UTF vs. CAOS

Last updated Aug 1, 2026

UTF (Cohen & Steers Infrastructure Fund, Inc) is a stock, while CAOS (Alpha Architect Tail Risk ETF) is Options Trading fund actively managed by Alpha Architect. Over the past 3 years, UTF returned 15.30%/yr vs 3.48%/yr for CAOS. Their 0.07 correlation means their historical movements had little consistent relationship.

Performance

UTF vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cohen & Steers Infrastructure Fund, Inc (UTF) 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, UTF achieves a 20.28% return, which is significantly higher than CAOS's 0.76% return.

UTF

• 1D: -0.11%
• 1M: 1.47%
• 6M: 11.47%
• YTD: 20.28%
• 1Y: 14.01%
• 3Y*: 15.30%
• 5Y*: 7.78%
• 10Y*: 11.49%
• ALL TIME*: 11.16%

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
UTF Cohen & Steers Infrastructure Fund, Inc	$6.45M	$6.34M	$7.48M

UTF vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UTF Cohen & Steers Infrastructure Fund, Inc	20.28%	9.93%	22.37%	-7.26%
CAOS Alpha Architect Tail Risk ETF	0.76%	2.55%	5.33%	7.43%

Correlation

The correlation between UTF and CAOS is -0.10, 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.	-0.10
Correlation (3Y) Balances recent behavior with more history.	-0.00
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023	0.07

The correlation between UTF and CAOS shifts across timeframes, from -0.10 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

UTF vs. CAOS — Risk / Return Rank

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

UTF

UTF Risk / Return Rank: 74
UTF Sharpe Ratio Rank: 79
UTF Sortino Ratio Rank: 74
UTF Omega Ratio Rank: 72
UTF Calmar Ratio Rank: 73
UTF Martin Ratio Rank: 71

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.

UTF vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cohen & Steers Infrastructure Fund, Inc (UTF) 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.

	UTF	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	1.17	1.19	-0.02
Sortino ratio: Return per unit of downside risk	1.67	1.89	-0.23
Omega ratio: Gain probability vs. loss probability	1.20	1.24	-0.04
Calmar ratio: Return relative to maximum drawdown	1.41	2.47	-1.06
Martin ratio: Return relative to average drawdown	2.88	5.45	-2.57

UTF vs. CAOS - Sharpe Ratio Comparison

The current UTF Sharpe Ratio is 1.17, which is comparable to the CAOS Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of UTF 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

UTF vs. CAOS - Drawdown Comparison

The maximum UTF drawdown since its inception was -72.62%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for UTF and CAOS.

Drawdown Indicators

	UTF	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-72.62%	-3.89%	-68.73%
Max Drawdown (1Y) Largest decline over 1 year	-10.33%	-0.76%	-9.57%
Max Drawdown (3Y) Largest decline over 3 years	-19.00%	-3.60%	-15.40%
Max Drawdown (5Y) Largest decline over 5 years	-30.28%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-52.53%	—	—
Current Drawdown Current decline from peak	-1.00%	-1.13%	+0.13%
Average Drawdown Average peak-to-trough decline	-10.30%	-0.92%	-9.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.05%	0.34%	+4.71%

Volatility

UTF vs. CAOS - Volatility Comparison

Cohen & Steers Infrastructure Fund, Inc (UTF) has a higher volatility of 2.59% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that UTF'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

	UTF	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.59%	0.51%	+2.08%
Volatility (6M) Calculated over the trailing 6-month period	7.98%	1.07%	+6.91%
Volatility (1Y) Calculated over the trailing 1-year period	12.46%	1.57%	+10.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.20%	4.18%	+14.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.30%	4.18%	+19.12%

Dividends

UTF vs. CAOS - Dividend Comparison

UTF's dividend yield for the trailing twelve months is around 6.82%, 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%
UTF Cohen & Steers Infrastructure Fund, Inc	6.82%	7.62%	7.74%	8.76%	7.75%	6.53%	7.20%	7.10%	10.12%	7.37%	10.51%	8.39%

Frequently Asked Questions

Can I hold both UTF and CAOS in my portfolio?

UTF and CAOS have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UTF or CAOS?

UTF has higher volatility (2.59%) compared to CAOS (0.51%). In terms of maximum drawdown, UTF dropped -72.62% vs CAOS's -3.89%.

Which has better risk-adjusted returns?

CAOS currently has the higher Sharpe Ratio (1.19 vs 1.17), 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.