Similar but Hand+graveyard+in play is a lot less random than In play+Library and so the chaos is much more likely to be 'controllable' and as such more likely to see play. This spell only affects you so the CC can be lower. As such it is as similar as Terror is to Wrath of God. I'd prefer to think of it as a chaotic Creature/Artifact/Enchantment accelerant than a reset button.
Turn 3 (going first), 3 lands in play, one dork in play, nothing yet in GY, cast Chaos, 4 cards in hand
50% chance of Creature, Artifact, Enchantment from your hand ending up in play, but likely stunted land development and dork development. Better chance if you have more permanents in play (see 'Win more').
That looks reasonable compared to Black's favoured method of re-animation. Probably not good enough to use in Dragon combo