HIBL vs. CAOS
HIBL (Direxion Daily S&P 500 High Beta Bull 3X Shares) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - HIBL is a Leveraged Equities fund tracking the S&P 500 High Beta Index (300%), while CAOS is a Options Trading fund actively managed by Alpha Architect. HIBL is passively managed, while CAOS is actively managed. Over the past 3 years, HIBL returned 35.26%/yr vs 3.60%/yr for CAOS. At a 0.03 correlation, their price movements are largely independent. HIBL charges 1.12%/yr vs 0.63%/yr for CAOS.
Performance
HIBL vs. CAOS - Performance Comparison
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Returns By Period
In the year-to-date period, HIBL achieves a 53.82% return, which is significantly higher than CAOS's 0.80% return.
HIBL
- 1D
- -7.48%
- 1M
- -18.82%
- 6M
- 32.17%
- YTD
- 53.82%
- 1Y
- 120.18%
- 3Y*
- 35.26%
- 5Y*
- 13.57%
- 10Y*
- —
CAOS
- 1D
- -0.04%
- 1M
- 0.13%
- 6M
- 0.30%
- YTD
- 0.80%
- 1Y
- 1.82%
- 3Y*
- 3.60%
- 5Y*
- —
- 10Y*
- —
HIBL vs. CAOS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HIBL Direxion Daily S&P 500 High Beta Bull 3X Shares | 53.82% | 60.38% | -0.40% | 21.38% |
CAOS Alpha Architect Tail Risk ETF | 0.80% | 2.55% | 5.33% | 7.43% |
Correlation
The correlation between HIBL and CAOS is -0.35, 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 | -0.35 |
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 | 0.03 |
The correlation between HIBL and CAOS shifts across timeframes, from -0.35 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HIBL vs. CAOS — Risk / Return Rank
HIBL
CAOS
HIBL vs. CAOS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 High Beta Bull 3X Shares (HIBL) 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.
| HIBL | CAOS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.40 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.24 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.85 | 2.41 | +1.44 |
| Martin ratioReturn relative to average drawdown | 12.17 | 5.44 | +6.73 |
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Drawdowns
HIBL vs. CAOS - Drawdown Comparison
The maximum HIBL drawdown since its inception was -88.27%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for HIBL and CAOS.
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Drawdown Indicators
| HIBL | CAOS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.27% | -3.89% | -84.38% |
Max Drawdown (1Y)Largest decline over 1 year | -31.39% | -0.76% | -30.63% |
Max Drawdown (3Y)Largest decline over 3 years | -69.66% | -3.60% | -66.06% |
Max Drawdown (5Y)Largest decline over 5 years | -81.58% | — | — |
Current DrawdownCurrent decline from peak | -26.30% | -1.08% | -25.22% |
Average DrawdownAverage peak-to-trough decline | -43.63% | -0.92% | -42.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.92% | 0.34% | +9.58% |
Volatility
HIBL vs. CAOS - Volatility Comparison
Direxion Daily S&P 500 High Beta Bull 3X Shares (HIBL) has a higher volatility of 29.86% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.48%. This indicates that HIBL'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.
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Volatility by Period
| HIBL | CAOS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.86% | 0.48% | +29.38% |
Volatility (6M)Calculated over the trailing 6-month period | 63.21% | 1.09% | +62.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 76.34% | 1.55% | +74.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.61% | 4.20% | +79.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 92.48% | 4.20% | +88.28% |
HIBL vs. CAOS - Expense Ratio Comparison
HIBL has a 1.12% expense ratio, which is higher than CAOS's 0.63% expense ratio.
Dividends
HIBL vs. CAOS - Dividend Comparison
HIBL's dividend yield for the trailing twelve months is around 1.47%, while CAOS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CAOS Alpha Architect Tail Risk ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HIBL Direxion Daily S&P 500 High Beta Bull 3X Shares | 1.47% | 2.43% | 0.82% | 0.69% | 0.00% | 0.06% | 0.19% | 0.19% |
Frequently Asked Questions
HIBL and CAOS have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIBL has higher volatility (29.86%) compared to CAOS (0.48%). In terms of maximum drawdown, HIBL dropped -88.27% vs CAOS's -3.89%.
On 3-year performance, HIBL leads with 35.26% vs 3.60% 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.
Over the 3-year period, HIBL has performed better with a 35.26% return vs 3.60%. 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 1.12% for HIBL.
HIBL has the higher dividend yield at 1.47%, compared with 0.00% for CAOS.
HIBL is categorized as Leveraged Equities, while CAOS is Options Trading. They also come from different issuers: Direxion and Alpha Architect. Their fees differ too: 1.12% for HIBL and 0.63% for CAOS.
HIBL currently has the higher Sharpe Ratio (1.58 vs 1.19), 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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