MFUL vs. CAOS

Last updated Aug 2, 2026

MFUL (Mindful Conservative ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - MFUL is a Diversified Portfolio fund actively managed by Mohr, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past 3 years, MFUL returned 4.38%/yr vs 3.48%/yr for CAOS. Their -0.06 correlation means they have often moved in opposite directions in the past. MFUL charges 1.10%/yr vs 0.63%/yr for CAOS.

Performance

MFUL vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Mindful Conservative ETF (MFUL) 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, MFUL achieves a 2.75% return, which is significantly higher than CAOS's 0.76% return.

MFUL

• 1D: -0.03%
• 1M: -0.18%
• 6M: 1.42%
• YTD: 2.75%
• 1Y: 4.79%
• 3Y*: 4.38%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -0.08%

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
MFUL Mindful Conservative ETF	$6.81K	$15.69K	$11.16K

MFUL vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MFUL Mindful Conservative ETF	2.75%	4.51%	5.36%	2.19%
CAOS Alpha Architect Tail Risk ETF	0.76%	2.55%	5.33%	7.43%

Correlation

The correlation between MFUL and CAOS is -0.32, 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.	-0.32
Correlation (3Y) Balances recent behavior with more history.	-0.10
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023	-0.06

Over the past year, the inverse relationship between MFUL and CAOS has strengthened: their correlation has moved from -0.06 to -0.32, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

MFUL vs. CAOS — Risk / Return Rank

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

MFUL

MFUL Risk / Return Rank: 42
MFUL Sharpe Ratio Rank: 43
MFUL Sortino Ratio Rank: 40
MFUL Omega Ratio Rank: 42
MFUL Calmar Ratio Rank: 39
MFUL Martin Ratio Rank: 45

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.

MFUL vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mindful Conservative ETF (MFUL) 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.

	MFUL	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	1.07	1.19	-0.12
Sortino ratio: Return per unit of downside risk	1.49	1.89	-0.40
Omega ratio: Gain probability vs. loss probability	1.20	1.24	-0.04
Calmar ratio: Return relative to maximum drawdown	1.38	2.47	-1.09
Martin ratio: Return relative to average drawdown	4.99	5.45	-0.46

MFUL vs. CAOS - Sharpe Ratio Comparison

The current MFUL Sharpe Ratio is 1.07, which is comparable to the CAOS Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of MFUL 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

MFUL vs. CAOS - Drawdown Comparison

The maximum MFUL drawdown since its inception was -16.41%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for MFUL and CAOS.

Drawdown Indicators

	MFUL	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-16.41%	-3.89%	-12.52%
Max Drawdown (1Y) Largest decline over 1 year	-3.36%	-0.76%	-2.60%
Max Drawdown (3Y) Largest decline over 3 years	-4.74%	-3.60%	-1.14%
Current Drawdown Current decline from peak	-0.97%	-1.13%	+0.16%
Average Drawdown Average peak-to-trough decline	-9.20%	-0.92%	-8.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	0.34%	+0.59%

Volatility

MFUL vs. CAOS - Volatility Comparison

Mindful Conservative ETF (MFUL) has a higher volatility of 1.07% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that MFUL'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

	MFUL	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.07%	0.51%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	3.58%	1.07%	+2.51%
Volatility (1Y) Calculated over the trailing 1-year period	4.31%	1.57%	+2.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.27%	4.18%	+0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.27%	4.18%	+0.09%

MFUL vs. CAOS - Expense Ratio Comparison

MFUL has a 1.10% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

MFUL vs. CAOS - Dividend Comparison

MFUL's dividend yield for the trailing twelve months is around 2.41%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%	0.00%	0.00%
MFUL Mindful Conservative ETF	2.41%	3.31%	2.59%	5.00%	0.29%

Frequently Asked Questions

Can I hold both MFUL and CAOS in my portfolio?

MFUL and CAOS have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MFUL or CAOS?

MFUL has higher volatility (1.07%) compared to CAOS (0.51%). In terms of maximum drawdown, MFUL dropped -16.41% vs CAOS's -3.89%.

Which ETF is better, MFUL or CAOS?

On 3-year performance, MFUL leads with 4.38% vs 3.48% 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, MFUL or CAOS?

Over the 3-year period, MFUL has performed better with a 4.38% return vs 3.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MFUL or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 1.10% for MFUL.

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

MFUL has the higher dividend yield at 2.41%, compared with 0.00% for CAOS.

What is the main difference between MFUL and CAOS?

MFUL is categorized as Diversified Portfolio, while CAOS is Options Trading. They also come from different issuers: Mohr and Alpha Architect. Their fees differ too: 1.10% for MFUL and 0.63% for CAOS.

Which has better risk-adjusted returns?

CAOS currently has the higher Sharpe Ratio (1.19 vs 1.07), 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.