer10 Jan/Jul ETF) and CAOS (Alpha Architect Tail Risk ETF) are both Options Trading funds. SIXJ is passively managed, while CAOS is actively managed. Over the past 3 years, SIXJ returned 13.50%/yr vs 3.94%/yr for CAOS. At a 0.08 correlation, their price movements are largely independent. SIXJ charges 0.74%/yr vs 0.63%/yr for CAOS.

Performance

SIXJ vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Large Cap 6 Month Buffer10 Jan/Jul ETF (SIXJ) 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, SIXJ achieves a 5.79% return, which is significantly higher than CAOS's 0.71% return.

SIXJ

• 1D: -0.33%
• 1M: 0.54%
• YTD: 5.79%
• 6M: 6.00%
• 1Y: 16.50%
• 3Y*: 13.50%
• 5Y*: —
• 10Y*: —

CAOS

• 1D: -0.04%
• 1M: -0.12%
• YTD: 0.71%
• 6M: 0.61%
• 1Y: 1.62%
• 3Y*: 3.94%
• 5Y*: —
• 10Y*: —

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

SIXJ vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SIXJ AllianzIM U.S. Large Cap 6 Month Buffer10 Jan/Jul ETF	5.79%	12.81%	14.48%	13.35%
CAOS Alpha Architect Tail Risk ETF	0.71%	2.55%	5.33%	7.43%

Correlation

The correlation between SIXJ and CAOS is -0.33, 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	-0.33
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023	0.08

The correlation between SIXJ and CAOS shifts across timeframes, from -0.33 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SIXJ vs. CAOS — Risk / Return Rank

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

SIXJ

SIXJ Risk / Return Rank: 89
SIXJ Sharpe Ratio Rank: 91
SIXJ Sortino Ratio Rank: 93
SIXJ Omega Ratio Rank: 93
SIXJ Calmar Ratio Rank: 77
SIXJ Martin Ratio Rank: 91

CAOS

CAOS Risk / Return Rank: 36
CAOS Sharpe Ratio Rank: 31
CAOS Sortino Ratio Rank: 34
CAOS Omega Ratio Rank: 34
CAOS Calmar Ratio Rank: 45
CAOS Martin Ratio Rank: 36

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.

SIXJ vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Large Cap 6 Month Buffer10 Jan/Jul ETF (SIXJ) 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.

	SIXJ	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	2.87	1.08	+1.78
Sortino ratio: Return per unit of downside risk	4.18	1.72	+2.46
Omega ratio: Gain probability vs. loss probability	1.60	1.22	+0.38
Calmar ratio: Return relative to maximum drawdown	3.66	2.15	+1.51
Martin ratio: Return relative to average drawdown	19.87	5.18	+14.69

SIXJ vs. CAOS - Sharpe Ratio Comparison

The current SIXJ Sharpe Ratio is 2.87, which is higher than the CAOS Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of SIXJ 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

SIXJ vs. CAOS - Drawdown Comparison

The maximum SIXJ drawdown since its inception was -14.07%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for SIXJ and CAOS.

Drawdown Indicators

	SIXJ	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-14.07%	-3.89%	-10.18%
Max Drawdown (1Y) Largest decline over 1 year	-4.53%	-0.76%	-3.77%
Max Drawdown (3Y) Largest decline over 3 years	-10.89%	-3.60%	-7.29%
Current Drawdown Current decline from peak	-0.34%	-1.18%	+0.84%
Average Drawdown Average peak-to-trough decline	-2.84%	-0.92%	-1.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	0.32%	+0.51%

Volatility

SIXJ vs. CAOS - Volatility Comparison

AllianzIM U.S. Large Cap 6 Month Buffer10 Jan/Jul ETF (SIXJ) has a higher volatility of 1.48% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.32%. This indicates that SIXJ'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

	SIXJ	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.48%	0.32%	+1.16%
Volatility (6M) Calculated over the trailing 6-month period	4.78%	1.05%	+3.73%
Volatility (1Y) Calculated over the trailing 1-year period	5.82%	1.50%	+4.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.98%	4.23%	+5.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.98%	4.23%	+5.75%

SIXJ vs. CAOS - Expense Ratio Comparison

SIXJ has a 0.74% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

SIXJ vs. CAOS - Dividend Comparison

Neither SIXJ nor CAOS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SIXJ and CAOS in my portfolio?

SIXJ and CAOS have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SIXJ or CAOS?

SIXJ has higher volatility (1.48%) compared to CAOS (0.32%). In terms of maximum drawdown, SIXJ dropped -14.07% vs CAOS's -3.89%.

Which ETF is better, SIXJ or CAOS?

On 3-year performance, SIXJ leads with 13.50% vs 3.94% for CAOS. On fees, CAOS is cheaper at 0.63% per year. On volatility, CAOS has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SIXJ or CAOS?

Over the 3-year period, SIXJ has performed better with a 13.50% return vs 3.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SIXJ or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.74% for SIXJ.

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

SIXJ and CAOS have nearly identical dividend yields, around 0.00%.

What is the main difference between SIXJ and CAOS?

They also come from different issuers: Allianz and Alpha Architect. Their fees differ too: 0.74% for SIXJ and 0.63% for CAOS.

Which has better risk-adjusted returns?

SIXJ currently has the higher Sharpe Ratio (2.87 vs 1.08), 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.