PBJL vs. CAOS

Last updated Jul 2, 2026

PBJL (PGIM S&P 500 Buffer 20 ETF - July) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - PBJL is a Defined Outcome fund actively managed by PGIM, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past year, PBJL returned 10.02% vs 1.62% for CAOS. At a correlation of -0.28, they often move in opposite directions. PBJL charges 0.50%/yr vs 0.63%/yr for CAOS.

Performance

PBJL vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Buffer 20 ETF - July (PBJL) 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, PBJL achieves a 4.38% return, which is significantly higher than CAOS's 0.56% return.

PBJL

• 1D: -0.03%
• 1M: 0.32%
• 6M: 4.38%
• YTD: 4.38%
• 1Y: 10.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAOS

• 1D: -0.09%
• 1M: -0.10%
• 6M: 0.56%
• YTD: 0.56%
• 1Y: 1.62%
• 3Y*: 3.72%
• 5Y*: —
• 10Y*: —

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

PBJL vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBJL PGIM S&P 500 Buffer 20 ETF - July	4.38%	11.82%	7.13%
CAOS Alpha Architect Tail Risk ETF	0.56%	2.55%	4.51%

Correlation

The correlation between PBJL and CAOS is -0.30, 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	-0.30
Correlation (All Time) Calculated using the full available price history since May 8, 2024	-0.28

Return for Risk

PBJL vs. CAOS — Risk / Return Rank

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

PBJL

PBJL Risk / Return Rank: 88
PBJL Sharpe Ratio Rank: 87
PBJL Sortino Ratio Rank: 91
PBJL Omega Ratio Rank: 92
PBJL Calmar Ratio Rank: 79
PBJL Martin Ratio Rank: 92

CAOS

CAOS Risk / Return Rank: 39
CAOS Sharpe Ratio Rank: 34
CAOS Sortino Ratio Rank: 36
CAOS Omega Ratio Rank: 37
CAOS Calmar Ratio Rank: 51
CAOS Martin Ratio Rank: 37

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.

PBJL vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 20 ETF - July (PBJL) 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.

	PBJL	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	2.43	1.07	+1.35
Sortino ratio: Return per unit of downside risk	3.68	1.69	+1.98
Omega ratio: Gain probability vs. loss probability	1.52	1.22	+0.30
Calmar ratio: Return relative to maximum drawdown	3.50	2.15	+1.35
Martin ratio: Return relative to average drawdown	19.57	5.03	+14.54

PBJL vs. CAOS - Sharpe Ratio Comparison

The current PBJL Sharpe Ratio is 2.43, which is higher than the CAOS Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of PBJL 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

PBJL vs. CAOS - Drawdown Comparison

The maximum PBJL drawdown since its inception was -9.02%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for PBJL and CAOS.

Drawdown Indicators

	PBJL	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-9.02%	-3.89%	-5.13%
Max Drawdown (1Y) Largest decline over 1 year	-2.88%	-0.76%	-2.12%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-0.03%	-1.32%	+1.29%
Average Drawdown Average peak-to-trough decline	-0.69%	-0.92%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.51%	0.32%	+0.19%

Volatility

PBJL vs. CAOS - Volatility Comparison

PGIM S&P 500 Buffer 20 ETF - July (PBJL) has a higher volatility of 0.42% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.38%. This indicates that PBJL'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

	PBJL	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.42%	0.38%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	3.18%	1.08%	+2.10%
Volatility (1Y) Calculated over the trailing 1-year period	4.15%	1.52%	+2.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.19%	4.22%	+2.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.19%	4.22%	+2.97%

PBJL vs. CAOS - Expense Ratio Comparison

PBJL has a 0.50% expense ratio, which is lower than CAOS's 0.63% expense ratio.

Dividends

PBJL vs. CAOS - Dividend Comparison

Neither PBJL nor CAOS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PBJL and CAOS in my portfolio?

PBJL 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, PBJL or CAOS?

PBJL has higher volatility (0.42%) compared to CAOS (0.38%). In terms of maximum drawdown, PBJL dropped -9.02% vs CAOS's -3.89%.

Which ETF is better, PBJL or CAOS?

On 1-year performance, PBJL leads with 10.02% vs 1.62% for CAOS. On fees, PBJL is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBJL or CAOS?

Over the 1-year period, PBJL has performed better with a 10.02% return vs 1.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBJL or CAOS?

PBJL is cheaper with a 0.50% expense ratio, compared with 0.63% for CAOS.

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

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

What is the main difference between PBJL and CAOS?

PBJL is categorized as Defined Outcome, while CAOS is Options Trading. They also come from different issuers: PGIM and Alpha Architect. Their fees differ too: 0.50% for PBJL and 0.63% for CAOS.

Which has better risk-adjusted returns?

PBJL currently has the higher Sharpe Ratio (2.43 vs 1.07), 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.