WEED vs. CAOS

Last updated Aug 6, 2026

WEED (Roundhill Cannabis ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - WEED is a Cannabis fund actively managed by Roundhill, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past 3 years, WEED returned -7.31%/yr vs 3.53%/yr for CAOS. Their -0.04 correlation means they have often moved in opposite directions in the past. WEED charges 0.40%/yr vs 0.63%/yr for CAOS.

Performance

WEED vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill Cannabis ETF (WEED) 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, WEED achieves a -8.58% return, which is significantly lower than CAOS's 0.65% return.

WEED

• 1D: -6.32%
• 1M: -8.24%
• 6M: 0.22%
• YTD: -8.58%
• 1Y: 18.56%
• 3Y*: -7.31%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -28.61%

CAOS

• 1D: -0.04%
• 1M: 0.02%
• 6M: -0.03%
• YTD: 0.65%
• 1Y: 1.61%
• 3Y*: 3.53%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.65%

*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	$6.99M	$5.50M	$4.97M
WEED Roundhill Cannabis ETF	$218.39K	$220.76K	$419.77K

WEED vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
WEED Roundhill Cannabis ETF	-8.58%	19.40%	-44.93%	5.68%
CAOS Alpha Architect Tail Risk ETF	0.65%	2.55%	5.33%	7.43%

Correlation

The correlation between WEED and CAOS is -0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.05
Correlation (3Y) Balances recent behavior with more history.	-0.06
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023	-0.04

Return for Risk

WEED vs. CAOS — Risk / Return Rank

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

WEED

WEED Risk / Return Rank: 19
WEED Sharpe Ratio Rank: 13
WEED Sortino Ratio Rank: 28
WEED Omega Ratio Rank: 27
WEED Calmar Ratio Rank: 15
WEED Martin Ratio Rank: 14

CAOS

CAOS Risk / Return Rank: 41
CAOS Sharpe Ratio Rank: 36
CAOS Sortino Ratio Rank: 39
CAOS Omega Ratio Rank: 38
CAOS Calmar Ratio Rank: 52
CAOS Martin Ratio Rank: 39

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.

WEED vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Cannabis ETF (WEED) 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.

	WEED	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	0.17	1.04	-0.87
Sortino ratio: Return per unit of downside risk	1.19	1.64	-0.45
Omega ratio: Gain probability vs. loss probability	1.14	1.21	-0.07
Calmar ratio: Return relative to maximum drawdown	0.35	2.14	-1.79
Martin ratio: Return relative to average drawdown	0.60	4.66	-4.06

WEED vs. CAOS - Sharpe Ratio Comparison

The current WEED Sharpe Ratio is 0.17, which is lower than the CAOS Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of WEED 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

WEED vs. CAOS - Drawdown Comparison

The maximum WEED drawdown since its inception was -88.37%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for WEED and CAOS.

Drawdown Indicators

	WEED	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-88.37%	-3.89%	-84.48%
Max Drawdown (1Y) Largest decline over 1 year	-54.01%	-0.76%	-53.25%
Max Drawdown (3Y) Largest decline over 3 years	-81.50%	-3.60%	-77.90%
Current Drawdown Current decline from peak	-76.47%	-1.24%	-75.23%
Average Drawdown Average peak-to-trough decline	-63.98%	-0.92%	-63.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.27%	0.35%	+30.92%

Volatility

WEED vs. CAOS - Volatility Comparison

Roundhill Cannabis ETF (WEED) has a higher volatility of 12.68% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.37%. This indicates that WEED'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

	WEED	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.68%	0.37%	+12.31%
Volatility (6M) Calculated over the trailing 6-month period	56.07%	1.07%	+55.00%
Volatility (1Y) Calculated over the trailing 1-year period	110.94%	1.56%	+109.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.77%	4.17%	+77.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.77%	4.17%	+77.60%

WEED vs. CAOS - Expense Ratio Comparison

WEED has a 0.40% expense ratio, which is lower than CAOS's 0.63% expense ratio.

Dividends

WEED vs. CAOS - Dividend Comparison

Neither WEED nor CAOS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both WEED and CAOS in my portfolio?

WEED and CAOS have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WEED or CAOS?

WEED has higher volatility (12.68%) compared to CAOS (0.37%). In terms of maximum drawdown, WEED dropped -88.37% vs CAOS's -3.89%.

Which ETF is better, WEED or CAOS?

On 3-year performance, CAOS leads with 3.53% vs -7.31% for WEED. On fees, WEED is cheaper at 0.40% per year. On volatility, CAOS has been the lower-risk option at 0.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WEED or CAOS?

Over the 3-year period, CAOS has performed better with a 3.53% return vs -7.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WEED or CAOS?

WEED is cheaper with a 0.40% expense ratio, compared with 0.63% for CAOS.

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

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

What is the main difference between WEED and CAOS?

WEED is categorized as Cannabis, while CAOS is Options Trading. They also come from different issuers: Roundhill and Alpha Architect. Their fees differ too: 0.40% for WEED and 0.63% for CAOS.

Which has better risk-adjusted returns?

CAOS currently has the higher Sharpe Ratio (1.04 vs 0.17), 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.