TACK vs. CAOS

Last updated Aug 2, 2026

TACK (Fairlead Tactical Sector Fund) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - TACK is a Tactical Allocation fund actively managed by Fairlead, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past 3 years, TACK returned 11.31%/yr vs 3.48%/yr for CAOS. Their -0.04 correlation means they have often moved in opposite directions in the past. TACK charges 0.76%/yr vs 0.63%/yr for CAOS.

Performance

TACK vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fairlead Tactical Sector Fund (TACK) 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, TACK achieves a 6.97% return, which is significantly higher than CAOS's 0.76% return.

TACK

• 1D: -0.29%
• 1M: 0.21%
• 6M: 4.39%
• YTD: 6.97%
• 1Y: 13.84%
• 3Y*: 11.31%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.00%

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
TACK Fairlead Tactical Sector Fund	$1.44M	$853.39K	$723.87K

TACK vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TACK Fairlead Tactical Sector Fund	6.97%	10.93%	11.76%	6.43%
CAOS Alpha Architect Tail Risk ETF	0.76%	2.55%	5.33%	7.43%

Correlation

The correlation between TACK and CAOS is -0.25, 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.	-0.25
Correlation (3Y) Balances recent behavior with more history.	-0.04
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023	-0.04

Over the past year, the inverse relationship between TACK and CAOS has strengthened: their correlation has moved from -0.04 to -0.25, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

TACK vs. CAOS — Risk / Return Rank

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

TACK

TACK Risk / Return Rank: 59
TACK Sharpe Ratio Rank: 58
TACK Sortino Ratio Rank: 58
TACK Omega Ratio Rank: 52
TACK Calmar Ratio Rank: 66
TACK Martin Ratio Rank: 60

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.

TACK vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fairlead Tactical Sector Fund (TACK) 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.

	TACK	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.19	+0.19
Sortino ratio: Return per unit of downside risk	1.98	1.89	+0.09
Omega ratio: Gain probability vs. loss probability	1.23	1.24	-0.01
Calmar ratio: Return relative to maximum drawdown	2.28	2.47	-0.19
Martin ratio: Return relative to average drawdown	7.15	5.45	+1.71

TACK vs. CAOS - Sharpe Ratio Comparison

The current TACK Sharpe Ratio is 1.38, which is comparable to the CAOS Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of TACK 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

TACK vs. CAOS - Drawdown Comparison

The maximum TACK drawdown since its inception was -14.49%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for TACK and CAOS.

Drawdown Indicators

	TACK	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-14.49%	-3.89%	-10.60%
Max Drawdown (1Y) Largest decline over 1 year	-5.85%	-0.76%	-5.09%
Max Drawdown (3Y) Largest decline over 3 years	-14.49%	-3.60%	-10.89%
Current Drawdown Current decline from peak	-1.18%	-1.13%	-0.05%
Average Drawdown Average peak-to-trough decline	-4.09%	-0.92%	-3.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	0.34%	+1.52%

Volatility

TACK vs. CAOS - Volatility Comparison

Fairlead Tactical Sector Fund (TACK) has a higher volatility of 2.39% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that TACK'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

	TACK	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.39%	0.51%	+1.88%
Volatility (6M) Calculated over the trailing 6-month period	7.30%	1.07%	+6.23%
Volatility (1Y) Calculated over the trailing 1-year period	9.67%	1.57%	+8.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.16%	4.18%	+6.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.16%	4.18%	+6.98%

TACK vs. CAOS - Expense Ratio Comparison

TACK has a 0.76% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

TACK vs. CAOS - Dividend Comparison

TACK's dividend yield for the trailing twelve months is around 1.30%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%	0.00%	0.00%
TACK Fairlead Tactical Sector Fund	1.30%	1.18%	1.26%	1.29%	0.89%

Frequently Asked Questions

Can I hold both TACK and CAOS in my portfolio?

TACK and CAOS have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TACK or CAOS?

TACK has higher volatility (2.39%) compared to CAOS (0.51%). In terms of maximum drawdown, TACK dropped -14.49% vs CAOS's -3.89%.

Which ETF is better, TACK or CAOS?

On 3-year performance, TACK leads with 11.31% 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.

Which ETF has performed better, TACK or CAOS?

Over the 3-year period, TACK has performed better with a 11.31% return vs 3.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TACK or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.76% for TACK.

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

TACK has the higher dividend yield at 1.30%, compared with 0.00% for CAOS.

What is the main difference between TACK and CAOS?

TACK is categorized as Tactical Allocation, while CAOS is Options Trading. They also come from different issuers: Fairlead and Alpha Architect. Their fees differ too: 0.76% for TACK and 0.63% for CAOS.

Which has better risk-adjusted returns?

TACK currently has the higher Sharpe Ratio (1.38 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.