AAOX vs. USAX

Last updated Jul 17, 2026

AAOX (Tradr 2X Long AAOI Daily ETF) and USAX (Tradr 2X Long USAR Daily ETF) are both Leveraged Equities funds from Tradr - AAOX tracks the Applied Optoelectronics, Inc. (AAOI) while USAX tracks the USA Rare Earth, Inc. (USAR). Both are passively managed. At a 0.42 correlation, their price movements are largely independent. Both charge a 1.49% expense ratio.

Performance

AAOX vs. USAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Long AAOI Daily ETF (AAOX) and Tradr 2X Long USAR Daily ETF (USAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

AAOX

• 1D: -15.94%
• 1M: -70.45%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

USAX

• 1D: -15.75%
• 1M: -49.62%
• 6M: -54.17%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AAOX vs. USAX - Yearly Performance Comparison

	2026 (YTD)
AAOX Tradr 2X Long AAOI Daily ETF	-48.33%
USAX Tradr 2X Long USAR Daily ETF	-42.42%

Correlation

The correlation between AAOX and USAX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 24, 2026	0.42

Return for Risk

AAOX vs. USAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Long AAOI Daily ETF (AAOX) and Tradr 2X Long USAR Daily ETF (USAX). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

AAOX vs. USAX - Drawdown Comparison

The maximum AAOX drawdown since its inception was -86.17%, which is greater than USAX's maximum drawdown of -80.81%. Use the drawdown chart below to compare losses from any high point for AAOX and USAX.

Drawdown Indicators

	AAOX	USAX	Difference
Max Drawdown Largest peak-to-trough decline	-86.17%	-80.81%	-5.36%
Current Drawdown Current decline from peak	-86.17%	-80.81%	-5.36%
Average Drawdown Average peak-to-trough decline	-36.72%	-50.06%	+13.34%

Volatility

Volatility by Period

	AAOX	USAX	Difference
Volatility (1Y) Calculated over the trailing 1-year period	292.80%	218.46%	+74.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	292.80%	218.46%	+74.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	292.80%	218.46%	+74.34%

AAOX vs. USAX - Expense Ratio Comparison

Both AAOX and USAX have an expense ratio of 1.49%.

Dividends

AAOX vs. USAX - Dividend Comparison

Neither AAOX nor USAX has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both AAOX and USAX in my portfolio?

AAOX and USAX have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AAOX or USAX?

Both ETFs have the same 1.49% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AAOX or USAX?

AAOX and USAX have the same expense ratio: 1.49% per year.

Which ETF pays a higher dividend yield, AAOX or USAX?

AAOX and USAX have nearly identical dividend yields, around 0.00%.

What is the main difference between AAOX and USAX?

AAOX tracks Applied Optoelectronics, Inc. (AAOI), while USAX tracks USA Rare Earth, Inc. (USAR).