LBO vs. CAOS

Last updated Jun 4, 2026

LBO (WHITEWOLF Publicly Listed Private Equity ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - LBO is a Financials Equities fund actively managed by White Wolf, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past year, LBO returned -13.50% vs 1.88% for CAOS. At a correlation of -0.18, they often move in opposite directions. LBO charges 0.70%/yr vs 0.63%/yr for CAOS.

Performance

LBO vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WHITEWOLF Publicly Listed Private Equity ETF (LBO) 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, LBO achieves a -14.28% return, which is significantly lower than CAOS's 0.82% return.

LBO

• 1D: -3.31%
• 1M: -6.31%
• YTD: -14.28%
• 6M: -13.74%
• 1Y: -13.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAOS

• 1D: 0.12%
• 1M: -0.09%
• YTD: 0.82%
• 6M: 0.69%
• 1Y: 1.88%
• 3Y*: 4.26%
• 5Y*: —
• 10Y*: —

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

LBO vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
LBO WHITEWOLF Publicly Listed Private Equity ETF	-14.28%	-6.41%	30.93%	7.27%
CAOS Alpha Architect Tail Risk ETF	0.82%	2.55%	5.33%	0.29%

Correlation

The correlation between LBO and CAOS is -0.24, 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	-0.24
Correlation (All Time) Calculated using the full available price history since Dec 1, 2023	-0.18

LBO vs. CAOS - Sectors Allocation Comparison

Sectors	LBO	CAOS
Financial Services	96.0%	12.4%
Industrials	4.0%	8.5%
Basic Materials	-	1.9%
Communication Services	-	10.4%
Consumer Cyclical	-	10.0%
Consumer Defensive	-	5.4%
Energy	-	4.1%
Healthcare	-	9.6%
Real Estate	-	2.0%
Technology	-	33.1%
Utilities	-	2.6%

Return for Risk

LBO vs. CAOS — Risk / Return Rank

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

LBO

LBO Risk / Return Rank: 4
LBO Sharpe Ratio Rank: 4
LBO Sortino Ratio Rank: 4
LBO Omega Ratio Rank: 4
LBO Calmar Ratio Rank: 5
LBO Martin Ratio Rank: 5

CAOS

CAOS Risk / Return Rank: 40
CAOS Sharpe Ratio Rank: 34
CAOS Sortino Ratio Rank: 37
CAOS Omega Ratio Rank: 39
CAOS Calmar Ratio Rank: 49
CAOS Martin Ratio Rank: 39

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.

LBO vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WHITEWOLF Publicly Listed Private Equity ETF (LBO) 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.

	LBO	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	-0.63	1.24	-1.87
Sortino ratio: Return per unit of downside risk	-0.75	1.98	-2.73
Omega ratio: Gain probability vs. loss probability	0.91	1.26	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.46	2.49	-2.96
Martin ratio: Return relative to average drawdown	-0.95	6.22	-7.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LBO vs. CAOS - Sharpe Ratio Comparison

The current LBO Sharpe Ratio is -0.63, which is lower than the CAOS Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of LBO 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

	LBO	CAOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.63	1.24	-1.87
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	1.21	-0.98

Drawdowns

LBO vs. CAOS - Drawdown Comparison

The maximum LBO drawdown since its inception was -31.40%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for LBO and CAOS.

Drawdown Indicators

	LBO	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-31.40%	-3.60%	-27.80%
Max Drawdown (1Y) Largest decline over 1 year	-29.19%	-0.76%	-28.43%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-24.64%	-1.07%	-23.57%
Average Drawdown Average peak-to-trough decline	-8.34%	-0.90%	-7.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.23%	0.30%	+13.93%

Volatility

LBO vs. CAOS - Volatility Comparison

WHITEWOLF Publicly Listed Private Equity ETF (LBO) has a higher volatility of 5.68% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.26%. This indicates that LBO'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

	LBO	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.68%	0.26%	+5.42%
Volatility (6M) Calculated over the trailing 6-month period	18.11%	1.03%	+17.08%
Volatility (1Y) Calculated over the trailing 1-year period	21.56%	1.52%	+20.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.20%	4.26%	+16.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.20%	4.26%	+16.94%

LBO vs. CAOS - Expense Ratio Comparison

LBO has a 0.70% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

LBO vs. CAOS - Dividend Comparison

LBO's dividend yield for the trailing twelve months is around 7.95%, 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%
LBO WHITEWOLF Publicly Listed Private Equity ETF	7.95%	7.04%	5.79%	1.20%

Frequently Asked Questions

Can I hold both LBO and CAOS in my portfolio?

LBO and CAOS have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LBO or CAOS?

LBO has higher volatility (5.68%) compared to CAOS (0.26%). In terms of maximum drawdown, LBO dropped -31.40% vs CAOS's -3.60%.

Which ETF is better, LBO or CAOS?

On 1-year performance, CAOS leads with 1.88% vs -13.50% for LBO. On fees, CAOS is cheaper at 0.63% per year. On volatility, CAOS has been the lower-risk option at 0.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LBO or CAOS?

Over the 1-year period, CAOS has performed better with a 1.88% return vs -13.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LBO or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.70% for LBO.

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

LBO has the higher dividend yield at 7.95%, compared with 0.00% for CAOS.

What is the main difference between LBO and CAOS?

LBO is categorized as Financials Equities, while CAOS is Options Trading. They also come from different issuers: White Wolf and Alpha Architect. Their fees differ too: 0.70% for LBO and 0.63% for CAOS.

Which has better risk-adjusted returns?

CAOS currently has the higher Sharpe Ratio (1.24 vs -0.63), 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.