Data as of Nov 4, 2026.
CAOS vs HELO: Correlation to the S&P 500
Over the year to Nov 4, 2026, CAOS moved less with the S&P 500 than HELO: correlation −0.15 against +0.95.
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Net assets on Nov 3, 2026: $728m for Alpha Architect Tail Risk ETF and $4.9bn for JPMorgan Hedged Equity Laddered Overlay ETF.
CAOS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, CAOS +0.04%.
HELO in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HELO −0.65%.
Pair scorecard
HELO costs 0.13 points a year less; their one-year returns differ by 5.9 points; HELO is 6.7 times larger.
| Measure | CAOS | HELO |
|---|---|---|
| Return | ||
| Total return, 1 year | +1.3% | +7.2% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.63% | 0.50% |
| Net assets, as of Nov 3, 2026 | $728m | $4.9bn |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | −0.01: about 0.01% for each 1% | +0.59: about 0.59% for each 1% |
| Its average week when the S&P 500 fell | rose 0.04% | fell 0.65% |
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
Oct 6, 2023 to Oct 30, 2026 · 160 weekly returnsFrom Oct 2023 to Oct 2026, HELO returned more: +40.4% to +12.1%. CAOS swung less: 2.5% to 7.8%. CAOS fell less at its worst: −2.5% to −9.6%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | CAOS | HELO | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +12.1% | +40.4% | HELO | Price change plus distributions, reinvested. |
| Annualized | +3.8% | +11.6% | HELO | Total return as a yearly rate. |
| Price return | +12.1% | +37.7% | HELO | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 2.5% | 7.8% | CAOS | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 1.4% | 5.0% | CAOS | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −2.5% | −9.6% | CAOS | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | −0.29 | 0.88 | HELO | Return above Treasury bills per unit of volatility. |
| Sortino | −0.53 | 1.37 | HELO | Return above Treasury bills per unit of downside deviation. |
| Calmar | 1.53 | 1.22 | CAOS | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 160 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | CAOS | HELO | CAOS | HELO |
| 3 months | +1.0% | +0.2% | not measured | +0.3 pts vs VOO |
| 6 months | +0.8% | +3.1% | not measured | −1.9 pts vs VOO |
| 1 year | +1.3% | +7.2% | not measured | −7.6 pts vs VOO |
| 3 years | +10.5% | +40.1% | not measured | −43.2 pts vs VOO |
| Since launchNot the same days: CAOS Mar 2023 · HELO Sep 2023 | +18.5% | +42.5% | not measured | −43.9 pts vs VOO |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
CAOS and HELO both run a hedged equity strategy. Over the same 52 weeks to Nov 4, 2026, CAOS’s weekly returns had a correlation of −0.15 with the S&P 500 and HELO’s +0.95. In the 26 weeks the index fell, by 1.07% a week on average, CAOS averaged +0.04% and HELO −0.65%. Over the same weeks, CAOS finished 2.3 percentage points behind cash and HELO finished 3.4 points ahead of cash.
Client brief:
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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 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. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. 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.
HELO
HELO is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.95 with the S&P 500’s and a beta of +0.59, so for each 1% the index moved it moved about 0.59% the same way. In the same weeks HELO fell 0.65% on average, a down-week capture of 60.7%. Over the same 52 weeks HELO returned +7.0% and a Treasury bill fund +3.7%, so it finished 3.4 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, CAOS or HELO?
- Over the 52 weeks to Nov 4, 2026, CAOS’s weekly returns had a correlation of −0.15 with the S&P 500 and HELO’s +0.95, so CAOS moved less with the index.
- Which did better when the S&P 500 fell, CAOS or HELO?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CAOS averaged +0.04% and HELO −0.65%, 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 HELO, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/caos-vs-helo
ETFIQ. (Nov 4, 2026). CAOS against HELO. Retrieved from https://etfiq.com/compare/alternatives/caos-vs-helo
[CAOS against HELO (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/caos-vs-helo)
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