VRTL vs. CAOS

Last updated Aug 2, 2026

VRTL (GraniteShares 2x Long VRT Daily ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - VRTL is a Leveraged Equities fund actively managed by GraniteShares, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past year, VRTL returned 64.41% vs 1.73% for CAOS. Their -0.26 correlation means they have often moved in opposite directions in the past. VRTL charges 1.50%/yr vs 0.63%/yr for CAOS.

Performance

VRTL vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long VRT Daily ETF (VRTL) 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, VRTL achieves a 49.92% return, which is significantly higher than CAOS's 0.76% return.

VRTL

• 1D: 12.49%
• 1M: -40.41%
• 6M: 17.15%
• YTD: 49.92%
• 1Y: 64.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 134.30%

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
VRTL GraniteShares 2x Long VRT Daily ETF	$7.19M	$7.02M	$12.49M

VRTL vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025
VRTL GraniteShares 2x Long VRT Daily ETF	49.92%	110.50%
CAOS Alpha Architect Tail Risk ETF	0.76%	2.12%

Correlation

The correlation between VRTL and CAOS is -0.26, 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.	-0.26
Correlation (All Time) Calculated using the full available price history since Mar 25, 2025	-0.26

Return for Risk

VRTL vs. CAOS — Risk / Return Rank

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

VRTL

VRTL Risk / Return Rank: 30
VRTL Sharpe Ratio Rank: 21
VRTL Sortino Ratio Rank: 40
VRTL Omega Ratio Rank: 40
VRTL Calmar Ratio Rank: 25
VRTL Martin Ratio Rank: 26

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.

VRTL vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long VRT Daily ETF (VRTL) 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.

	VRTL	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	0.42	1.19	-0.77
Sortino ratio: Return per unit of downside risk	1.50	1.89	-0.39
Omega ratio: Gain probability vs. loss probability	1.19	1.24	-0.05
Calmar ratio: Return relative to maximum drawdown	0.77	2.47	-1.70
Martin ratio: Return relative to average drawdown	2.20	5.45	-3.25

VRTL vs. CAOS - Sharpe Ratio Comparison

The current VRTL Sharpe Ratio is 0.42, which is lower than the CAOS Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of VRTL 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

VRTL vs. CAOS - Drawdown Comparison

The maximum VRTL drawdown since its inception was -70.53%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for VRTL and CAOS.

Drawdown Indicators

	VRTL	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-70.53%	-3.89%	-66.64%
Max Drawdown (1Y) Largest decline over 1 year	-70.53%	-0.76%	-69.77%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-65.58%	-1.13%	-64.45%
Average Drawdown Average peak-to-trough decline	-18.14%	-0.92%	-17.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.96%	0.34%	+24.62%

Volatility

VRTL vs. CAOS - Volatility Comparison

GraniteShares 2x Long VRT Daily ETF (VRTL) has a higher volatility of 52.00% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that VRTL'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

	VRTL	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	52.00%	0.51%	+51.49%
Volatility (6M) Calculated over the trailing 6-month period	106.22%	1.07%	+105.15%
Volatility (1Y) Calculated over the trailing 1-year period	128.88%	1.57%	+127.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	130.52%	4.18%	+126.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	130.52%	4.18%	+126.34%

VRTL vs. CAOS - Expense Ratio Comparison

VRTL has a 1.50% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

VRTL vs. CAOS - Dividend Comparison

Neither VRTL nor CAOS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both VRTL and CAOS in my portfolio?

VRTL and CAOS have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VRTL or CAOS?

VRTL has higher volatility (52.00%) compared to CAOS (0.51%). In terms of maximum drawdown, VRTL dropped -70.53% vs CAOS's -3.89%.

Which ETF is better, VRTL or CAOS?

On 1-year performance, VRTL leads with 64.41% vs 1.73% 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.

Which ETF has performed better, VRTL or CAOS?

Over the 1-year period, VRTL has performed better with a 64.41% return vs 1.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VRTL or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 1.50% for VRTL.

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

VRTL and CAOS have nearly identical dividend yields, around 0.00%.

What is the main difference between VRTL and CAOS?

VRTL is categorized as Leveraged Equities, while CAOS is Options Trading. They also come from different issuers: GraniteShares and Alpha Architect. Their fees differ too: 1.50% for VRTL and 0.63% for CAOS.

Which has better risk-adjusted returns?

CAOS currently has the higher Sharpe Ratio (1.19 vs 0.42), 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.