URAN vs. CAOS

Last updated Jun 24, 2026

URAN (Themes Uranium & Nuclear ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - URAN is a Uranium fund tracking the BITA Global Uranium and Nuclear Select Index, while CAOS is a Options Trading fund actively managed by Alpha Architect. URAN is passively managed, while CAOS is actively managed. Over the past year, URAN returned 11.93% vs 1.62% for CAOS. At a correlation of -0.23, they often move in opposite directions. URAN charges 0.35%/yr vs 0.63%/yr for CAOS.

Performance

URAN vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Uranium & Nuclear ETF (URAN) 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, URAN achieves a -3.44% return, which is significantly lower than CAOS's 0.71% return.

URAN

• 1D: -1.32%
• 1M: -5.33%
• YTD: -3.44%
• 6M: -5.94%
• 1Y: 11.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAOS

• 1D: -0.04%
• 1M: -0.12%
• YTD: 0.71%
• 6M: 0.61%
• 1Y: 1.62%
• 3Y*: 3.94%
• 5Y*: —
• 10Y*: —

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

URAN vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
URAN Themes Uranium & Nuclear ETF	-3.44%	49.05%	3.89%
CAOS Alpha Architect Tail Risk ETF	0.71%	2.55%	1.28%

Correlation

The correlation between URAN and CAOS is -0.19, 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	-0.19
Correlation (All Time) Calculated using the full available price history since Sep 24, 2024	-0.23

Return for Risk

URAN vs. CAOS — Risk / Return Rank

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

URAN

URAN Risk / Return Rank: 13
URAN Sharpe Ratio Rank: 13
URAN Sortino Ratio Rank: 14
URAN Omega Ratio Rank: 14
URAN Calmar Ratio Rank: 13
URAN Martin Ratio Rank: 12

CAOS

CAOS Risk / Return Rank: 36
CAOS Sharpe Ratio Rank: 31
CAOS Sortino Ratio Rank: 34
CAOS Omega Ratio Rank: 34
CAOS Calmar Ratio Rank: 45
CAOS Martin Ratio Rank: 36

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.

URAN vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Uranium & Nuclear ETF (URAN) 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.

	URAN	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	0.30	1.08	-0.78
Sortino ratio: Return per unit of downside risk	0.70	1.72	-1.02
Omega ratio: Gain probability vs. loss probability	1.08	1.22	-0.14
Calmar ratio: Return relative to maximum drawdown	0.39	2.15	-1.76
Martin ratio: Return relative to average drawdown	0.85	5.18	-4.33

URAN vs. CAOS - Sharpe Ratio Comparison

The current URAN Sharpe Ratio is 0.30, which is lower than the CAOS Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of URAN 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

URAN vs. CAOS - Drawdown Comparison

The maximum URAN drawdown since its inception was -31.96%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for URAN and CAOS.

Drawdown Indicators

	URAN	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-31.96%	-3.89%	-28.07%
Max Drawdown (1Y) Largest decline over 1 year	-31.02%	-0.76%	-30.26%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-26.70%	-1.18%	-25.52%
Average Drawdown Average peak-to-trough decline	-11.20%	-0.92%	-10.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.06%	0.32%	+13.74%

Volatility

URAN vs. CAOS - Volatility Comparison

Themes Uranium & Nuclear ETF (URAN) has a higher volatility of 13.40% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.32%. This indicates that URAN'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

	URAN	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.40%	0.32%	+13.08%
Volatility (6M) Calculated over the trailing 6-month period	30.44%	1.05%	+29.39%
Volatility (1Y) Calculated over the trailing 1-year period	39.64%	1.50%	+38.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.40%	4.23%	+35.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.40%	4.23%	+35.17%

URAN vs. CAOS - Expense Ratio Comparison

URAN has a 0.35% expense ratio, which is lower than CAOS's 0.63% expense ratio.

Dividends

URAN vs. CAOS - Dividend Comparison

URAN's dividend yield for the trailing twelve months is around 2.65%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025	2024
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%
URAN Themes Uranium & Nuclear ETF	2.65%	2.56%	0.21%

Frequently Asked Questions

Can I hold both URAN and CAOS in my portfolio?

URAN and CAOS have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, URAN or CAOS?

URAN has higher volatility (13.40%) compared to CAOS (0.32%). In terms of maximum drawdown, URAN dropped -31.96% vs CAOS's -3.89%.

Which ETF is better, URAN or CAOS?

On 1-year performance, URAN leads with 11.93% vs 1.62% for CAOS. On fees, URAN is cheaper at 0.35% 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.

Which ETF has performed better, URAN or CAOS?

Over the 1-year period, URAN has performed better with a 11.93% return vs 1.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, URAN or CAOS?

URAN is cheaper with a 0.35% expense ratio, compared with 0.63% for CAOS.

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

URAN has the higher dividend yield at 2.65%, compared with 0.00% for CAOS.

What is the main difference between URAN and CAOS?

URAN is categorized as Uranium, while CAOS is Options Trading. They also come from different issuers: Themes and Alpha Architect. Their fees differ too: 0.35% for URAN and 0.63% for CAOS.

Which has better risk-adjusted returns?

CAOS currently has the higher Sharpe Ratio (1.08 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.