- Issuer
- Adaptive
- Inception Date
- Oct 2, 2009
- Region
- Global (Broad)
- Category
- Nontraditional Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $36M
Share Price Chart
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Performance
AMAX Performance Chart
RH Hedged Multi-Asset Income ETF (AMAX) is up 2.2% since the beginning of the year. AMAX is currently trading at $8 per share.
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Returns By Period
RH Hedged Multi-Asset Income ETF (AMAX) has returned 2.18% so far this year and 9.80% over the past 12 months.
RH Hedged Multi-Asset Income ETF
- 1D
- 0.00%
- 1M
- -2.12%
- YTD
- 2.18%
- 6M
- 0.82%
- 1Y
- 9.80%
- 3Y*
- 8.25%
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
AMAX Monthly Returns History
Based on dividend-adjusted daily data since Nov 15, 2021, AMAX's average daily return is +0.02%, while the average monthly return is +0.30%. At this rate, an investment would double in approximately 19.3 years.
Historically, 59% of months were positive and 41% were negative. The best month was Nov 2023 with a return of +5.0%, while the worst month was Mar 2026 at -4.9%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 3 months.
On a daily basis, AMAX closed higher 52% of trading days. The best single day was Apr 9, 2025 with a return of +3.0%, while the worst single day was Sep 13, 2022 at -3.2%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 3.12% | 2.19% | -4.93% | 3.55% | 1.52% | -2.97% | 2.18% | ||||||
| 2025 | 2.94% | -2.82% | -2.85% | 2.56% | 3.37% | 2.42% | 1.09% | 1.46% | 4.13% | 0.21% | -1.10% | -0.28% | 11.38% |
| 2024 | 0.92% | 2.53% | 3.58% | -2.82% | 2.40% | -0.13% | 2.15% | 0.71% | 2.06% | -0.58% | -0.17% | -1.23% | 9.62% |
| 2023 | 4.88% | -2.26% | 0.51% | 1.15% | 0.07% | 1.13% | 0.42% | -1.05% | -4.75% | -1.49% | 4.95% | 3.39% | 6.70% |
| 2022 | -3.83% | 0.97% | 0.54% | -3.88% | -1.57% | -1.90% | 2.38% | -4.35% | -4.92% | 3.36% | 2.08% | -1.78% | -12.56% |
| 2021 | -2.66% | 2.53% | -0.20% |
Benchmark Metrics
RH Hedged Multi-Asset Income ETF has an annualized alpha of -0.51%, beta of 0.37, and R2 of 0.38 versus S&P 500 Index. Calculated based on daily prices since November 15, 2021.
- This ETF participated in 60.82% of S&P 500 Index downside but only 41.24% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.37 may look defensive, but with R2 of 0.38 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.38 means the benchmark explains less than half of this ETF's behavior - treat beta with caution or consider switching to a more representative benchmark.
- Alpha
- -0.51%
- Beta
- 0.37
- R²
- 0.38
- Upside Capture
- 41.24%
- Downside Capture
- 60.82%
Expense Ratio
AMAX has a high expense ratio of 1.29%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
AMAX ranks 27 for risk / return — below 27% of ETFs on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for RH Hedged Multi-Asset Income ETF (AMAX) and compare them to S&P 500 Index.
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.
| AMAX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.07 | ||
| Sortino ratioReturn per unit of downside risk | -1.42 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.37 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.31 | 2.78 | -1.48 |
| Martin ratioReturn relative to average drawdown | 3.66 | 12.44 | -8.78 |
Dividends
Dividend History
RH Hedged Multi-Asset Income ETF provided a 11.24% dividend yield over the last twelve months, with an annual payout of $0.86 per share. The fund has been increasing its distributions for 2 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Dividend | $0.86 | $0.73 | $0.57 | $0.53 | $0.86 | $0.10 |
Dividend yield | 11.24% | 9.18% | 7.36% | 6.99% | 11.22% | 1.00% |
Monthly Dividends
The table displays the monthly dividend distributions for RH Hedged Multi-Asset Income ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.00 | $0.40 | ||||||
| 2025 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.07 | $0.07 | $0.06 | $0.07 | $0.07 | $0.07 | $0.07 | $0.73 |
| 2024 | $0.01 | $0.01 | $0.07 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.57 |
| 2023 | $0.04 | $0.04 | $0.04 | $0.03 | $0.04 | $0.13 | $0.04 | $0.08 | $0.04 | $0.01 | $0.01 | $0.03 | $0.53 |
| 2022 | $0.11 | $0.08 | $0.06 | $0.11 | $0.09 | $0.08 | $0.08 | $0.07 | $0.07 | $0.04 | $0.05 | $0.04 | $0.86 |
| 2021 | $0.05 | $0.05 | $0.10 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the RH Hedged Multi-Asset Income ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the RH Hedged Multi-Asset Income ETF was 16.28%, occurring on Oct 14, 2022. Recovery took 367 trading sessions.
The current RH Hedged Multi-Asset Income ETF drawdown is 4.41%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -16.28%Oct 2022 | 11mo | 1y 5mo | 2y 4moNov 2021 - Apr 2024 |
2025 selloff2025 | -9.27%Apr 2025 | 1mo 16d | 1mo 7d | 2mo 23dFeb 2025 - May 2025 |
2026 pullback2026 | -7.53%Mar 2026 | 2mo | 1mo 9d | 3mo 9dJan 2026 - May 2026 |
2024 pullback2024 | -5.73%Aug 2024 | 18d | 14d | 1mo 2dJul 2024 - Aug 2024 |
2026 pullback2026 | -5.47%Jun 2026 | 29d | — | 1mo 12dMay 2026 - now |
Drawdown Indicators
| AMAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.28% | -56.78% | +40.50% |
Max Drawdown (1Y)Largest decline over 1 year | -7.53% | -9.10% | +1.57% |
Max Drawdown (3Y)Largest decline over 3 years | -9.27% | -18.90% | +9.63% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -4.41% | -1.80% | -2.61% |
Average DrawdownAverage peak-to-trough decline | -5.30% | -10.71% | +5.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.68% | 2.03% | +0.65% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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