SPYV vs. CAOS

Last updated Jul 17, 2026

SPYV (SPDR Portfolio S&P 500 Value ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - SPYV is a S&P 500 fund tracking the S&P 500 Value Index, while CAOS is a Options Trading fund actively managed by Alpha Architect. SPYV is passively managed, while CAOS is actively managed. Over the past 3 years, SPYV returned 14.56%/yr vs 3.60%/yr for CAOS. At a 0.10 correlation, their price movements are largely independent. SPYV charges 0.04%/yr vs 0.63%/yr for CAOS.

Performance

SPYV vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio S&P 500 Value ETF (SPYV) 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, SPYV achieves a 10.45% return, which is significantly higher than CAOS's 0.80% return.

SPYV

• 1D: 0.89%
• 1M: 1.50%
• 6M: 7.59%
• YTD: 10.45%
• 1Y: 20.26%
• 3Y*: 14.56%
• 5Y*: 11.91%
• 10Y*: 11.78%

CAOS

• 1D: -0.04%
• 1M: 0.13%
• 6M: 0.30%
• YTD: 0.80%
• 1Y: 1.82%
• 3Y*: 3.60%
• 5Y*: —
• 10Y*: —

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

SPYV vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPYV SPDR Portfolio S&P 500 Value ETF	10.45%	13.18%	12.24%	15.52%
CAOS Alpha Architect Tail Risk ETF	0.80%	2.55%	5.33%	7.43%

Correlation

The correlation between SPYV and CAOS is -0.26, 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	-0.26
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023	0.10

The correlation between SPYV and CAOS shifts across timeframes, from -0.26 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SPYV vs. CAOS — Risk / Return Rank

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

SPYV

SPYV Risk / Return Rank: 80
SPYV Sharpe Ratio Rank: 81
SPYV Sortino Ratio Rank: 81
SPYV Omega Ratio Rank: 80
SPYV Calmar Ratio Rank: 79
SPYV Martin Ratio Rank: 81

CAOS

CAOS Risk / Return Rank: 46
CAOS Sharpe Ratio Rank: 40
CAOS Sortino Ratio Rank: 45
CAOS Omega Ratio Rank: 45
CAOS Calmar Ratio Rank: 60
CAOS Martin Ratio Rank: 42

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.

SPYV vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio S&P 500 Value ETF (SPYV) 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.

	SPYV	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.19	+0.87
Sortino ratio: Return per unit of downside risk	2.89	1.88	+1.01
Omega ratio: Gain probability vs. loss probability	1.37	1.24	+0.13
Calmar ratio: Return relative to maximum drawdown	3.27	2.41	+0.86
Martin ratio: Return relative to average drawdown	12.44	5.44	+7.01

SPYV vs. CAOS - Sharpe Ratio Comparison

The current SPYV Sharpe Ratio is 2.06, which is higher than the CAOS Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of SPYV 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

SPYV vs. CAOS - Drawdown Comparison

The maximum SPYV drawdown since its inception was -58.45%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for SPYV and CAOS.

Drawdown Indicators

	SPYV	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-58.45%	-3.89%	-54.56%
Max Drawdown (1Y) Largest decline over 1 year	-6.22%	-0.76%	-5.46%
Max Drawdown (3Y) Largest decline over 3 years	-17.54%	-3.60%	-13.94%
Max Drawdown (5Y) Largest decline over 5 years	-17.89%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-36.89%	—	—
Current Drawdown Current decline from peak	0.00%	-1.08%	+1.08%
Average Drawdown Average peak-to-trough decline	-8.68%	-0.92%	-7.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	0.34%	+1.29%

Volatility

SPYV vs. CAOS - Volatility Comparison

SPDR Portfolio S&P 500 Value ETF (SPYV) has a higher volatility of 2.40% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.48%. This indicates that SPYV'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

	SPYV	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.40%	0.48%	+1.92%
Volatility (6M) Calculated over the trailing 6-month period	7.23%	1.09%	+6.14%
Volatility (1Y) Calculated over the trailing 1-year period	9.89%	1.55%	+8.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.34%	4.20%	+10.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.87%	4.20%	+12.67%

SPYV vs. CAOS - Expense Ratio Comparison

SPYV has a 0.04% expense ratio, which is lower than CAOS's 0.63% expense ratio.

Dividends

SPYV vs. CAOS - Dividend Comparison

SPYV's dividend yield for the trailing twelve months is around 1.68%, 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%
SPYV SPDR Portfolio S&P 500 Value ETF	1.68%	1.77%	2.29%	1.75%	2.22%	2.10%	2.38%	2.25%	2.97%	2.77%	2.39%	2.53%

Frequently Asked Questions

Can I hold both SPYV and CAOS in my portfolio?

SPYV and CAOS have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYV or CAOS?

SPYV has higher volatility (2.40%) compared to CAOS (0.48%). In terms of maximum drawdown, SPYV dropped -58.45% vs CAOS's -3.89%.

Which ETF is better, SPYV or CAOS?

On 3-year performance, SPYV leads with 14.56% vs 3.60% for CAOS. On fees, SPYV is cheaper at 0.04% per year. On volatility, CAOS has been the lower-risk option at 0.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYV or CAOS?

Over the 3-year period, SPYV has performed better with a 14.56% return vs 3.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYV or CAOS?

SPYV is cheaper with a 0.04% expense ratio, compared with 0.63% for CAOS.

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

SPYV has the higher dividend yield at 1.68%, compared with 0.00% for CAOS.

What is the main difference between SPYV and CAOS?

SPYV is categorized as S&P 500, while CAOS is Options Trading. They also come from different issuers: State Street and Alpha Architect. Their fees differ too: 0.04% for SPYV and 0.63% for CAOS.

Which has better risk-adjusted returns?

SPYV currently has the higher Sharpe Ratio (2.06 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.