Data as of Nov 4, 2026.
CAOS vs HOLA: Correlation to the S&P 500
Over the year to Nov 4, 2026, CAOS moved less with the S&P 500 than HOLA: correlation −0.15 against +0.69.
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Net assets on Nov 3, 2026: $728m for Alpha Architect Tail Risk ETF and $282m for JPMorgan International Hedged Equity Laddered Overlay ETF.
CAOS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, CAOS +0.04%.
HOLA in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HOLA −0.40%.
Pair scorecard
HOLA costs 0.13 points a year less; their one-year returns differ by 9.4 points; CAOS is 2.6 times larger.
| Measure | CAOS | HOLA |
|---|---|---|
| Return | ||
| Total return, 1 year | +1.3% | +10.7% |
| 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 | $282m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | −0.01: about 0.01% for each 1% | +0.46: about 0.46% for each 1% |
| Its average week when the S&P 500 fell | rose 0.04% | fell 0.40% |
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
Jul 25, 2025 to Oct 30, 2026 · 66 weekly returnsFrom Jul 2025 to Oct 2026, HOLA returned more: +12.3% to +3.0%. CAOS swung less: 1.4% to 8.9%. CAOS fell less at its worst: −0.6% to −6.6%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | CAOS | HOLA | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +3.0% | +12.3% | HOLA | Price change plus distributions, reinvested. |
| Annualized | +2.4% | +9.6% | HOLA | Total return as a yearly rate. |
| Price return | +3.0% | +9.0% | HOLA | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 1.4% | 8.9% | CAOS | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 0.9% | 6.2% | CAOS | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −0.6% | −6.6% | CAOS | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | −1.10 | 0.64 | HOLA | Return above Treasury bills per unit of volatility. |
| Sortino | −1.58 | 0.91 | HOLA | Return above Treasury bills per unit of downside deviation. |
| Calmar | 3.81 | 1.45 | CAOS | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 66 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | CAOS | HOLA | CAOS | HOLA |
| 3 months | +1.0% | −1.3% | not measured | +0.3 pts vs EFA |
| 6 months | +0.8% | +2.4% | not measured | −0.1 pts vs EFA |
| 1 year | +1.3% | +10.7% | not measured | −6.2 pts vs EFA |
| 3 years | +10.5% | – | not measured | – |
| Since launchNot the same days: CAOS Mar 2023 · HOLA Jul 2025 | +18.5% | +15.0% | not measured | −7.9 pts vs EFA |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
CAOS and HOLA 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 HOLA’s +0.69. In the 26 weeks the index fell, by 1.07% a week on average, CAOS averaged +0.04% and HOLA −0.40%. Over the same weeks, CAOS finished 2.3 percentage points behind cash and HOLA 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.
HOLA
HOLA is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.69 with the S&P 500’s and a beta of +0.46, so for each 1% the index moved it moved about 0.46% the same way. In the same weeks HOLA fell 0.40% on average, a down-week capture of 36.9%. Over the same 52 weeks HOLA 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 HOLA?
- Over the 52 weeks to Nov 4, 2026, CAOS’s weekly returns had a correlation of −0.15 with the S&P 500 and HOLA’s +0.69, so CAOS moved less with the index.
- Which did better when the S&P 500 fell, CAOS or HOLA?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CAOS averaged +0.04% and HOLA −0.40%, 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 HOLA, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/caos-vs-hola
ETFIQ. (Nov 4, 2026). CAOS against HOLA. Retrieved from https://etfiq.com/compare/alternatives/caos-vs-hola
[CAOS against HOLA (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/caos-vs-hola)
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