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Data as of Nov 4, 2026.

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Alternative ETFs

CAOS vs XTR: Correlation to the S&P 500

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Over the year to Nov 4, 2026, CAOS moved less with the S&P 500 than XTR: correlation −0.15 against +1.00.

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Net assets: $728m on Nov 3, 2026 for Alpha Architect Tail Risk ETF, and $5.0m on Oct 12, 2026 for Global X S&P 500 Tail Risk ETF.

CAOS on its own →XTR on its own →
At a glance
−0.15
CAOS correlation with the S&P 500
+1.00
XTR correlation with the S&P 500
−3.3%
CAOS down-week capture
100.0%
XTR down-week capture
CAOS Rose when the S&P 500 fell
Rose when the S&P 500 fellCAOS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, CAOS +0.04%.SPY−1.07%CAOS+0.04%Average week when SPY fell: 26 of 52, year to Nov 4, 2026Rose when the S&P 500 fellCAOS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, CAOS +0.04%.SPY−1.07%CAOS+0.04%Average week when SPY fell

CAOS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, CAOS +0.04%.

XTR Fell with the S&P 500
Fell with the S&P 500XTR in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, XTR −1.07%.SPY−1.07%XTR−1.07%Average week when SPY fell: 26 of 52, year to Nov 4, 2026Fell with the S&P 500XTR in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, XTR −1.07%.SPY−1.07%XTR−1.07%Average week when SPY fell

XTR in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, XTR −1.07%.

Pair scorecard

XTR costs 0.38 points a year less; their one-year returns differ by 8.9 points; CAOS is far larger, $705m against $5.0m.

CAOS vs XTR: Correlation to the S&P 500
MeasureCAOSXTR
Return
Total return, 1 year+1.3%+10.2%
Against its benchmark
Treasury bills, 52 weeks+3.7%
Cost and size
Expense ratio0.63%0.25%
Net assets, as of Oct 12, 2026$705m$5.0m
Holdings
Holdings in commonnot published
Risk
Beta to the S&P 500−0.01: about 0.01% for each 1%+0.94: about 0.94% for each 1%
Its average week when the S&P 500 fellrose 0.04%fell 1.07%
ETFIQ Stock Diversification Score · CAOS scores higher How much does it diversify a stock portfolio?
IQ Alternatives Score84CAOS4.5XTR

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

4.5, the lowest in this set 95.5, the highest

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 →

Method

Window by window

Window by window: CAOS vs XTR: Correlation to the S&P 500
Total returnvs its benchmark
WindowCAOSXTRCAOSXTR
3 months+1.0%−1.0%not measured−0.9 pts vs VOO
6 months+0.8%+3.4%not measured−1.6 pts vs VOO
1 year+1.3%+10.2%not measured−4.6 pts vs VOO
3 years+10.5%+65.7%not measured−17.6 pts vs VOO
Since launchNot the same days: CAOS Mar 2023 · XTR Aug 2021+18.5%+58.1%not measured−26.8 pts vs VOO

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Side by side

CAOS Alpha Architect Tail Risk ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options XTR Global X S&P 500 Tail Risk ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options
Issuer Alpha Architect Global X
Strategy Hedged equity Hedged equity
Correlation with the S&P 500 −0.15 +1.00
Beta to the S&P 500 −0.01 +0.94
Down-week capture −3.3% 100.0%
Average week when the S&P 500 fell +0.04% −1.07%
The S&P 500 in those weeks −1.07% −1.07%
Total return, same 52 weeks +1.3% +9.9%
Against T-bills, percentage points −2.3 pts +6.3 pts
Expense ratio 0.63% 0.25%
First traded Mar 6, 2023 Aug 26, 2021
Net assets, CAOS as of Nov 3, 2026 and XTR as of Oct 12, 2026 $728m $5.0m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

CAOS and XTR 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 XTR’s +1.00. In the 26 weeks the index fell, by 1.07% a week on average, CAOS averaged +0.04% and XTR −1.07%. Over the same weeks, CAOS finished 2.3 percentage points behind cash and XTR finished 6.3 points ahead of cash.

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About each fund
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.

XTR

XTR is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +1.00 with the S&P 500’s and a beta of +0.94, so for each 1% the index moved it moved about 0.94% the same way. In the same weeks XTR fell 1.07% on average, a down-week capture of 100.0%. Over the same 52 weeks XTR returned +9.9% and a Treasury bill fund +3.7%, so it finished 6.3 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, CAOS or XTR?
Over the 52 weeks to Nov 4, 2026, CAOS’s weekly returns had a correlation of −0.15 with the S&P 500 and XTR’s +1.00, so CAOS moved less with the index.
Which did better when the S&P 500 fell, CAOS or XTR?
In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CAOS averaged +0.04% and XTR −1.07%, so CAOS returned more in those weeks.
Which earned more than cash, CAOS or XTR?
Over the same weeks, CAOS finished 2.3 percentage points behind cash and XTR finished 6.3 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, CAOS or XTR?
CAOS charges 0.63% a year and XTR charges 0.25%, so XTR is cheaper. Fees come from each fund's prospectus.
Other comparisons
CAOS vs QTRCAOS vs QBULCAOS vs TOAKCAOS vs HEQTXTR vs HEQQXTR vs CCORXTR vs HEGDXTR vs FHEQ
Where to next
BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →CAOS on its own →XTR on its own →XTR dividend history →Method →Standards and sources →
Sources and dates
CAOS filings on SEC EDGAR ↗
CAOS prospectus with the expense ratio (SEC) ↗
Alpha Architect page for CAOS ↗
XTR filings on SEC EDGAR ↗
XTR prospectus with the expense ratio (SEC) ↗
Global X page for XTR ↗

Links are sources, not endorsements. A comparison is not a recommendation.

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.

Cite this pageCitation, APA and Markdown

ETFIQ, CAOS against XTR, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/caos-vs-xtr

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