Which did better when the S&P 500 fell, ATTR or CAOS?

In the 25 weeks the S&P 500 fell, by 1.10% a week on average, ATTR averaged −0.14% and CAOS +0.05%, so CAOS returned more in those weeks.

Which earned more than cash, ATTR or CAOS?

Over the same weeks, ATTR finished 3.8 percentage points ahead of cash and CAOS finished 2.2 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, ATTR or CAOS?

ATTR and CAOS both charge 0.63% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Oct 27, 2026.

Alternative ETFs

ATTR vs CAOS: Correlation to the S&P 500

Over the year to Oct 27, 2026, CAOS moved less with the S&P 500 than ATTR: correlation −0.22 against +0.91.

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Net assets: $96m on Jun 30, 2026 for Arin Tactical Tail Risk ETF, and $725m on Oct 26, 2026 for Alpha Architect Tail Risk ETF.

ATTR on its own →CAOS on its own →

At a glance

+0.91

ATTR correlation with the S&P 500

−0.22

CAOS correlation with the S&P 500

12.8%

ATTR down-week capture

−4.3%

CAOS down-week capture

ATTR Fell 13% as much as the S&P 500

ATTR in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, ATTR −0.14%.

CAOS Rose when the S&P 500 fell

CAOS in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, CAOS +0.05%.

Pair scorecard

Both cost 0.63% a year.

ATTR vs CAOS: Correlation to the S&P 500
Measure	ATTR	CAOS
Return
Measure	ATTR	CAOS
Total return, 1 year	not published	+1.5%
Against its benchmark
Measure	ATTR	CAOS
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	ATTR	CAOS
Expense ratio	0.63%	0.63%
Net assets, ATTR as of Jun 30, 2026 and CAOS as of Oct 26, 2026	$96m	$725m
Holdings
Measure	ATTR	CAOS
Holdings in common	not published
Risk
Measure	ATTR	CAOS
Beta to the S&P 500	+0.21: about 0.21% for each 1%	−0.02: about 0.02% for each 1%
Its average week when the S&P 500 fell	fell 0.14%	rose 0.05%

ETFIQ Stock Diversification Score · CAOS scores higher How much does it diversify a stock portfolio?

IQ Alternatives Score60.3ATTR88.6CAOS

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

ATTR 60.3

CAOS 88.6

8.0, the lowest in this set 97.7, the highest

A percentile among the 22 equity hedged alternatives ETFs with a full year. 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 →

Method

Window by window

Window by window: ATTR vs CAOS: Correlation to the S&P 500
	Total return		vs its benchmark
Window	ATTR	CAOS	ATTR	CAOS
3 months	+2.5%	+0.9%	−1.7 pts vs VOO	not measured
6 months	+3.5%	+0.8%	−5.2 pts vs VOO	not measured
1 year	–	+1.5%	–	not measured
3 years	–	+12.8%	–	not measured
Since launchNot the same days: ATTR Oct 2025 · CAOS Mar 2023	+7.5%	+18.6%	−5.8 pts vs VOO	not measured

Source: ETFIQ. – means no data for this window. Open this comparison in the app →

Side by side

ATTR Arin Tactical Tail Risk ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options CAOS Alpha Architect Tail Risk ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options

Issuer Arin Alpha Architect

Strategy Hedged equity Hedged equity

Correlation with the S&P 500 +0.91 −0.22

Beta to the S&P 500 +0.21 −0.02

Down-week capture 12.8% −4.3%

Average week when the S&P 500 fell −0.14% +0.05%

The S&P 500 in those weeks −1.10% −1.10%

Total return, same 52 weeks +7.5% +1.5%

Against T-bills, percentage points +3.8 pts −2.2 pts

Expense ratio 0.63% 0.63%

First traded Oct 28, 2025 Mar 6, 2023

Net assets, ATTR as of Jun 30, 2026 and CAOS as of Oct 26, 2026 $96m $725m

As of Oct 27, 2026. Source: ETFIQ.

One strategy, two funds

ATTR and CAOS both run a hedged equity strategy. Over the same 52 weeks to Oct 27, 2026, ATTR’s weekly returns had a correlation of +0.91 with the S&P 500 and CAOS’s −0.22. In the 25 weeks the index fell, by 1.10% a week on average, ATTR averaged −0.14% and CAOS +0.05%. Over the same weeks, ATTR finished 3.8 percentage points ahead of cash and CAOS finished 2.2 points behind cash.

Alert

About each fund

ATTR

ATTR 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 Oct 27, 2026, its weekly returns had a correlation of +0.91 with the S&P 500’s and a beta of +0.21, so for each 1% the index moved it moved about 0.21% the same way. The S&P 500 fell in 25 of those 52 weeks, by 1.10% on average. In the same weeks ATTR fell 0.14% on average, a down-week capture of 12.8%. Over the same 52 weeks ATTR returned +7.5% and a Treasury bill fund +3.7%, so it finished 3.8 percentage points ahead of cash.

CAOS

CAOS is a hedged equity fund. Over the year to Oct 27, 2026, its weekly returns had a correlation of −0.22 with the S&P 500’s and a beta of −0.02, so for each 1% the index moved it moved about 0.02% the other way. In the same weeks CAOS rose 0.05% on average, a down-week capture of −4.3%. Over the same 52 weeks CAOS returned +1.5% and a Treasury bill fund +3.7%, so it finished 2.2 percentage points behind cash.

Questions people ask

Which moved less with the S&P 500, ATTR or CAOS?: Over the 52 weeks to Oct 27, 2026, ATTR’s weekly returns had a correlation of +0.91 with the S&P 500 and CAOS’s −0.22, so CAOS moved less with the index.
Which did better when the S&P 500 fell, ATTR or CAOS?: In the 25 weeks the S&P 500 fell, by 1.10% a week on average, ATTR averaged −0.14% and CAOS +0.05%, so CAOS returned more in those weeks.
Which earned more than cash, ATTR or CAOS?: Over the same weeks, ATTR finished 3.8 percentage points ahead of cash and CAOS finished 2.2 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, ATTR or CAOS?: ATTR and CAOS both charge 0.63% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

ATTR vs HEQQ ATTR vs CCOR ATTR vs QBUL ATTR vs QTR CAOS vs TOAK CAOS vs QBER CAOS vs KSPY CAOS vs PHEQ

Where to next

BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →ATTR on its own →CAOS on its own →Method →Standards and sources →

Sources and dates

ATTR and CAOS filings on SEC EDGAR ↗

ATTR prospectus with the expense ratio (SEC) ↗

Arin page for ATTR ↗

CAOS prospectus with the expense ratio (SEC) ↗

Alpha Architect page for CAOS ↗

Links are sources, not endorsements. A comparison is not a recommendation.

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, ATTR against CAOS, data as of Oct 27, 2026. https://etfiq.com/compare/alternatives/attr-vs-caos

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