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CAOS vs IVOL

Alpha Architect Tail Risk ETF

CAOSBCboe

Quadratic Interest Rate Volatility and Inflation Hedge ETF

IVOLDNYSE Arca

Overlap

Expense ratio

CAOS −0.35pt a year

CAOS0.63%IVOL0.98%

Avg volume · 30D

IVOL 3.7×the volume

CAOS44.6KIVOL167K

3Y return · a year

CAOS +7.0pt

CAOS+3.8%IVOL−3.2%

CAOS vs IVOL Performance

Oct 31, 2025 – Oct 30, 2026

+1.7%CAOS−8.0%IVOL

Oct 31, 2025 to Oct 30, 2026. CAOS +1.7%. IVOL −8.0%. Use the arrow keys to read each point.−12.5%−10%−5%−2.5%Oct 2025Apr 2026Oct 2026
Expense ratio
CAOS 0.63%, better
IVOL 0.98%
Fund size
CAOS $728M
IVOL $217M
1Y total return
CAOS +1.7%, better
IVOL −8.0%
Yield (12M)
CAOS No data
IVOL 3.82%
Holdings
CAOS 10
IVOL 11
Avg volume (30D)
CAOS 44.6K sh
IVOL 167K sh, better
NAV per share
CAOS $91.41
IVOL $17.12
52W range

ETF.net Grade

CAOS: Cost 54, Risk 75, Mission not scored, Tradability 73, Holdings not scored, Durability 92. IVOL: Cost 3, Risk 40, Mission not scored, Tradability 43, Holdings 48, Durability 73.
Pillar letters and Scores for CAOS, IVOL, with each pillar’s weight
PillarCAOSIVOL
Cost30% weightC54HigherF3
Mission25% weightNot scoredNot scored
Risk15% weightA75HigherC40
Tradability15% weightA73HigherC43
Holdings10% weightNot scoredC48
Durability5% weightA92HigherA73

Rank among Portfolio Hedging funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. CAOS and IVOL are both graded against the same 10 Portfolio Hedging funds, so their Grades compare head to head.

Portfolio Hedging⁠

Category · 10 funds
See all 10 ›

CAOS ranks 2nd and IVOL 10th of 10 funds in the Portfolio Hedging Category.

  1. Rank 1BSPDSimplify US Equity PLUS Downside Convexity ETFScore 67
  2. Rank 2BCAOSAlpha Architect Tail Risk ETFScore 66
  3. Rank 3BPFIXSimplify Interest Rate Hedge ETFScore 65
  4. Rank 9DVIXMProShares VIX Mid-Term Futures ETFScore 31
  5. Rank 10DIVOLQuadratic Interest Rate Volatility and Inflation Hedge ETFScore 25

Our read on each fund

ETF.net Research

CAOSBAlpha Architect Tail Risk ETF

IVOLDQuadratic Interest Rate Volatility and Inflation Hedge ETF

In short

CAOS Most S&P 500 options funds sell calls to collect premium. CAOS runs the other way: it buys protective puts and put spreads on the index and parks collateral in box spreads. The hedge-first take in a room full of premium sellers, active since 2013.

IVOL The original curve-shape ETF. A core of inflation-protected Treasuries wrapped in long options on the 2-year/10-year rate curve, so it responds to inflation expectations and rate volatility, not just bond prices.

Stated mandate

CAOS The Fund seeks maximum total return through capital appreciation and current income. Its strategy combines S&P 500-linked options, protective puts and put spreads, with collateral investments that may include box spreads.

IVOL The fund seeks to hedge fixed-income volatility, inflation expectations, and yield-curve steepening through inflation-protected U.S. Treasury securities and long OTC interest-rate options.

Why people hold it

  • CAOS The contrarian in its cohort: it buys downside protection (protective puts and put spreads) on the S&P 500 rather than selling calls for income.alphaarchitect.com
  • Collateral can sit in box spreads, an options structure used to earn a cash-like return, so the money backing the hedge isn't dead weight.alphaarchitect.com
  • Running since 2013 as an actively managed 1940 Act ETF, and it sits in the upper half of its S&P 500 options peer group.
  • IVOL Unusual plumbing: at least 80% sits in inflation-protected Treasuries or cash, with the rest in fully funded, long-only OTC options on the 2s10s curve.kraneshares.comkraneshares.com 2
  • The option sleeve is fully funded and long-only, so the curve exposure is not built on borrowed money.kraneshares.com
  • Actively managed since its May 2019 launch, it pays monthly from the TIPS core while the options do the hedging work.kraneshares.com

Worth knowing

  • CAOS The 0.63% fee runs a touch above the middle of this peer group; IVVW and PBP charge less for their own S&P 500 options strategies.
  • Protection has a price. Buying puts is an ongoing cost in calm, grinding-higher markets, which is the flip side of owning a hedge.alphaarchitect.com
  • Actively managed, so results follow the manager's option choices rather than a published index formula you can look up in advance.alphaarchitect.com
  • IVOL 0.98% net of a waiver through August 1, 2028 (1.02% gross) runs above the category median and above rate-hedge peers like PFIX at 0.50% and CAOS at 0.63%.
  • Long options are a long-volatility stance: when the curve sits still, the premiums paid can decay and weigh on results. The sleeve can lose what was paid for it.kraneshares.com
  • Non-diversified by design and only moderately traded, so spreads and the OTC option positions deserve a look before you size it.yahoo.com

Full CAOS profile⁠

Full IVOL profile⁠

CAOS vs IVOL Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CAOS vs IVOL Cost

Overpaying IVOL vs CAOS

$6,003

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • CAOS 0.63%

    $12,359

  • IVOL 0.98%

    $18,362

$10,000
30 years

Cost over time

  • CAOS 0.63%
  • IVOL 0.98%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530IVOL $18,362CAOS $12,359

Year by year

YearCAOSIVOLOverpaying
10$1,128$1,729$601
20$4,311$6,504$2,193
30$12,359$18,362$6,003

Expense ratio

  • 0.63%CAOS, cheaper
  • 0.98%IVOL
  • Middle half of Portfolio Hedging funds
  • Median 0.63%

CAOS 5th cheapest of 10 funds

IVOL 10th cheapest of 10 funds

CAOS vs IVOL Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
CAOS No data
IVOL 3.82%
Payout (12M)
CAOS None
IVOL $0.65
Last payment
CAOS No data
IVOL $0.05
Ex-dividend
CAOS No data
IVOL Oct 29, 2026
Paid on
CAOS No data
IVOL Oct 30, 2026
Frequency
CAOS No data
IVOL Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CAOSAll CAOS payments⁠

No distribution history available.

IVOLMonthly · 46 paymentsAll IVOL payments⁠
One bar per payment. 46 payments from 2023 to 2026 YTD. Jan 27, 2023 $0.07; Feb 24, 2023 $0.06; Mar 29, 2023 $0.07; Apr 26, 2023 $0.07; May 26, 2023 $0.07; Jun 28, 2023 $0.06; Jul 27, 2023 $0.06; Aug 29, 2023 $0.06; Sep 27, 2023 $0.06; Oct 27, 2023 $0.06; Nov 28, 2023 $0.06; Dec 27, 2023 $0.06; Jan 29, 2024 $0.06; Feb 27, 2024 $0.06; Mar 26, 2024 $0.06; Apr 26, 2024 $0.06; May 30, 2024 $0.06; Jun 27, 2024 $0.06; Jul 30, 2024 $0.06; Aug 29, 2024 $0.06; Sep 27, 2024 $0.06; Oct 30, 2024 $0.06; Nov 27, 2024 $0.05; Dec 30, 2024 $0.05; Jan 30, 2025 $0.05; Feb 27, 2025 $0.05; Mar 28, 2025 $0.06; Apr 29, 2025 $0.06; May 29, 2025 $0.06; Jun 27, 2025 $0.06; Jul 30, 2025 $0.06; Aug 28, 2025 $0.06; Sep 29, 2025 $0.06; Oct 30, 2025 $0.06; Nov 26, 2025 $0.06; Dec 30, 2025 $0.06; Jan 29, 2026 $0.06; Feb 26, 2026 $0.06; Mar 30, 2026 $0.06; Apr 29, 2026 $0.06; May 28, 2026 $0.05; Jun 29, 2026 $0.05; Jul 30, 2026 $0.05; Aug 28, 2026 $0.05; Sep 29, 2026 $0.05; Oct 29, 2026 $0.05. Use the arrow keys to read each point.$0$0.0520232026YTD

CAOS vs IVOL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CAOS 1.6%, betterIVOL 8.6%
Return per unit of riskSharpe ratio, 3 years
CAOS −0.43, betterIVOL −0.85
Worst fallMax drawdown, 5 years
CAOS −3.6%since Mar 2023IVOL −30.7%
Market sensitivityBeta, 5 years
CAOS 0.04IVOL 0.53

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