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CAOS vs VIXM

Alpha Architect Tail Risk ETF

CAOSBCboe

ProShares VIX Mid-Term Futures ETF

VIXMDCboe

Overlap

Expense ratio

CAOS −0.22pt a year

CAOS0.63%VIXM0.85%

Avg volume · 30D

VIXM 9.7×the volume

CAOS47KVIXM458K

3Y return · a year

CAOS +14.9pt

CAOS+3.4%VIXM−11.5%

CAOS vs VIXM Performance

Nov 3, 2025 – Nov 3, 2026

+1.7%CAOS−19.5%VIXM

Nov 3, 2025 to Nov 3, 2026. CAOS +1.7%. VIXM −19.5%. Use the arrow keys to read each point.−15%−10%−5%Nov 2025May 2026Nov 2026
Expense ratio
CAOS 0.63%, better
VIXM 0.85%
Fund size
CAOS $728M
VIXM $45M
1Y total return
CAOS +1.7%, better
VIXM −19.5%
Holdings
CAOS 10
VIXM 1
Avg volume (30D)
CAOS 47K sh
VIXM 458K sh, better
NAV per share
CAOS $91.43
VIXM $13.25
52W range

ETF.net Grade

CAOS: Cost 54, Risk 75, Mission not scored, Tradability 73, Holdings not scored, Durability 92. VIXM: Cost 15, Risk 25, Mission not scored, Tradability 61, Holdings not scored, Durability 65.
Pillar letters and Scores for CAOS, VIXM, with each pillar’s weight
PillarCAOSVIXM
Cost30% weightC54HigherF15
Mission25% weightNot scoredNot scored
Risk15% weightA75HigherD25
Tradability15% weightA73HigherB61
Holdings10% weightNot scoredNot scored
Durability5% weightA92HigherB65

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 VIXM 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 1st and VIXM 9th of 10 funds in the Portfolio Hedging Category.

  1. Rank 1BCAOSAlpha Architect Tail Risk ETFScore 66
  2. Rank 1BSPDSimplify US Equity PLUS Downside Convexity ETFScore 66
  3. Rank 8DVIXYProShares VIX Short-Term Futures ETFScore 33
  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

VIXMDProShares VIX Mid-Term Futures 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.

VIXM Most VIX funds crowd the front month. VIXM sits in the middle of the curve, rolling fourth-month futures out to seventh for a five-month average maturity. A longer-dated way to own expected S&P 500 volatility, trading since 2011.

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.

VIXM VIXM seeks to track the performance of the S&P 500 VIX Mid-Term Futures Index before fees and expenses.

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.
  • VIXM Mid-curve by design: the index rolls fourth-month VIX futures into seventh while holding fifth and sixth, keeping a weighted average of five months to expiration.proshares.com
  • Trading since 2011, one of the longer-running volatility funds, and it delivers VIX futures exposure through a single ticker in an ordinary brokerage account.proshares.com
  • ProShares points to the mid-term VIX futures index historically moving opposite S&P 500 returns, which is the reason investors park it beside equity risk.proshares.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
  • VIXM At 0.85% a year, it runs above what several hedging peers charge, including PFIX (0.50%) and TAIL (0.59%).
  • ProShares notes the VIX has tended to revert to a long-term average rather than climb over time, unlike asset classes that drift upward, so holding period matters here.proshares.com
  • It is a commodity pool rather than a standard stock fund, so tax reporting differs from an equity ETF, and it does not pay regular distributions.

Full CAOS profile⁠

Full VIXM profile⁠

CAOS vs VIXM 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 VIXM Cost

Overpaying VIXM vs CAOS

$3,840

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

  • CAOS 0.63%

    $12,359

  • VIXM 0.85%

    $16,199

$10,000
30 years

Cost over time

  • CAOS 0.63%
  • VIXM 0.85%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530VIXM $16,199CAOS $12,359

Year by year

YearCAOSVIXMOverpaying
10$1,128$1,508$380
20$4,311$5,706$1,395
30$12,359$16,199$3,840

Expense ratio

  • 0.63%CAOS, cheaper
  • 0.85%VIXM
  • Middle half of Portfolio Hedging funds
  • Median 0.63%

CAOS 5th cheapest of 10 funds

VIXM 8th cheapest of 10 funds

CAOS vs VIXM Dividends

Last 12 months to Nov 3, 2026
Payout (12M)
CAOS None
VIXM None

Distribution history

CAOSAll CAOS payments⁠

No distribution history available.

VIXMAll VIXM payments⁠

No distribution history available.

CAOS vs VIXM 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%, betterVIXM 19.9%
Return per unit of riskSharpe ratio, 3 years
CAOS −0.43, betterVIXM −0.84
Worst fallMax drawdown, 5 years
CAOS −3.6%since Mar 2023VIXM −66.2%
Market sensitivityBeta, 5 years
CAOS 0.04VIXM −0.95

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