SIXO vs. CAOS

Last updated Jun 4, 2026

SIXO (AllianzIM U.S. Large Cap 6 Month Buffer10 Apr/Oct ETF) and CAOS (Alpha Architect Tail Risk ETF) are both Options Trading funds. SIXO is passively managed, while CAOS is actively managed. Over the past 3 years, SIXO returned 9.69%/yr vs 4.26%/yr for CAOS. At a 0.12 correlation, their price movements are largely independent. SIXO charges 0.74%/yr vs 0.63%/yr for CAOS.

Performance

SIXO 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 Apr/Oct ETF (SIXO) 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, SIXO achieves a 2.76% return, which is significantly higher than CAOS's 0.82% return.

SIXO

• 1D: -0.14%
• 1M: 1.31%
• YTD: 2.76%
• 6M: 3.38%
• 1Y: 9.31%
• 3Y*: 9.69%
• 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)

SIXO vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SIXO AllianzIM U.S. Large Cap 6 Month Buffer10 Apr/Oct ETF	2.76%	7.19%	12.22%	12.42%
CAOS Alpha Architect Tail Risk ETF	0.82%	2.55%	5.33%	7.97%

Correlation

The correlation between SIXO and CAOS is -0.35, 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	-0.35
Correlation (3Y) Calculated over the trailing 3-year period	-0.00
Correlation (All Time) Calculated using the full available price history since Mar 7, 2023	0.12

The correlation between SIXO and CAOS shifts across timeframes, from -0.35 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.

SIXO vs. CAOS - Sectors Allocation Comparison

Sectors	SIXO	CAOS
Technology	36.2%	33.1%
Financial Services	11.9%	12.4%
Communication Services	10.9%	10.4%
Consumer Cyclical	10.1%	10.0%
Healthcare	8.4%	9.6%
Industrials	8.1%	8.5%
Consumer Defensive	4.9%	5.4%
Energy	3.5%	4.1%
Utilities	2.3%	2.6%
Real Estate	1.9%	2.0%
Basic Materials	1.8%	1.9%

Return for Risk

SIXO vs. CAOS — Risk / Return Rank

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

SIXO

SIXO Risk / Return Rank: 53
SIXO Sharpe Ratio Rank: 53
SIXO Sortino Ratio Rank: 52
SIXO Omega Ratio Rank: 62
SIXO Calmar Ratio Rank: 46
SIXO Martin Ratio Rank: 52

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.

SIXO 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 Apr/Oct ETF (SIXO) 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.

	SIXO	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.24	+0.56
Sortino ratio: Return per unit of downside risk	2.49	1.98	+0.52
Omega ratio: Gain probability vs. loss probability	1.37	1.26	+0.12
Calmar ratio: Return relative to maximum drawdown	2.26	2.49	-0.23
Martin ratio: Return relative to average drawdown	8.59	6.22	+2.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SIXO vs. CAOS - Sharpe Ratio Comparison

The current SIXO Sharpe Ratio is 1.80, which is higher than the CAOS Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of SIXO 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

	SIXO	CAOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	1.24	+0.56
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	1.21	-0.35

Drawdowns

SIXO vs. CAOS - Drawdown Comparison

The maximum SIXO drawdown since its inception was -12.04%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for SIXO and CAOS.

Drawdown Indicators

	SIXO	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-12.04%	-3.60%	-8.44%
Max Drawdown (1Y) Largest decline over 1 year	-4.13%	-0.76%	-3.37%
Max Drawdown (3Y) Largest decline over 3 years	-11.95%	-3.60%	-8.35%
Current Drawdown Current decline from peak	-0.14%	-1.07%	+0.93%
Average Drawdown Average peak-to-trough decline	-2.01%	-0.90%	-1.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.09%	0.30%	+0.79%

Volatility

SIXO vs. CAOS - Volatility Comparison

AllianzIM U.S. Large Cap 6 Month Buffer10 Apr/Oct ETF (SIXO) has a higher volatility of 0.64% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.26%. This indicates that SIXO'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

	SIXO	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	0.26%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	4.06%	1.03%	+3.03%
Volatility (1Y) Calculated over the trailing 1-year period	5.21%	1.52%	+3.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.08%	4.26%	+4.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.08%	4.26%	+4.82%

SIXO vs. CAOS - Expense Ratio Comparison

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

Dividends

SIXO vs. CAOS - Dividend Comparison

Neither SIXO nor CAOS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SIXO and CAOS in my portfolio?

SIXO and CAOS have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SIXO or CAOS?

SIXO has higher volatility (0.64%) compared to CAOS (0.26%). In terms of maximum drawdown, SIXO dropped -12.04% vs CAOS's -3.60%.

Which ETF is better, SIXO or CAOS?

On 3-year performance, SIXO leads with 9.69% vs 4.26% 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, SIXO or CAOS?

Over the 3-year period, SIXO has performed better with a 9.69% return vs 4.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SIXO or CAOS?

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

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

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

What is the main difference between SIXO and CAOS?

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

Which has better risk-adjusted returns?

SIXO currently has the higher Sharpe Ratio (1.80 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.