WANT vs. CAOS

Last updated Jun 4, 2026

WANT (Direxion Daily Consumer Discretionary Bull 3X Shares) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - WANT is a Leveraged Equities fund tracking the S&P Consumer Discretionary Select Sector Index (-300%), while CAOS is a Options Trading fund actively managed by Alpha Architect. WANT is passively managed, while CAOS is actively managed. Over the past 3 years, WANT returned 19.16%/yr vs 4.26%/yr for CAOS. At a 0.07 correlation, their price movements are largely independent. WANT charges 0.98%/yr vs 0.63%/yr for CAOS.

Performance

WANT vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Consumer Discretionary Bull 3X Shares (WANT) 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, WANT achieves a -14.08% return, which is significantly lower than CAOS's 0.82% return.

WANT

• 1D: -2.18%
• 1M: -3.95%
• YTD: -14.08%
• 6M: -14.66%
• 1Y: 6.37%
• 3Y*: 19.16%
• 5Y*: -5.36%
• 10Y*: —

CAOS

• 1D: 0.12%
• 1M: -0.09%
• YTD: 0.82%
• 6M: 0.69%
• 1Y: 1.88%
• 3Y*: 4.26%
• 5Y*: —
• 10Y*: —

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

WANT vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
WANT Direxion Daily Consumer Discretionary Bull 3X Shares	-14.08%	-6.94%	60.52%	58.47%
CAOS Alpha Architect Tail Risk ETF	0.82%	2.55%	5.33%	7.97%

Correlation

The correlation between WANT and CAOS is -0.31, 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	-0.31
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Mar 7, 2023	0.07

The correlation between WANT and CAOS shifts across timeframes, from -0.31 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.

WANT vs. CAOS - Sectors Allocation Comparison

Sectors	WANT	CAOS
Consumer Cyclical	19.4%	10.0%
Communication Services	0.3%	10.4%
Technology	0.2%	33.1%
Industrials	0.0%	8.5%
Basic Materials	-	1.9%
Consumer Defensive	-	5.4%
Energy	-	4.1%
Financial Services	-	12.4%
Healthcare	-	9.6%
Real Estate	-	2.0%
Utilities	-	2.6%

Return for Risk

WANT vs. CAOS — Risk / Return Rank

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

WANT

WANT Risk / Return Rank: 11
WANT Sharpe Ratio Rank: 10
WANT Sortino Ratio Rank: 13
WANT Omega Ratio Rank: 12
WANT Calmar Ratio Rank: 10
WANT Martin Ratio Rank: 11

CAOS

CAOS Risk / Return Rank: 40
CAOS Sharpe Ratio Rank: 34
CAOS Sortino Ratio Rank: 37
CAOS Omega Ratio Rank: 39
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.

WANT vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Consumer Discretionary Bull 3X Shares (WANT) 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.

	WANT	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	0.12	1.24	-1.12
Sortino ratio: Return per unit of downside risk	0.55	1.98	-1.43
Omega ratio: Gain probability vs. loss probability	1.06	1.26	-0.19
Calmar ratio: Return relative to maximum drawdown	0.16	2.49	-2.34
Martin ratio: Return relative to average drawdown	0.42	6.22	-5.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WANT vs. CAOS - Sharpe Ratio Comparison

The current WANT Sharpe Ratio is 0.12, which is lower than the CAOS Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of WANT 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

	WANT	CAOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.12	1.24	-1.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.08	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.11	1.21	-1.10

Drawdowns

WANT vs. CAOS - Drawdown Comparison

The maximum WANT drawdown since its inception was -85.89%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for WANT and CAOS.

Drawdown Indicators

	WANT	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-85.89%	-3.60%	-82.29%
Max Drawdown (1Y) Largest decline over 1 year	-41.27%	-0.76%	-40.51%
Max Drawdown (3Y) Largest decline over 3 years	-63.53%	-3.60%	-59.93%
Max Drawdown (5Y) Largest decline over 5 years	-85.89%	—	—
Current Drawdown Current decline from peak	-58.58%	-1.07%	-57.51%
Average Drawdown Average peak-to-trough decline	-43.07%	-0.90%	-42.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.11%	0.30%	+14.81%

Volatility

WANT vs. CAOS - Volatility Comparison

Direxion Daily Consumer Discretionary Bull 3X Shares (WANT) has a higher volatility of 15.45% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.26%. This indicates that WANT'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

	WANT	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.45%	0.26%	+15.19%
Volatility (6M) Calculated over the trailing 6-month period	38.86%	1.03%	+37.83%
Volatility (1Y) Calculated over the trailing 1-year period	53.92%	1.52%	+52.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.65%	4.26%	+66.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.50%	4.26%	+67.24%

WANT vs. CAOS - Expense Ratio Comparison

WANT has a 0.98% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

WANT vs. CAOS - Dividend Comparison

WANT's dividend yield for the trailing twelve months is around 0.62%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
WANT Direxion Daily Consumer Discretionary Bull 3X Shares	0.62%	0.65%	0.61%	0.46%	0.00%	0.00%	0.07%	0.64%

Frequently Asked Questions

Can I hold both WANT and CAOS in my portfolio?

WANT and CAOS have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WANT or CAOS?

WANT has higher volatility (15.45%) compared to CAOS (0.26%). In terms of maximum drawdown, WANT dropped -85.89% vs CAOS's -3.60%.

Which ETF is better, WANT or CAOS?

On 3-year performance, WANT leads with 19.16% vs 4.26% for CAOS. On fees, CAOS is cheaper at 0.63% per year. On volatility, CAOS has been the lower-risk option at 0.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WANT or CAOS?

Over the 3-year period, WANT has performed better with a 19.16% return vs 4.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WANT or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.98% for WANT.

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

WANT has the higher dividend yield at 0.62%, compared with 0.00% for CAOS.

What is the main difference between WANT and CAOS?

WANT is categorized as Leveraged Equities, while CAOS is Options Trading. They also come from different issuers: Direxion and Alpha Architect. Their fees differ too: 0.98% for WANT and 0.63% for CAOS.

Which has better risk-adjusted returns?

CAOS currently has the higher Sharpe Ratio (1.24 vs 0.12), 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.