SPBX vs. CAOS

Last updated Aug 2, 2026

SPBX (AllianzIM 6 Month Buffer10 Allocation ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - SPBX is a Defined Outcome fund actively managed by Allianz, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past year, SPBX returned 12.87% vs 1.73% for CAOS. Their -0.37 correlation means they have often moved in opposite directions in the past. SPBX charges 0.79%/yr vs 0.63%/yr for CAOS.

Performance

SPBX vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM 6 Month Buffer10 Allocation ETF (SPBX) 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, SPBX achieves a 6.99% return, which is significantly higher than CAOS's 0.76% return.

SPBX

• 1D: 0.40%
• 1M: 0.81%
• 6M: 5.96%
• YTD: 6.99%
• 1Y: 12.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.89%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CAOS Alpha Architect Tail Risk ETF	$6.81M	$5.39M	$5.09M
SPBX AllianzIM 6 Month Buffer10 Allocation ETF	$439.67K	$807.70K	$429.46K

SPBX vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025
SPBX AllianzIM 6 Month Buffer10 Allocation ETF	6.99%	9.79%
CAOS Alpha Architect Tail Risk ETF	0.76%	2.48%

Correlation

The correlation between SPBX and CAOS is -0.35, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.35
Correlation (All Time) Calculated using the full available price history since Jan 8, 2025	-0.37

Return for Risk

SPBX vs. CAOS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPBX

SPBX Risk / Return Rank: 86
SPBX Sharpe Ratio Rank: 88
SPBX Sortino Ratio Rank: 90
SPBX Omega Ratio Rank: 90
SPBX Calmar Ratio Rank: 76
SPBX Martin Ratio Rank: 88

CAOS

CAOS Risk / Return Rank: 56
CAOS Sharpe Ratio Rank: 49
CAOS Sortino Ratio Rank: 55
CAOS Omega Ratio Rank: 54
CAOS Calmar Ratio Rank: 72
CAOS Martin Ratio Rank: 48

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPBX vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM 6 Month Buffer10 Allocation ETF (SPBX) 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.

	SPBX	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	2.16	1.19	+0.97
Sortino ratio: Return per unit of downside risk	3.17	1.89	+1.28
Omega ratio: Gain probability vs. loss probability	1.42	1.24	+0.18
Calmar ratio: Return relative to maximum drawdown	2.74	2.47	+0.27
Martin ratio: Return relative to average drawdown	13.19	5.45	+7.74

SPBX vs. CAOS - Sharpe Ratio Comparison

The current SPBX Sharpe Ratio is 2.16, which is higher than the CAOS Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of SPBX 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

SPBX vs. CAOS - Drawdown Comparison

The maximum SPBX drawdown since its inception was -11.11%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for SPBX and CAOS.

Drawdown Indicators

	SPBX	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-11.11%	-3.89%	-7.22%
Max Drawdown (1Y) Largest decline over 1 year	-4.49%	-0.76%	-3.73%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	0.00%	-1.13%	+1.13%
Average Drawdown Average peak-to-trough decline	-1.08%	-0.92%	-0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	0.34%	+0.59%

Volatility

SPBX vs. CAOS - Volatility Comparison

AllianzIM 6 Month Buffer10 Allocation ETF (SPBX) has a higher volatility of 1.57% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that SPBX'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

	SPBX	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.57%	0.51%	+1.06%
Volatility (6M) Calculated over the trailing 6-month period	4.73%	1.07%	+3.66%
Volatility (1Y) Calculated over the trailing 1-year period	5.69%	1.57%	+4.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.10%	4.18%	+4.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.10%	4.18%	+4.92%

SPBX vs. CAOS - Expense Ratio Comparison

SPBX has a 0.79% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

SPBX vs. CAOS - Dividend Comparison

Neither SPBX nor CAOS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SPBX and CAOS in my portfolio?

SPBX 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, SPBX or CAOS?

SPBX has higher volatility (1.57%) compared to CAOS (0.51%). In terms of maximum drawdown, SPBX dropped -11.11% vs CAOS's -3.89%.

Which ETF is better, SPBX or CAOS?

On 1-year performance, SPBX leads with 12.87% vs 1.73% for CAOS. On fees, CAOS is cheaper at 0.63% per year. On volatility, CAOS has been the lower-risk option at 0.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPBX or CAOS?

Over the 1-year period, SPBX has performed better with a 12.87% return vs 1.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPBX or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.79% for SPBX.

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

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

What is the main difference between SPBX and CAOS?

SPBX is categorized as Defined Outcome, while CAOS is Options Trading. They also come from different issuers: Allianz and Alpha Architect. Their fees differ too: 0.79% for SPBX and 0.63% for CAOS.

Which has better risk-adjusted returns?

SPBX currently has the higher Sharpe Ratio (2.16 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.