XOEF vs. CAOS

Last updated Jul 21, 2026

XOEF (iShares S&P 500 ex S&P 100 ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - XOEF is a S&P 500 fund tracking the S&P 500 Ex-S&P 100 Select Index, while CAOS is a Options Trading fund actively managed by Alpha Architect. XOEF is passively managed, while CAOS is actively managed. Over the past year, XOEF returned 18.97% vs 2.10% for CAOS. At a correlation of -0.32, they often move in opposite directions. XOEF charges 0.20%/yr vs 0.63%/yr for CAOS.

Performance

XOEF vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P 500 ex S&P 100 ETF (XOEF) 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, XOEF achieves a 13.96% return, which is significantly higher than CAOS's 1.10% return.

XOEF

• 1D: -0.44%
• 1M: -1.24%
• 6M: 8.68%
• YTD: 13.96%
• 1Y: 18.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.24%

CAOS

• 1D: 0.13%
• 1M: 0.45%
• 6M: 0.61%
• YTD: 1.10%
• 1Y: 2.10%
• 3Y*: 3.68%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.85%

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

XOEF vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025
XOEF iShares S&P 500 ex S&P 100 ETF	13.96%	4.27%
CAOS Alpha Architect Tail Risk ETF	1.10%	1.13%

Correlation

The correlation between XOEF and CAOS is -0.33, 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	-0.33
Correlation (All Time) Calculated using the full available price history since Jul 9, 2025	-0.32

Return for Risk

XOEF vs. CAOS — Risk / Return Rank

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

XOEF

XOEF Risk / Return Rank: 63
XOEF Sharpe Ratio Rank: 60
XOEF Sortino Ratio Rank: 61
XOEF Omega Ratio Rank: 55
XOEF Calmar Ratio Rank: 67
XOEF Martin Ratio Rank: 72

CAOS

CAOS Risk / Return Rank: 60
CAOS Sharpe Ratio Rank: 53
CAOS Sortino Ratio Rank: 62
CAOS Omega Ratio Rank: 62
CAOS Calmar Ratio Rank: 74
CAOS Martin Ratio Rank: 50

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.

XOEF vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 ex S&P 100 ETF (XOEF) 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.

	XOEF	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	1.48	1.36	+0.12
Sortino ratio: Return per unit of downside risk	2.15	2.18	-0.03
Omega ratio: Gain probability vs. loss probability	1.26	1.28	-0.02
Calmar ratio: Return relative to maximum drawdown	2.49	2.79	-0.30
Martin ratio: Return relative to average drawdown	9.52	6.28	+3.24

XOEF vs. CAOS - Sharpe Ratio Comparison

The current XOEF Sharpe Ratio is 1.48, which is comparable to the CAOS Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of XOEF 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

XOEF vs. CAOS - Drawdown Comparison

The maximum XOEF drawdown since its inception was -7.66%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for XOEF and CAOS.

Drawdown Indicators

	XOEF	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-7.66%	-3.89%	-3.77%
Max Drawdown (1Y) Largest decline over 1 year	-7.66%	-0.76%	-6.90%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-2.87%	-0.80%	-2.07%
Average Drawdown Average peak-to-trough decline	-1.27%	-0.92%	-0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	0.34%	+1.66%

Volatility

XOEF vs. CAOS - Volatility Comparison

iShares S&P 500 ex S&P 100 ETF (XOEF) has a higher volatility of 3.32% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that XOEF'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

	XOEF	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.32%	0.51%	+2.81%
Volatility (6M) Calculated over the trailing 6-month period	9.95%	1.10%	+8.85%
Volatility (1Y) Calculated over the trailing 1-year period	12.86%	1.55%	+11.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.76%	4.20%	+8.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.76%	4.20%	+8.56%

XOEF vs. CAOS - Expense Ratio Comparison

XOEF has a 0.20% expense ratio, which is lower than CAOS's 0.63% expense ratio.

Dividends

XOEF vs. CAOS - Dividend Comparison

XOEF's dividend yield for the trailing twelve months is around 1.06%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%
XOEF iShares S&P 500 ex S&P 100 ETF	1.06%	0.63%

Frequently Asked Questions

Can I hold both XOEF and CAOS in my portfolio?

XOEF and CAOS have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XOEF or CAOS?

XOEF has higher volatility (3.32%) compared to CAOS (0.51%). In terms of maximum drawdown, XOEF dropped -7.66% vs CAOS's -3.89%.

Which ETF is better, XOEF or CAOS?

On 1-year performance, XOEF leads with 18.97% vs 2.10% for CAOS. On fees, XOEF is cheaper at 0.20% 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, XOEF or CAOS?

Over the 1-year period, XOEF has performed better with a 18.97% return vs 2.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XOEF or CAOS?

XOEF is cheaper with a 0.20% expense ratio, compared with 0.63% for CAOS.

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

XOEF has the higher dividend yield at 1.06%, compared with 0.00% for CAOS.

What is the main difference between XOEF and CAOS?

XOEF is categorized as S&P 500, while CAOS is Options Trading. They also come from different issuers: iShares and Alpha Architect. Their fees differ too: 0.20% for XOEF and 0.63% for CAOS.

Which has better risk-adjusted returns?

XOEF currently has the higher Sharpe Ratio (1.48 vs 1.36), 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.