SJB vs. CAOS
SJB (ProShares Short High Yield) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - SJB is a Inverse Bonds fund tracking the iBoxx $ Liquid High Yield Index (-100%), while CAOS is a Options Trading fund actively managed by Alpha Architect. SJB is passively managed, while CAOS is actively managed. Over the past 3 years, SJB returned -1.62%/yr vs 3.59%/yr for CAOS. At a correlation of -0.04, they often move in opposite directions. SJB charges 0.95%/yr vs 0.63%/yr for CAOS.
Performance
SJB vs. CAOS - Performance Comparison
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Returns By Period
In the year-to-date period, SJB achieves a 0.90% return, which is significantly higher than CAOS's 0.73% return.
SJB
- 1D
- 0.32%
- 1M
- 0.38%
- 6M
- 1.09%
- YTD
- 0.90%
- 1Y
- 0.37%
- 3Y*
- -1.62%
- 5Y*
- -0.24%
- 10Y*
- -3.52%
CAOS
- 1D
- 0.03%
- 1M
- -0.01%
- 6M
- 0.27%
- YTD
- 0.73%
- 1Y
- 1.84%
- 3Y*
- 3.59%
- 5Y*
- —
- 10Y*
- —
SJB vs. CAOS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SJB ProShares Short High Yield | 0.90% | -1.87% | -0.84% | -3.81% |
CAOS Alpha Architect Tail Risk ETF | 0.73% | 2.55% | 5.33% | 7.43% |
Correlation
The correlation between SJB and CAOS is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023 | -0.04 |
The correlation between SJB and CAOS shifts across timeframes, from -0.04 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SJB vs. CAOS — Risk / Return Rank
SJB
CAOS
SJB vs. CAOS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short High Yield (SJB) 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.
| SJB | CAOS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.09 | ||
| Sortino ratioReturn per unit of downside risk | -1.72 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.24 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 0.14 | 2.43 | -2.30 |
| Martin ratioReturn relative to average drawdown | 0.27 | 5.52 | -5.26 |
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Drawdowns
SJB vs. CAOS - Drawdown Comparison
The maximum SJB drawdown since its inception was -58.06%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for SJB and CAOS.
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Drawdown Indicators
| SJB | CAOS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.06% | -3.89% | -54.17% |
Max Drawdown (1Y)Largest decline over 1 year | -2.74% | -0.76% | -1.98% |
Max Drawdown (3Y)Largest decline over 3 years | -10.54% | -3.60% | -6.94% |
Max Drawdown (5Y)Largest decline over 5 years | -13.30% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -32.86% | — | — |
Current DrawdownCurrent decline from peak | -57.33% | -1.16% | -56.17% |
Average DrawdownAverage peak-to-trough decline | -42.57% | -0.92% | -41.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.39% | 0.33% | +1.06% |
Volatility
SJB vs. CAOS - Volatility Comparison
ProShares Short High Yield (SJB) has a higher volatility of 0.93% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.49%. This indicates that SJB'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
| SJB | CAOS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 0.49% | +0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 3.07% | 1.12% | +1.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.85% | 1.56% | +2.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.52% | 4.21% | +3.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.45% | 4.21% | +4.24% |
SJB vs. CAOS - Expense Ratio Comparison
SJB has a 0.95% expense ratio, which is higher than CAOS's 0.63% expense ratio.
Dividends
SJB vs. CAOS - Dividend Comparison
SJB's dividend yield for the trailing twelve months is around 3.60%, 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% |
SJB ProShares Short High Yield | 3.60% | 3.86% | 5.86% | 4.10% | 0.46% | 0.00% | 0.07% | 1.27% | 0.71% |
Frequently Asked Questions
SJB and CAOS have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SJB has higher volatility (0.93%) compared to CAOS (0.49%). In terms of maximum drawdown, SJB dropped -58.06% vs CAOS's -3.89%.
On 3-year performance, CAOS leads with 3.59% vs -1.62% for SJB. On fees, CAOS is cheaper at 0.63% per year. On volatility, CAOS has been the lower-risk option at 0.49%. 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 3.59% return vs -1.62%. 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 0.95% for SJB.
SJB has the higher dividend yield at 3.60%, compared with 0.00% for CAOS.
SJB is categorized as Inverse Bonds, while CAOS is Options Trading. They also come from different issuers: ProShares and Alpha Architect. Their fees differ too: 0.95% for SJB and 0.63% for CAOS.
CAOS currently has the higher Sharpe Ratio (1.18 vs 0.10), 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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