VOOV vs. CAOS

Last updated Jul 17, 2026

VOOV (Vanguard S&P 500 Value ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - VOOV is a Large Cap Value Equities fund tracking the S&P 500 Value Index, while CAOS is a Options Trading fund actively managed by Alpha Architect. VOOV is passively managed, while CAOS is actively managed. Over the past 3 years, VOOV returned 14.52%/yr vs 3.60%/yr for CAOS. At a 0.09 correlation, their price movements are largely independent. VOOV charges 0.07%/yr vs 0.63%/yr for CAOS.

Performance

VOOV vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P 500 Value ETF (VOOV) 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, VOOV achieves a 10.47% return, which is significantly higher than CAOS's 0.80% return.

VOOV

• 1D: 0.85%
• 1M: 1.45%
• 6M: 7.56%
• YTD: 10.47%
• 1Y: 20.29%
• 3Y*: 14.52%
• 5Y*: 11.86%
• 10Y*: 11.73%

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)

VOOV vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VOOV Vanguard S&P 500 Value ETF	10.47%	13.10%	12.21%	15.50%
CAOS Alpha Architect Tail Risk ETF	0.80%	2.55%	5.33%	7.43%

Correlation

The correlation between VOOV and CAOS is -0.27, 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	-0.27
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023	0.09

The correlation between VOOV and CAOS shifts across timeframes, from -0.27 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VOOV vs. CAOS — Risk / Return Rank

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

VOOV

VOOV Risk / Return Rank: 80
VOOV Sharpe Ratio Rank: 81
VOOV Sortino Ratio Rank: 80
VOOV Omega Ratio Rank: 79
VOOV Calmar Ratio Rank: 78
VOOV 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.

VOOV vs. CAOS - Risk-Adjusted Trends Comparison

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

	VOOV	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.19	+0.88
Sortino ratio: Return per unit of downside risk	2.87	1.88	+0.99
Omega ratio: Gain probability vs. loss probability	1.37	1.24	+0.13
Calmar ratio: Return relative to maximum drawdown	3.25	2.41	+0.84
Martin ratio: Return relative to average drawdown	12.31	5.44	+6.87

VOOV vs. CAOS - Sharpe Ratio Comparison

The current VOOV 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 VOOV 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

VOOV vs. CAOS - Drawdown Comparison

The maximum VOOV drawdown since its inception was -37.31%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for VOOV and CAOS.

Drawdown Indicators

	VOOV	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-37.31%	-3.89%	-33.42%
Max Drawdown (1Y) Largest decline over 1 year	-6.27%	-0.76%	-5.51%
Max Drawdown (3Y) Largest decline over 3 years	-17.55%	-3.60%	-13.95%
Max Drawdown (5Y) Largest decline over 5 years	-18.10%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-37.31%	—	—
Current Drawdown Current decline from peak	0.00%	-1.08%	+1.08%
Average Drawdown Average peak-to-trough decline	-3.82%	-0.92%	-2.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.65%	0.34%	+1.31%

Volatility

VOOV vs. CAOS - Volatility Comparison

Vanguard S&P 500 Value ETF (VOOV) has a higher volatility of 2.44% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.48%. This indicates that VOOV'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

	VOOV	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.44%	0.48%	+1.96%
Volatility (6M) Calculated over the trailing 6-month period	7.26%	1.09%	+6.17%
Volatility (1Y) Calculated over the trailing 1-year period	9.88%	1.55%	+8.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.40%	4.20%	+10.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.88%	4.20%	+12.68%

VOOV vs. CAOS - Expense Ratio Comparison

VOOV has a 0.07% expense ratio, which is lower than CAOS's 0.63% expense ratio.

Dividends

VOOV vs. CAOS - Dividend Comparison

VOOV's dividend yield for the trailing twelve months is around 1.66%, 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%
VOOV Vanguard S&P 500 Value ETF	1.66%	1.76%	2.10%	1.69%	2.19%	1.87%	2.45%	2.10%	2.65%	2.13%	2.24%	2.36%

Frequently Asked Questions

Can I hold both VOOV and CAOS in my portfolio?

VOOV and CAOS have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VOOV or CAOS?

VOOV has higher volatility (2.44%) compared to CAOS (0.48%). In terms of maximum drawdown, VOOV dropped -37.31% vs CAOS's -3.89%.

Which ETF is better, VOOV or CAOS?

On 3-year performance, VOOV leads with 14.52% vs 3.60% for CAOS. On fees, VOOV is cheaper at 0.07% 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, VOOV or CAOS?

Over the 3-year period, VOOV has performed better with a 14.52% return vs 3.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOOV or CAOS?

VOOV is cheaper with a 0.07% expense ratio, compared with 0.63% for CAOS.

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

VOOV has the higher dividend yield at 1.66%, compared with 0.00% for CAOS.

What is the main difference between VOOV and CAOS?

VOOV is categorized as Large Cap Value Equities, while CAOS is Options Trading. They also come from different issuers: Vanguard and Alpha Architect. Their fees differ too: 0.07% for VOOV and 0.63% for CAOS.

Which has better risk-adjusted returns?

VOOV 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.