XV vs. CAOS

Last updated Jun 14, 2026

XV (Simplify Target 15 Distribution ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - XV is a Derivative Income fund actively managed by Simplify, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past year, XV returned 13.14% vs 1.60% for CAOS. At a correlation of -0.22, they often move in opposite directions. XV charges 0.75%/yr vs 0.63%/yr for CAOS.

Performance

XV vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Target 15 Distribution ETF (XV) 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, XV achieves a 3.32% return, which is significantly higher than CAOS's 0.74% return.

XV

• 1D: 0.98%
• 1M: 0.94%
• YTD: 3.32%
• 6M: 2.71%
• 1Y: 13.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAOS

• 1D: -0.13%
• 1M: -0.13%
• YTD: 0.74%
• 6M: 0.65%
• 1Y: 1.60%
• 3Y*: 4.01%
• 5Y*: —
• 10Y*: —

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

XV vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025
XV Simplify Target 15 Distribution ETF	3.32%	16.13%
CAOS Alpha Architect Tail Risk ETF	0.74%	0.73%

Correlation

The correlation between XV and CAOS is -0.24, 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	-0.24
Correlation (All Time) Calculated using the full available price history since Apr 15, 2025	-0.22

Return for Risk

XV vs. CAOS — Risk / Return Rank

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

XV

XV Risk / Return Rank: 47
XV Sharpe Ratio Rank: 44
XV Sortino Ratio Rank: 44
XV Omega Ratio Rank: 42
XV Calmar Ratio Rank: 51
XV Martin Ratio Rank: 55

CAOS

CAOS Risk / Return Rank: 43
CAOS Sharpe Ratio Rank: 37
CAOS Sortino Ratio Rank: 41
CAOS Omega Ratio Rank: 42
CAOS Calmar Ratio Rank: 54
CAOS Martin Ratio Rank: 41

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.

XV vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Target 15 Distribution ETF (XV) 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.

	XV	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.18	+0.18
Sortino ratio: Return per unit of downside risk	1.98	1.87	+0.11
Omega ratio: Gain probability vs. loss probability	1.25	1.24	0.00
Calmar ratio: Return relative to maximum drawdown	2.23	2.37	-0.14
Martin ratio: Return relative to average drawdown	8.39	5.80	+2.59

XV vs. CAOS - Sharpe Ratio Comparison

The current XV Sharpe Ratio is 1.36, which is comparable to the CAOS Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of XV 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

XV vs. CAOS - Drawdown Comparison

The maximum XV drawdown since its inception was -5.73%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for XV and CAOS.

Drawdown Indicators

	XV	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-5.73%	-3.89%	-1.84%
Max Drawdown (1Y) Largest decline over 1 year	-5.73%	-0.76%	-4.97%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-0.61%	-1.15%	+0.54%
Average Drawdown Average peak-to-trough decline	-0.99%	-0.91%	-0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.52%	0.31%	+1.21%

Volatility

XV vs. CAOS - Volatility Comparison

Simplify Target 15 Distribution ETF (XV) has a higher volatility of 3.28% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.32%. This indicates that XV'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

	XV	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.28%	0.32%	+2.96%
Volatility (6M) Calculated over the trailing 6-month period	6.46%	1.04%	+5.42%
Volatility (1Y) Calculated over the trailing 1-year period	9.39%	1.53%	+7.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.90%	4.25%	+6.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.90%	4.25%	+6.65%

XV vs. CAOS - Expense Ratio Comparison

XV has a 0.75% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

XV vs. CAOS - Dividend Comparison

XV's dividend yield for the trailing twelve months is around 19.20%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%
XV Simplify Target 15 Distribution ETF	19.20%	13.87%

Frequently Asked Questions

Can I hold both XV and CAOS in my portfolio?

XV and CAOS have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XV or CAOS?

XV has higher volatility (3.28%) compared to CAOS (0.32%). In terms of maximum drawdown, XV dropped -5.73% vs CAOS's -3.89%.

Which ETF is better, XV or CAOS?

On 1-year performance, XV leads with 13.14% vs 1.60% for CAOS. On fees, CAOS is cheaper at 0.63% per year. On volatility, CAOS has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XV or CAOS?

Over the 1-year period, XV has performed better with a 13.14% return vs 1.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XV or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.75% for XV.

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

XV has the higher dividend yield at 19.20%, compared with 0.00% for CAOS.

What is the main difference between XV and CAOS?

XV is categorized as Derivative Income, while CAOS is Options Trading. They also come from different issuers: Simplify and Alpha Architect. Their fees differ too: 0.75% for XV and 0.63% for CAOS.

Which has better risk-adjusted returns?

XV currently has the higher Sharpe Ratio (1.36 vs 1.18), 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.