VEU vs. CAOS
VEU (Vanguard FTSE All-World ex-US ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - VEU is a Foreign Large Cap Equities fund tracking the FTSE All-World ex US Index, while CAOS is a Options Trading fund actively managed by Alpha Architect. VEU is passively managed, while CAOS is actively managed. Over the past 3 years, VEU returned 17.40%/yr vs 3.60%/yr for CAOS. At a 0.05 correlation, their price movements are largely independent. VEU charges 0.04%/yr vs 0.63%/yr for CAOS.
Performance
VEU vs. CAOS - Performance Comparison
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Returns By Period
In the year-to-date period, VEU achieves a 12.47% return, which is significantly higher than CAOS's 0.80% return.
VEU
- 1D
- -1.09%
- 1M
- -2.49%
- 6M
- 7.82%
- YTD
- 12.47%
- 1Y
- 26.08%
- 3Y*
- 17.40%
- 5Y*
- 8.97%
- 10Y*
- 9.60%
CAOS
- 1D
- -0.04%
- 1M
- 0.13%
- 6M
- 0.30%
- YTD
- 0.80%
- 1Y
- 1.82%
- 3Y*
- 3.60%
- 5Y*
- —
- 10Y*
- —
VEU vs. CAOS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
VEU Vanguard FTSE All-World ex-US ETF | 12.47% | 32.35% | 5.56% | 8.63% |
CAOS Alpha Architect Tail Risk ETF | 0.80% | 2.55% | 5.33% | 7.43% |
Correlation
The correlation between VEU and CAOS is -0.31, 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 | -0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023 | 0.05 |
The correlation between VEU and CAOS shifts across timeframes, from -0.31 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VEU vs. CAOS — Risk / Return Rank
VEU
CAOS
VEU vs. CAOS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World ex-US ETF (VEU) 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.
| VEU | CAOS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.38 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.24 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.29 | 2.41 | -0.12 |
| Martin ratioReturn relative to average drawdown | 8.56 | 5.44 | +3.13 |
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Drawdowns
VEU vs. CAOS - Drawdown Comparison
The maximum VEU drawdown since its inception was -61.52%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for VEU and CAOS.
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Drawdown Indicators
| VEU | CAOS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.52% | -3.89% | -57.63% |
Max Drawdown (1Y)Largest decline over 1 year | -11.43% | -0.76% | -10.67% |
Max Drawdown (3Y)Largest decline over 3 years | -13.69% | -3.60% | -10.09% |
Max Drawdown (5Y)Largest decline over 5 years | -29.14% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -34.98% | — | — |
Current DrawdownCurrent decline from peak | -3.53% | -1.08% | -2.45% |
Average DrawdownAverage peak-to-trough decline | -13.07% | -0.92% | -12.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.05% | 0.34% | +2.71% |
Volatility
VEU vs. CAOS - Volatility Comparison
Vanguard FTSE All-World ex-US ETF (VEU) has a higher volatility of 5.28% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.48%. This indicates that VEU'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
| VEU | CAOS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.28% | 0.48% | +4.80% |
Volatility (6M)Calculated over the trailing 6-month period | 14.79% | 1.09% | +13.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.70% | 1.55% | +15.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.33% | 4.20% | +12.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.04% | 4.20% | +12.84% |
VEU vs. CAOS - Expense Ratio Comparison
VEU has a 0.04% expense ratio, which is lower than CAOS's 0.63% expense ratio.
Dividends
VEU vs. CAOS - Dividend Comparison
VEU's dividend yield for the trailing twelve months is around 2.58%, 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% |
VEU Vanguard FTSE All-World ex-US ETF | 2.58% | 3.09% | 3.24% | 3.32% | 3.12% | 3.08% | 2.00% | 3.10% | 3.27% | 2.66% | 2.96% | 2.95% |
Frequently Asked Questions
VEU and CAOS have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VEU has higher volatility (5.28%) compared to CAOS (0.48%). In terms of maximum drawdown, VEU dropped -61.52% vs CAOS's -3.89%.
On 3-year performance, VEU leads with 17.40% vs 3.60% for CAOS. On fees, VEU 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.
Over the 3-year period, VEU has performed better with a 17.40% return vs 3.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VEU is cheaper with a 0.04% expense ratio, compared with 0.63% for CAOS.
VEU has the higher dividend yield at 2.58%, compared with 0.00% for CAOS.
VEU is categorized as Foreign Large Cap Equities, while CAOS is Options Trading. They also come from different issuers: Vanguard and Alpha Architect. Their fees differ too: 0.04% for VEU and 0.63% for CAOS.
VEU currently has the higher Sharpe Ratio (1.57 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.
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