NUG vs. CAOS

Last updated Aug 2, 2026

NUG (Leverage Shares 2X Long NU Daily ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - NUG is a Leveraged Equities fund actively managed by Leverage Shares, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Their -0.28 correlation means they have often moved in opposite directions in the past. NUG charges 0.75%/yr vs 0.63%/yr for CAOS.

Performance

NUG vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long NU Daily ETF (NUG) 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, NUG achieves a -38.20% return, which is significantly lower than CAOS's 0.76% return.

NUG

• 1D: -2.32%
• 1M: 9.27%
• 6M: -43.84%
• YTD: -38.20%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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
NUG Leverage Shares 2X Long NU Daily ETF	$95.16K	$98.38K	$124.99K

NUG vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025
NUG Leverage Shares 2X Long NU Daily ETF	-38.20%	9.30%
CAOS Alpha Architect Tail Risk ETF	0.76%	-0.09%

Correlation

The correlation between NUG and CAOS is -0.28, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 17, 2025	-0.28

Return for Risk

NUG vs. CAOS — Risk / Return Rank

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

NUG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

NUG vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long NU Daily ETF (NUG) 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.

	NUG	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	—	1.19	—
Sortino ratio: Return per unit of downside risk	—	1.89	—
Omega ratio: Gain probability vs. loss probability	—	1.24	—
Calmar ratio: Return relative to maximum drawdown	—	2.47	—
Martin ratio: Return relative to average drawdown	—	5.45	—

Drawdowns

NUG vs. CAOS - Drawdown Comparison

The maximum NUG drawdown since its inception was -66.15%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for NUG and CAOS.

Drawdown Indicators

	NUG	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-66.15%	-3.89%	-62.26%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.76%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-50.00%	-1.13%	-48.87%
Average Drawdown Average peak-to-trough decline	-35.24%	-0.92%	-34.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.34%	—

Volatility

Volatility by Period

	NUG	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.51%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.07%	—
Volatility (1Y) Calculated over the trailing 1-year period	79.01%	1.57%	+77.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	79.01%	4.18%	+74.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	79.01%	4.18%	+74.83%

NUG vs. CAOS - Expense Ratio Comparison

NUG has a 0.75% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

NUG vs. CAOS - Dividend Comparison

Neither NUG nor CAOS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NUG and CAOS in my portfolio?

NUG and CAOS have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NUG or CAOS?

On fees, CAOS is cheaper at 0.63% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NUG or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.75% for NUG.

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

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

What is the main difference between NUG and CAOS?

NUG is categorized as Leveraged Equities, while CAOS is Options Trading. They also come from different issuers: Leverage Shares and Alpha Architect. Their fees differ too: 0.75% for NUG and 0.63% for CAOS.