CAOS vs DFND
Alpha Architect Tail Risk ETF vs Siren DIVCON Dividend Defender ETF
Which is better, CAOS or DFND?
DFND has been ahead.
CAOS has a lower expense ratio. DFND led over 1Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | CAOS | DFND |
|---|---|---|
| Expense Ratio | 0.63%Best | 1.75% |
| AUM | $705M | $9M |
| Dividend Yield | 0.00% | 0.95% |
| Holdings | 12 | 78 |
| Volatility (annualized) | 2.1%Best | 13.2% |
| Max Drawdown | -3.6%Best | -12.6% |
| $10,000 over 2.8 years | $11,691 | $12,758Best |
| Fund Family | Alpha Architect | SRN Advisors |
| Category | Alternative | Alternative |
| Style | Multi Alternative | Multi Alternative |
| Inception | Aug 14, 2013 | Jan 14, 2016 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized), Top 10 Weight.
The two price series end 306 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. CAOS has data through Oct 14, 2026 and DFND through Dec 12, 2025.
Volatility and max drawdown, and the $10,000 over 2.8 years row, are measured over the window both funds cover: Mar 6, 2023 to Dec 12, 2025 (2.8 years).
Risk: Volatility and Drawdowns
DFND has been the more volatile fund, with annualized monthly volatility of 13.2% compared with 2.1% for CAOS. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -3.6% for CAOS and -12.6% for DFND. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.35. They move together some of the time, and apart the rest.
Fees and Cost Over Time
CAOS charges 0.63% per year while DFND charges 1.75%. On a $10,000 position that is $63 vs $175 annually, a gap of $112 per year that compounds over a long holding period. On income, CAOS currently yields 0.00% against 0.95% for DFND.
You are not choosing between two funds in isolation.
Whichever of CAOS and DFND you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, CAOS or DFND?
CAOS has an expense ratio of 0.63% while DFND charges 1.75%. CAOS is the cheaper option, by $112 a year on a $10,000 investment.
Which is riskier, CAOS or DFND?
DFND has been the more volatile fund at 13.2% annualized versus 2.1% for CAOS. Worst drawdown: CAOS -3.6% vs DFND -12.6%.
Should I hold both CAOS and DFND?
CAOS and DFND have a monthly-return correlation of 0.35, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, CAOS or DFND?
CAOS yields 0.00% while DFND yields 0.95%, so DFND currently pays the higher dividend yield.
Is DFND better than CAOS?
CAOS has a lower expense ratio. DFND led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.