SPXM vs. CAOS

Last updated Jul 29, 2026

SPXM (Azoria 500 Meritocracy ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - SPXM is a Large Cap Blend Equities fund actively managed by Azoria, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past year, SPXM returned 6.45% vs 1.90% for CAOS. Their -0.12 correlation means they have often moved in opposite directions in the past. SPXM charges 0.47%/yr vs 0.63%/yr for CAOS.

Performance

SPXM vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Azoria 500 Meritocracy ETF (SPXM) and Alpha Architect Tail Risk ETF (CAOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPXM

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 0.00%
• 1Y: 6.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.77%

CAOS

• 1D: -0.06%
• 1M: 0.06%
• 6M: 0.24%
• YTD: 0.82%
• 1Y: 1.90%
• 3Y*: 3.49%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.73%

*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	$4.12M	$3.73M	$4.60M
SPXM Azoria 500 Meritocracy ETF	$0.00	$0.00	$0.00

SPXM vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025
SPXM Azoria 500 Meritocracy ETF	0.00%	9.27%
CAOS Alpha Architect Tail Risk ETF	0.82%	1.09%

Correlation

The correlation between SPXM and CAOS is -0.14, 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.	-0.14
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	-0.12

Return for Risk

SPXM vs. CAOS — Risk / Return Rank

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

SPXM

SPXM Risk / Return Rank: 51
SPXM Sharpe Ratio Rank: 42
SPXM Sortino Ratio Rank: 39
SPXM Omega Ratio Rank: 69
SPXM Calmar Ratio Rank: 43
SPXM Martin Ratio Rank: 60

CAOS

CAOS Risk / Return Rank: 56
CAOS Sharpe Ratio Rank: 50
CAOS Sortino Ratio Rank: 56
CAOS Omega Ratio Rank: 56
CAOS Calmar Ratio Rank: 71
CAOS Martin Ratio Rank: 49

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.

SPXM vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Azoria 500 Meritocracy ETF (SPXM) 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.

	SPXM	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	1.04	1.21	-0.17
Sortino ratio: Return per unit of downside risk	1.49	1.93	-0.43
Omega ratio: Gain probability vs. loss probability	1.29	1.24	+0.05
Calmar ratio: Return relative to maximum drawdown	1.56	2.51	-0.96
Martin ratio: Return relative to average drawdown	7.27	5.59	+1.67

SPXM vs. CAOS - Sharpe Ratio Comparison

The current SPXM Sharpe Ratio is 1.04, which is comparable to the CAOS Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of SPXM 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

SPXM vs. CAOS - Drawdown Comparison

The maximum SPXM drawdown since its inception was -5.08%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for SPXM and CAOS.

Drawdown Indicators

	SPXM	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-5.08%	-3.89%	-1.19%
Max Drawdown (1Y) Largest decline over 1 year	-5.08%	-0.76%	-4.32%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-0.75%	-1.07%	+0.32%
Average Drawdown Average peak-to-trough decline	-0.78%	-0.92%	+0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.34%	—

Volatility

SPXM vs. CAOS - Volatility Comparison

The current volatility for Azoria 500 Meritocracy ETF (SPXM) is 0.00%, while Alpha Architect Tail Risk ETF (CAOS) has a volatility of 0.55%. This indicates that SPXM experiences smaller price fluctuations and is considered to be less risky than CAOS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXM	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	0.55%	-0.55%
Volatility (6M) Calculated over the trailing 6-month period	2.69%	1.08%	+1.61%
Volatility (1Y) Calculated over the trailing 1-year period	7.58%	1.57%	+6.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.45%	4.18%	+3.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.45%	4.18%	+3.27%

SPXM vs. CAOS - Expense Ratio Comparison

SPXM has a 0.47% expense ratio, which is lower than CAOS's 0.63% expense ratio.

Dividends

SPXM vs. CAOS - Dividend Comparison

SPXM's dividend yield for the trailing twelve months is around 0.24%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%

Frequently Asked Questions

Can I hold both SPXM and CAOS in my portfolio?

SPXM and CAOS have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXM or CAOS?

CAOS has higher volatility (0.55%) compared to SPXM (0.00%). In terms of maximum drawdown, SPXM dropped -5.08% vs CAOS's -3.89%.

Which ETF is better, SPXM or CAOS?

On 1-year performance, SPXM leads with 6.45% vs 1.90% for CAOS. On fees, SPXM is cheaper at 0.47% per year. On volatility, SPXM has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXM or CAOS?

Over the 1-year period, SPXM has performed better with a 6.45% return vs 1.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXM or CAOS?

SPXM is cheaper with a 0.47% expense ratio, compared with 0.63% for CAOS.

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

SPXM has the higher dividend yield at 0.24%, compared with 0.00% for CAOS.

What is the main difference between SPXM and CAOS?

SPXM is categorized as Large Cap Blend Equities, while CAOS is Options Trading. They also come from different issuers: Azoria and Alpha Architect. Their fees differ too: 0.47% for SPXM and 0.63% for CAOS.

Which has better risk-adjusted returns?

CAOS currently has the higher Sharpe Ratio (1.21 vs 1.04), 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.