Data as of Nov 4, 2026.
ACIO vs CAOS: Correlation to the S&P 500
Over the year to Nov 4, 2026, CAOS moved less with the S&P 500 than ACIO: correlation −0.15 against +0.99.
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Net assets: $2.4bn on Jul 31, 2026 for Aptus Collared Investment Opportunity ETF, and $728m on Nov 3, 2026 for Alpha Architect Tail Risk ETF.
ACIO in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, ACIO −0.90%.
CAOS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, CAOS +0.04%.
Pair scorecard
CAOS costs 0.16 points a year less; their one-year returns differ by 5.8 points.
| Measure | ACIO | CAOS |
|---|---|---|
| Return | ||
| Total return, 1 year | +7.1% | +1.3% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.79% | 0.63% |
| Net assets, ACIO as of Jul 31, 2026 and CAOS as of Nov 3, 2026 | $2.4bn | $728m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.79: about 0.79% for each 1% | −0.01: about 0.01% for each 1% |
| Its average week when the S&P 500 fell | fell 0.90% | rose 0.04% |
How much it diversifies a stock portfolio, ranked against 22 equity hedged alternatives ETFs with a full year. 100 is best. How it is computed
One year of weekly moves against the S&P 500, within one strategy; it ignores what the fund returned. All alternatives ETFs ranked by it →
Risk and return
Mar 17, 2023 to Oct 30, 2026 · 189 weekly returnsFrom Mar 2023 to Oct 2026, ACIO returned more: +60.8% to +21.5%. CAOS swung less: 2.7% to 10.0%. CAOS fell less at its worst: −2.5% to −11.7%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | ACIO | CAOS | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +60.8% | +21.5% | ACIO | Price change plus distributions, reinvested. |
| Annualized | +14.0% | +5.5% | ACIO | Total return as a yearly rate. |
| Price return | +57.7% | +21.5% | ACIO | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 10.0% | 2.7% | CAOS | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 6.3% | 1.4% | CAOS | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −11.7% | −2.5% | CAOS | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.90 | 0.29 | ACIO | Return above Treasury bills per unit of volatility. |
| Sortino | 1.43 | 0.56 | ACIO | Return above Treasury bills per unit of downside deviation. |
| Calmar | 1.19 | 2.23 | CAOS | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 189 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | ACIO | CAOS | ACIO | CAOS |
| 3 months | −1.2% | +1.0% | −1.1 pts vs VOO | not measured |
| 6 months | +1.9% | +0.8% | −3.1 pts vs VOO | not measured |
| 1 year | +7.1% | +1.3% | −7.7 pts vs VOO | not measured |
| 3 years | +52.4% | +10.5% | −30.9 pts vs VOO | not measured |
| Since launchNot the same days: ACIO Jul 2019 · CAOS Mar 2023 | +98.5% | +18.5% | −87.7 pts vs VOO | not measured |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
ACIO and CAOS both run a hedged equity strategy. Over the same 52 weeks to Nov 4, 2026, ACIO’s weekly returns had a correlation of +0.99 with the S&P 500 and CAOS’s −0.15. In the 26 weeks the index fell, by 1.07% a week on average, ACIO averaged −0.90% and CAOS +0.04%. Over the same weeks, ACIO finished 3.3 percentage points ahead of cash and CAOS finished 2.3 points behind cash.
Client brief:
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ACIO
ACIO is a hedged equity fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.99 with the S&P 500’s and a beta of +0.79, so for each 1% the index moved it moved about 0.79% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks ACIO fell 0.90% on average, a down-week capture of 84.3%. Over the same 52 weeks ACIO returned +6.9% and a Treasury bill fund +3.7%, so it finished 3.3 percentage points ahead of cash.
CAOS
CAOS is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of −0.15 with the S&P 500’s and a beta of −0.01, so for each 1% the index moved it moved about 0.01% the other way. In the same weeks CAOS rose 0.04% on average, a down-week capture of −3.3%. Over the same 52 weeks CAOS returned +1.3% and a Treasury bill fund +3.7%, so it finished 2.3 percentage points behind cash.
Questions people ask
- Which moved less with the S&P 500, ACIO or CAOS?
- Over the 52 weeks to Nov 4, 2026, ACIO’s weekly returns had a correlation of +0.99 with the S&P 500 and CAOS’s −0.15, so CAOS moved less with the index.
- Which did better when the S&P 500 fell, ACIO or CAOS?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, ACIO averaged −0.90% and CAOS +0.04%, so CAOS returned more in those weeks.
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How this is computed
It is a place in a set, not a rating or a recommendation.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, ACIO against CAOS, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/acio-vs-caos
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