SMCC vs. CAOS

Last updated Jun 6, 2026

SMCC (Defiance Leveraged Long + Income SMCI ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - SMCC is a Derivative Income fund actively managed by Defiance, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. At a correlation of -0.09, they often move in opposite directions. SMCC charges 1.51%/yr vs 0.63%/yr for CAOS.

Performance

SMCC vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Leveraged Long + Income SMCI ETF (SMCC) 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, SMCC achieves a 5.60% return, which is significantly higher than CAOS's 0.90% return.

SMCC

• 1D: 0.00%
• 1M: 0.00%
• YTD: 5.60%
• 6M: -21.71%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAOS

• 1D: 0.12%
• 1M: 0.02%
• YTD: 0.90%
• 6M: 0.76%
• 1Y: 1.94%
• 3Y*: 4.27%
• 5Y*: —
• 10Y*: —

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

SMCC vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025
SMCC Defiance Leveraged Long + Income SMCI ETF	5.60%	-57.43%
CAOS Alpha Architect Tail Risk ETF	0.90%	0.67%

Correlation

The correlation between SMCC and CAOS is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 21, 2025	-0.09

Return for Risk

SMCC vs. CAOS — Risk / Return Rank

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

CAOS

CAOS Risk / Return Rank: 43
CAOS Sharpe Ratio Rank: 37
CAOS Sortino Ratio Rank: 41
CAOS Omega Ratio Rank: 42
CAOS Calmar Ratio Rank: 54
CAOS Martin Ratio Rank: 42

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.

SMCC vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Leveraged Long + Income SMCI ETF (SMCC) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SMCC	CAOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.27	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.87	1.21	-2.08

Drawdowns

SMCC vs. CAOS - Drawdown Comparison

The maximum SMCC drawdown since its inception was -75.87%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for SMCC and CAOS.

Drawdown Indicators

	SMCC	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-75.87%	-3.60%	-72.27%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.76%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-72.90%	-0.99%	-71.91%
Average Drawdown Average peak-to-trough decline	-53.60%	-0.90%	-52.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.30%	—

Volatility

Volatility by Period

	SMCC	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.27%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.03%	—
Volatility (1Y) Calculated over the trailing 1-year period	75.90%	1.53%	+74.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	75.90%	4.25%	+71.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	75.90%	4.25%	+71.65%

SMCC vs. CAOS - Expense Ratio Comparison

SMCC has a 1.51% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

SMCC vs. CAOS - Dividend Comparison

SMCC's dividend yield for the trailing twelve months is around 83.22%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%
SMCC Defiance Leveraged Long + Income SMCI ETF	83.22%	79.22%

Frequently Asked Questions

Can I hold both SMCC and CAOS in my portfolio?

SMCC and CAOS have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMCC or CAOS?

On fees, CAOS is cheaper at 0.63% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMCC or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 1.51% for SMCC.

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

SMCC has the higher dividend yield at 83.22%, compared with 0.00% for CAOS.

What is the main difference between SMCC and CAOS?

SMCC is categorized as Derivative Income, while CAOS is Options Trading. They also come from different issuers: Defiance and Alpha Architect. Their fees differ too: 1.51% for SMCC and 0.63% for CAOS.