WAGN vs. CAOS

Last updated Jun 7, 2026

WAGN (Pabrai Wagons ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - WAGN is a Global Equities fund actively managed by Pabrai, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. At a correlation of -0.37, they often move in opposite directions. WAGN charges 0.90%/yr vs 0.63%/yr for CAOS.

Performance

WAGN vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pabrai Wagons ETF (WAGN) and Alpha Architect Tail Risk ETF (CAOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

WAGN

• 1D: -1.86%
• 1M: 3.70%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAOS

• 1D: 0.12%
• 1M: 0.02%
• YTD: 0.90%
• 6M: 0.76%
• 1Y: 1.97%
• 3Y*: 4.27%
• 5Y*: —
• 10Y*: —

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

WAGN vs. CAOS - Yearly Performance Comparison

	2026 (YTD)
WAGN Pabrai Wagons ETF	6.70%
CAOS Alpha Architect Tail Risk ETF	0.28%

Correlation

The correlation between WAGN and CAOS is -0.37, 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 (All Time) Calculated using the full available price history since Feb 10, 2026	-0.37

Return for Risk

WAGN vs. CAOS — Risk / Return Rank

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

CAOS

CAOS Risk / Return Rank: 43
CAOS Sharpe Ratio Rank: 37
CAOS Sortino Ratio Rank: 41
CAOS Omega Ratio Rank: 42
CAOS Calmar Ratio Rank: 54
CAOS Martin Ratio Rank: 42

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.

WAGN vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pabrai Wagons ETF (WAGN) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	WAGN	CAOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.27	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.14	1.21	-0.07

Drawdowns

WAGN vs. CAOS - Drawdown Comparison

The maximum WAGN drawdown since its inception was -5.79%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for WAGN and CAOS.

Drawdown Indicators

	WAGN	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-5.79%	-3.60%	-2.19%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.76%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-2.43%	-0.99%	-1.44%
Average Drawdown Average peak-to-trough decline	-2.36%	-0.90%	-1.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.30%	—

Volatility

Volatility by Period

	WAGN	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.27%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.03%	—
Volatility (1Y) Calculated over the trailing 1-year period	19.75%	1.53%	+18.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.75%	4.25%	+15.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.75%	4.25%	+15.50%

WAGN vs. CAOS - Expense Ratio Comparison

WAGN has a 0.90% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

WAGN vs. CAOS - Dividend Comparison

Neither WAGN nor CAOS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both WAGN and CAOS in my portfolio?

WAGN and CAOS have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, WAGN or CAOS?

On fees, CAOS is cheaper at 0.63% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, WAGN or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.90% for WAGN.

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

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

What is the main difference between WAGN and CAOS?

WAGN is categorized as Global Equities, while CAOS is Options Trading. They also come from different issuers: Pabrai and Alpha Architect. Their fees differ too: 0.90% for WAGN and 0.63% for CAOS.