Data as of Nov 4, 2026.
CAOS vs HEQT: Correlation to the S&P 500
Over the year to Nov 4, 2026, CAOS moved less with the S&P 500 than HEQT: correlation −0.15 against +0.97.
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Net assets on Nov 3, 2026: $728m for Alpha Architect Tail Risk ETF and $307m for Simplify Hedged Equity ETF.
CAOS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, CAOS +0.04%.
HEQT in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HEQT −0.58%.
Pair scorecard
HEQT costs 0.15 points a year less; their one-year returns differ by 9.0 points; CAOS is 2.4 times larger.
| Measure | CAOS | HEQT |
|---|---|---|
| Return | ||
| Total return, 1 year | +1.3% | +10.3% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.63% | 0.48% |
| Net assets, as of Nov 3, 2026 | $728m | $307m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | −0.01: about 0.01% for each 1% | +0.56: about 0.56% for each 1% |
| Its average week when the S&P 500 fell | rose 0.04% | fell 0.58% |
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, HEQT returned more: +59.8% to +21.5%. CAOS swung less: 2.7% to 7.5%. CAOS fell less at its worst: −2.5% to −9.3%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | CAOS | HEQT | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +21.5% | +59.8% | HEQT | Price change plus distributions, reinvested. |
| Annualized | +5.5% | +13.8% | HEQT | Total return as a yearly rate. |
| Price return | +21.5% | +48.1% | HEQT | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 2.7% | 7.5% | CAOS | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 1.4% | 4.7% | CAOS | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −2.5% | −9.3% | CAOS | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.29 | 1.15 | HEQT | Return above Treasury bills per unit of volatility. |
| Sortino | 0.56 | 1.82 | HEQT | Return above Treasury bills per unit of downside deviation. |
| Calmar | 2.23 | 1.49 | 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 | CAOS | HEQT | CAOS | HEQT |
| 3 months | +1.0% | +0.8% | not measured | +0.9 pts vs VOO |
| 6 months | +0.8% | +4.8% | not measured | −0.2 pts vs VOO |
| 1 year | +1.3% | +10.3% | not measured | −4.5 pts vs VOO |
| 3 years | +10.5% | +50.4% | not measured | −32.9 pts vs VOO |
| Since launchNot the same days: CAOS Mar 2023 · HEQT Nov 2021 | +18.5% | +54.7% | not measured | −23.3 pts vs VOO |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
CAOS and HEQT 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 HEQT’s +0.97. In the 26 weeks the index fell, by 1.07% a week on average, CAOS averaged +0.04% and HEQT −0.58%. Over the same weeks, CAOS finished 2.3 percentage points behind cash and HEQT finished 6.5 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.
HEQT
HEQT is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.97 with the S&P 500’s and a beta of +0.56, so for each 1% the index moved it moved about 0.56% the same way. In the same weeks HEQT fell 0.58% on average, a down-week capture of 54.2%. Over the same 52 weeks HEQT returned +10.2% and a Treasury bill fund +3.7%, so it finished 6.5 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, CAOS or HEQT?
- Over the 52 weeks to Nov 4, 2026, CAOS’s weekly returns had a correlation of −0.15 with the S&P 500 and HEQT’s +0.97, so CAOS moved less with the index.
- Which did better when the S&P 500 fell, CAOS or HEQT?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CAOS averaged +0.04% and HEQT −0.58%, 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 HEQT, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/caos-vs-heqt
ETFIQ. (Nov 4, 2026). CAOS against HEQT. Retrieved from https://etfiq.com/compare/alternatives/caos-vs-heqt
[CAOS against HEQT (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/caos-vs-heqt)
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