KORU vs. CAOS

Last updated Jun 9, 2026

KORU (Direxion Daily South Korea Bull 3X Shares) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - KORU is a Leveraged Equities fund tracking the MSCI Korea 25-50 Index, while CAOS is a Options Trading fund actively managed by Alpha Architect. KORU is passively managed, while CAOS is actively managed. Over the past 3 years, KORU returned 90.94%/yr vs 4.15%/yr for CAOS. At a 0.03 correlation, their price movements are largely independent. KORU charges 1.29%/yr vs 0.63%/yr for CAOS.

Performance

KORU vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily South Korea Bull 3X Shares (KORU) 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, KORU achieves a 290.75% return, which is significantly higher than CAOS's 0.81% return.

KORU

• 1D: 16.30%
• 1M: -24.70%
• YTD: 290.75%
• 6M: 339.95%
• 1Y: 1,038.83%
• 3Y*: 90.94%
• 5Y*: 12.79%
• 10Y*: 13.25%

CAOS

• 1D: -0.09%
• 1M: -0.08%
• YTD: 0.81%
• 6M: 0.65%
• 1Y: 1.88%
• 3Y*: 4.15%
• 5Y*: —
• 10Y*: —

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

KORU vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
KORU Direxion Daily South Korea Bull 3X Shares	290.75%	432.73%	-62.18%	9.36%
CAOS Alpha Architect Tail Risk ETF	0.81%	2.55%	5.33%	7.97%

Correlation

The correlation between KORU and CAOS is -0.22, 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	-0.22
Correlation (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Mar 7, 2023	0.03

The correlation between KORU and CAOS shifts across timeframes, from -0.22 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.

KORU vs. CAOS - Sectors Allocation Comparison

Sectors	KORU	CAOS
Technology	52.3%	33.1%
Industrials	20.4%	8.5%
Financial Services	9.5%	12.4%
Consumer Cyclical	5.8%	10.0%
Healthcare	3.5%	9.6%
Communication Services	2.9%	10.4%
Basic Materials	2.0%	1.9%
Consumer Defensive	1.8%	5.4%
Energy	1.4%	4.1%
Utilities	0.4%	2.6%
Real Estate	-	2.0%

Return for Risk

KORU vs. CAOS — Risk / Return Rank

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

KORU

KORU Risk / Return Rank: 96
KORU Sharpe Ratio Rank: 99
KORU Sortino Ratio Rank: 90
KORU Omega Ratio Rank: 92
KORU Calmar Ratio Rank: 98
KORU Martin Ratio Rank: 98

CAOS

CAOS Risk / Return Rank: 45
CAOS Sharpe Ratio Rank: 39
CAOS Sortino Ratio Rank: 43
CAOS Omega Ratio Rank: 44
CAOS Calmar Ratio Rank: 56
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.

KORU vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily South Korea Bull 3X Shares (KORU) 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.

	KORU	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	7.91	1.23	+6.68
Sortino ratio: Return per unit of downside risk	3.87	1.97	+1.90
Omega ratio: Gain probability vs. loss probability	1.57	1.25	+0.31
Calmar ratio: Return relative to maximum drawdown	17.10	2.49	+14.61
Martin ratio: Return relative to average drawdown	52.85	6.17	+46.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KORU vs. CAOS - Sharpe Ratio Comparison

The current KORU Sharpe Ratio is 7.91, which is higher than the CAOS Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of KORU 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

	KORU	CAOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	7.91	1.23	+6.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	1.21	-1.14

Drawdowns

KORU vs. CAOS - Drawdown Comparison

The maximum KORU drawdown since its inception was -95.79%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for KORU and CAOS.

Drawdown Indicators

	KORU	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-95.79%	-3.60%	-92.19%
Max Drawdown (1Y) Largest decline over 1 year	-61.39%	-0.76%	-60.63%
Max Drawdown (3Y) Largest decline over 3 years	-73.71%	-3.60%	-70.11%
Max Drawdown (5Y) Largest decline over 5 years	-93.34%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-95.79%	—	—
Current Drawdown Current decline from peak	-43.91%	-1.08%	-42.83%
Average Drawdown Average peak-to-trough decline	-57.51%	-0.90%	-56.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.83%	0.31%	+19.52%

Volatility

KORU vs. CAOS - Volatility Comparison

Direxion Daily South Korea Bull 3X Shares (KORU) has a higher volatility of 82.40% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.29%. This indicates that KORU'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

	KORU	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	82.40%	0.29%	+82.11%
Volatility (6M) Calculated over the trailing 6-month period	125.52%	1.04%	+124.48%
Volatility (1Y) Calculated over the trailing 1-year period	132.99%	1.53%	+131.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	87.63%	4.25%	+83.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.26%	4.25%	+77.01%

KORU vs. CAOS - Expense Ratio Comparison

KORU has a 1.29% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

KORU vs. CAOS - Dividend Comparison

KORU's dividend yield for the trailing twelve months is around 0.24%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
KORU Direxion Daily South Korea Bull 3X Shares	0.24%	0.89%	4.10%	2.55%	0.48%	0.76%	0.01%	0.93%	1.40%	3.59%

Frequently Asked Questions

Can I hold both KORU and CAOS in my portfolio?

KORU and CAOS have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KORU or CAOS?

KORU has higher volatility (82.40%) compared to CAOS (0.29%). In terms of maximum drawdown, KORU dropped -95.79% vs CAOS's -3.60%.

Which ETF is better, KORU or CAOS?

On 3-year performance, KORU leads with 90.94% vs 4.15% for CAOS. On fees, CAOS is cheaper at 0.63% per year. On volatility, CAOS has been the lower-risk option at 0.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KORU or CAOS?

Over the 3-year period, KORU has performed better with a 90.94% return vs 4.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KORU or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 1.29% for KORU.

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

KORU has the higher dividend yield at 0.24%, compared with 0.00% for CAOS.

What is the main difference between KORU and CAOS?

KORU is categorized as Leveraged Equities, while CAOS is Options Trading. They also come from different issuers: Direxion and Alpha Architect. Their fees differ too: 1.29% for KORU and 0.63% for CAOS.

Which has better risk-adjusted returns?

KORU currently has the higher Sharpe Ratio (7.91 vs 1.23), 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.