PJBF vs. CAOS

Last updated Jun 23, 2026

PJBF (PGIM Jennison Better Future ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - PJBF is a Global Equities 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, PJBF returned 22.17% vs 1.62% for CAOS. At a correlation of -0.18, they often move in opposite directions. PJBF charges 0.59%/yr vs 0.63%/yr for CAOS.

Performance

PJBF vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Jennison Better Future ETF (PJBF) 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, PJBF achieves a 11.76% return, which is significantly higher than CAOS's 0.71% return.

PJBF

• 1D: -0.57%
• 1M: 3.90%
• YTD: 11.76%
• 6M: 11.24%
• 1Y: 22.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAOS

• 1D: -0.04%
• 1M: -0.12%
• YTD: 0.71%
• 6M: 0.61%
• 1Y: 1.62%
• 3Y*: 3.94%
• 5Y*: —
• 10Y*: —

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

PJBF vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PJBF PGIM Jennison Better Future ETF	11.76%	5.13%	19.91%	-0.80%
CAOS Alpha Architect Tail Risk ETF	0.71%	2.55%	5.33%	0.17%

Correlation

The correlation between PJBF and CAOS is -0.33, 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	-0.33
Correlation (All Time) Calculated using the full available price history since Dec 19, 2023	-0.18

The correlation between PJBF and CAOS shifts across timeframes, from -0.33 (1 year) to -0.18 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PJBF vs. CAOS — Risk / Return Rank

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

PJBF

PJBF Risk / Return Rank: 29
PJBF Sharpe Ratio Rank: 31
PJBF Sortino Ratio Rank: 30
PJBF Omega Ratio Rank: 30
PJBF Calmar Ratio Rank: 26
PJBF Martin Ratio Rank: 29

CAOS

CAOS Risk / Return Rank: 36
CAOS Sharpe Ratio Rank: 31
CAOS Sortino Ratio Rank: 34
CAOS Omega Ratio Rank: 34
CAOS Calmar Ratio Rank: 45
CAOS Martin Ratio Rank: 36

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.

PJBF vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Jennison Better Future ETF (PJBF) 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.

	PJBF	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	1.07	1.08	-0.01
Sortino ratio: Return per unit of downside risk	1.58	1.72	-0.14
Omega ratio: Gain probability vs. loss probability	1.20	1.22	-0.02
Calmar ratio: Return relative to maximum drawdown	1.21	2.15	-0.94
Martin ratio: Return relative to average drawdown	3.84	5.18	-1.33

PJBF vs. CAOS - Sharpe Ratio Comparison

The current PJBF Sharpe Ratio is 1.07, which is comparable to the CAOS Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of PJBF 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

PJBF vs. CAOS - Drawdown Comparison

The maximum PJBF drawdown since its inception was -25.67%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for PJBF and CAOS.

Drawdown Indicators

	PJBF	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-25.67%	-3.89%	-21.78%
Max Drawdown (1Y) Largest decline over 1 year	-18.41%	-0.76%	-17.65%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-0.57%	-1.18%	+0.61%
Average Drawdown Average peak-to-trough decline	-5.25%	-0.92%	-4.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.78%	0.32%	+5.46%

Volatility

PJBF vs. CAOS - Volatility Comparison

PGIM Jennison Better Future ETF (PJBF) has a higher volatility of 7.88% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.32%. This indicates that PJBF'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

	PJBF	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.88%	0.32%	+7.56%
Volatility (6M) Calculated over the trailing 6-month period	17.11%	1.05%	+16.06%
Volatility (1Y) Calculated over the trailing 1-year period	20.80%	1.50%	+19.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.80%	4.23%	+17.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.80%	4.23%	+17.57%

PJBF vs. CAOS - Expense Ratio Comparison

PJBF has a 0.59% expense ratio, which is lower than CAOS's 0.63% expense ratio.

Dividends

PJBF vs. CAOS - Dividend Comparison

PJBF's dividend yield for the trailing twelve months is around 0.22%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025	2024
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%
PJBF PGIM Jennison Better Future ETF	0.22%	0.24%	0.16%

Frequently Asked Questions

Can I hold both PJBF and CAOS in my portfolio?

PJBF and CAOS have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PJBF or CAOS?

PJBF has higher volatility (7.88%) compared to CAOS (0.32%). In terms of maximum drawdown, PJBF dropped -25.67% vs CAOS's -3.89%.

Which ETF is better, PJBF or CAOS?

On 1-year performance, PJBF leads with 22.17% vs 1.62% for CAOS. On fees, PJBF is cheaper at 0.59% per year. On volatility, CAOS has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PJBF or CAOS?

Over the 1-year period, PJBF has performed better with a 22.17% return vs 1.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PJBF or CAOS?

PJBF is cheaper with a 0.59% expense ratio, compared with 0.63% for CAOS.

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

PJBF has the higher dividend yield at 0.22%, compared with 0.00% for CAOS.

What is the main difference between PJBF and CAOS?

PJBF is categorized as Global Equities, while CAOS is Options Trading. They also come from different issuers: PGIM and Alpha Architect. Their fees differ too: 0.59% for PJBF and 0.63% for CAOS.

Which has better risk-adjusted returns?

CAOS currently has the higher Sharpe Ratio (1.08 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.