VLLU vs. CAOS

Last updated Jun 3, 2026

VLLU (Harbor AlphaEdge Large Cap Value ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - VLLU is a Large Cap Value Equities fund tracking the Harbor AlphaEdge Large Cap Value Index, while CAOS is a Options Trading fund actively managed by Alpha Architect. VLLU is passively managed, while CAOS is actively managed. Over the past year, VLLU returned 26.23% vs 1.79% for CAOS. At a correlation of -0.28, they often move in opposite directions. VLLU charges 0.25%/yr vs 0.63%/yr for CAOS.

Performance

VLLU vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor AlphaEdge Large Cap Value ETF (VLLU) 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, VLLU achieves a 11.14% return, which is significantly higher than CAOS's 0.69% return.

VLLU

• 1D: 0.59%
• 1M: 5.60%
• YTD: 11.14%
• 6M: 14.80%
• 1Y: 26.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAOS

• 1D: 0.03%
• 1M: -0.21%
• YTD: 0.69%
• 6M: 0.56%
• 1Y: 1.79%
• 3Y*: 4.22%
• 5Y*: —
• 10Y*: —

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

VLLU vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VLLU Harbor AlphaEdge Large Cap Value ETF	11.14%	17.35%	2.68%
CAOS Alpha Architect Tail Risk ETF	0.69%	2.55%	1.82%

Correlation

The correlation between VLLU and CAOS is -0.24, 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	-0.24
Correlation (All Time) Calculated using the full available price history since Sep 6, 2024	-0.28

VLLU vs. CAOS - Sectors Allocation Comparison

Sectors	VLLU	CAOS
Financial Services	27.0%	12.4%
Technology	23.8%	33.1%
Healthcare	13.6%	9.6%
Energy	9.4%	4.1%
Industrials	7.3%	8.5%
Communication Services	6.3%	10.4%
Consumer Defensive	4.9%	5.4%
Consumer Cyclical	4.8%	10.0%
Basic Materials	3.0%	1.9%
Real Estate	-	2.0%
Utilities	-	2.6%

Return for Risk

VLLU vs. CAOS — Risk / Return Rank

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

VLLU

VLLU Risk / Return Rank: 74
VLLU Sharpe Ratio Rank: 71
VLLU Sortino Ratio Rank: 76
VLLU Omega Ratio Rank: 68
VLLU Calmar Ratio Rank: 80
VLLU Martin Ratio Rank: 78

CAOS

CAOS Risk / Return Rank: 39
CAOS Sharpe Ratio Rank: 33
CAOS Sortino Ratio Rank: 36
CAOS Omega Ratio Rank: 37
CAOS Calmar Ratio Rank: 49
CAOS Martin Ratio Rank: 39

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.

VLLU vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor AlphaEdge Large Cap Value ETF (VLLU) 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.

	VLLU	CAOS	Difference
Sharpe ratio Return per unit of total volatility	2.39	1.18	+1.21
Sortino ratio Return per unit of downside risk	3.48	1.88	+1.60
Omega ratio Gain probability vs. loss probability	1.42	1.24	+0.17
Calmar ratio Return relative to maximum drawdown	4.20	2.44	+1.76
Martin ratio Return relative to average drawdown	15.41	6.13	+9.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VLLU vs. CAOS - Sharpe Ratio Comparison

The current VLLU Sharpe Ratio is 2.39, which is higher than the CAOS Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of VLLU 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.

Sharpe Ratios by Period

	VLLU	CAOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	1.18	+1.21
Sharpe Ratio (All Time) Calculated using the full available price history	1.24	1.20	+0.04

Drawdowns

VLLU vs. CAOS - Drawdown Comparison

The maximum VLLU drawdown since its inception was -16.62%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for VLLU and CAOS.

Drawdown Indicators

	VLLU	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-16.62%	-3.60%	-13.02%
Max Drawdown (1Y) Largest decline over 1 year	-6.33%	-0.76%	-5.57%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	0.00%	-1.19%	+1.19%
Average Drawdown Average peak-to-trough decline	-2.45%	-0.90%	-1.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	0.30%	+1.43%

Volatility

VLLU vs. CAOS - Volatility Comparison

Harbor AlphaEdge Large Cap Value ETF (VLLU) has a higher volatility of 3.66% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.22%. This indicates that VLLU'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

	VLLU	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.66%	0.22%	+3.44%
Volatility (6M) Calculated over the trailing 6-month period	8.21%	1.02%	+7.19%
Volatility (1Y) Calculated over the trailing 1-year period	11.01%	1.52%	+9.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.86%	4.26%	+10.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.86%	4.26%	+10.60%

VLLU vs. CAOS - Expense Ratio Comparison

VLLU has a 0.25% expense ratio, which is lower than CAOS's 0.63% expense ratio.

Dividends

VLLU vs. CAOS - Dividend Comparison

VLLU's dividend yield for the trailing twelve months is around 1.37%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025	2024
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%
VLLU Harbor AlphaEdge Large Cap Value ETF	1.37%	1.52%	0.90%

Frequently Asked Questions

Can I hold both VLLU and CAOS in my portfolio?

VLLU and CAOS have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VLLU or CAOS?

VLLU has higher volatility (3.66%) compared to CAOS (0.22%). In terms of maximum drawdown, VLLU dropped -16.62% vs CAOS's -3.60%.

Which ETF is better, VLLU or CAOS?

On 1-year performance, VLLU leads with 26.23% vs 1.79% for CAOS. On fees, VLLU is cheaper at 0.25% per year. On volatility, CAOS has been the lower-risk option at 0.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VLLU or CAOS?

Over the 1-year period, VLLU has performed better with a 26.23% return vs 1.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VLLU or CAOS?

VLLU is cheaper with a 0.25% expense ratio, compared with 0.63% for CAOS.

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

VLLU has the higher dividend yield at 1.37%, compared with 0.00% for CAOS.

What is the main difference between VLLU and CAOS?

VLLU is categorized as Large Cap Value Equities, while CAOS is Options Trading. They also come from different issuers: Harbor and Alpha Architect. Their fees differ too: 0.25% for VLLU and 0.63% for CAOS.

Which has better risk-adjusted returns?

VLLU currently has the higher Sharpe Ratio (2.39 vs 1.18), 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.