USML vs. CAOS
USML (ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - USML is a Leveraged Equities fund tracking the MSCI USA Minimum Volatility Index, while CAOS is a Options Trading fund actively managed by Alpha Architect. USML is passively managed, while CAOS is actively managed. Over the past 3 years, USML returned 14.75%/yr vs 3.48%/yr for CAOS. Their 0.10 correlation means their historical movements had little consistent relationship. USML charges 0.95%/yr vs 0.63%/yr for CAOS.
Performance
USML vs. CAOS - Performance Comparison
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Returns By Period
In the year-to-date period, USML achieves a 6.16% return, which is significantly higher than CAOS's 0.76% return.
USML
- 1D
- 0.34%
- 1M
- 2.09%
- 6M
- 5.03%
- YTD
- 6.16%
- 1Y
- 9.59%
- 3Y*
- 14.75%
- 5Y*
- 6.87%
- 10Y*
- —
- ALL TIME*
- 10.83%
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 | |
| $7.71K | $7.61K | $6.21K |
USML vs. CAOS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 6.16% | 9.33% | 23.97% | 15.20% |
CAOS Alpha Architect Tail Risk ETF | 0.76% | 2.55% | 5.33% | 7.43% |
Correlation
The correlation between USML and CAOS is -0.19, 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. | -0.19 |
Correlation (3Y) Balances recent behavior with more history. | -0.02 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023 | 0.10 |
The correlation between USML and CAOS shifts across timeframes, from -0.19 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
USML vs. CAOS — Risk / Return Rank
USML
CAOS
USML vs. CAOS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) 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.
| USML | CAOS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.65 | ||
| Sortino ratioReturn per unit of downside risk | -1.02 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.24 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.70 | 2.47 | -1.77 |
| Martin ratioReturn relative to average drawdown | 2.01 | 5.45 | -3.43 |
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Drawdowns
USML vs. CAOS - Drawdown Comparison
The maximum USML drawdown since its inception was -35.34%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for USML and CAOS.
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Drawdown Indicators
| USML | CAOS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.34% | -3.89% | -31.45% |
Max Drawdown (1Y)Largest decline over 1 year | -13.09% | -0.76% | -12.33% |
Max Drawdown (3Y)Largest decline over 3 years | -19.14% | -3.60% | -15.54% |
Max Drawdown (5Y)Largest decline over 5 years | -35.34% | — | — |
Current DrawdownCurrent decline from peak | -1.05% | -1.13% | +0.08% |
Average DrawdownAverage peak-to-trough decline | -10.21% | -0.92% | -9.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.51% | 0.34% | +4.17% |
Volatility
USML vs. CAOS - Volatility Comparison
ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) has a higher volatility of 5.78% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that USML'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
| USML | CAOS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.78% | 0.51% | +5.27% |
Volatility (6M)Calculated over the trailing 6-month period | 12.48% | 1.07% | +11.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.72% | 1.57% | +15.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.53% | 4.18% | +20.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.13% | 4.18% | +19.95% |
USML vs. CAOS - Expense Ratio Comparison
USML has a 0.95% expense ratio, which is higher than CAOS's 0.63% expense ratio.
Dividends
USML vs. CAOS - Dividend Comparison
Neither USML nor CAOS has paid dividends to shareholders.
Frequently Asked Questions
USML 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.
USML has higher volatility (5.78%) compared to CAOS (0.51%). In terms of maximum drawdown, USML dropped -35.34% vs CAOS's -3.89%.
On 3-year performance, USML leads with 14.75% 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, USML has performed better with a 14.75% 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 USML.
USML and CAOS have nearly identical dividend yields, around 0.00%.
USML is categorized as Leveraged Equities, while CAOS is Options Trading. They also come from different issuers: UBS and Alpha Architect. Their fees differ too: 0.95% for USML and 0.63% for CAOS.
CAOS currently has the higher Sharpe Ratio (1.19 vs 0.55), 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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