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 -2.22%/yr vs 3.94%/yr for CAOS. At a correlation of -0.05, they often move in opposite directions. SJB charges 0.95%/yr vs 0.63%/yr for CAOS.
Performance
SJB vs. CAOS - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both stocks are quite close, with SJB having a 0.74% return and CAOS slightly lower at 0.71%.
SJB
- 1D
- 0.13%
- 1M
- -0.16%
- YTD
- 0.74%
- 6M
- 0.66%
- 1Y
- -0.07%
- 3Y*
- -2.22%
- 5Y*
- -0.36%
- 10Y*
- -3.86%
CAOS
- 1D
- -0.04%
- 1M
- -0.12%
- YTD
- 0.71%
- 6M
- 0.61%
- 1Y
- 1.62%
- 3Y*
- 3.94%
- 5Y*
- —
- 10Y*
- —
SJB vs. CAOS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SJB ProShares Short High Yield | 0.74% | -1.87% | -0.84% | -3.81% |
CAOS Alpha Architect Tail Risk ETF | 0.71% | 2.55% | 5.33% | 7.43% |
Correlation
The correlation between SJB and CAOS is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023 | -0.05 |
The correlation between SJB and CAOS shifts across timeframes, from -0.05 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | -1.10 | ||
| Sortino ratioReturn per unit of downside risk | -1.72 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.22 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | 2.15 | -2.17 |
| Martin ratioReturn relative to average drawdown | -0.05 | 5.18 | -5.23 |
Loading charts...
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.
Loading charts...
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 | -34.57% | — | — |
Current DrawdownCurrent decline from peak | -57.40% | -1.18% | -56.22% |
Average DrawdownAverage peak-to-trough decline | -42.52% | -0.92% | -41.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.30% | 0.32% | +0.98% |
Volatility
SJB vs. CAOS - Volatility Comparison
ProShares Short High Yield (SJB) has a higher volatility of 1.06% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.32%. 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.
Loading charts...
Volatility by Period
| SJB | CAOS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 0.32% | +0.74% |
Volatility (6M)Calculated over the trailing 6-month period | 3.03% | 1.05% | +1.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.88% | 1.50% | +2.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.52% | 4.23% | +3.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.50% | 4.23% | +4.27% |
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 3.43%, 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 | 3.43% | 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 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SJB has higher volatility (1.06%) compared to CAOS (0.32%). In terms of maximum drawdown, SJB dropped -58.06% vs CAOS's -3.89%.
On 3-year performance, CAOS leads with 3.94% vs -2.22% for SJB. On fees, CAOS is cheaper at 0.63% 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.
Over the 3-year period, CAOS has performed better with a 3.94% return vs -2.22%. 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 3.43%, 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 (1.08 vs -0.02), 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.
Find the right allocation for SJB and CAOS
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer