LST vs. CAOS

Last updated Aug 2, 2026

LST (Leuthold Select Industries ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - LST is a Mid Cap Blend Equities fund actively managed by Leuthold, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past year, LST returned 29.45% vs 1.73% for CAOS. Their -0.33 correlation means they have often moved in opposite directions in the past. LST charges 0.65%/yr vs 0.63%/yr for CAOS.

Performance

LST vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leuthold Select Industries ETF (LST) 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, LST achieves a 14.88% return, which is significantly higher than CAOS's 0.76% return.

LST

• 1D: -0.16%
• 1M: -0.12%
• 6M: 10.93%
• YTD: 14.88%
• 1Y: 29.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.29%

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
LST Leuthold Select Industries ETF	$505.07K	$687.40K	$2.35M

LST vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025
LST Leuthold Select Industries ETF	14.88%	15.31%
CAOS Alpha Architect Tail Risk ETF	0.76%	2.40%

Correlation

The correlation between LST and CAOS is -0.33, 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.	-0.33
Correlation (All Time) Calculated using the full available price history since Jan 21, 2025	-0.33

Return for Risk

LST vs. CAOS — Risk / Return Rank

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

LST

LST Risk / Return Rank: 77
LST Sharpe Ratio Rank: 80
LST Sortino Ratio Rank: 80
LST Omega Ratio Rank: 77
LST Calmar Ratio Rank: 73
LST Martin Ratio Rank: 78

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.

LST vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leuthold Select Industries ETF (LST) 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.

	LST	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.19	+0.65
Sortino ratio: Return per unit of downside risk	2.62	1.89	+0.72
Omega ratio: Gain probability vs. loss probability	1.32	1.24	+0.08
Calmar ratio: Return relative to maximum drawdown	2.57	2.47	+0.10
Martin ratio: Return relative to average drawdown	10.09	5.45	+4.65

LST vs. CAOS - Sharpe Ratio Comparison

The current LST Sharpe Ratio is 1.84, which is higher than the CAOS Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of LST 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

LST vs. CAOS - Drawdown Comparison

The maximum LST drawdown since its inception was -19.47%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for LST and CAOS.

Drawdown Indicators

	LST	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-19.47%	-3.89%	-15.58%
Max Drawdown (1Y) Largest decline over 1 year	-10.85%	-0.76%	-10.09%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-2.38%	-1.13%	-1.25%
Average Drawdown Average peak-to-trough decline	-2.84%	-0.92%	-1.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	0.34%	+2.42%

Volatility

LST vs. CAOS - Volatility Comparison

Leuthold Select Industries ETF (LST) has a higher volatility of 3.76% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that LST'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

	LST	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.76%	0.51%	+3.25%
Volatility (6M) Calculated over the trailing 6-month period	12.53%	1.07%	+11.46%
Volatility (1Y) Calculated over the trailing 1-year period	15.14%	1.57%	+13.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.66%	4.18%	+13.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.66%	4.18%	+13.48%

LST vs. CAOS - Expense Ratio Comparison

LST has a 0.65% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

LST vs. CAOS - Dividend Comparison

LST's dividend yield for the trailing twelve months is around 1.17%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%
LST Leuthold Select Industries ETF	1.17%	1.34%

Frequently Asked Questions

Can I hold both LST and CAOS in my portfolio?

LST and CAOS have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LST or CAOS?

LST has higher volatility (3.76%) compared to CAOS (0.51%). In terms of maximum drawdown, LST dropped -19.47% vs CAOS's -3.89%.

Which ETF is better, LST or CAOS?

On 1-year performance, LST leads with 29.45% vs 1.73% for CAOS. On fees, CAOS is cheaper at 0.63% per year. On volatility, CAOS has been the lower-risk option at 0.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LST or CAOS?

Over the 1-year period, LST has performed better with a 29.45% return vs 1.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LST or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.65% for LST.

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

LST has the higher dividend yield at 1.17%, compared with 0.00% for CAOS.

What is the main difference between LST and CAOS?

LST is categorized as Mid Cap Blend Equities, while CAOS is Options Trading. They also come from different issuers: Leuthold and Alpha Architect. Their fees differ too: 0.65% for LST and 0.63% for CAOS.

Which has better risk-adjusted returns?

LST currently has the higher Sharpe Ratio (1.84 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.