WEED vs. CAOS

Last updated Jun 23, 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 -3.49%/yr vs 3.95%/yr for CAOS. At a correlation of -0.05, they often move in opposite directions. 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 1.75% return, which is significantly higher than CAOS's 0.75% return.

WEED

• 1D: -5.54%
• 1M: 3.43%
• YTD: 1.75%
• 6M: 5.21%
• 1Y: 121.95%
• 3Y*: -3.49%
• 5Y*: —
• 10Y*: —

CAOS

• 1D: 0.11%
• 1M: -0.08%
• YTD: 0.75%
• 6M: 0.67%
• 1Y: 1.64%
• 3Y*: 3.95%
• 5Y*: —
• 10Y*: —

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

WEED vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
WEED Roundhill Cannabis ETF	1.75%	19.40%	-44.93%	5.68%
CAOS Alpha Architect Tail Risk ETF	0.75%	2.55%	5.33%	7.43%

Correlation

The correlation between WEED and CAOS is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.08
Correlation (3Y) Calculated over the trailing 3-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023	-0.05

Return for Risk

WEED vs. CAOS — Risk / Return Rank

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

WEED

WEED Risk / Return Rank: 39
WEED Sharpe Ratio Rank: 31
WEED Sortino Ratio Rank: 47
WEED Omega Ratio Rank: 42
WEED Calmar Ratio Rank: 47
WEED Martin Ratio Rank: 30

CAOS

CAOS Risk / Return Rank: 36
CAOS Sharpe Ratio Rank: 31
CAOS Sortino Ratio Rank: 34
CAOS Omega Ratio Rank: 35
CAOS Calmar Ratio Rank: 45
CAOS Martin Ratio Rank: 36

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.

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	1.08	1.10	-0.02
Sortino ratio: Return per unit of downside risk	2.26	1.75	+0.51
Omega ratio: Gain probability vs. loss probability	1.27	1.23	+0.04
Calmar ratio: Return relative to maximum drawdown	2.27	2.17	+0.10
Martin ratio: Return relative to average drawdown	4.20	5.23	-1.03

WEED vs. CAOS - Sharpe Ratio Comparison

The current WEED Sharpe Ratio is 1.08, which is comparable to the CAOS Sharpe Ratio of 1.10. 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	-73.81%	-1.14%	-72.67%
Average Drawdown Average peak-to-trough decline	-63.67%	-0.92%	-62.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.15%	0.32%	+28.83%

Volatility

WEED vs. CAOS - Volatility Comparison

Roundhill Cannabis ETF (WEED) has a higher volatility of 21.13% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.32%. 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	21.13%	0.32%	+20.81%
Volatility (6M) Calculated over the trailing 6-month period	65.25%	1.05%	+64.20%
Volatility (1Y) Calculated over the trailing 1-year period	113.63%	1.50%	+112.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.52%	4.23%	+78.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.52%	4.23%	+78.29%

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 -0.08, 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 (21.13%) compared to CAOS (0.32%). 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 3.95% vs -3.49% for WEED. On fees, WEED is cheaper at 0.40% 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.

Which ETF has performed better, WEED or CAOS?

Over the 3-year period, CAOS has performed better with a 3.95% return vs -3.49%. 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 (1.10 vs 1.08), 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.