OND vs. CAOS

Last updated Aug 2, 2026

OND (ProShares On-Demand ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - OND is a Communications Equities fund tracking the FactSet On-Demand Index, while CAOS is a Options Trading fund actively managed by Alpha Architect. OND is passively managed, while CAOS is actively managed. Over the past 3 years, OND returned 11.90%/yr vs 3.48%/yr for CAOS. Their 0.07 correlation means their historical movements had little consistent relationship. OND charges 0.58%/yr vs 0.63%/yr for CAOS.

Performance

OND vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares On-Demand ETF (OND) 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, OND achieves a -15.89% return, which is significantly lower than CAOS's 0.76% return.

OND

• 1D: -1.16%
• 1M: -1.00%
• 6M: -11.55%
• YTD: -15.89%
• 1Y: -17.52%
• 3Y*: 11.90%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -2.61%

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
OND ProShares On-Demand ETF	$3.36K	$4.57K	$11.88K

OND vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
OND ProShares On-Demand ETF	-15.89%	26.72%	32.00%	14.58%
CAOS Alpha Architect Tail Risk ETF	0.76%	2.55%	5.33%	7.43%

Correlation

The correlation between OND and CAOS is -0.30, 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.	-0.30
Correlation (3Y) Balances recent behavior with more history.	-0.05
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023	0.07

The correlation between OND and CAOS shifts across timeframes, from -0.30 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

OND vs. CAOS — Risk / Return Rank

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

OND

OND Risk / Return Rank: 4
OND Sharpe Ratio Rank: 2
OND Sortino Ratio Rank: 3
OND Omega Ratio Rank: 3
OND Calmar Ratio Rank: 5
OND Martin Ratio Rank: 5

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.

OND vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares On-Demand ETF (OND) 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.

	OND	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	-0.88	1.19	-2.07
Sortino ratio: Return per unit of downside risk	-1.16	1.89	-3.05
Omega ratio: Gain probability vs. loss probability	0.87	1.24	-0.37
Calmar ratio: Return relative to maximum drawdown	-0.55	2.47	-3.02
Martin ratio: Return relative to average drawdown	-0.86	5.45	-6.31

OND vs. CAOS - Sharpe Ratio Comparison

The current OND Sharpe Ratio is -0.88, which is lower than the CAOS Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of OND 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

OND vs. CAOS - Drawdown Comparison

The maximum OND drawdown since its inception was -59.02%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for OND and CAOS.

Drawdown Indicators

	OND	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-59.02%	-3.89%	-55.13%
Max Drawdown (1Y) Largest decline over 1 year	-33.80%	-0.76%	-33.04%
Max Drawdown (3Y) Largest decline over 3 years	-33.80%	-3.60%	-30.20%
Current Drawdown Current decline from peak	-29.12%	-1.13%	-27.99%
Average Drawdown Average peak-to-trough decline	-30.27%	-0.92%	-29.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.38%	0.34%	+21.04%

Volatility

OND vs. CAOS - Volatility Comparison

ProShares On-Demand ETF (OND) has a higher volatility of 5.56% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that OND'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

	OND	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.56%	0.51%	+5.05%
Volatility (6M) Calculated over the trailing 6-month period	16.70%	1.07%	+15.63%
Volatility (1Y) Calculated over the trailing 1-year period	21.12%	1.57%	+19.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.97%	4.18%	+22.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.97%	4.18%	+22.79%

OND vs. CAOS - Expense Ratio Comparison

OND has a 0.58% expense ratio, which is lower than CAOS's 0.63% expense ratio.

Dividends

OND vs. CAOS - Dividend Comparison

Neither OND nor CAOS has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
OND ProShares On-Demand ETF	0.00%	0.00%	0.00%	0.78%	0.00%	0.02%

Frequently Asked Questions

Can I hold both OND and CAOS in my portfolio?

OND and CAOS have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OND or CAOS?

OND has higher volatility (5.56%) compared to CAOS (0.51%). In terms of maximum drawdown, OND dropped -59.02% vs CAOS's -3.89%.

Which ETF is better, OND or CAOS?

On 3-year performance, OND leads with 11.90% vs 3.48% for CAOS. On fees, OND is cheaper at 0.58% 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, OND or CAOS?

Over the 3-year period, OND has performed better with a 11.90% return vs 3.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OND or CAOS?

OND is cheaper with a 0.58% expense ratio, compared with 0.63% for CAOS.

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

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

What is the main difference between OND and CAOS?

OND is categorized as Communications Equities, while CAOS is Options Trading. They also come from different issuers: ProShares and Alpha Architect. Their fees differ too: 0.58% for OND and 0.63% for CAOS.

Which has better risk-adjusted returns?

CAOS currently has the higher Sharpe Ratio (1.19 vs -0.88), 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.