MSTU vs. CAOS

Last updated Aug 2, 2026

MSTU (T-Rex 2X Long MSTR Daily Target ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - MSTU is a Leveraged Equities fund actively managed by T-Rex, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past year, MSTU returned -97.37% vs 1.73% for CAOS. Their -0.19 correlation means they have often moved in opposite directions in the past. MSTU charges 1.05%/yr vs 0.63%/yr for CAOS.

Performance

MSTU vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-Rex 2X Long MSTR Daily Target ETF (MSTU) 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, MSTU achieves a -78.82% return, which is significantly lower than CAOS's 0.76% return.

MSTU

• 1D: -8.33%
• 1M: -18.14%
• 6M: -76.72%
• YTD: -78.82%
• 1Y: -97.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -75.84%

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
MSTU T-Rex 2X Long MSTR Daily Target ETF	$207.37M	$183.22M	$204.16M

MSTU vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSTU T-Rex 2X Long MSTR Daily Target ETF	-78.82%	-89.07%	205.47%
CAOS Alpha Architect Tail Risk ETF	0.76%	2.55%	1.28%

Correlation

The correlation between MSTU and CAOS is -0.19, 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.	-0.19
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	-0.19

Return for Risk

MSTU vs. CAOS — Risk / Return Rank

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

MSTU

MSTU Risk / Return Rank: 1
MSTU Sharpe Ratio Rank: 4
MSTU Sortino Ratio Rank: 0
MSTU Omega Ratio Rank: 0
MSTU Calmar Ratio Rank: 0
MSTU Martin Ratio Rank: 3

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.

MSTU vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-Rex 2X Long MSTR Daily Target ETF (MSTU) 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.

	MSTU	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	-0.66	1.19	-1.85
Sortino ratio: Return per unit of downside risk	-2.52	1.89	-4.41
Omega ratio: Gain probability vs. loss probability	0.74	1.24	-0.49
Calmar ratio: Return relative to maximum drawdown	-1.00	2.47	-3.47
Martin ratio: Return relative to average drawdown	-1.21	5.45	-6.66

MSTU vs. CAOS - Sharpe Ratio Comparison

The current MSTU Sharpe Ratio is -0.66, which is lower than the CAOS Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of MSTU 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

MSTU vs. CAOS - Drawdown Comparison

The maximum MSTU drawdown since its inception was -99.43%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for MSTU and CAOS.

Drawdown Indicators

	MSTU	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-99.43%	-3.89%	-95.54%
Max Drawdown (1Y) Largest decline over 1 year	-98.15%	-0.76%	-97.39%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-99.31%	-1.13%	-98.18%
Average Drawdown Average peak-to-trough decline	-74.11%	-0.92%	-73.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	80.95%	0.34%	+80.61%

Volatility

MSTU vs. CAOS - Volatility Comparison

T-Rex 2X Long MSTR Daily Target ETF (MSTU) has a higher volatility of 36.34% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that MSTU'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

	MSTU	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	36.34%	0.51%	+35.83%
Volatility (6M) Calculated over the trailing 6-month period	119.58%	1.07%	+118.51%
Volatility (1Y) Calculated over the trailing 1-year period	148.47%	1.57%	+146.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	168.54%	4.18%	+164.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	168.54%	4.18%	+164.36%

MSTU vs. CAOS - Expense Ratio Comparison

MSTU has a 1.05% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

MSTU vs. CAOS - Dividend Comparison

Neither MSTU nor CAOS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MSTU and CAOS in my portfolio?

MSTU and CAOS have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSTU or CAOS?

MSTU has higher volatility (36.34%) compared to CAOS (0.51%). In terms of maximum drawdown, MSTU dropped -99.43% vs CAOS's -3.89%.

Which ETF is better, MSTU or CAOS?

On 1-year performance, CAOS leads with 1.73% vs -97.37% for MSTU. 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, MSTU or CAOS?

Over the 1-year period, CAOS has performed better with a 1.73% return vs -97.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTU or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 1.05% for MSTU.

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

MSTU and CAOS have nearly identical dividend yields, around 0.00%.

What is the main difference between MSTU and CAOS?

MSTU is categorized as Leveraged Equities, while CAOS is Options Trading. They also come from different issuers: T-Rex and Alpha Architect. Their fees differ too: 1.05% for MSTU and 0.63% for CAOS.

Which has better risk-adjusted returns?

CAOS currently has the higher Sharpe Ratio (1.19 vs -0.66), 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.