DARP vs. CAOS

Last updated Jul 16, 2026

DARP (Grizzle Growth ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - DARP is a Large Cap Growth Equities fund actively managed by Grizzle, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past year, DARP returned 56.50% vs 2.02% for CAOS. At a correlation of -0.12, they often move in opposite directions. DARP charges 0.75%/yr vs 0.63%/yr for CAOS.

Performance

DARP vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grizzle Growth ETF (DARP) 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, DARP achieves a 26.45% return, which is significantly higher than CAOS's 0.84% return.

DARP

• 1D: -0.88%
• 1M: -3.12%
• 6M: 20.79%
• YTD: 26.45%
• 1Y: 56.50%
• 3Y*: —
• 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)

DARP vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DARP Grizzle Growth ETF	26.45%	40.19%	24.63%	6.25%
CAOS Alpha Architect Tail Risk ETF	0.84%	2.55%	5.33%	2.13%

Correlation

The correlation between DARP and CAOS is -0.33, 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	-0.33
Correlation (All Time) Calculated using the full available price history since Aug 28, 2023	-0.12

Over the past year, the inverse relationship between DARP and CAOS has strengthened: their correlation has moved from -0.12 to -0.33, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

DARP vs. CAOS — Risk / Return Rank

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

DARP

DARP Risk / Return Rank: 83
DARP Sharpe Ratio Rank: 86
DARP Sortino Ratio Rank: 74
DARP Omega Ratio Rank: 74
DARP Calmar Ratio Rank: 92
DARP Martin Ratio Rank: 90

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.

DARP vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grizzle Growth ETF (DARP) 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.

	DARP	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	2.22	1.31	+0.91
Sortino ratio: Return per unit of downside risk	2.68	2.09	+0.59
Omega ratio: Gain probability vs. loss probability	1.35	1.27	+0.08
Calmar ratio: Return relative to maximum drawdown	4.81	2.68	+2.12
Martin ratio: Return relative to average drawdown	16.13	6.06	+10.07

DARP vs. CAOS - Sharpe Ratio Comparison

The current DARP Sharpe Ratio is 2.22, which is higher than the CAOS Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of DARP 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

DARP vs. CAOS - Drawdown Comparison

The maximum DARP drawdown since its inception was -30.27%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for DARP and CAOS.

Drawdown Indicators

	DARP	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-30.27%	-3.89%	-26.38%
Max Drawdown (1Y) Largest decline over 1 year	-11.82%	-0.76%	-11.06%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-5.41%	-1.04%	-4.37%
Average Drawdown Average peak-to-trough decline	-4.64%	-0.92%	-3.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.51%	0.33%	+3.18%

Volatility

DARP vs. CAOS - Volatility Comparison

Grizzle Growth ETF (DARP) has a higher volatility of 10.29% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.48%. This indicates that DARP'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

	DARP	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.29%	0.48%	+9.81%
Volatility (6M) Calculated over the trailing 6-month period	19.99%	1.09%	+18.90%
Volatility (1Y) Calculated over the trailing 1-year period	25.60%	1.56%	+24.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.57%	4.20%	+22.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.57%	4.20%	+22.37%

DARP vs. CAOS - Expense Ratio Comparison

DARP has a 0.75% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

DARP vs. CAOS - Dividend Comparison

DARP's dividend yield for the trailing twelve months is around 0.34%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%	0.00%
DARP Grizzle Growth ETF	0.34%	0.43%	1.93%	0.32%

Frequently Asked Questions

Can I hold both DARP and CAOS in my portfolio?

DARP and CAOS have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DARP or CAOS?

DARP has higher volatility (10.29%) compared to CAOS (0.48%). In terms of maximum drawdown, DARP dropped -30.27% vs CAOS's -3.89%.

Which ETF is better, DARP or CAOS?

On 1-year performance, DARP leads with 56.50% vs 2.02% 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, DARP or CAOS?

Over the 1-year period, DARP has performed better with a 56.50% return vs 2.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DARP or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.75% for DARP.

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

DARP has the higher dividend yield at 0.34%, compared with 0.00% for CAOS.

What is the main difference between DARP and CAOS?

DARP is categorized as Large Cap Growth Equities, while CAOS is Options Trading. They also come from different issuers: Grizzle and Alpha Architect. Their fees differ too: 0.75% for DARP and 0.63% for CAOS.

Which has better risk-adjusted returns?

DARP currently has the higher Sharpe Ratio (2.22 vs 1.31), 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.