JUSA vs. CAOS

Last updated Jun 6, 2026

JUSA (JPMorgan U.S. Research Enhanced Large Cap ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - JUSA is a Large Cap Blend Equities fund actively managed by JPMorgan, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past year, JUSA returned 24.65% vs 1.94% for CAOS. At a correlation of -0.36, they often move in opposite directions. JUSA charges 0.20%/yr vs 0.63%/yr for CAOS.

Performance

JUSA vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan U.S. Research Enhanced Large Cap ETF (JUSA) 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, JUSA achieves a 7.68% return, which is significantly higher than CAOS's 0.90% return.

JUSA

• 1D: -2.43%
• 1M: -0.02%
• YTD: 7.68%
• 6M: 7.58%
• 1Y: 24.65%
• 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)

JUSA vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025
JUSA JPMorgan U.S. Research Enhanced Large Cap ETF	7.68%	21.69%
CAOS Alpha Architect Tail Risk ETF	0.90%	2.09%

Correlation

The correlation between JUSA and CAOS is -0.36, 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	-0.36
Correlation (All Time) Calculated using the full available price history since Mar 17, 2025	-0.36

JUSA vs. CAOS - Sectors Allocation Comparison

Sectors	JUSA	CAOS
Technology	35.6%	33.1%
Financial Services	11.7%	12.4%
Consumer Cyclical	11.1%	10.0%
Communication Services	11.0%	10.4%
Healthcare	8.5%	9.6%
Industrials	8.3%	8.5%
Consumer Defensive	4.3%	5.4%
Energy	3.5%	4.1%
Utilities	2.4%	2.6%
Real Estate	1.9%	2.0%
Basic Materials	1.9%	1.9%

Return for Risk

JUSA vs. CAOS — Risk / Return Rank

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

JUSA

JUSA Risk / Return Rank: 66
JUSA Sharpe Ratio Rank: 67
JUSA Sortino Ratio Rank: 65
JUSA Omega Ratio Rank: 67
JUSA Calmar Ratio Rank: 60
JUSA Martin Ratio Rank: 73

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.

JUSA vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan U.S. Research Enhanced Large Cap ETF (JUSA) 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.

	JUSA	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	2.05	1.27	+0.78
Sortino ratio: Return per unit of downside risk	2.81	2.03	+0.78
Omega ratio: Gain probability vs. loss probability	1.37	1.26	+0.11
Calmar ratio: Return relative to maximum drawdown	2.77	2.57	+0.21
Martin ratio: Return relative to average drawdown	12.73	6.37	+6.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JUSA vs. CAOS - Sharpe Ratio Comparison

The current JUSA Sharpe Ratio is 2.05, which is higher than the CAOS Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of JUSA 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

	JUSA	CAOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	1.27	+0.78
Sharpe Ratio (All Time) Calculated using the full available price history	1.32	1.21	+0.11

Drawdowns

JUSA vs. CAOS - Drawdown Comparison

The maximum JUSA drawdown since its inception was -14.02%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for JUSA and CAOS.

Drawdown Indicators

	JUSA	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-14.02%	-3.60%	-10.42%
Max Drawdown (1Y) Largest decline over 1 year	-8.93%	-0.76%	-8.17%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-2.81%	-0.99%	-1.82%
Average Drawdown Average peak-to-trough decline	-1.51%	-0.90%	-0.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.94%	0.30%	+1.64%

Volatility

JUSA vs. CAOS - Volatility Comparison

JPMorgan U.S. Research Enhanced Large Cap ETF (JUSA) has a higher volatility of 3.53% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.27%. This indicates that JUSA'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

	JUSA	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.53%	0.27%	+3.26%
Volatility (6M) Calculated over the trailing 6-month period	9.30%	1.03%	+8.27%
Volatility (1Y) Calculated over the trailing 1-year period	12.08%	1.53%	+10.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.79%	4.25%	+14.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.79%	4.25%	+14.54%

JUSA vs. CAOS - Expense Ratio Comparison

JUSA has a 0.20% expense ratio, which is lower than CAOS's 0.63% expense ratio.

Dividends

JUSA vs. CAOS - Dividend Comparison

JUSA's dividend yield for the trailing twelve months is around 0.88%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%
JUSA JPMorgan U.S. Research Enhanced Large Cap ETF	0.88%	0.77%

Frequently Asked Questions

Can I hold both JUSA and CAOS in my portfolio?

JUSA and CAOS have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JUSA or CAOS?

JUSA has higher volatility (3.53%) compared to CAOS (0.27%). In terms of maximum drawdown, JUSA dropped -14.02% vs CAOS's -3.60%.

Which ETF is better, JUSA or CAOS?

On 1-year performance, JUSA leads with 24.65% vs 1.94% for CAOS. On fees, JUSA is cheaper at 0.20% per year. On volatility, CAOS has been the lower-risk option at 0.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JUSA or CAOS?

Over the 1-year period, JUSA has performed better with a 24.65% return vs 1.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JUSA or CAOS?

JUSA is cheaper with a 0.20% expense ratio, compared with 0.63% for CAOS.

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

JUSA has the higher dividend yield at 0.88%, compared with 0.00% for CAOS.

What is the main difference between JUSA and CAOS?

JUSA is categorized as Large Cap Blend Equities, while CAOS is Options Trading. They also come from different issuers: JPMorgan and Alpha Architect. Their fees differ too: 0.20% for JUSA and 0.63% for CAOS.

Which has better risk-adjusted returns?

JUSA currently has the higher Sharpe Ratio (2.05 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.