WANT vs. CAOS
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 9.94%/yr vs 3.94%/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
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Returns By Period
In the year-to-date period, WANT achieves a -21.36% return, which is significantly lower than CAOS's 0.71% return.
WANT
- 1D
- -3.36%
- 1M
- -14.54%
- YTD
- -21.36%
- 6M
- -26.83%
- 1Y
- -0.82%
- 3Y*
- 9.94%
- 5Y*
- -8.83%
- 10Y*
- —
CAOS
- 1D
- -0.04%
- 1M
- -0.12%
- YTD
- 0.71%
- 6M
- 0.61%
- 1Y
- 1.62%
- 3Y*
- 3.94%
- 5Y*
- —
- 10Y*
- —
WANT vs. CAOS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
WANT Direxion Daily Consumer Discretionary Bull 3X Shares | -21.36% | -6.94% | 60.52% | 55.04% |
CAOS Alpha Architect Tail Risk ETF | 0.71% | 2.55% | 5.33% | 7.43% |
Correlation
The correlation between WANT and CAOS is -0.28, 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 | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023 | 0.07 |
The correlation between WANT and CAOS shifts across timeframes, from -0.28 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
WANT vs. CAOS — Risk / Return Rank
WANT
CAOS
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.
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.
| WANT | CAOS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.10 | ||
| Sortino ratioReturn per unit of downside risk | -1.36 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.22 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | 2.15 | -2.17 |
| Martin ratioReturn relative to average drawdown | -0.05 | 5.18 | -5.23 |
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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 -3.89%. Use the drawdown chart below to compare losses from any high point for WANT and CAOS.
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Drawdown Indicators
| WANT | CAOS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.89% | -3.89% | -82.00% |
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 DrawdownCurrent decline from peak | -62.10% | -1.18% | -60.92% |
Average DrawdownAverage peak-to-trough decline | -43.16% | -0.92% | -42.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.14% | 0.32% | +15.82% |
Volatility
WANT vs. CAOS - Volatility Comparison
Direxion Daily Consumer Discretionary Bull 3X Shares (WANT) has a higher volatility of 19.12% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.32%. 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.
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Volatility by Period
| WANT | CAOS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.12% | 0.32% | +18.80% |
Volatility (6M)Calculated over the trailing 6-month period | 41.03% | 1.05% | +39.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.06% | 1.50% | +53.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 70.98% | 4.23% | +66.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.48% | 4.23% | +67.25% |
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 0.68%, 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 | 0.68% | 0.65% | 0.61% | 0.46% | 0.00% | 0.00% | 0.07% | 0.64% |
Frequently Asked Questions
WANT and CAOS have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WANT has higher volatility (19.12%) compared to CAOS (0.32%). In terms of maximum drawdown, WANT dropped -85.89% vs CAOS's -3.89%.
On 3-year performance, WANT leads with 9.94% vs 3.94% for CAOS. On fees, CAOS is cheaper at 0.63% per year. On volatility, CAOS has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, WANT has performed better with a 9.94% return vs 3.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CAOS is cheaper with a 0.63% expense ratio, compared with 0.98% for WANT.
WANT has the higher dividend yield at 0.68%, compared with 0.00% for 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.
CAOS currently has the higher Sharpe Ratio (1.08 vs -0.02), 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.
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