MRNY vs. CAOS

Last updated Jul 16, 2026

MRNY (YieldMax MRNA Option Income Strategy ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - MRNY is a Derivative Income fund actively managed by YieldMax, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past year, MRNY returned 67.18% vs 2.02% for CAOS. At a correlation of -0.13, they often move in opposite directions. MRNY charges 0.99%/yr vs 0.63%/yr for CAOS.

Performance

MRNY vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax MRNA Option Income Strategy ETF (MRNY) 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, MRNY achieves a 93.46% return, which is significantly higher than CAOS's 0.84% return.

MRNY

• 1D: 1.05%
• 1M: 23.55%
• 6M: 49.76%
• YTD: 93.46%
• 1Y: 67.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAOS

• 1D: 0.06%
• 1M: 0.12%
• 6M: 0.30%
• YTD: 0.84%
• 1Y: 2.02%
• 3Y*: 3.63%
• 5Y*: —
• 10Y*: —

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

MRNY vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MRNY YieldMax MRNA Option Income Strategy ETF	93.46%	-35.72%	-59.32%	18.27%
CAOS Alpha Architect Tail Risk ETF	0.84%	2.55%	5.33%	1.95%

Correlation

The correlation between MRNY and CAOS is -0.17, 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	-0.17
Correlation (All Time) Calculated using the full available price history since Oct 24, 2023	-0.13

Return for Risk

MRNY vs. CAOS — Risk / Return Rank

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

MRNY

MRNY Risk / Return Rank: 45
MRNY Sharpe Ratio Rank: 44
MRNY Sortino Ratio Rank: 50
MRNY Omega Ratio Rank: 46
MRNY Calmar Ratio Rank: 52
MRNY Martin Ratio Rank: 34

CAOS

CAOS Risk / Return Rank: 53
CAOS Sharpe Ratio Rank: 46
CAOS Sortino Ratio Rank: 52
CAOS Omega Ratio Rank: 53
CAOS Calmar Ratio Rank: 67
CAOS Martin Ratio Rank: 45

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.

MRNY vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax MRNA Option Income Strategy ETF (MRNY) 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.

	MRNY	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	1.28	1.31	-0.03
Sortino ratio: Return per unit of downside risk	2.02	2.09	-0.07
Omega ratio: Gain probability vs. loss probability	1.24	1.27	-0.03
Calmar ratio: Return relative to maximum drawdown	2.14	2.68	-0.54
Martin ratio: Return relative to average drawdown	4.12	6.06	-1.93

MRNY vs. CAOS - Sharpe Ratio Comparison

The current MRNY Sharpe Ratio is 1.28, which is comparable to the CAOS Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of MRNY 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

MRNY vs. CAOS - Drawdown Comparison

The maximum MRNY drawdown since its inception was -82.15%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for MRNY and CAOS.

Drawdown Indicators

	MRNY	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-82.15%	-3.89%	-78.26%
Max Drawdown (1Y) Largest decline over 1 year	-31.53%	-0.76%	-30.77%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-59.27%	-1.04%	-58.23%
Average Drawdown Average peak-to-trough decline	-52.98%	-0.92%	-52.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.34%	0.33%	+16.01%

Volatility

MRNY vs. CAOS - Volatility Comparison

YieldMax MRNA Option Income Strategy ETF (MRNY) has a higher volatility of 20.13% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.48%. This indicates that MRNY'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

	MRNY	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.13%	0.48%	+19.65%
Volatility (6M) Calculated over the trailing 6-month period	39.63%	1.09%	+38.54%
Volatility (1Y) Calculated over the trailing 1-year period	52.91%	1.56%	+51.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.49%	4.20%	+47.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.49%	4.20%	+47.29%

MRNY vs. CAOS - Expense Ratio Comparison

MRNY has a 0.99% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

MRNY vs. CAOS - Dividend Comparison

MRNY's dividend yield for the trailing twelve months is around 86.35%, 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%
MRNY YieldMax MRNA Option Income Strategy ETF	86.35%	145.98%	178.49%	1.75%

Frequently Asked Questions

Can I hold both MRNY and CAOS in my portfolio?

MRNY and CAOS have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MRNY or CAOS?

MRNY has higher volatility (20.13%) compared to CAOS (0.48%). In terms of maximum drawdown, MRNY dropped -82.15% vs CAOS's -3.89%.

Which ETF is better, MRNY or CAOS?

On 1-year performance, MRNY leads with 67.18% vs 2.02% for CAOS. On fees, CAOS is cheaper at 0.63% per year. On volatility, CAOS has been the lower-risk option at 0.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MRNY or CAOS?

Over the 1-year period, MRNY has performed better with a 67.18% return vs 2.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MRNY or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.99% for MRNY.

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

MRNY has the higher dividend yield at 86.35%, compared with 0.00% for CAOS.

What is the main difference between MRNY and CAOS?

MRNY is categorized as Derivative Income, while CAOS is Options Trading. They also come from different issuers: YieldMax and Alpha Architect. Their fees differ too: 0.99% for MRNY and 0.63% for CAOS.

Which has better risk-adjusted returns?

CAOS currently has the higher Sharpe Ratio (1.31 vs 1.28), 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.