TEK vs. CAOS

Last updated Jun 5, 2026

TEK (iShares Technology Opportunities Active ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - TEK is a Technology Equities fund actively managed by iShares, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past year, TEK returned 61.28% vs 1.85% for CAOS. At a correlation of -0.28, they often move in opposite directions. TEK charges 0.75%/yr vs 0.63%/yr for CAOS.

Performance

TEK vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Technology Opportunities Active ETF (TEK) 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, TEK achieves a 39.87% return, which is significantly higher than CAOS's 0.77% return.

TEK

• 1D: -1.99%
• 1M: 13.74%
• YTD: 39.87%
• 6M: 37.87%
• 1Y: 61.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAOS

• 1D: -0.04%
• 1M: -0.05%
• YTD: 0.77%
• 6M: 0.63%
• 1Y: 1.85%
• 3Y*: 4.27%
• 5Y*: —
• 10Y*: —

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

TEK vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TEK iShares Technology Opportunities Active ETF	39.87%	18.63%	2.35%
CAOS Alpha Architect Tail Risk ETF	0.77%	2.55%	0.71%

Correlation

The correlation between TEK and CAOS is -0.28, 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	-0.28
Correlation (All Time) Calculated using the full available price history since Oct 23, 2024	-0.28

TEK vs. CAOS - Sectors Allocation Comparison

Sectors	TEK	CAOS
Technology	85.2%	33.1%
Communication Services	6.0%	10.4%
Consumer Cyclical	3.9%	10.0%
Industrials	2.8%	8.5%
Basic Materials	0.9%	1.9%
Financial Services	0.4%	12.4%
Consumer Defensive	-	5.4%
Energy	-	4.1%
Healthcare	-	9.6%
Real Estate	-	2.0%
Utilities	-	2.6%

Return for Risk

TEK vs. CAOS — Risk / Return Rank

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

TEK

TEK Risk / Return Rank: 66
TEK Sharpe Ratio Rank: 75
TEK Sortino Ratio Rank: 68
TEK Omega Ratio Rank: 67
TEK Calmar Ratio Rank: 66
TEK Martin Ratio Rank: 54

CAOS

CAOS Risk / Return Rank: 40
CAOS Sharpe Ratio Rank: 35
CAOS Sortino Ratio Rank: 38
CAOS Omega Ratio Rank: 39
CAOS Calmar Ratio Rank: 51
CAOS Martin Ratio Rank: 39

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.

TEK vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Technology Opportunities Active ETF (TEK) 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.

	TEK	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	2.40	1.22	+1.18
Sortino ratio: Return per unit of downside risk	3.06	1.94	+1.12
Omega ratio: Gain probability vs. loss probability	1.39	1.25	+0.14
Calmar ratio: Return relative to maximum drawdown	3.19	2.45	+0.75
Martin ratio: Return relative to average drawdown	9.29	6.09	+3.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TEK vs. CAOS - Sharpe Ratio Comparison

The current TEK Sharpe Ratio is 2.40, which is higher than the CAOS Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of TEK 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.

Sharpe Ratios by Period

	TEK	CAOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	1.22	+1.18
Sharpe Ratio (All Time) Calculated using the full available price history	1.34	1.21	+0.14

Drawdowns

TEK vs. CAOS - Drawdown Comparison

The maximum TEK drawdown since its inception was -28.24%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for TEK and CAOS.

Drawdown Indicators

	TEK	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-28.24%	-3.60%	-24.64%
Max Drawdown (1Y) Largest decline over 1 year	-19.29%	-0.76%	-18.53%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-2.64%	-1.11%	-1.53%
Average Drawdown Average peak-to-trough decline	-5.88%	-0.90%	-4.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.62%	0.30%	+6.32%

Volatility

TEK vs. CAOS - Volatility Comparison

iShares Technology Opportunities Active ETF (TEK) has a higher volatility of 9.38% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.25%. This indicates that TEK'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

	TEK	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.38%	0.25%	+9.13%
Volatility (6M) Calculated over the trailing 6-month period	21.28%	1.03%	+20.25%
Volatility (1Y) Calculated over the trailing 1-year period	25.71%	1.52%	+24.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.20%	4.25%	+24.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.20%	4.25%	+24.95%

TEK vs. CAOS - Expense Ratio Comparison

TEK has a 0.75% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

TEK vs. CAOS - Dividend Comparison

TEK's dividend yield for the trailing twelve months is around 1.16%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%
TEK iShares Technology Opportunities Active ETF	1.16%	1.62%

Frequently Asked Questions

Can I hold both TEK and CAOS in my portfolio?

TEK and CAOS have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TEK or CAOS?

TEK has higher volatility (9.38%) compared to CAOS (0.25%). In terms of maximum drawdown, TEK dropped -28.24% vs CAOS's -3.60%.

Which ETF is better, TEK or CAOS?

On 1-year performance, TEK leads with 61.28% vs 1.85% for CAOS. On fees, CAOS is cheaper at 0.63% per year. On volatility, CAOS has been the lower-risk option at 0.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TEK or CAOS?

Over the 1-year period, TEK has performed better with a 61.28% return vs 1.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TEK or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.75% for TEK.

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

TEK has the higher dividend yield at 1.16%, compared with 0.00% for CAOS.

What is the main difference between TEK and CAOS?

TEK is categorized as Technology Equities, while CAOS is Options Trading. They also come from different issuers: iShares and Alpha Architect. Their fees differ too: 0.75% for TEK and 0.63% for CAOS.

Which has better risk-adjusted returns?

TEK currently has the higher Sharpe Ratio (2.40 vs 1.22), 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.