RIOX vs. CAOS

Last updated Jul 18, 2026

RIOX (Defiance Daily Target 2X Long RIOT ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - RIOX is a Leveraged Equities fund actively managed by Defiance, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past year, RIOX returned -37.29% vs 2.07% for CAOS. At a correlation of -0.27, they often move in opposite directions. RIOX charges 0.95%/yr vs 0.63%/yr for CAOS.

Performance

RIOX vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long RIOT ETF (RIOX) 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, RIOX achieves a 16.64% return, which is significantly higher than CAOS's 0.96% return.

RIOX

• 1D: -6.05%
• 1M: -59.22%
• 6M: -46.71%
• YTD: 16.64%
• 1Y: -37.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAOS

• 1D: 0.16%
• 1M: 0.32%
• 6M: 0.48%
• YTD: 0.96%
• 1Y: 2.07%
• 3Y*: 3.65%
• 5Y*: —
• 10Y*: —

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

RIOX vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025
RIOX Defiance Daily Target 2X Long RIOT ETF	16.64%	-47.32%
CAOS Alpha Architect Tail Risk ETF	0.96%	2.72%

Correlation

The correlation between RIOX 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 Jan 3, 2025	-0.27

Return for Risk

RIOX vs. CAOS — Risk / Return Rank

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

RIOX

RIOX Risk / Return Rank: 12
RIOX Sharpe Ratio Rank: 8
RIOX Sortino Ratio Rank: 20
RIOX Omega Ratio Rank: 19
RIOX Calmar Ratio Rank: 6
RIOX Martin Ratio Rank: 7

CAOS

CAOS Risk / Return Rank: 55
CAOS Sharpe Ratio Rank: 47
CAOS Sortino Ratio Rank: 56
CAOS Omega Ratio Rank: 56
CAOS Calmar Ratio Rank: 69
CAOS Martin Ratio Rank: 47

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.

RIOX vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long RIOT ETF (RIOX) 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.

	RIOX	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	-0.22	1.35	-1.57
Sortino ratio: Return per unit of downside risk	0.85	2.15	-1.30
Omega ratio: Gain probability vs. loss probability	1.10	1.28	-0.18
Calmar ratio: Return relative to maximum drawdown	-0.44	2.75	-3.19
Martin ratio: Return relative to average drawdown	-0.70	6.18	-6.88

RIOX vs. CAOS - Sharpe Ratio Comparison

The current RIOX Sharpe Ratio is -0.22, which is lower than the CAOS Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of RIOX 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

RIOX vs. CAOS - Drawdown Comparison

The maximum RIOX drawdown since its inception was -84.40%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for RIOX and CAOS.

Drawdown Indicators

	RIOX	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-84.40%	-3.89%	-80.51%
Max Drawdown (1Y) Largest decline over 1 year	-84.40%	-0.76%	-83.64%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-71.99%	-0.93%	-71.06%
Average Drawdown Average peak-to-trough decline	-51.85%	-0.92%	-50.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	53.06%	0.34%	+52.72%

Volatility

RIOX vs. CAOS - Volatility Comparison

Defiance Daily Target 2X Long RIOT ETF (RIOX) has a higher volatility of 40.00% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.50%. This indicates that RIOX'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

	RIOX	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	40.00%	0.50%	+39.50%
Volatility (6M) Calculated over the trailing 6-month period	123.99%	1.10%	+122.89%
Volatility (1Y) Calculated over the trailing 1-year period	169.72%	1.55%	+168.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	168.35%	4.20%	+164.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	168.35%	4.20%	+164.15%

RIOX vs. CAOS - Expense Ratio Comparison

RIOX has a 0.95% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

RIOX vs. CAOS - Dividend Comparison

RIOX's dividend yield for the trailing twelve months is around 52.09%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%
RIOX Defiance Daily Target 2X Long RIOT ETF	52.09%	60.76%

Frequently Asked Questions

Can I hold both RIOX and CAOS in my portfolio?

RIOX 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, RIOX or CAOS?

RIOX has higher volatility (40.00%) compared to CAOS (0.50%). In terms of maximum drawdown, RIOX dropped -84.40% vs CAOS's -3.89%.

Which ETF is better, RIOX or CAOS?

On 1-year performance, CAOS leads with 2.07% vs -37.29% for RIOX. On fees, CAOS is cheaper at 0.63% per year. On volatility, CAOS has been the lower-risk option at 0.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RIOX or CAOS?

Over the 1-year period, CAOS has performed better with a 2.07% return vs -37.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RIOX or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.95% for RIOX.

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

RIOX has the higher dividend yield at 52.09%, compared with 0.00% for CAOS.

What is the main difference between RIOX and CAOS?

RIOX is categorized as Leveraged Equities, while CAOS is Options Trading. They also come from different issuers: Defiance and Alpha Architect. Their fees differ too: 0.95% for RIOX and 0.63% for CAOS.

Which has better risk-adjusted returns?

CAOS currently has the higher Sharpe Ratio (1.35 vs -0.22), 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.