PFFL vs. CAOS
PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - PFFL is a Leveraged Bonds fund tracking the Solactive Preferred Stock ETF Index, while CAOS is a Options Trading fund actively managed by Alpha Architect. PFFL is passively managed, while CAOS is actively managed. Over the past 3 years, PFFL returned 2.35%/yr vs 3.48%/yr for CAOS. Their 0.04 correlation means their historical movements had little consistent relationship. PFFL charges 0.85%/yr vs 0.63%/yr for CAOS.
Performance
PFFL vs. CAOS - Performance Comparison
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Returns By Period
In the year-to-date period, PFFL achieves a -3.79% return, which is significantly lower than CAOS's 0.76% return.
PFFL
- 1D
- -0.02%
- 1M
- -1.28%
- 6M
- -7.26%
- YTD
- -3.79%
- 1Y
- -1.99%
- 3Y*
- 2.35%
- 5Y*
- -7.13%
- 10Y*
- —
- ALL TIME*
- -4.12%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.81M | $5.39M | $5.09M | |
| $16.66K | $15.21K | $17.72K |
PFFL vs. CAOS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | -3.79% | 2.18% | 4.77% | -5.72% |
CAOS Alpha Architect Tail Risk ETF | 0.76% | 2.55% | 5.33% | 7.43% |
Correlation
The correlation between PFFL and CAOS is -0.24, 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. | -0.24 |
Correlation (3Y) Balances recent behavior with more history. | -0.04 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023 | 0.04 |
The correlation between PFFL and CAOS shifts across timeframes, from -0.24 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PFFL vs. CAOS — Risk / Return Rank
PFFL
CAOS
PFFL vs. CAOS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) 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.
| PFFL | CAOS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.35 | ||
| Sortino ratioReturn per unit of downside risk | -2.01 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.24 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | 2.47 | -2.68 |
| Martin ratioReturn relative to average drawdown | -0.42 | 5.45 | -5.86 |
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Drawdowns
PFFL vs. CAOS - Drawdown Comparison
The maximum PFFL drawdown since its inception was -80.68%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for PFFL and CAOS.
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Drawdown Indicators
| PFFL | CAOS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.68% | -3.89% | -76.79% |
Max Drawdown (1Y)Largest decline over 1 year | -11.92% | -0.76% | -11.16% |
Max Drawdown (3Y)Largest decline over 3 years | -23.75% | -3.60% | -20.15% |
Max Drawdown (5Y)Largest decline over 5 years | -48.51% | — | — |
Current DrawdownCurrent decline from peak | -40.73% | -1.13% | -39.60% |
Average DrawdownAverage peak-to-trough decline | -28.75% | -0.92% | -27.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.05% | 0.34% | +5.71% |
Volatility
PFFL vs. CAOS - Volatility Comparison
ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) has a higher volatility of 4.44% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that PFFL'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.
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Volatility by Period
| PFFL | CAOS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.44% | 0.51% | +3.93% |
Volatility (6M)Calculated over the trailing 6-month period | 11.28% | 1.07% | +10.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.65% | 1.57% | +14.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.73% | 4.18% | +19.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.81% | 4.18% | +50.63% |
PFFL vs. CAOS - Expense Ratio Comparison
PFFL has a 0.85% expense ratio, which is higher than CAOS's 0.63% expense ratio.
Dividends
PFFL vs. CAOS - Dividend Comparison
PFFL's dividend yield for the trailing twelve months is around 12.79%, while CAOS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CAOS Alpha Architect Tail Risk ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 12.79% | 13.27% | 13.76% | 13.71% | 13.90% | 8.82% | 9.75% | 11.21% | 2.02% |
Frequently Asked Questions
PFFL and CAOS have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFFL has higher volatility (4.44%) compared to CAOS (0.51%). In terms of maximum drawdown, PFFL dropped -80.68% vs CAOS's -3.89%.
On 3-year performance, CAOS leads with 3.48% vs 2.35% for PFFL. 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.
Over the 3-year period, CAOS has performed better with a 3.48% return vs 2.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CAOS is cheaper with a 0.63% expense ratio, compared with 0.85% for PFFL.
PFFL has the higher dividend yield at 12.79%, compared with 0.00% for CAOS.
PFFL is categorized as Leveraged Bonds, while CAOS is Options Trading. They also come from different issuers: UBS and Alpha Architect. Their fees differ too: 0.85% for PFFL and 0.63% for CAOS.
CAOS currently has the higher Sharpe Ratio (1.19 vs -0.16), 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.
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