Data as of Oct 27, 2026.
CAOS vs HEDG: Correlation to the S&P 500
Over the year to Oct 27, 2026, CAOS moved less with the S&P 500 than HEDG: correlation −0.22 against +0.85.
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Net assets: $725m on Oct 26, 2026 for Alpha Architect Tail Risk ETF, and $427m on Jul 31, 2026 for Equable Shares Hedged Equity ETF.
CAOS in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, CAOS +0.05%.
HEDG in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, HEDG −0.21%.
Pair scorecard
CAOS costs 0.33 points a year less; their one-year returns differ by 7.9 points.
| Measure | CAOS | HEDG |
|---|---|---|
| Return | ||
| Total return, 1 year | +1.5% | +9.4% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.63% | 0.96% |
| Net assets, CAOS as of Oct 26, 2026 and HEDG as of Jul 31, 2026 | $725m | $427m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | −0.02: about 0.02% for each 1% | +0.28: about 0.28% for each 1% |
| Its average week when the S&P 500 fell | rose 0.05% | fell 0.21% |
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
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 →
Risk and return
Oct 24, 2025 to Oct 23, 2026 · 52 weekly returnsHEDG returned more: +9.1% to +1.6%. CAOS swung less: 1.3% to 4.2%. CAOS fell less at its worst: −0.6% to −3.5%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | CAOS | HEDG | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +1.6% | +9.1% | HEDG | Price change plus distributions, reinvested. |
| Annualized | +1.6% | +9.1% | HEDG | Total return as a yearly rate. |
| Price return | +1.6% | +6.0% | HEDG | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 1.3% | 4.2% | CAOS | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 1.0% | 2.5% | CAOS | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −0.6% | −3.5% | CAOS | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | −1.62 | 1.19 | HEDG | Return above Treasury bills per unit of volatility. |
| Sortino | −2.25 | 2.03 | HEDG | Return above Treasury bills per unit of downside deviation. |
| Calmar | 2.85 | 2.59 | CAOS (slight) | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 52 weekly returns. Cash rate: the 13-week Treasury bill.
Not investment advice. ETFIQ is independent and makes no recommendations.
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | CAOS | HEDG | CAOS | HEDG |
| 3 months | +0.9% | +3.5% | not measured | −0.7 pts vs VOO |
| 6 months | +0.8% | +5.4% | not measured | −3.3 pts vs VOO |
| 1 year | +1.5% | +9.4% | not measured | −4.2 pts vs VOO |
| 3 years | +12.8% | – | not measured | – |
| Since launchNot the same days: CAOS Mar 2023 · HEDG Oct 2025 | +18.6% | +10.6% | not measured | −6.8 pts vs VOO |
Source: ETFIQ. – means no data for this window. Open this comparison in the app →
Side by side
As of Oct 27, 2026. Source: ETFIQ.
One strategy, two funds
CAOS and HEDG both run a hedged equity strategy. Over the same 52 weeks to Oct 27, 2026, CAOS’s weekly returns had a correlation of −0.22 with the S&P 500 and HEDG’s +0.85. In the 25 weeks the index fell, by 1.10% a week on average, CAOS averaged +0.05% and HEDG −0.21%. Over the same weeks, CAOS finished 2.2 percentage points behind cash and HEDG finished 5.8 points ahead of cash.
CAOS and HEDG are built for the same job. How do they differ in cost, holdings and results?
- Beta to the S&P 500. Over the year to Oct 27, 2026, CAOS had a beta of −0.02 and HEDG of +0.28, a gap of 0.30.
- One-year total return. Over 1 year to Oct 27, 2026 CAOS returned +1.5% and HEDG +9.4% with distributions reinvested, a gap of 7.9 points.
- Cost. CAOS charges 0.63% of assets a year and HEDG 0.96%, a gap of 0.33 points.
Data as of Oct 27, 2026.
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CAOS
CAOS 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 −0.22 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. The S&P 500 fell in 25 of those 52 weeks, by 1.10% on average. 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.
HEDG
HEDG is a hedged equity fund. Over the year to Oct 27, 2026, its weekly returns had a correlation of +0.85 with the S&P 500’s and a beta of +0.28, so for each 1% the index moved it moved about 0.28% the same way. In the same weeks HEDG fell 0.21% on average, a down-week capture of 19.4%. Over the same 52 weeks HEDG returned +9.4% and a Treasury bill fund +3.7%, so it finished 5.8 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, CAOS or HEDG?
- Over the 52 weeks to Oct 27, 2026, CAOS’s weekly returns had a correlation of −0.22 with the S&P 500 and HEDG’s +0.85, so CAOS moved less with the index.
- Which did better when the S&P 500 fell, CAOS or HEDG?
- In the 25 weeks the S&P 500 fell, by 1.10% a week on average, CAOS averaged +0.05% and HEDG −0.21%, 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, CAOS against HEDG, data as of Oct 27, 2026. https://etfiq.com/compare/alternatives/caos-vs-hedg
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