SKYU vs. CAOS
SKYU (ProShares Ultra Nasdaq Cloud Computing ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - SKYU is a Leveraged Equities fund tracking the ISE Cloud Computing Index (200%), while CAOS is a Options Trading fund actively managed by Alpha Architect. SKYU is passively managed, while CAOS is actively managed. Over the past 3 years, SKYU returned 28.28%/yr vs 3.48%/yr for CAOS. Their 0.06 correlation means their historical movements had little consistent relationship. SKYU charges 0.95%/yr vs 0.63%/yr for CAOS.
Performance
SKYU vs. CAOS - Performance Comparison
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Returns By Period
In the year-to-date period, SKYU achieves a 10.45% return, which is significantly higher than CAOS's 0.76% return.
SKYU
- 1D
- 4.12%
- 1M
- 11.55%
- 6M
- 33.19%
- YTD
- 10.45%
- 1Y
- 27.20%
- 3Y*
- 28.28%
- 5Y*
- -2.25%
- 10Y*
- —
- ALL TIME*
- -0.09%
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 | |
| $41.84K | $68.11K | $109.30K |
SKYU vs. CAOS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SKYU ProShares Ultra Nasdaq Cloud Computing ETF | 10.45% | 2.76% | 65.79% | 66.21% |
CAOS Alpha Architect Tail Risk ETF | 0.76% | 2.55% | 5.33% | 7.43% |
Correlation
The correlation between SKYU and CAOS is -0.22, 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. | -0.22 |
Correlation (3Y) Balances recent behavior with more history. | -0.04 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023 | 0.06 |
The correlation between SKYU and CAOS shifts across timeframes, from -0.22 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SKYU vs. CAOS — Risk / Return Rank
SKYU
CAOS
SKYU vs. CAOS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) 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.
| SKYU | CAOS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.88 | ||
| Sortino ratioReturn per unit of downside risk | -1.04 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.24 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.37 | 2.47 | -2.10 |
| Martin ratioReturn relative to average drawdown | 0.71 | 5.45 | -4.73 |
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Drawdowns
SKYU vs. CAOS - Drawdown Comparison
The maximum SKYU drawdown since its inception was -83.01%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for SKYU and CAOS.
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Drawdown Indicators
| SKYU | CAOS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.01% | -3.89% | -79.12% |
Max Drawdown (1Y)Largest decline over 1 year | -50.23% | -0.76% | -49.47% |
Max Drawdown (3Y)Largest decline over 3 years | -55.71% | -3.60% | -52.11% |
Max Drawdown (5Y)Largest decline over 5 years | -83.01% | — | — |
Current DrawdownCurrent decline from peak | -28.87% | -1.13% | -27.74% |
Average DrawdownAverage peak-to-trough decline | -48.74% | -0.92% | -47.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.76% | 0.34% | +25.42% |
Volatility
SKYU vs. CAOS - Volatility Comparison
ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) has a higher volatility of 13.83% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that SKYU'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
| SKYU | CAOS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.83% | 0.51% | +13.32% |
Volatility (6M)Calculated over the trailing 6-month period | 48.13% | 1.07% | +47.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.82% | 1.57% | +57.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.44% | 4.18% | +58.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 60.93% | 4.18% | +56.75% |
SKYU vs. CAOS - Expense Ratio Comparison
SKYU has a 0.95% expense ratio, which is higher than CAOS's 0.63% expense ratio.
Dividends
SKYU vs. CAOS - Dividend Comparison
SKYU's dividend yield for the trailing twelve months is around 0.74%, while CAOS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CAOS Alpha Architect Tail Risk ETF | 0.00% | 0.00% | 0.00% |
SKYU ProShares Ultra Nasdaq Cloud Computing ETF | 0.74% | 0.56% | 0.21% |
Frequently Asked Questions
SKYU and CAOS have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SKYU has higher volatility (13.83%) compared to CAOS (0.51%). In terms of maximum drawdown, SKYU dropped -83.01% vs CAOS's -3.89%.
On 3-year performance, SKYU leads with 28.28% vs 3.48% for CAOS. 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, SKYU has performed better with a 28.28% return vs 3.48%. 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 SKYU.
SKYU has the higher dividend yield at 0.74%, compared with 0.00% for CAOS.
SKYU is categorized as Leveraged Equities, while CAOS is Options Trading. They also come from different issuers: ProShares and Alpha Architect. Their fees differ too: 0.95% for SKYU and 0.63% for CAOS.
CAOS currently has the higher Sharpe Ratio (1.19 vs 0.31), 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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