CAOS vs. VBIL

Last updated Jun 4, 2026

CAOS (Alpha Architect Tail Risk ETF) and VBIL (Vanguard 0-3 Month Treasury Bill ETF) are both exchange-traded funds - CAOS is a Options Trading fund actively managed by Alpha Architect, while VBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bills 0-3 Months Index. CAOS is actively managed, while VBIL is passively managed. Over the past year, CAOS returned 1.88% vs 3.93% for VBIL. At a 0.13 correlation, their price movements are largely independent. CAOS charges 0.63%/yr vs 0.07%/yr for VBIL.

Performance

CAOS vs. VBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alpha Architect Tail Risk ETF (CAOS) and Vanguard 0-3 Month Treasury Bill ETF (VBIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CAOS achieves a 0.82% return, which is significantly lower than VBIL's 1.50% return.

CAOS

• 1D: 0.12%
• 1M: -0.09%
• YTD: 0.82%
• 6M: 0.69%
• 1Y: 1.88%
• 3Y*: 4.26%
• 5Y*: —
• 10Y*: —

VBIL

• 1D: 0.01%
• 1M: 0.29%
• YTD: 1.50%
• 6M: 1.80%
• 1Y: 3.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CAOS vs. VBIL - Yearly Performance Comparison

	2026 (YTD)	2025
CAOS Alpha Architect Tail Risk ETF	0.82%	2.23%
VBIL Vanguard 0-3 Month Treasury Bill ETF	1.50%	3.71%

Correlation

The correlation between CAOS and VBIL is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (All Time) Calculated using the full available price history since Feb 12, 2025	0.13

Return for Risk

CAOS vs. VBIL — Risk / Return Rank

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

CAOS

CAOS Risk / Return Rank: 40
CAOS Sharpe Ratio Rank: 34
CAOS Sortino Ratio Rank: 37
CAOS Omega Ratio Rank: 39
CAOS Calmar Ratio Rank: 49
CAOS Martin Ratio Rank: 39

VBIL

VBIL Risk / Return Rank: 100
VBIL Sharpe Ratio Rank: 100
VBIL Sortino Ratio Rank: 100
VBIL Omega Ratio Rank: 100
VBIL Calmar Ratio Rank: 99
VBIL Martin Ratio Rank: 100

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.

CAOS vs. VBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alpha Architect Tail Risk ETF (CAOS) and Vanguard 0-3 Month Treasury Bill ETF (VBIL). 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.

	CAOS	VBIL	Difference
Sharpe ratio: Return per unit of total volatility	1.24	15.17	-13.93
Sortino ratio: Return per unit of downside risk	1.98	39.11	-37.13
Omega ratio: Gain probability vs. loss probability	1.26	21.10	-19.84
Calmar ratio: Return relative to maximum drawdown	2.49	42.61	-40.12
Martin ratio: Return relative to average drawdown	6.22	532.54	-526.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CAOS vs. VBIL - Sharpe Ratio Comparison

The current CAOS Sharpe Ratio is 1.24, which is lower than the VBIL Sharpe Ratio of 15.17. The chart below compares the historical Sharpe Ratios of CAOS and VBIL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CAOS	VBIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	15.17	-13.93
Sharpe Ratio (All Time) Calculated using the full available price history	1.21	13.44	-12.23

Drawdowns

CAOS vs. VBIL - Drawdown Comparison

The maximum CAOS drawdown since its inception was -3.60%, which is greater than VBIL's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for CAOS and VBIL.

Drawdown Indicators

	CAOS	VBIL	Difference
Max Drawdown Largest peak-to-trough decline	-3.60%	-0.09%	-3.51%
Max Drawdown (1Y) Largest decline over 1 year	-0.76%	-0.09%	-0.67%
Max Drawdown (3Y) Largest decline over 3 years	-3.60%	—	—
Current Drawdown Current decline from peak	-1.07%	0.00%	-1.07%
Average Drawdown Average peak-to-trough decline	-0.90%	-0.00%	-0.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	0.01%	+0.29%

Volatility

CAOS vs. VBIL - Volatility Comparison

Alpha Architect Tail Risk ETF (CAOS) has a higher volatility of 0.26% compared to Vanguard 0-3 Month Treasury Bill ETF (VBIL) at 0.06%. This indicates that CAOS's price experiences larger fluctuations and is considered to be riskier than VBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAOS	VBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.26%	0.06%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	1.03%	0.16%	+0.87%
Volatility (1Y) Calculated over the trailing 1-year period	1.52%	0.26%	+1.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.26%	0.30%	+3.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.26%	0.30%	+3.96%

CAOS vs. VBIL - Expense Ratio Comparison

CAOS has a 0.63% expense ratio, which is higher than VBIL's 0.07% expense ratio.

Dividends

CAOS vs. VBIL - Dividend Comparison

CAOS has not paid dividends to shareholders, while VBIL's dividend yield for the trailing twelve months is around 3.65%.

Position	TTM	2025
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%
VBIL Vanguard 0-3 Month Treasury Bill ETF	3.65%	3.12%

Frequently Asked Questions

Can I hold both CAOS and VBIL in my portfolio?

CAOS and VBIL have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CAOS or VBIL?

CAOS has higher volatility (0.26%) compared to VBIL (0.06%). In terms of maximum drawdown, CAOS dropped -3.60% vs VBIL's -0.09%.

Which ETF is better, CAOS or VBIL?

On 1-year performance, VBIL leads with 3.93% vs 1.88% for CAOS. On fees, VBIL is cheaper at 0.07% per year. On volatility, VBIL has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CAOS or VBIL?

Over the 1-year period, VBIL has performed better with a 3.93% return vs 1.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CAOS or VBIL?

VBIL is cheaper with a 0.07% expense ratio, compared with 0.63% for CAOS.

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

VBIL has the higher dividend yield at 3.65%, compared with 0.00% for CAOS.

What is the main difference between CAOS and VBIL?

CAOS is categorized as Options Trading, while VBIL is Ultrashort Bond. They also come from different issuers: Alpha Architect and Vanguard. Their fees differ too: 0.63% for CAOS and 0.07% for VBIL.

Which has better risk-adjusted returns?

VBIL currently has the higher Sharpe Ratio (15.17 vs 1.24), 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.