CAOS vs. EURL
CAOS (Alpha Architect Tail Risk ETF) and EURL (Direxion Daily FTSE Europe Bull 3x Shares) are both exchange-traded funds - CAOS is a Options Trading fund actively managed by Alpha Architect, while EURL is a Leveraged Equities fund tracking the FTSE Developed Europe Index (300%). CAOS is actively managed, while EURL is passively managed. Over the past 3 years, CAOS returned 4.01%/yr vs 31.61%/yr for EURL. At a 0.06 correlation, their price movements are largely independent. CAOS charges 0.63%/yr vs 1.07%/yr for EURL.
Performance
CAOS vs. EURL - Performance Comparison
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Returns By Period
In the year-to-date period, CAOS achieves a 0.74% return, which is significantly lower than EURL's 13.73% return.
CAOS
- 1D
- -0.13%
- 1M
- -0.23%
- YTD
- 0.74%
- 6M
- 0.65%
- 1Y
- 1.60%
- 3Y*
- 4.01%
- 5Y*
- —
- 10Y*
- —
EURL
- 1D
- -0.06%
- 1M
- 12.42%
- YTD
- 13.73%
- 6M
- 19.84%
- 1Y
- 43.44%
- 3Y*
- 31.61%
- 5Y*
- 5.43%
- 10Y*
- 11.27%
CAOS vs. EURL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CAOS Alpha Architect Tail Risk ETF | 0.74% | 2.55% | 5.33% | 7.43% |
EURL Direxion Daily FTSE Europe Bull 3x Shares | 13.73% | 105.85% | -11.42% | 11.86% |
Correlation
The correlation between CAOS and EURL 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 (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023 | 0.06 |
The correlation between CAOS and EURL shifts across timeframes, from -0.30 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CAOS vs. EURL — Risk / Return Rank
CAOS
EURL
CAOS vs. EURL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Alpha Architect Tail Risk ETF (CAOS) and Direxion Daily FTSE Europe Bull 3x Shares (EURL). 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.
| CAOS | EURL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.54 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.16 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.37 | 1.11 | +1.26 |
| Martin ratioReturn relative to average drawdown | 5.80 | 3.50 | +2.30 |
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Drawdowns
CAOS vs. EURL - Drawdown Comparison
The maximum CAOS drawdown since its inception was -3.89%, smaller than the maximum EURL drawdown of -84.65%. Use the drawdown chart below to compare losses from any high point for CAOS and EURL.
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Drawdown Indicators
| CAOS | EURL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.89% | -84.65% | +80.76% |
Max Drawdown (1Y)Largest decline over 1 year | -0.76% | -33.05% | +32.29% |
Max Drawdown (3Y)Largest decline over 3 years | -3.60% | -38.81% | +35.21% |
Max Drawdown (5Y)Largest decline over 5 years | — | -75.24% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -84.65% | — |
Current DrawdownCurrent decline from peak | -1.15% | -8.76% | +7.61% |
Average DrawdownAverage peak-to-trough decline | -0.91% | -36.91% | +36.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.31% | 10.56% | -10.25% |
Volatility
CAOS vs. EURL - Volatility Comparison
The current volatility for Alpha Architect Tail Risk ETF (CAOS) is 0.32%, while Direxion Daily FTSE Europe Bull 3x Shares (EURL) has a volatility of 17.98%. This indicates that CAOS experiences smaller price fluctuations and is considered to be less risky than EURL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CAOS | EURL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.32% | 17.98% | -17.66% |
Volatility (6M)Calculated over the trailing 6-month period | 1.04% | 40.51% | -39.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.53% | 48.09% | -46.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.25% | 53.55% | -49.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.25% | 55.82% | -51.57% |
CAOS vs. EURL - Expense Ratio Comparison
CAOS has a 0.63% expense ratio, which is lower than EURL's 1.07% expense ratio.
Dividends
CAOS vs. EURL - Dividend Comparison
CAOS has not paid dividends to shareholders, while EURL's dividend yield for the trailing twelve months is around 1.37%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CAOS Alpha Architect Tail Risk ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EURL Direxion Daily FTSE Europe Bull 3x Shares | 1.37% | 1.50% | 3.51% | 2.50% | 1.80% | 0.33% | 0.41% | 1.17% | 3.07% | 0.38% |
Frequently Asked Questions
CAOS and EURL 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.
EURL has higher volatility (17.98%) compared to CAOS (0.32%). In terms of maximum drawdown, CAOS dropped -3.89% vs EURL's -84.65%.
On 3-year performance, EURL leads with 31.61% vs 4.01% for CAOS. On fees, CAOS is cheaper at 0.63% per year. On volatility, CAOS has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, EURL has performed better with a 31.61% return vs 4.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CAOS is cheaper with a 0.63% expense ratio, compared with 1.07% for EURL.
EURL has the higher dividend yield at 1.37%, compared with 0.00% for CAOS.
CAOS is categorized as Options Trading, while EURL is Leveraged Equities. They also come from different issuers: Alpha Architect and Direxion. Their fees differ too: 0.63% for CAOS and 1.07% for EURL.
CAOS currently has the higher Sharpe Ratio (1.18 vs 0.77), 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.
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