Data as of Nov 4, 2026.
CAOS vs KSPY: Correlation to the S&P 500
Over the year to Nov 4, 2026, CAOS moved less with the S&P 500 than KSPY: correlation −0.15 against +0.92.
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Net assets: $728m on Nov 3, 2026 for Alpha Architect Tail Risk ETF, and $135m on Nov 4, 2026 for KraneShares Hedgeye Hedged Equity Index ETF.
CAOS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, CAOS +0.04%.
KSPY in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, KSPY −0.44%.
Pair scorecard
CAOS costs 0.25 points a year less; their one-year returns differ by 10.5 points; CAOS is 5.5 times larger.
| Measure | CAOS | KSPY |
|---|---|---|
| Return | ||
| Total return, 1 year | +1.3% | +11.8% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.63% | 0.88% |
| Net assets, as of Nov 3, 2026 | $728m | $133m |
| 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 0.44% |
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 26, 2024 to Oct 30, 2026 · 118 weekly returnsFrom Jul 2024 to Oct 2026, KSPY returned more: +30.0% to +7.2%. CAOS swung less: 2.2% to 8.1%. CAOS fell less at its worst: −2.5% to −10.1%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | CAOS | KSPY | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +7.2% | +30.0% | KSPY | Price change plus distributions, reinvested. |
| Annualized | +3.1% | +12.2% | KSPY | Total return as a yearly rate. |
| Price return | +7.2% | +20.9% | KSPY | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 2.2% | 8.1% | CAOS | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 1.2% | 5.8% | CAOS | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −2.5% | −10.1% | CAOS | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | −0.46 | 0.95 | KSPY | Return above Treasury bills per unit of volatility. |
| Sortino | −0.85 | 1.33 | KSPY | Return above Treasury bills per unit of downside deviation. |
| Calmar | 1.27 | 1.21 | CAOS (slight) | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 118 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | CAOS | KSPY | CAOS | KSPY |
| 3 months | +1.0% | +1.4% | not measured | +1.5 pts vs VOO |
| 6 months | +0.8% | +6.0% | not measured | +1.0 pts vs VOO |
| 1 year | +1.3% | +11.8% | not measured | −3.0 pts vs VOO |
| 3 years | +10.5% | – | not measured | – |
| Since launchNot the same days: CAOS Mar 2023 · KSPY Jul 2024 | +18.5% | +30.0% | not measured | −9.5 pts vs VOO |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
CAOS and KSPY 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 KSPY’s +0.92. In the 26 weeks the index fell, by 1.07% a week on average, CAOS averaged +0.04% and KSPY −0.44%. Over the same weeks, CAOS finished 2.3 percentage points behind cash and KSPY finished 7.9 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.
KSPY
KSPY is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.92 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 KSPY fell 0.44% on average, a down-week capture of 41.0%. Over the same 52 weeks KSPY returned +11.6% and a Treasury bill fund +3.7%, so it finished 7.9 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, CAOS or KSPY?
- Over the 52 weeks to Nov 4, 2026, CAOS’s weekly returns had a correlation of −0.15 with the S&P 500 and KSPY’s +0.92, so CAOS moved less with the index.
- Which did better when the S&P 500 fell, CAOS or KSPY?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CAOS averaged +0.04% and KSPY −0.44%, 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 KSPY, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/caos-vs-kspy
ETFIQ. (Nov 4, 2026). CAOS against KSPY. Retrieved from https://etfiq.com/compare/alternatives/caos-vs-kspy
[CAOS against KSPY (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/caos-vs-kspy)
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