SPEM vs. CAOS
SPEM (SPDR Portfolio Emerging Markets ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - SPEM is a Emerging Markets Equities fund tracking the S&P Emerging BMI Index, while CAOS is a Options Trading fund actively managed by Alpha Architect. SPEM is passively managed, while CAOS is actively managed. Over the past 3 years, SPEM returned 15.56%/yr vs 3.48%/yr for CAOS. Their -0.02 correlation means they have often moved in opposite directions in the past. SPEM charges 0.07%/yr vs 0.63%/yr for CAOS.
Performance
SPEM vs. CAOS - Performance Comparison
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Returns By Period
In the year-to-date period, SPEM achieves a 9.89% return, which is significantly higher than CAOS's 0.76% return.
SPEM
- 1D
- 0.77%
- 1M
- -0.37%
- 6M
- 4.56%
- YTD
- 9.89%
- 1Y
- 22.14%
- 3Y*
- 15.56%
- 5Y*
- 6.70%
- 10Y*
- 8.53%
- ALL TIME*
- 5.54%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.81M | $5.39M | $5.09M | |
| $90.49M | $105.53M | $120.92M |
SPEM vs. CAOS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SPEM SPDR Portfolio Emerging Markets ETF | 9.89% | 25.63% | 11.40% | 5.94% |
CAOS Alpha Architect Tail Risk ETF | 0.76% | 2.55% | 5.33% | 7.43% |
Correlation
The correlation between SPEM and CAOS is -0.36, 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. | -0.36 |
Correlation (3Y) Balances recent behavior with more history. | -0.12 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023 | -0.02 |
Over the past year, the inverse relationship between SPEM and CAOS has strengthened: their correlation has moved from -0.02 to -0.36, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
SPEM vs. CAOS — Risk / Return Rank
SPEM
CAOS
SPEM vs. CAOS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Emerging Markets ETF (SPEM) 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.
| SPEM | CAOS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.24 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.91 | 2.47 | -0.56 |
| Martin ratioReturn relative to average drawdown | 6.31 | 5.45 | +0.86 |
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Drawdowns
SPEM vs. CAOS - Drawdown Comparison
The maximum SPEM drawdown since its inception was -64.41%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for SPEM and CAOS.
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Drawdown Indicators
| SPEM | CAOS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.41% | -3.89% | -60.52% |
Max Drawdown (1Y)Largest decline over 1 year | -11.36% | -0.76% | -10.60% |
Max Drawdown (3Y)Largest decline over 3 years | -17.62% | -3.60% | -14.02% |
Max Drawdown (5Y)Largest decline over 5 years | -30.03% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -36.06% | — | — |
Current DrawdownCurrent decline from peak | -4.14% | -1.13% | -3.01% |
Average DrawdownAverage peak-to-trough decline | -14.66% | -0.92% | -13.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.43% | 0.34% | +3.09% |
Volatility
SPEM vs. CAOS - Volatility Comparison
SPDR Portfolio Emerging Markets ETF (SPEM) has a higher volatility of 5.72% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that SPEM'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.
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Volatility by Period
| SPEM | CAOS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.72% | 0.51% | +5.21% |
Volatility (6M)Calculated over the trailing 6-month period | 15.43% | 1.07% | +14.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.70% | 1.57% | +16.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.36% | 4.18% | +13.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.80% | 4.18% | +14.62% |
SPEM vs. CAOS - Expense Ratio Comparison
SPEM has a 0.07% expense ratio, which is lower than CAOS's 0.63% expense ratio.
Dividends
SPEM vs. CAOS - Dividend Comparison
SPEM's dividend yield for the trailing twelve months is around 2.55%, while CAOS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CAOS Alpha Architect Tail Risk ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPEM SPDR Portfolio Emerging Markets ETF | 2.55% | 2.77% | 2.78% | 2.80% | 3.38% | 3.14% | 1.92% | 2.94% | 2.34% | 1.12% | 1.51% | 2.40% |
Frequently Asked Questions
SPEM and CAOS have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPEM has higher volatility (5.72%) compared to CAOS (0.51%). In terms of maximum drawdown, SPEM dropped -64.41% vs CAOS's -3.89%.
On 3-year performance, SPEM leads with 15.56% vs 3.48% for CAOS. On fees, SPEM is cheaper at 0.07% 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.
Over the 3-year period, SPEM has performed better with a 15.56% return vs 3.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPEM is cheaper with a 0.07% expense ratio, compared with 0.63% for CAOS.
SPEM has the higher dividend yield at 2.55%, compared with 0.00% for CAOS.
SPEM is categorized as Emerging Markets Equities, while CAOS is Options Trading. They also come from different issuers: State Street and Alpha Architect. Their fees differ too: 0.07% for SPEM and 0.63% for CAOS.
SPEM currently has the higher Sharpe Ratio (1.23 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.
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