OUNZ vs. CAOS

Last updated Jul 22, 2026

OUNZ (VanEck Merk Gold ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - OUNZ is a Gold fund tracking the LBMA Gold Price PM ($/ozt), while CAOS is a Options Trading fund actively managed by Alpha Architect. OUNZ is passively managed, while CAOS is actively managed. Over the past 3 years, OUNZ returned 27.36%/yr vs 3.63%/yr for CAOS. At a correlation of -0.03, they often move in opposite directions. OUNZ charges 0.25%/yr vs 0.63%/yr for CAOS.

Performance

OUNZ vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Merk Gold ETF (OUNZ) 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, OUNZ achieves a -5.33% return, which is significantly lower than CAOS's 0.95% return.

OUNZ

• 1D: 1.97%
• 1M: -3.16%
• 6M: -14.22%
• YTD: -5.33%
• 1Y: 19.91%
• 3Y*: 27.36%
• 5Y*: 17.44%
• 10Y*: 11.59%
• ALL TIME*: 9.56%

CAOS

• 1D: -0.15%
• 1M: 0.30%
• 6M: 0.18%
• YTD: 0.95%
• 1Y: 1.98%
• 3Y*: 3.63%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.80%

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

OUNZ vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
OUNZ VanEck Merk Gold ETF	-5.33%	63.95%	26.75%	11.07%
CAOS Alpha Architect Tail Risk ETF	0.95%	2.55%	5.33%	7.43%

Correlation

The correlation between OUNZ and CAOS is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.00
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023	-0.03

Return for Risk

OUNZ vs. CAOS — Risk / Return Rank

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

OUNZ

OUNZ Risk / Return Rank: 25
OUNZ Sharpe Ratio Rank: 27
OUNZ Sortino Ratio Rank: 25
OUNZ Omega Ratio Rank: 29
OUNZ Calmar Ratio Rank: 23
OUNZ Martin Ratio Rank: 22

CAOS

CAOS Risk / Return Rank: 56
CAOS Sharpe Ratio Rank: 49
CAOS Sortino Ratio Rank: 56
CAOS Omega Ratio Rank: 56
CAOS Calmar Ratio Rank: 70
CAOS Martin Ratio Rank: 48

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.

OUNZ vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold ETF (OUNZ) 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.

	OUNZ	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	0.72	1.27	-0.56
Sortino ratio: Return per unit of downside risk	1.06	2.03	-0.96
Omega ratio: Gain probability vs. loss probability	1.15	1.26	-0.11
Calmar ratio: Return relative to maximum drawdown	0.76	2.62	-1.86
Martin ratio: Return relative to average drawdown	1.76	5.89	-4.13

OUNZ vs. CAOS - Sharpe Ratio Comparison

The current OUNZ Sharpe Ratio is 0.72, which is lower than the CAOS Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of OUNZ 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

OUNZ vs. CAOS - Drawdown Comparison

The maximum OUNZ drawdown since its inception was -26.31%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for OUNZ and CAOS.

Drawdown Indicators

	OUNZ	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-26.31%	-3.89%	-22.42%
Max Drawdown (1Y) Largest decline over 1 year	-26.31%	-0.76%	-25.55%
Max Drawdown (3Y) Largest decline over 3 years	-26.31%	-3.60%	-22.71%
Max Drawdown (5Y) Largest decline over 5 years	-26.31%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-26.31%	—	—
Current Drawdown Current decline from peak	-24.32%	-0.95%	-23.37%
Average Drawdown Average peak-to-trough decline	-7.73%	-0.92%	-6.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.33%	0.34%	+10.99%

Volatility

OUNZ vs. CAOS - Volatility Comparison

VanEck Merk Gold ETF (OUNZ) has a higher volatility of 6.78% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.54%. This indicates that OUNZ'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

	OUNZ	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.78%	0.54%	+6.24%
Volatility (6M) Calculated over the trailing 6-month period	24.08%	1.11%	+22.97%
Volatility (1Y) Calculated over the trailing 1-year period	27.86%	1.56%	+26.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.35%	4.19%	+14.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.13%	4.19%	+11.94%

OUNZ vs. CAOS - Expense Ratio Comparison

OUNZ has a 0.25% expense ratio, which is lower than CAOS's 0.63% expense ratio.

Dividends

OUNZ vs. CAOS - Dividend Comparison

Neither OUNZ nor CAOS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both OUNZ and CAOS in my portfolio?

OUNZ and CAOS have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OUNZ or CAOS?

OUNZ has higher volatility (6.78%) compared to CAOS (0.54%). In terms of maximum drawdown, OUNZ dropped -26.31% vs CAOS's -3.89%.

Which ETF is better, OUNZ or CAOS?

On 3-year performance, OUNZ leads with 27.36% vs 3.63% for CAOS. On fees, OUNZ is cheaper at 0.25% per year. On volatility, CAOS has been the lower-risk option at 0.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OUNZ or CAOS?

Over the 3-year period, OUNZ has performed better with a 27.36% return vs 3.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OUNZ or CAOS?

OUNZ is cheaper with a 0.25% expense ratio, compared with 0.63% for CAOS.

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

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

What is the main difference between OUNZ and CAOS?

OUNZ is categorized as Gold, while CAOS is Options Trading. They also come from different issuers: VanEck and Alpha Architect. Their fees differ too: 0.25% for OUNZ and 0.63% for CAOS.

Which has better risk-adjusted returns?

CAOS currently has the higher Sharpe Ratio (1.27 vs 0.72), 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.