CAOS vs. SJB
CAOS (Alpha Architect Tail Risk ETF) and SJB (ProShares Short High Yield) are both exchange-traded funds - CAOS is a Options Trading fund actively managed by Alpha Architect, while SJB is a Inverse Bonds fund tracking the iBoxx $ Liquid High Yield Index (-100%). CAOS is actively managed, while SJB is passively managed. Over the past 3 years, CAOS returned 3.94%/yr vs -2.22%/yr for SJB. At a correlation of -0.05, they often move in opposite directions. CAOS charges 0.63%/yr vs 0.95%/yr for SJB.
Performance
CAOS vs. SJB - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both investments are quite close, with CAOS having a 0.71% return and SJB slightly higher at 0.74%.
CAOS
- 1D
- -0.04%
- 1M
- -0.12%
- YTD
- 0.71%
- 6M
- 0.61%
- 1Y
- 1.62%
- 3Y*
- 3.94%
- 5Y*
- —
- 10Y*
- —
SJB
- 1D
- 0.13%
- 1M
- -0.16%
- YTD
- 0.74%
- 6M
- 0.66%
- 1Y
- -0.07%
- 3Y*
- -2.22%
- 5Y*
- -0.36%
- 10Y*
- -3.86%
CAOS vs. SJB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CAOS Alpha Architect Tail Risk ETF | 0.71% | 2.55% | 5.33% | 7.43% |
SJB ProShares Short High Yield | 0.74% | -1.87% | -0.84% | -3.81% |
Correlation
The correlation between CAOS and SJB is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023 | -0.05 |
The correlation between CAOS and SJB shifts across timeframes, from -0.05 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CAOS vs. SJB — Risk / Return Rank
CAOS
SJB
CAOS vs. SJB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Alpha Architect Tail Risk ETF (CAOS) and ProShares Short High Yield (SJB). 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 | SJB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.10 | ||
| Sortino ratioReturn per unit of downside risk | +1.72 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.00 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | -0.02 | +2.17 |
| Martin ratioReturn relative to average drawdown | 5.18 | -0.05 | +5.23 |
Loading charts...
Drawdowns
CAOS vs. SJB - Drawdown Comparison
The maximum CAOS drawdown since its inception was -3.89%, smaller than the maximum SJB drawdown of -58.06%. Use the drawdown chart below to compare losses from any high point for CAOS and SJB.
Loading charts...
Drawdown Indicators
| CAOS | SJB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.89% | -58.06% | +54.17% |
Max Drawdown (1Y)Largest decline over 1 year | -0.76% | -2.74% | +1.98% |
Max Drawdown (3Y)Largest decline over 3 years | -3.60% | -10.54% | +6.94% |
Max Drawdown (5Y)Largest decline over 5 years | — | -13.30% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.57% | — |
Current DrawdownCurrent decline from peak | -1.18% | -57.40% | +56.22% |
Average DrawdownAverage peak-to-trough decline | -0.92% | -42.52% | +41.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.32% | 1.30% | -0.98% |
Volatility
CAOS vs. SJB - Volatility Comparison
The current volatility for Alpha Architect Tail Risk ETF (CAOS) is 0.32%, while ProShares Short High Yield (SJB) has a volatility of 1.06%. This indicates that CAOS experiences smaller price fluctuations and is considered to be less risky than SJB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CAOS | SJB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.32% | 1.06% | -0.74% |
Volatility (6M)Calculated over the trailing 6-month period | 1.05% | 3.03% | -1.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.50% | 3.88% | -2.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.23% | 7.52% | -3.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.23% | 8.50% | -4.27% |
CAOS vs. SJB - Expense Ratio Comparison
CAOS has a 0.63% expense ratio, which is lower than SJB's 0.95% expense ratio.
Dividends
CAOS vs. SJB - Dividend Comparison
CAOS has not paid dividends to shareholders, while SJB's dividend yield for the trailing twelve months is around 3.43%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CAOS Alpha Architect Tail Risk ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SJB ProShares Short High Yield | 3.43% | 3.86% | 5.86% | 4.10% | 0.46% | 0.00% | 0.07% | 1.27% | 0.71% |
Frequently Asked Questions
CAOS and SJB have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SJB has higher volatility (1.06%) compared to CAOS (0.32%). In terms of maximum drawdown, CAOS dropped -3.89% vs SJB's -58.06%.
On 3-year performance, CAOS leads with 3.94% vs -2.22% for SJB. 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, CAOS has performed better with a 3.94% return vs -2.22%. 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 0.95% for SJB.
SJB has the higher dividend yield at 3.43%, compared with 0.00% for CAOS.
CAOS is categorized as Options Trading, while SJB is Inverse Bonds. They also come from different issuers: Alpha Architect and ProShares. Their fees differ too: 0.63% for CAOS and 0.95% for SJB.
CAOS currently has the higher Sharpe Ratio (1.08 vs -0.02), 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.
Find the right allocation for CAOS and SJB
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer