BITO vs. CAOS

Last updated Jul 16, 2026

BITO (ProShares Bitcoin Strategy ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - BITO is a Cryptocurrency fund actively managed by ProShares, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past 3 years, BITO returned 21.02%/yr vs 3.63%/yr for CAOS. At a correlation of -0.07, they often move in opposite directions. BITO charges 0.95%/yr vs 0.63%/yr for CAOS.

Performance

BITO vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Bitcoin Strategy ETF (BITO) 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, BITO achieves a -27.10% return, which is significantly lower than CAOS's 0.84% return.

BITO

• 1D: 0.57%
• 1M: -2.64%
• 6M: -34.63%
• YTD: -27.10%
• 1Y: -46.42%
• 3Y*: 21.02%
• 5Y*: —
• 10Y*: —

CAOS

• 1D: 0.06%
• 1M: 0.12%
• 6M: 0.30%
• YTD: 0.84%
• 1Y: 2.02%
• 3Y*: 3.63%
• 5Y*: —
• 10Y*: —

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

BITO vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	-27.10%	-11.19%	104.45%	77.72%
CAOS Alpha Architect Tail Risk ETF	0.84%	2.55%	5.33%	7.43%

Correlation

The correlation between BITO and CAOS is -0.23, 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	-0.23
Correlation (3Y) Calculated over the trailing 3-year period	-0.11
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023	-0.07

The correlation between BITO and CAOS shifts across timeframes, from -0.23 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BITO vs. CAOS — Risk / Return Rank

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

BITO

BITO Risk / Return Rank: 2
BITO Sharpe Ratio Rank: 1
BITO Sortino Ratio Rank: 2
BITO Omega Ratio Rank: 2
BITO Calmar Ratio Rank: 2
BITO Martin Ratio Rank: 2

CAOS

CAOS Risk / Return Rank: 53
CAOS Sharpe Ratio Rank: 46
CAOS Sortino Ratio Rank: 52
CAOS Omega Ratio Rank: 53
CAOS Calmar Ratio Rank: 67
CAOS Martin Ratio Rank: 45

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.

BITO vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) 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.

	BITO	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	-1.06	1.31	-2.37
Sortino ratio: Return per unit of downside risk	-1.60	2.09	-3.70
Omega ratio: Gain probability vs. loss probability	0.82	1.27	-0.45
Calmar ratio: Return relative to maximum drawdown	-0.85	2.68	-3.54
Martin ratio: Return relative to average drawdown	-1.38	6.06	-7.43

BITO vs. CAOS - Sharpe Ratio Comparison

The current BITO Sharpe Ratio is -1.06, which is lower than the CAOS Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of BITO 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

BITO vs. CAOS - Drawdown Comparison

The maximum BITO drawdown since its inception was -77.86%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for BITO and CAOS.

Drawdown Indicators

	BITO	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-77.86%	-3.89%	-73.97%
Max Drawdown (1Y) Largest decline over 1 year	-54.47%	-0.76%	-53.71%
Max Drawdown (3Y) Largest decline over 3 years	-54.47%	-3.60%	-50.87%
Current Drawdown Current decline from peak	-49.72%	-1.04%	-48.68%
Average Drawdown Average peak-to-trough decline	-37.05%	-0.92%	-36.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.76%	0.33%	+33.43%

Volatility

BITO vs. CAOS - Volatility Comparison

ProShares Bitcoin Strategy ETF (BITO) has a higher volatility of 11.45% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.48%. This indicates that BITO'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

	BITO	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.45%	0.48%	+10.97%
Volatility (6M) Calculated over the trailing 6-month period	34.67%	1.09%	+33.58%
Volatility (1Y) Calculated over the trailing 1-year period	44.18%	1.56%	+42.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.82%	4.20%	+50.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.82%	4.20%	+50.62%

BITO vs. CAOS - Expense Ratio Comparison

BITO has a 0.95% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

BITO vs. CAOS - Dividend Comparison

BITO's dividend yield for the trailing twelve months is around 59.70%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	59.70%	78.29%	61.59%	15.14%
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITO and CAOS in my portfolio?

BITO and CAOS have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITO or CAOS?

BITO has higher volatility (11.45%) compared to CAOS (0.48%). In terms of maximum drawdown, BITO dropped -77.86% vs CAOS's -3.89%.

Which ETF is better, BITO or CAOS?

On 3-year performance, BITO leads with 21.02% vs 3.63% for CAOS. On fees, CAOS is cheaper at 0.63% per year. On volatility, CAOS has been the lower-risk option at 0.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITO or CAOS?

Over the 3-year period, BITO has performed better with a 21.02% return vs 3.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITO or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.95% for BITO.

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

BITO has the higher dividend yield at 59.70%, compared with 0.00% for CAOS.

What is the main difference between BITO and CAOS?

BITO is categorized as Cryptocurrency, while CAOS is Options Trading. They also come from different issuers: ProShares and Alpha Architect. Their fees differ too: 0.95% for BITO and 0.63% for CAOS.

Which has better risk-adjusted returns?

CAOS currently has the higher Sharpe Ratio (1.31 vs -1.06), 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.