SPTE vs. CAOS

Last updated Aug 2, 2026

SPTE (SP Funds S&P Global Technology ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - SPTE is a Technology Equities fund tracking the S&P Global 1200 Shariah Information Technology Capped Index, while CAOS is a Options Trading fund actively managed by Alpha Architect. SPTE is passively managed, while CAOS is actively managed. Over the past year, SPTE returned 46.93% vs 1.73% for CAOS. Their -0.19 correlation means they have often moved in opposite directions in the past. SPTE charges 0.55%/yr vs 0.63%/yr for CAOS.

Performance

SPTE vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SP Funds S&P Global Technology ETF (SPTE) 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, SPTE achieves a 28.13% return, which is significantly higher than CAOS's 0.76% return.

SPTE

• 1D: 0.31%
• 1M: -2.92%
• 6M: 22.76%
• YTD: 28.13%
• 1Y: 46.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 36.20%

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
SPTE SP Funds S&P Global Technology ETF	$1.65M	$1.79M	$2.92M

SPTE vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPTE SP Funds S&P Global Technology ETF	28.13%	26.37%	33.28%	5.52%
CAOS Alpha Architect Tail Risk ETF	0.76%	2.55%	5.33%	0.29%

Correlation

The correlation between SPTE and CAOS is -0.30, 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.	-0.30
Correlation (All Time) Calculated using the full available price history since Dec 1, 2023	-0.19

The correlation between SPTE and CAOS shifts across timeframes, from -0.30 (1 year) to -0.19 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SPTE vs. CAOS — Risk / Return Rank

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

SPTE

SPTE Risk / Return Rank: 72
SPTE Sharpe Ratio Rank: 73
SPTE Sortino Ratio Rank: 68
SPTE Omega Ratio Rank: 67
SPTE Calmar Ratio Rank: 79
SPTE Martin Ratio Rank: 73

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.

SPTE vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SP Funds S&P Global Technology ETF (SPTE) 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.

	SPTE	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.19	+0.46
Sortino ratio: Return per unit of downside risk	2.21	1.89	+0.32
Omega ratio: Gain probability vs. loss probability	1.28	1.24	+0.04
Calmar ratio: Return relative to maximum drawdown	2.82	2.47	+0.35
Martin ratio: Return relative to average drawdown	9.00	5.45	+3.55

SPTE vs. CAOS - Sharpe Ratio Comparison

The current SPTE Sharpe Ratio is 1.65, which is higher than the CAOS Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of SPTE 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

SPTE vs. CAOS - Drawdown Comparison

The maximum SPTE drawdown since its inception was -25.55%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for SPTE and CAOS.

Drawdown Indicators

	SPTE	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-25.55%	-3.89%	-21.66%
Max Drawdown (1Y) Largest decline over 1 year	-15.84%	-0.76%	-15.08%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-10.73%	-1.13%	-9.60%
Average Drawdown Average peak-to-trough decline	-4.27%	-0.92%	-3.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.96%	0.34%	+4.62%

Volatility

SPTE vs. CAOS - Volatility Comparison

SP Funds S&P Global Technology ETF (SPTE) has a higher volatility of 10.13% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that SPTE'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

	SPTE	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.13%	0.51%	+9.62%
Volatility (6M) Calculated over the trailing 6-month period	23.30%	1.07%	+22.23%
Volatility (1Y) Calculated over the trailing 1-year period	27.05%	1.57%	+25.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.05%	4.18%	+22.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.05%	4.18%	+22.87%

SPTE vs. CAOS - Expense Ratio Comparison

SPTE has a 0.55% expense ratio, which is lower than CAOS's 0.63% expense ratio.

Dividends

SPTE vs. CAOS - Dividend Comparison

SPTE's dividend yield for the trailing twelve months is around 0.75%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025	2024
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%
SPTE SP Funds S&P Global Technology ETF	0.75%	0.96%	0.48%

Frequently Asked Questions

Can I hold both SPTE and CAOS in my portfolio?

SPTE and CAOS have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPTE or CAOS?

SPTE has higher volatility (10.13%) compared to CAOS (0.51%). In terms of maximum drawdown, SPTE dropped -25.55% vs CAOS's -3.89%.

Which ETF is better, SPTE or CAOS?

On 1-year performance, SPTE leads with 46.93% vs 1.73% for CAOS. On fees, SPTE is cheaper at 0.55% 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, SPTE or CAOS?

Over the 1-year period, SPTE has performed better with a 46.93% return vs 1.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPTE or CAOS?

SPTE is cheaper with a 0.55% expense ratio, compared with 0.63% for CAOS.

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

SPTE has the higher dividend yield at 0.75%, compared with 0.00% for CAOS.

What is the main difference between SPTE and CAOS?

SPTE is categorized as Technology Equities, while CAOS is Options Trading. They also come from different issuers: SP Funds and Alpha Architect. Their fees differ too: 0.55% for SPTE and 0.63% for CAOS.

Which has better risk-adjusted returns?

SPTE currently has the higher Sharpe Ratio (1.65 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.