TSLG vs. CAOS

Last updated Aug 1, 2026

TSLG (Leverage Shares 2X Long TSLA Daily ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - TSLG is a Leveraged Equities fund actively managed by Leverage Shares, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past year, TSLG returned -25.02% vs 1.73% for CAOS. Their -0.20 correlation means they have often moved in opposite directions in the past. TSLG charges 0.75%/yr vs 0.63%/yr for CAOS.

Performance

TSLG vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long TSLA Daily ETF (TSLG) 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, TSLG achieves a -61.16% return, which is significantly lower than CAOS's 0.76% return.

TSLG

• 1D: 1.40%
• 1M: -40.66%
• 6M: -56.70%
• YTD: -61.16%
• 1Y: -25.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -58.09%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CAOS Alpha Architect Tail Risk ETF	$6.81M	$5.39M	$5.09M
TSLG Leverage Shares 2X Long TSLA Daily ETF	$155.67M	$179.44M	$248.17M

TSLG vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSLG Leverage Shares 2X Long TSLA Daily ETF	-61.16%	-26.70%	-14.82%
CAOS Alpha Architect Tail Risk ETF	0.76%	2.55%	0.37%

Correlation

The correlation between TSLG and CAOS is -0.23, 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.	-0.23
Correlation (All Time) Calculated using the full available price history since Dec 13, 2024	-0.20

Return for Risk

TSLG vs. CAOS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TSLG

TSLG Risk / Return Rank: 8
TSLG Sharpe Ratio Rank: 7
TSLG Sortino Ratio Rank: 11
TSLG Omega Ratio Rank: 11
TSLG Calmar Ratio Rank: 6
TSLG Martin Ratio Rank: 5

CAOS

CAOS Risk / Return Rank: 56
CAOS Sharpe Ratio Rank: 49
CAOS Sortino Ratio Rank: 55
CAOS Omega Ratio Rank: 54
CAOS Calmar Ratio Rank: 72
CAOS Martin Ratio Rank: 48

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TSLG vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long TSLA Daily ETF (TSLG) 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.

	TSLG	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	-0.30	1.19	-1.49
Sortino ratio: Return per unit of downside risk	0.17	1.89	-1.72
Omega ratio: Gain probability vs. loss probability	1.02	1.24	-0.22
Calmar ratio: Return relative to maximum drawdown	-0.40	2.47	-2.87
Martin ratio: Return relative to average drawdown	-0.88	5.45	-6.33

TSLG vs. CAOS - Sharpe Ratio Comparison

The current TSLG Sharpe Ratio is -0.30, which is lower than the CAOS Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of TSLG 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

TSLG vs. CAOS - Drawdown Comparison

The maximum TSLG drawdown since its inception was -82.86%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for TSLG and CAOS.

Drawdown Indicators

	TSLG	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-82.86%	-3.89%	-78.97%
Max Drawdown (1Y) Largest decline over 1 year	-70.10%	-0.76%	-69.34%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-80.38%	-1.13%	-79.25%
Average Drawdown Average peak-to-trough decline	-59.54%	-0.92%	-58.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.52%	0.34%	+31.18%

Volatility

TSLG vs. CAOS - Volatility Comparison

Leverage Shares 2X Long TSLA Daily ETF (TSLG) has a higher volatility of 43.40% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that TSLG'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

	TSLG	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	43.40%	0.51%	+42.89%
Volatility (6M) Calculated over the trailing 6-month period	70.84%	1.07%	+69.77%
Volatility (1Y) Calculated over the trailing 1-year period	92.73%	1.57%	+91.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	116.54%	4.18%	+112.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	116.54%	4.18%	+112.36%

TSLG vs. CAOS - Expense Ratio Comparison

TSLG has a 0.75% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

TSLG vs. CAOS - Dividend Comparison

TSLG's dividend yield for the trailing twelve months is around 16.86%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%
TSLG Leverage Shares 2X Long TSLA Daily ETF	16.86%	6.55%

Frequently Asked Questions

Can I hold both TSLG and CAOS in my portfolio?

TSLG and CAOS have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSLG or CAOS?

TSLG has higher volatility (43.40%) compared to CAOS (0.51%). In terms of maximum drawdown, TSLG dropped -82.86% vs CAOS's -3.89%.

Which ETF is better, TSLG or CAOS?

On 1-year performance, CAOS leads with 1.73% vs -25.02% for TSLG. 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.

Which ETF has performed better, TSLG or CAOS?

Over the 1-year period, CAOS has performed better with a 1.73% return vs -25.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLG or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.75% for TSLG.

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

TSLG has the higher dividend yield at 16.86%, compared with 0.00% for CAOS.

What is the main difference between TSLG and CAOS?

TSLG is categorized as Leveraged Equities, while CAOS is Options Trading. They also come from different issuers: Leverage Shares and Alpha Architect. Their fees differ too: 0.75% for TSLG and 0.63% for CAOS.

Which has better risk-adjusted returns?

CAOS currently has the higher Sharpe Ratio (1.19 vs -0.30), 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.