XTJA vs. CAOS

Last updated Jun 4, 2026

XTJA (Innovator U.S. Equity Accelerated Plus ETF - January) and CAOS (Alpha Architect Tail Risk ETF) are both Options Trading funds. Both are actively managed. Over the past 3 years, XTJA returned 14.92%/yr vs 4.26%/yr for CAOS. At a 0.12 correlation, their price movements are largely independent. XTJA charges 0.79%/yr vs 0.63%/yr for CAOS.

Performance

XTJA vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Accelerated Plus ETF - January (XTJA) 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, XTJA achieves a 7.16% return, which is significantly higher than CAOS's 0.82% return.

XTJA

• 1D: -0.25%
• 1M: 2.70%
• YTD: 7.16%
• 6M: 7.78%
• 1Y: 19.06%
• 3Y*: 14.92%
• 5Y*: —
• 10Y*: —

CAOS

• 1D: 0.12%
• 1M: -0.09%
• YTD: 0.82%
• 6M: 0.69%
• 1Y: 1.88%
• 3Y*: 4.26%
• 5Y*: —
• 10Y*: —

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

XTJA vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XTJA Innovator U.S. Equity Accelerated Plus ETF - January	7.16%	13.86%	15.25%	14.55%
CAOS Alpha Architect Tail Risk ETF	0.82%	2.55%	5.33%	7.97%

Correlation

The correlation between XTJA and CAOS is -0.37, 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	-0.37
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Mar 7, 2023	0.12

The correlation between XTJA and CAOS shifts across timeframes, from -0.37 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.

XTJA vs. CAOS - Sectors Allocation Comparison

Sectors	XTJA	CAOS
Technology	36.2%	33.1%
Financial Services	11.9%	12.4%
Communication Services	10.9%	10.4%
Consumer Cyclical	10.1%	10.0%
Healthcare	8.4%	9.6%
Industrials	8.1%	8.5%
Consumer Defensive	4.9%	5.4%
Energy	3.5%	4.1%
Utilities	2.3%	2.6%
Real Estate	1.9%	2.0%
Basic Materials	1.8%	1.9%

Return for Risk

XTJA vs. CAOS — Risk / Return Rank

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

XTJA

XTJA Risk / Return Rank: 71
XTJA Sharpe Ratio Rank: 70
XTJA Sortino Ratio Rank: 73
XTJA Omega Ratio Rank: 84
XTJA Calmar Ratio Rank: 52
XTJA Martin Ratio Rank: 75

CAOS

CAOS Risk / Return Rank: 40
CAOS Sharpe Ratio Rank: 34
CAOS Sortino Ratio Rank: 37
CAOS Omega Ratio Rank: 39
CAOS Calmar Ratio Rank: 49
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.

XTJA vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Accelerated Plus ETF - January (XTJA) 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.

	XTJA	CAOS	Difference
Sharpe ratio Return per unit of total volatility	2.28	1.24	+1.04
Sortino ratio Return per unit of downside risk	3.26	1.98	+1.28
Omega ratio Gain probability vs. loss probability	1.51	1.26	+0.25
Calmar ratio Return relative to maximum drawdown	2.51	2.49	+0.02
Martin ratio Return relative to average drawdown	14.10	6.22	+7.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XTJA vs. CAOS - Sharpe Ratio Comparison

The current XTJA Sharpe Ratio is 2.28, which is higher than the CAOS Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of XTJA 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

	XTJA	CAOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.28	1.24	+1.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	1.21	-0.75

Drawdowns

XTJA vs. CAOS - Drawdown Comparison

The maximum XTJA drawdown since its inception was -26.17%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for XTJA and CAOS.

Drawdown Indicators

	XTJA	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-26.17%	-3.60%	-22.57%
Max Drawdown (1Y) Largest decline over 1 year	-7.62%	-0.76%	-6.86%
Max Drawdown (3Y) Largest decline over 3 years	-17.94%	-3.60%	-14.34%
Current Drawdown Current decline from peak	-0.25%	-1.07%	+0.82%
Average Drawdown Average peak-to-trough decline	-6.26%	-0.90%	-5.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.35%	0.30%	+1.05%

Volatility

XTJA vs. CAOS - Volatility Comparison

Innovator U.S. Equity Accelerated Plus ETF - January (XTJA) has a higher volatility of 1.32% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.26%. This indicates that XTJA'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

	XTJA	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.32%	0.26%	+1.06%
Volatility (6M) Calculated over the trailing 6-month period	7.29%	1.03%	+6.26%
Volatility (1Y) Calculated over the trailing 1-year period	8.41%	1.52%	+6.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.07%	4.26%	+11.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.07%	4.26%	+11.81%

XTJA vs. CAOS - Expense Ratio Comparison

XTJA has a 0.79% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

XTJA vs. CAOS - Dividend Comparison

Neither XTJA nor CAOS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XTJA and CAOS in my portfolio?

XTJA and CAOS have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XTJA or CAOS?

XTJA has higher volatility (1.32%) compared to CAOS (0.26%). In terms of maximum drawdown, XTJA dropped -26.17% vs CAOS's -3.60%.

Which ETF is better, XTJA or CAOS?

On 3-year performance, XTJA leads with 14.92% vs 4.26% for CAOS. On fees, CAOS is cheaper at 0.63% per year. On volatility, CAOS has been the lower-risk option at 0.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XTJA or CAOS?

Over the 3-year period, XTJA has performed better with a 14.92% return vs 4.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XTJA or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.79% for XTJA.

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

XTJA and CAOS have nearly identical dividend yields, around 0.00%.

What is the main difference between XTJA and CAOS?

They also come from different issuers: Innovator and Alpha Architect. Their fees differ too: 0.79% for XTJA and 0.63% for CAOS.

Which has better risk-adjusted returns?

XTJA currently has the higher Sharpe Ratio (2.28 vs 1.24), 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.