DBB vs. CAOS

Last updated Jul 21, 2026

DBB (Invesco DB Base Metals Fund) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - DBB is a Metals fund tracking the DBIQ Optimum Yield Industrial Metals Index Excess Return, while CAOS is a Options Trading fund actively managed by Alpha Architect. DBB is passively managed, while CAOS is actively managed. Over the past 3 years, DBB returned 15.88%/yr vs 3.68%/yr for CAOS. At a correlation of -0.02, they often move in opposite directions. DBB charges 0.80%/yr vs 0.63%/yr for CAOS.

Performance

DBB vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Base Metals Fund (DBB) 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, DBB achieves a 6.89% return, which is significantly higher than CAOS's 1.10% return.

DBB

• 1D: -0.04%
• 1M: -3.08%
• 6M: 3.20%
• YTD: 6.89%
• 1Y: 28.31%
• 3Y*: 15.88%
• 5Y*: 7.51%
• 10Y*: 8.03%
• ALL TIME*: 1.41%

CAOS

• 1D: 0.13%
• 1M: 0.45%
• 6M: 0.61%
• YTD: 1.10%
• 1Y: 2.10%
• 3Y*: 3.68%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.85%

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

DBB vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DBB Invesco DB Base Metals Fund	6.89%	25.01%	7.90%	-3.28%
CAOS Alpha Architect Tail Risk ETF	1.10%	2.55%	5.33%	7.43%

Correlation

The correlation between DBB and CAOS is -0.19, 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	-0.19
Correlation (3Y) Calculated over the trailing 3-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023	-0.02

The correlation between DBB and CAOS shifts across timeframes, from -0.19 (1 year) to -0.02 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DBB vs. CAOS — Risk / Return Rank

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

DBB

DBB Risk / Return Rank: 61
DBB Sharpe Ratio Rank: 61
DBB Sortino Ratio Rank: 57
DBB Omega Ratio Rank: 58
DBB Calmar Ratio Rank: 70
DBB Martin Ratio Rank: 57

CAOS

CAOS Risk / Return Rank: 60
CAOS Sharpe Ratio Rank: 53
CAOS Sortino Ratio Rank: 62
CAOS Omega Ratio Rank: 62
CAOS Calmar Ratio Rank: 74
CAOS Martin Ratio Rank: 50

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.

DBB vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Base Metals Fund (DBB) 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.

	DBB	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	1.52	1.36	+0.16
Sortino ratio: Return per unit of downside risk	2.07	2.18	-0.11
Omega ratio: Gain probability vs. loss probability	1.27	1.28	-0.01
Calmar ratio: Return relative to maximum drawdown	2.59	2.79	-0.20
Martin ratio: Return relative to average drawdown	7.33	6.28	+1.06

DBB vs. CAOS - Sharpe Ratio Comparison

The current DBB Sharpe Ratio is 1.52, which is comparable to the CAOS Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of DBB 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

DBB vs. CAOS - Drawdown Comparison

The maximum DBB drawdown since its inception was -60.20%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for DBB and CAOS.

Drawdown Indicators

	DBB	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-60.20%	-3.89%	-56.31%
Max Drawdown (1Y) Largest decline over 1 year	-11.00%	-0.76%	-10.24%
Max Drawdown (3Y) Largest decline over 3 years	-16.59%	-3.60%	-12.99%
Max Drawdown (5Y) Largest decline over 5 years	-35.00%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-37.98%	—	—
Current Drawdown Current decline from peak	-7.92%	-0.80%	-7.12%
Average Drawdown Average peak-to-trough decline	-30.74%	-0.92%	-29.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.87%	0.34%	+3.53%

Volatility

DBB vs. CAOS - Volatility Comparison

Invesco DB Base Metals Fund (DBB) has a higher volatility of 5.35% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that DBB'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

	DBB	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.35%	0.51%	+4.84%
Volatility (6M) Calculated over the trailing 6-month period	15.18%	1.10%	+14.08%
Volatility (1Y) Calculated over the trailing 1-year period	18.74%	1.55%	+17.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.26%	4.20%	+16.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.50%	4.20%	+14.30%

DBB vs. CAOS - Expense Ratio Comparison

DBB has a 0.80% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

DBB vs. CAOS - Dividend Comparison

DBB's dividend yield for the trailing twelve months is around 2.45%, while CAOS has not paid dividends to shareholders.

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%
DBB Invesco DB Base Metals Fund	2.45%	2.61%	4.75%	7.21%	0.94%	0.00%	0.00%	1.83%	1.59%

Frequently Asked Questions

Can I hold both DBB and CAOS in my portfolio?

DBB and CAOS have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBB or CAOS?

DBB has higher volatility (5.35%) compared to CAOS (0.51%). In terms of maximum drawdown, DBB dropped -60.20% vs CAOS's -3.89%.

Which ETF is better, DBB or CAOS?

On 3-year performance, DBB leads with 15.88% vs 3.68% for CAOS. On fees, CAOS is cheaper at 0.63% per year. On volatility, CAOS has been the lower-risk option at 0.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBB or CAOS?

Over the 3-year period, DBB has performed better with a 15.88% return vs 3.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBB or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.80% for DBB.

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

DBB has the higher dividend yield at 2.45%, compared with 0.00% for CAOS.

What is the main difference between DBB and CAOS?

DBB is categorized as Metals, while CAOS is Options Trading. They also come from different issuers: Invesco and Alpha Architect. Their fees differ too: 0.80% for DBB and 0.63% for CAOS.

Which has better risk-adjusted returns?

DBB currently has the higher Sharpe Ratio (1.52 vs 1.36), 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.