JULH vs. CAOS

Last updated Jun 6, 2026

JULH (Innovator Premium Income 20 Barrier ETF - July) and CAOS (Alpha Architect Tail Risk ETF) are both Options Trading funds. Both are actively managed. Over the past year, JULH returned 5.07% vs 1.94% for CAOS. At a correlation of -0.07, they often move in opposite directions. JULH charges 0.79%/yr vs 0.63%/yr for CAOS.

Performance

JULH vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Premium Income 20 Barrier ETF - July (JULH) 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, JULH achieves a 2.22% return, which is significantly higher than CAOS's 0.90% return.

JULH

• 1D: -0.04%
• 1M: 0.32%
• YTD: 2.22%
• 6M: 1.10%
• 1Y: 5.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAOS

• 1D: 0.12%
• 1M: 0.02%
• YTD: 0.90%
• 6M: 0.76%
• 1Y: 1.94%
• 3Y*: 4.27%
• 5Y*: —
• 10Y*: —

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

JULH vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JULH Innovator Premium Income 20 Barrier ETF - July	2.22%	5.39%	6.93%	4.43%
CAOS Alpha Architect Tail Risk ETF	0.90%	2.55%	5.33%	2.73%

Correlation

The correlation between JULH and CAOS is -0.30, 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	-0.30
Correlation (All Time) Calculated using the full available price history since Jul 5, 2023	-0.07

Over the past year, the inverse relationship between JULH and CAOS has strengthened: their correlation has moved from -0.07 to -0.30, meaning they now move in opposite directions more often than their long-term average.

JULH vs. CAOS - Sectors Allocation Comparison

Sectors	JULH	CAOS
Technology	33.6%	33.1%
Financial Services	12.4%	12.4%
Communication Services	10.5%	10.4%
Consumer Cyclical	10.0%	10.0%
Healthcare	9.5%	9.6%
Industrials	8.5%	8.5%
Consumer Defensive	5.3%	5.4%
Energy	4.0%	4.1%
Utilities	2.5%	2.6%
Real Estate	2.0%	2.0%
Basic Materials	1.9%	1.9%

Return for Risk

JULH vs. CAOS — Risk / Return Rank

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

JULH

JULH Risk / Return Rank: 61
JULH Sharpe Ratio Rank: 58
JULH Sortino Ratio Rank: 52
JULH Omega Ratio Rank: 83
JULH Calmar Ratio Rank: 64
JULH Martin Ratio Rank: 48

CAOS

CAOS Risk / Return Rank: 43
CAOS Sharpe Ratio Rank: 37
CAOS Sortino Ratio Rank: 41
CAOS Omega Ratio Rank: 42
CAOS Calmar Ratio Rank: 54
CAOS Martin Ratio Rank: 42

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.

JULH vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Premium Income 20 Barrier ETF - July (JULH) 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.

	JULH	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	1.82	1.27	+0.55
Sortino ratio: Return per unit of downside risk	2.32	2.03	+0.28
Omega ratio: Gain probability vs. loss probability	1.47	1.26	+0.21
Calmar ratio: Return relative to maximum drawdown	2.95	2.57	+0.39
Martin ratio: Return relative to average drawdown	7.48	6.37	+1.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JULH vs. CAOS - Sharpe Ratio Comparison

The current JULH Sharpe Ratio is 1.82, which is higher than the CAOS Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of JULH 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.

Sharpe Ratios by Period

	JULH	CAOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.82	1.27	+0.55
Sharpe Ratio (All Time) Calculated using the full available price history	1.38	1.21	+0.17

Drawdowns

JULH vs. CAOS - Drawdown Comparison

The maximum JULH drawdown since its inception was -5.51%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for JULH and CAOS.

Drawdown Indicators

	JULH	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-5.51%	-3.60%	-1.91%
Max Drawdown (1Y) Largest decline over 1 year	-1.72%	-0.76%	-0.96%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-0.04%	-0.99%	+0.95%
Average Drawdown Average peak-to-trough decline	-0.28%	-0.90%	+0.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	0.30%	+0.38%

Volatility

JULH vs. CAOS - Volatility Comparison

The current volatility for Innovator Premium Income 20 Barrier ETF - July (JULH) is 0.14%, while Alpha Architect Tail Risk ETF (CAOS) has a volatility of 0.27%. This indicates that JULH experiences smaller price fluctuations and is considered to be less risky than CAOS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JULH	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.14%	0.27%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	2.25%	1.03%	+1.22%
Volatility (1Y) Calculated over the trailing 1-year period	2.80%	1.53%	+1.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.75%	4.25%	+0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.75%	4.25%	+0.50%

JULH vs. CAOS - Expense Ratio Comparison

JULH has a 0.79% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

JULH vs. CAOS - Dividend Comparison

JULH's dividend yield for the trailing twelve months is around 5.28%, 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%
JULH Innovator Premium Income 20 Barrier ETF - July	5.28%	5.31%	6.89%	3.67%

Frequently Asked Questions

Can I hold both JULH and CAOS in my portfolio?

JULH and CAOS have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JULH or CAOS?

CAOS has higher volatility (0.27%) compared to JULH (0.14%). In terms of maximum drawdown, JULH dropped -5.51% vs CAOS's -3.60%.

Which ETF is better, JULH or CAOS?

On 1-year performance, JULH leads with 5.07% vs 1.94% for CAOS. On fees, CAOS is cheaper at 0.63% per year. On volatility, JULH has been the lower-risk option at 0.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JULH or CAOS?

Over the 1-year period, JULH has performed better with a 5.07% return vs 1.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JULH or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.79% for JULH.

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

JULH has the higher dividend yield at 5.28%, compared with 0.00% for CAOS.

What is the main difference between JULH and CAOS?

They also come from different issuers: Innovator and Alpha Architect. Their fees differ too: 0.79% for JULH and 0.63% for CAOS.

Which has better risk-adjusted returns?

JULH currently has the higher Sharpe Ratio (1.82 vs 1.27), 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.