UJUL vs. CAOS

Last updated Aug 2, 2026

UJUL (Innovator U.S. Equity Ultra Buffer ETF - July) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - UJUL is a Defined Outcome fund tracking the S&P 500, while CAOS is a Options Trading fund actively managed by Alpha Architect. UJUL is passively managed, while CAOS is actively managed. Over the past 3 years, UJUL returned 11.65%/yr vs 3.48%/yr for CAOS. Their 0.11 correlation means their historical movements had little consistent relationship. UJUL charges 0.79%/yr vs 0.63%/yr for CAOS.

Performance

UJUL vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF - July (UJUL) 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, UJUL achieves a 5.08% return, which is significantly higher than CAOS's 0.76% return.

UJUL

• 1D: 0.26%
• 1M: 0.25%
• 6M: 4.32%
• YTD: 5.08%
• 1Y: 10.26%
• 3Y*: 11.65%
• 5Y*: 8.50%
• 10Y*: —
• ALL TIME*: 7.02%

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
UJUL Innovator U.S. Equity Ultra Buffer ETF - July	$1.73M	$4.40M	$2.27M

UJUL vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UJUL Innovator U.S. Equity Ultra Buffer ETF - July	5.08%	12.34%	13.84%	13.70%
CAOS Alpha Architect Tail Risk ETF	0.76%	2.55%	5.33%	7.43%

Correlation

The correlation between UJUL and CAOS is -0.37, 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.	-0.37
Correlation (3Y) Balances recent behavior with more history.	-0.04
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023	0.11

The correlation between UJUL and CAOS shifts across timeframes, from -0.37 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.

Return for Risk

UJUL vs. CAOS — Risk / Return Rank

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

UJUL

UJUL Risk / Return Rank: 83
UJUL Sharpe Ratio Rank: 82
UJUL Sortino Ratio Rank: 85
UJUL Omega Ratio Rank: 88
UJUL Calmar Ratio Rank: 70
UJUL Martin Ratio Rank: 89

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.

UJUL vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - July (UJUL) 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.

	UJUL	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	1.91	1.19	+0.71
Sortino ratio: Return per unit of downside risk	2.84	1.89	+0.95
Omega ratio: Gain probability vs. loss probability	1.39	1.24	+0.15
Calmar ratio: Return relative to maximum drawdown	2.44	2.47	-0.03
Martin ratio: Return relative to average drawdown	13.85	5.45	+8.40

UJUL vs. CAOS - Sharpe Ratio Comparison

The current UJUL Sharpe Ratio is 1.91, which is higher than the CAOS Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of UJUL 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

UJUL vs. CAOS - Drawdown Comparison

The maximum UJUL drawdown since its inception was -14.11%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for UJUL and CAOS.

Drawdown Indicators

	UJUL	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-14.11%	-3.89%	-10.22%
Max Drawdown (1Y) Largest decline over 1 year	-3.98%	-0.76%	-3.22%
Max Drawdown (3Y) Largest decline over 3 years	-11.38%	-3.60%	-7.78%
Max Drawdown (5Y) Largest decline over 5 years	-11.38%	—	—
Current Drawdown Current decline from peak	-0.46%	-1.13%	+0.67%
Average Drawdown Average peak-to-trough decline	-1.82%	-0.92%	-0.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	0.34%	+0.36%

Volatility

UJUL vs. CAOS - Volatility Comparison

Innovator U.S. Equity Ultra Buffer ETF - July (UJUL) has a higher volatility of 1.72% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that UJUL'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

	UJUL	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.72%	0.51%	+1.21%
Volatility (6M) Calculated over the trailing 6-month period	4.17%	1.07%	+3.10%
Volatility (1Y) Calculated over the trailing 1-year period	5.10%	1.57%	+3.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.13%	4.18%	+3.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.87%	4.18%	+4.69%

UJUL vs. CAOS - Expense Ratio Comparison

UJUL has a 0.79% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

UJUL vs. CAOS - Dividend Comparison

Neither UJUL nor CAOS has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UJUL Innovator U.S. Equity Ultra Buffer ETF - July	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	6.43%

Frequently Asked Questions

Can I hold both UJUL and CAOS in my portfolio?

UJUL and CAOS have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UJUL or CAOS?

UJUL has higher volatility (1.72%) compared to CAOS (0.51%). In terms of maximum drawdown, UJUL dropped -14.11% vs CAOS's -3.89%.

Which ETF is better, UJUL or CAOS?

On 3-year performance, UJUL leads with 11.65% 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.

Which ETF has performed better, UJUL or CAOS?

Over the 3-year period, UJUL has performed better with a 11.65% return vs 3.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UJUL or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.79% for UJUL.

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

UJUL and CAOS have nearly identical dividend yields, around 0.00%.

What is the main difference between UJUL and CAOS?

UJUL is categorized as Defined Outcome, while CAOS is Options Trading. They also come from different issuers: Innovator and Alpha Architect. Their fees differ too: 0.79% for UJUL and 0.63% for CAOS.

Which has better risk-adjusted returns?

UJUL currently has the higher Sharpe Ratio (1.91 vs 1.19), 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.