UTES vs. CAOS
UTES (Virtus Reaves Utilities ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - UTES is a Utilities Equities fund actively managed by Virtus, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past 3 years, UTES returned 21.10%/yr vs 3.48%/yr for CAOS. Their -0.02 correlation means they have often moved in opposite directions in the past. UTES charges 0.49%/yr vs 0.63%/yr for CAOS.
Performance
UTES vs. CAOS - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UTES achieves a -1.07% return, which is significantly lower than CAOS's 0.76% return.
UTES
- 1D
- -0.03%
- 1M
- -4.28%
- 6M
- 0.59%
- YTD
- -1.07%
- 1Y
- -3.98%
- 3Y*
- 21.10%
- 5Y*
- 14.97%
- 10Y*
- 11.78%
- ALL TIME*
- 13.50%
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 | |
| $11.16M | $10.04M | $13.72M |
UTES vs. CAOS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
UTES Virtus Reaves Utilities ETF | -1.07% | 25.71% | 45.35% | 2.36% |
CAOS Alpha Architect Tail Risk ETF | 0.76% | 2.55% | 5.33% | 7.43% |
Correlation
The correlation between UTES and CAOS is -0.18, 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. | -0.08 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023 | -0.02 |
The correlation between UTES and CAOS shifts across timeframes, from -0.18 (1 year) to -0.02 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
UTES vs. CAOS — Risk / Return Rank
UTES
CAOS
UTES vs. CAOS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Virtus Reaves Utilities ETF (UTES) 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.
| UTES | CAOS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.40 | ||
| Sortino ratioReturn per unit of downside risk | -2.03 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.24 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.31 | 2.47 | -2.78 |
| Martin ratioReturn relative to average drawdown | -0.65 | 5.45 | -6.09 |
Loading charts...
Drawdowns
UTES vs. CAOS - Drawdown Comparison
The maximum UTES drawdown since its inception was -35.39%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for UTES and CAOS.
Loading charts...
Drawdown Indicators
| UTES | CAOS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.39% | -3.89% | -31.50% |
Max Drawdown (1Y)Largest decline over 1 year | -13.88% | -0.76% | -13.12% |
Max Drawdown (3Y)Largest decline over 3 years | -17.62% | -3.60% | -14.02% |
Max Drawdown (5Y)Largest decline over 5 years | -20.40% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -35.39% | — | — |
Current DrawdownCurrent decline from peak | -10.30% | -1.13% | -9.17% |
Average DrawdownAverage peak-to-trough decline | -5.54% | -0.92% | -4.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.72% | 0.34% | +6.38% |
Volatility
UTES vs. CAOS - Volatility Comparison
Virtus Reaves Utilities ETF (UTES) has a higher volatility of 5.50% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that UTES'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.
Loading charts...
Volatility by Period
| UTES | CAOS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.50% | 0.51% | +4.99% |
Volatility (6M)Calculated over the trailing 6-month period | 16.19% | 1.07% | +15.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.39% | 1.57% | +19.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.74% | 4.18% | +16.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.26% | 4.18% | +16.08% |
UTES vs. CAOS - Expense Ratio Comparison
UTES has a 0.49% expense ratio, which is lower than CAOS's 0.63% expense ratio.
Dividends
UTES vs. CAOS - Dividend Comparison
UTES's dividend yield for the trailing twelve months is around 1.53%, while CAOS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CAOS Alpha Architect Tail Risk ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UTES Virtus Reaves Utilities ETF | 1.53% | 1.42% | 1.51% | 2.44% | 2.13% | 1.94% | 2.09% | 1.84% | 2.09% | 3.44% | 3.53% | 0.61% |
Frequently Asked Questions
UTES and CAOS have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UTES has higher volatility (5.50%) compared to CAOS (0.51%). In terms of maximum drawdown, UTES dropped -35.39% vs CAOS's -3.89%.
On 3-year performance, UTES leads with 21.10% vs 3.48% for CAOS. On fees, UTES is cheaper at 0.49% 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, UTES has performed better with a 21.10% return vs 3.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UTES is cheaper with a 0.49% expense ratio, compared with 0.63% for CAOS.
UTES has the higher dividend yield at 1.53%, compared with 0.00% for CAOS.
UTES is categorized as Utilities Equities, while CAOS is Options Trading. They also come from different issuers: Virtus and Alpha Architect. Their fees differ too: 0.49% for UTES and 0.63% for CAOS.
CAOS currently has the higher Sharpe Ratio (1.19 vs -0.20), 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.
Find the right allocation for UTES and CAOS
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer