VPC vs. CAOS
VPC (Virtus Private Credit ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - VPC is a Nontraditional Bonds fund tracking the Indxx Private Credit Index, while CAOS is a Options Trading fund actively managed by Alpha Architect. VPC is passively managed, while CAOS is actively managed. Over the past 3 years, VPC returned -1.29%/yr vs 3.48%/yr for CAOS. Their 0.06 correlation means their historical movements had little consistent relationship. VPC charges 0.75%/yr vs 0.63%/yr for CAOS.
Performance
VPC vs. CAOS - Performance Comparison
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Returns By Period
In the year-to-date period, VPC achieves a -11.53% return, which is significantly lower than CAOS's 0.76% return.
VPC
- 1D
- 0.17%
- 1M
- -1.53%
- 6M
- -11.08%
- YTD
- -11.53%
- 1Y
- -16.30%
- 3Y*
- -1.29%
- 5Y*
- 0.87%
- 10Y*
- —
- ALL TIME*
- 3.63%
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 | |
| $87.07K | $126.50K | $156.13K |
VPC vs. CAOS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
VPC Virtus Private Credit ETF | -11.53% | -6.75% | 10.52% | 11.54% |
CAOS Alpha Architect Tail Risk ETF | 0.76% | 2.55% | 5.33% | 7.43% |
Correlation
The correlation between VPC and CAOS is -0.21, 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. | -0.21 |
Correlation (3Y) Balances recent behavior with more history. | -0.04 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023 | 0.06 |
The correlation between VPC and CAOS shifts across timeframes, from -0.21 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VPC vs. CAOS — Risk / Return Rank
VPC
CAOS
VPC vs. CAOS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Virtus Private Credit ETF (VPC) 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.
| VPC | CAOS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.44 | ||
| Sortino ratioReturn per unit of downside risk | -3.62 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.24 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.79 | 2.47 | -3.26 |
| Martin ratioReturn relative to average drawdown | -1.37 | 5.45 | -6.81 |
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Drawdowns
VPC vs. CAOS - Drawdown Comparison
The maximum VPC drawdown since its inception was -53.45%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for VPC and CAOS.
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Drawdown Indicators
| VPC | CAOS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.45% | -3.89% | -49.56% |
Max Drawdown (1Y)Largest decline over 1 year | -21.55% | -0.76% | -20.79% |
Max Drawdown (3Y)Largest decline over 3 years | -24.86% | -3.60% | -21.26% |
Max Drawdown (5Y)Largest decline over 5 years | -24.86% | — | — |
Current DrawdownCurrent decline from peak | -21.64% | -1.13% | -20.51% |
Average DrawdownAverage peak-to-trough decline | -7.95% | -0.92% | -7.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.51% | 0.34% | +12.17% |
Volatility
VPC vs. CAOS - Volatility Comparison
Virtus Private Credit ETF (VPC) has a higher volatility of 3.44% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that VPC'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
| VPC | CAOS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.44% | 0.51% | +2.93% |
Volatility (6M)Calculated over the trailing 6-month period | 11.09% | 1.07% | +10.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.74% | 1.57% | +12.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.58% | 4.18% | +9.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.42% | 4.18% | +16.24% |
VPC vs. CAOS - Expense Ratio Comparison
VPC has a 0.75% expense ratio, which is higher than CAOS's 0.63% expense ratio.
Dividends
VPC vs. CAOS - Dividend Comparison
VPC's dividend yield for the trailing twelve months is around 16.46%, while CAOS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CAOS Alpha Architect Tail Risk ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VPC Virtus Private Credit ETF | 16.46% | 14.33% | 11.26% | 11.71% | 10.74% | 6.31% | 10.06% | 8.19% |
Frequently Asked Questions
VPC and CAOS have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VPC has higher volatility (3.44%) compared to CAOS (0.51%). In terms of maximum drawdown, VPC dropped -53.45% vs CAOS's -3.89%.
On 3-year performance, CAOS leads with 3.48% vs -1.29% for VPC. 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, CAOS has performed better with a 3.48% return vs -1.29%. 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 0.75% for VPC.
VPC has the higher dividend yield at 16.46%, compared with 0.00% for CAOS.
VPC is categorized as Nontraditional Bonds, while CAOS is Options Trading. They also come from different issuers: Virtus and Alpha Architect. Their fees differ too: 0.75% for VPC and 0.63% for CAOS.
CAOS currently has the higher Sharpe Ratio (1.19 vs -1.25), 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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