SUPL vs. CAOS

Last updated Jun 4, 2026

SUPL (ProShares Supply Chain Logistics ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - SUPL is a Industrials Equities fund tracking the FactSet Supply Chain Logistics Index - Benchmark TR Net, while CAOS is a Options Trading fund actively managed by Alpha Architect. SUPL is passively managed, while CAOS is actively managed. Over the past 3 years, SUPL returned 11.71%/yr vs 4.26%/yr for CAOS. At a 0.08 correlation, their price movements are largely independent. SUPL charges 0.58%/yr vs 0.63%/yr for CAOS.

Performance

SUPL vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Supply Chain Logistics ETF (SUPL) 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, SUPL achieves a 18.07% return, which is significantly higher than CAOS's 0.82% return.

SUPL

• 1D: -0.30%
• 1M: 7.38%
• YTD: 18.07%
• 6M: 19.98%
• 1Y: 27.72%
• 3Y*: 11.71%
• 5Y*: —
• 10Y*: —

CAOS

• 1D: 0.12%
• 1M: -0.09%
• YTD: 0.82%
• 6M: 0.69%
• 1Y: 1.88%
• 3Y*: 4.26%
• 5Y*: —
• 10Y*: —

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

SUPL vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SUPL ProShares Supply Chain Logistics ETF	18.07%	9.25%	-2.44%	11.98%
CAOS Alpha Architect Tail Risk ETF	0.82%	2.55%	5.33%	7.97%

Correlation

The correlation between SUPL and CAOS is -0.26, 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	-0.26
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Mar 7, 2023	0.08

The correlation between SUPL and CAOS shifts across timeframes, from -0.26 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.

SUPL vs. CAOS - Sectors Allocation Comparison

Sectors	SUPL	CAOS
Industrials	59.7%	8.5%
Energy	4.6%	4.1%
Healthcare	3.4%	9.6%
Utilities	3.3%	2.6%
Technology	1.4%	33.1%
Basic Materials	-	1.9%
Communication Services	-	10.4%
Consumer Cyclical	-	10.0%
Consumer Defensive	-	5.4%
Financial Services	-	12.4%
Real Estate	-	2.0%

Return for Risk

SUPL vs. CAOS — Risk / Return Rank

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

SUPL

SUPL Risk / Return Rank: 52
SUPL Sharpe Ratio Rank: 51
SUPL Sortino Ratio Rank: 49
SUPL Omega Ratio Rank: 49
SUPL Calmar Ratio Rank: 58
SUPL Martin Ratio Rank: 54

CAOS

CAOS Risk / Return Rank: 40
CAOS Sharpe Ratio Rank: 34
CAOS Sortino Ratio Rank: 37
CAOS Omega Ratio Rank: 39
CAOS Calmar Ratio Rank: 49
CAOS Martin Ratio Rank: 39

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.

SUPL vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Supply Chain Logistics ETF (SUPL) 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.

	SUPL	CAOS	Difference
Sharpe ratio Return per unit of total volatility	1.73	1.24	+0.49
Sortino ratio Return per unit of downside risk	2.38	1.98	+0.41
Omega ratio Gain probability vs. loss probability	1.31	1.26	+0.05
Calmar ratio Return relative to maximum drawdown	2.85	2.49	+0.36
Martin ratio Return relative to average drawdown	9.05	6.22	+2.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SUPL vs. CAOS - Sharpe Ratio Comparison

The current SUPL Sharpe Ratio is 1.73, which is higher than the CAOS Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of SUPL 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.

Sharpe Ratios by Period

	SUPL	CAOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.73	1.24	+0.49
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	1.21	-0.81

Drawdowns

SUPL vs. CAOS - Drawdown Comparison

The maximum SUPL drawdown since its inception was -24.42%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for SUPL and CAOS.

Drawdown Indicators

	SUPL	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-24.42%	-3.60%	-20.82%
Max Drawdown (1Y) Largest decline over 1 year	-9.76%	-0.76%	-9.00%
Max Drawdown (3Y) Largest decline over 3 years	-21.71%	-3.60%	-18.11%
Current Drawdown Current decline from peak	-0.30%	-1.07%	+0.77%
Average Drawdown Average peak-to-trough decline	-5.97%	-0.90%	-5.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	0.30%	+2.77%

Volatility

SUPL vs. CAOS - Volatility Comparison

ProShares Supply Chain Logistics ETF (SUPL) has a higher volatility of 4.15% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.26%. This indicates that SUPL'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

	SUPL	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.15%	0.26%	+3.89%
Volatility (6M) Calculated over the trailing 6-month period	12.82%	1.03%	+11.79%
Volatility (1Y) Calculated over the trailing 1-year period	16.09%	1.52%	+14.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.93%	4.26%	+14.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.93%	4.26%	+14.67%

SUPL vs. CAOS - Expense Ratio Comparison

SUPL has a 0.58% expense ratio, which is lower than CAOS's 0.63% expense ratio.

Dividends

SUPL vs. CAOS - Dividend Comparison

SUPL's dividend yield for the trailing twelve months is around 2.66%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%	0.00%	0.00%
SUPL ProShares Supply Chain Logistics ETF	2.66%	3.03%	4.78%	4.71%	3.00%

Frequently Asked Questions

Can I hold both SUPL and CAOS in my portfolio?

SUPL and CAOS have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SUPL or CAOS?

SUPL has higher volatility (4.15%) compared to CAOS (0.26%). In terms of maximum drawdown, SUPL dropped -24.42% vs CAOS's -3.60%.

Which ETF is better, SUPL or CAOS?

On 3-year performance, SUPL leads with 11.71% vs 4.26% for CAOS. On fees, SUPL is cheaper at 0.58% per year. On volatility, CAOS has been the lower-risk option at 0.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SUPL or CAOS?

Over the 3-year period, SUPL has performed better with a 11.71% return vs 4.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SUPL or CAOS?

SUPL is cheaper with a 0.58% expense ratio, compared with 0.63% for CAOS.

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

SUPL has the higher dividend yield at 2.66%, compared with 0.00% for CAOS.

What is the main difference between SUPL and CAOS?

SUPL is categorized as Industrials Equities, while CAOS is Options Trading. They also come from different issuers: ProShares and Alpha Architect. Their fees differ too: 0.58% for SUPL and 0.63% for CAOS.

Which has better risk-adjusted returns?

SUPL currently has the higher Sharpe Ratio (1.73 vs 1.24), 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.