SNOV vs. CAOS

Last updated Jun 4, 2026

SNOV (FT Vest U.S. Small Cap Moderate Buffer ETF - November) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - SNOV is a Defined Outcome fund actively managed by First Trust, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past year, SNOV returned 17.37% vs 1.88% for CAOS. At a correlation of -0.21, they often move in opposite directions. SNOV charges 0.90%/yr vs 0.63%/yr for CAOS.

Performance

SNOV vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Small Cap Moderate Buffer ETF - November (SNOV) 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, SNOV achieves a 7.65% return, which is significantly higher than CAOS's 0.82% return.

SNOV

• 1D: -0.30%
• 1M: 1.60%
• YTD: 7.65%
• 6M: 7.78%
• 1Y: 17.37%
• 3Y*: —
• 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)

SNOV vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SNOV FT Vest U.S. Small Cap Moderate Buffer ETF - November	7.65%	7.01%	9.19%	5.62%
CAOS Alpha Architect Tail Risk ETF	0.82%	2.55%	5.33%	0.37%

Correlation

The correlation between SNOV and CAOS is -0.29, 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	-0.29
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023	-0.21

SNOV vs. CAOS - Sectors Allocation Comparison

Sectors	SNOV	CAOS
Industrials	17.5%	8.5%
Technology	16.9%	33.1%
Healthcare	16.5%	9.6%
Financial Services	15.9%	12.4%
Consumer Cyclical	8.4%	10.0%
Real Estate	6.2%	2.0%
Energy	6.2%	4.1%
Basic Materials	4.8%	1.9%
Utilities	2.9%	2.6%
Communication Services	2.5%	10.4%
Consumer Defensive	2.4%	5.4%

Return for Risk

SNOV vs. CAOS — Risk / Return Rank

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

SNOV

SNOV Risk / Return Rank: 49
SNOV Sharpe Ratio Rank: 48
SNOV Sortino Ratio Rank: 48
SNOV Omega Ratio Rank: 48
SNOV Calmar Ratio Rank: 46
SNOV Martin Ratio Rank: 56

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.

SNOV vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Small Cap Moderate Buffer ETF - November (SNOV) 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.

	SNOV	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	1.60	1.24	+0.36
Sortino ratio: Return per unit of downside risk	2.34	1.98	+0.36
Omega ratio: Gain probability vs. loss probability	1.29	1.26	+0.04
Calmar ratio: Return relative to maximum drawdown	2.20	2.49	-0.29
Martin ratio: Return relative to average drawdown	9.48	6.22	+3.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SNOV vs. CAOS - Sharpe Ratio Comparison

The current SNOV Sharpe Ratio is 1.60, which is comparable to the CAOS Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of SNOV 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

	SNOV	CAOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.60	1.24	+0.36
Sharpe Ratio (All Time) Calculated using the full available price history	1.07	1.21	-0.14

Drawdowns

SNOV vs. CAOS - Drawdown Comparison

The maximum SNOV drawdown since its inception was -15.36%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for SNOV and CAOS.

Drawdown Indicators

	SNOV	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-15.36%	-3.60%	-11.76%
Max Drawdown (1Y) Largest decline over 1 year	-7.91%	-0.76%	-7.15%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-0.34%	-1.07%	+0.73%
Average Drawdown Average peak-to-trough decline	-2.03%	-0.90%	-1.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.84%	0.30%	+1.54%

Volatility

SNOV vs. CAOS - Volatility Comparison

FT Vest U.S. Small Cap Moderate Buffer ETF - November (SNOV) has a higher volatility of 1.69% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.26%. This indicates that SNOV'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

	SNOV	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.69%	0.26%	+1.43%
Volatility (6M) Calculated over the trailing 6-month period	6.08%	1.03%	+5.05%
Volatility (1Y) Calculated over the trailing 1-year period	10.90%	1.52%	+9.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.14%	4.26%	+6.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.14%	4.26%	+6.88%

SNOV vs. CAOS - Expense Ratio Comparison

SNOV has a 0.90% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

SNOV vs. CAOS - Dividend Comparison

Neither SNOV nor CAOS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SNOV and CAOS in my portfolio?

SNOV and CAOS have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SNOV or CAOS?

SNOV has higher volatility (1.69%) compared to CAOS (0.26%). In terms of maximum drawdown, SNOV dropped -15.36% vs CAOS's -3.60%.

Which ETF is better, SNOV or CAOS?

On 1-year performance, SNOV leads with 17.37% vs 1.88% 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, SNOV or CAOS?

Over the 1-year period, SNOV has performed better with a 17.37% return vs 1.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SNOV or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.90% for SNOV.

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

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

What is the main difference between SNOV and CAOS?

SNOV is categorized as Defined Outcome, while CAOS is Options Trading. They also come from different issuers: First Trust and Alpha Architect. Their fees differ too: 0.90% for SNOV and 0.63% for CAOS.

Which has better risk-adjusted returns?

SNOV currently has the higher Sharpe Ratio (1.60 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.