BBB vs. CAOS

Last updated Jul 14, 2026

BBB (CYBER HORNET S&P 500 and Bitcoin 75/25 Strategy ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - BBB is a Diversified Portfolio fund tracking the S&P 500 and S&P Bitcoin 75/25 Blend Index, while CAOS is a Options Trading fund actively managed by Alpha Architect. BBB is passively managed, while CAOS is actively managed. Over the past year, BBB returned -0.63% vs 1.84% for CAOS. At a correlation of -0.21, they often move in opposite directions. BBB charges 0.98%/yr vs 0.63%/yr for CAOS.

Performance

BBB vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CYBER HORNET S&P 500 and Bitcoin 75/25 Strategy ETF (BBB) and Alpha Architect Tail Risk ETF (CAOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BBB achieves a -0.51% return, which is significantly lower than CAOS's 0.73% return.

BBB

• 1D: -1.27%
• 1M: 0.28%
• 6M: -2.86%
• YTD: -0.51%
• 1Y: -0.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAOS

• 1D: 0.03%
• 1M: -0.01%
• 6M: 0.27%
• YTD: 0.73%
• 1Y: 1.84%
• 3Y*: 3.59%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BBB vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BBB CYBER HORNET S&P 500 and Bitcoin 75/25 Strategy ETF	-0.51%	9.73%	38.82%	-0.86%
CAOS Alpha Architect Tail Risk ETF	0.73%	2.55%	5.33%	-0.11%

Correlation

The correlation between BBB and CAOS is -0.30, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.30
Correlation (All Time) Calculated using the full available price history since Dec 28, 2023	-0.21

Return for Risk

BBB vs. CAOS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BBB

BBB Risk / Return Rank: 9
BBB Sharpe Ratio Rank: 9
BBB Sortino Ratio Rank: 9
BBB Omega Ratio Rank: 8
BBB Calmar Ratio Rank: 9
BBB Martin Ratio Rank: 9

CAOS

CAOS Risk / Return Rank: 48
CAOS Sharpe Ratio Rank: 42
CAOS Sortino Ratio Rank: 46
CAOS Omega Ratio Rank: 47
CAOS Calmar Ratio Rank: 61
CAOS Martin Ratio Rank: 43

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BBB vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CYBER HORNET S&P 500 and Bitcoin 75/25 Strategy ETF (BBB) and Alpha Architect Tail Risk ETF (CAOS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BBB	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	-0.04	1.18	-1.22
Sortino ratio: Return per unit of downside risk	0.08	1.88	-1.81
Omega ratio: Gain probability vs. loss probability	1.01	1.24	-0.23
Calmar ratio: Return relative to maximum drawdown	-0.04	2.43	-2.47
Martin ratio: Return relative to average drawdown	-0.09	5.52	-5.61

BBB vs. CAOS - Sharpe Ratio Comparison

The current BBB Sharpe Ratio is -0.04, which is lower than the CAOS Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of BBB and CAOS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BBB vs. CAOS - Drawdown Comparison

The maximum BBB drawdown since its inception was -21.98%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for BBB and CAOS.

Drawdown Indicators

	BBB	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-21.98%	-3.89%	-18.09%
Max Drawdown (1Y) Largest decline over 1 year	-17.74%	-0.76%	-16.98%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-7.56%	-1.16%	-6.40%
Average Drawdown Average peak-to-trough decline	-4.56%	-0.92%	-3.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.41%	0.33%	+7.08%

Volatility

BBB vs. CAOS - Volatility Comparison

CYBER HORNET S&P 500 and Bitcoin 75/25 Strategy ETF (BBB) has a higher volatility of 4.99% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.49%. This indicates that BBB's price experiences larger fluctuations and is considered to be riskier than CAOS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BBB	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.99%	0.49%	+4.50%
Volatility (6M) Calculated over the trailing 6-month period	13.88%	1.12%	+12.76%
Volatility (1Y) Calculated over the trailing 1-year period	18.00%	1.56%	+16.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.89%	4.21%	+17.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.89%	4.21%	+17.68%

BBB vs. CAOS - Expense Ratio Comparison

BBB has a 0.98% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

BBB vs. CAOS - Dividend Comparison

BBB's dividend yield for the trailing twelve months is around 0.16%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025	2024
BBB CYBER HORNET S&P 500 and Bitcoin 75/25 Strategy ETF	0.16%	0.21%	6.74%
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BBB and CAOS in my portfolio?

BBB and CAOS have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BBB or CAOS?

BBB has higher volatility (4.99%) compared to CAOS (0.49%). In terms of maximum drawdown, BBB dropped -21.98% vs CAOS's -3.89%.

Which ETF is better, BBB or CAOS?

On 1-year performance, CAOS leads with 1.84% vs -0.63% for BBB. On fees, CAOS is cheaper at 0.63% per year. On volatility, CAOS has been the lower-risk option at 0.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BBB or CAOS?

Over the 1-year period, CAOS has performed better with a 1.84% return vs -0.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BBB or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.98% for BBB.

Which ETF pays a higher dividend yield, BBB or CAOS?

BBB has the higher dividend yield at 0.16%, compared with 0.00% for CAOS.

What is the main difference between BBB and CAOS?

BBB is categorized as Diversified Portfolio, while CAOS is Options Trading. They also come from different issuers: CYBER HORNET and Alpha Architect. Their fees differ too: 0.98% for BBB and 0.63% for CAOS.

Which has better risk-adjusted returns?

CAOS currently has the higher Sharpe Ratio (1.18 vs -0.04), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.