SVXY vs. CAOS
SVXY (ProShares Short VIX Short-Term Futures ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - SVXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index (-0.5x), while CAOS is a Options Trading fund actively managed by Alpha Architect. SVXY is passively managed, while CAOS is actively managed. Over the past 3 years, SVXY returned 9.63%/yr vs 3.48%/yr for CAOS. Their -0.04 correlation means they have often moved in opposite directions in the past. SVXY charges 0.95%/yr vs 0.63%/yr for CAOS.
Performance
SVXY vs. CAOS - Performance Comparison
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Returns By Period
In the year-to-date period, SVXY achieves a 4.84% return, which is significantly higher than CAOS's 0.76% return.
SVXY
- 1D
- 1.47%
- 1M
- 1.31%
- 6M
- 7.32%
- YTD
- 4.84%
- 1Y
- 33.59%
- 3Y*
- 9.63%
- 5Y*
- 16.64%
- 10Y*
- -1.01%
- ALL TIME*
- 12.70%
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 | |
| $95.64M | $79.87M | $82.81M |
SVXY vs. CAOS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SVXY ProShares Short VIX Short-Term Futures ETF | 4.84% | 10.63% | -3.17% | 55.91% |
CAOS Alpha Architect Tail Risk ETF | 0.76% | 2.55% | 5.33% | 7.43% |
Correlation
The correlation between SVXY and CAOS is -0.40, 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. | -0.40 |
Correlation (3Y) Balances recent behavior with more history. | -0.18 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023 | -0.04 |
Over the past year, the inverse relationship between SVXY and CAOS has strengthened: their correlation has moved from -0.04 to -0.40, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
SVXY vs. CAOS — Risk / Return Rank
SVXY
CAOS
SVXY vs. CAOS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short VIX Short-Term Futures ETF (SVXY) 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.
| SVXY | CAOS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.24 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | 2.47 | -1.24 |
| Martin ratioReturn relative to average drawdown | 4.00 | 5.45 | -1.45 |
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Drawdowns
SVXY vs. CAOS - Drawdown Comparison
The maximum SVXY drawdown since its inception was -95.25%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for SVXY and CAOS.
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Drawdown Indicators
| SVXY | CAOS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.25% | -3.89% | -91.36% |
Max Drawdown (1Y)Largest decline over 1 year | -22.94% | -0.76% | -22.18% |
Max Drawdown (3Y)Largest decline over 3 years | -46.45% | -3.60% | -42.85% |
Max Drawdown (5Y)Largest decline over 5 years | -46.45% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -95.25% | — | — |
Current DrawdownCurrent decline from peak | -79.00% | -1.13% | -77.87% |
Average DrawdownAverage peak-to-trough decline | -57.10% | -0.92% | -56.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.05% | 0.34% | +6.71% |
Volatility
SVXY vs. CAOS - Volatility Comparison
ProShares Short VIX Short-Term Futures ETF (SVXY) has a higher volatility of 7.44% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that SVXY'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
| SVXY | CAOS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.44% | 0.51% | +6.93% |
Volatility (6M)Calculated over the trailing 6-month period | 22.23% | 1.07% | +21.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.49% | 1.57% | +27.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.19% | 4.18% | +31.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.47% | 4.18% | +45.29% |
SVXY vs. CAOS - Expense Ratio Comparison
SVXY has a 0.95% expense ratio, which is higher than CAOS's 0.63% expense ratio.
Dividends
SVXY vs. CAOS - Dividend Comparison
Neither SVXY nor CAOS has paid dividends to shareholders.
Frequently Asked Questions
SVXY and CAOS have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SVXY has higher volatility (7.44%) compared to CAOS (0.51%). In terms of maximum drawdown, SVXY dropped -95.25% vs CAOS's -3.89%.
On 3-year performance, SVXY leads with 9.63% vs 3.48% 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.
Over the 3-year period, SVXY has performed better with a 9.63% return vs 3.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CAOS is cheaper with a 0.63% expense ratio, compared with 0.95% for SVXY.
SVXY and CAOS have nearly identical dividend yields, around 0.00%.
SVXY is categorized as Volatility, while CAOS is Options Trading. They also come from different issuers: ProShares and Alpha Architect. Their fees differ too: 0.95% for SVXY and 0.63% for CAOS.
CAOS currently has the higher Sharpe Ratio (1.19 vs 0.96), 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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