JBBB vs. CAOS

Last updated Aug 2, 2026

JBBB (Janus Henderson B-BBB CLO ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - JBBB is a CLO fund actively managed by Janus Henderson, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past 3 years, JBBB returned 7.87%/yr vs 3.48%/yr for CAOS. Their -0.11 correlation means they have often moved in opposite directions in the past. JBBB charges 0.49%/yr vs 0.63%/yr for CAOS.

Performance

JBBB vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson B-BBB CLO ETF (JBBB) 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, JBBB achieves a 2.73% return, which is significantly higher than CAOS's 0.76% return.

JBBB

• 1D: 0.14%
• 1M: 0.31%
• 6M: 1.91%
• YTD: 2.73%
• 1Y: 5.02%
• 3Y*: 7.87%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.90%

CAOS

• 1D: -0.06%
• 1M: -0.01%
• 6M: 0.16%
• YTD: 0.76%
• 1Y: 1.73%
• 3Y*: 3.48%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.70%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CAOS Alpha Architect Tail Risk ETF	$6.81M	$5.39M	$5.09M
JBBB Janus Henderson B-BBB CLO ETF	$11.42M	$11.95M	$15.50M

JBBB vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JBBB Janus Henderson B-BBB CLO ETF	2.73%	4.40%	10.72%	12.23%
CAOS Alpha Architect Tail Risk ETF	0.76%	2.55%	5.33%	7.43%

Correlation

The correlation between JBBB and CAOS is -0.28, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.28
Correlation (3Y) Balances recent behavior with more history.	-0.11
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023	-0.11

The correlation between JBBB and CAOS shifts across timeframes, from -0.28 (1 year) to -0.11 (all time), reflecting how their relationship changes across market environments.

Return for Risk

JBBB vs. CAOS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

JBBB

JBBB Risk / Return Rank: 60
JBBB Sharpe Ratio Rank: 58
JBBB Sortino Ratio Rank: 65
JBBB Omega Ratio Rank: 71
JBBB Calmar Ratio Rank: 53
JBBB Martin Ratio Rank: 54

CAOS

CAOS Risk / Return Rank: 56
CAOS Sharpe Ratio Rank: 49
CAOS Sortino Ratio Rank: 55
CAOS Omega Ratio Rank: 54
CAOS Calmar Ratio Rank: 72
CAOS Martin Ratio Rank: 48

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

JBBB vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson B-BBB CLO ETF (JBBB) 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.

	JBBB	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.19	+0.17
Sortino ratio: Return per unit of downside risk	2.15	1.89	+0.25
Omega ratio: Gain probability vs. loss probability	1.29	1.24	+0.05
Calmar ratio: Return relative to maximum drawdown	1.90	2.47	-0.57
Martin ratio: Return relative to average drawdown	6.39	5.45	+0.94

JBBB vs. CAOS - Sharpe Ratio Comparison

The current JBBB Sharpe Ratio is 1.36, which is comparable to the CAOS Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of JBBB 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

JBBB vs. CAOS - Drawdown Comparison

The maximum JBBB drawdown since its inception was -10.79%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for JBBB and CAOS.

Drawdown Indicators

	JBBB	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-10.79%	-3.89%	-6.90%
Max Drawdown (1Y) Largest decline over 1 year	-2.46%	-0.76%	-1.70%
Max Drawdown (3Y) Largest decline over 3 years	-4.35%	-3.60%	-0.75%
Current Drawdown Current decline from peak	0.00%	-1.13%	+1.13%
Average Drawdown Average peak-to-trough decline	-1.66%	-0.92%	-0.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	0.34%	+0.39%

Volatility

JBBB vs. CAOS - Volatility Comparison

Janus Henderson B-BBB CLO ETF (JBBB) has a higher volatility of 0.56% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that JBBB'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

	JBBB	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.56%	0.51%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	3.06%	1.07%	+1.99%
Volatility (1Y) Calculated over the trailing 1-year period	3.44%	1.57%	+1.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.16%	4.18%	+0.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.16%	4.18%	+0.98%

JBBB vs. CAOS - Expense Ratio Comparison

JBBB has a 0.49% expense ratio, which is lower than CAOS's 0.63% expense ratio.

Dividends

JBBB vs. CAOS - Dividend Comparison

JBBB's dividend yield for the trailing twelve months is around 7.06%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%	0.00%	0.00%
JBBB Janus Henderson B-BBB CLO ETF	6.54%	7.41%	7.65%	8.10%	5.03%

Frequently Asked Questions

Can I hold both JBBB and CAOS in my portfolio?

JBBB and CAOS have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JBBB or CAOS?

JBBB has higher volatility (0.56%) compared to CAOS (0.51%). In terms of maximum drawdown, JBBB dropped -10.79% vs CAOS's -3.89%.

Which ETF is better, JBBB or CAOS?

On 3-year performance, JBBB leads with 7.87% vs 3.48% for CAOS. On fees, JBBB is cheaper at 0.49% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JBBB or CAOS?

Over the 3-year period, JBBB has performed better with a 7.87% return vs 3.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JBBB or CAOS?

JBBB is cheaper with a 0.49% expense ratio, compared with 0.63% for CAOS.

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

JBBB has the higher dividend yield at 6.54%, compared with 0.00% for CAOS.

What is the main difference between JBBB and CAOS?

JBBB is categorized as CLO, while CAOS is Options Trading. They also come from different issuers: Janus Henderson and Alpha Architect. Their fees differ too: 0.49% for JBBB and 0.63% for CAOS.

Which has better risk-adjusted returns?

JBBB currently has the higher Sharpe Ratio (1.36 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.