AGEM vs. AAOI

Last updated Jun 14, 2026

AGEM (abrdn Emerging Markets Dividend Active ETF) is Emerging Markets Equities fund actively managed by abrdn, while AAOI (Applied Optoelectronics, Inc.) is a stock. Over the past year, AGEM returned 56.44% vs 992.76% for AAOI. At a 0.41 correlation, their price movements are largely independent.

Performance

AGEM vs. AAOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in abrdn Emerging Markets Dividend Active ETF (AGEM) and Applied Optoelectronics, Inc. (AAOI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AGEM achieves a 28.39% return, which is significantly lower than AAOI's 384.94% return.

AGEM

• 1D: 0.40%
• 1M: 1.36%
• YTD: 28.39%
• 6M: 30.42%
• 1Y: 56.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAOI

• 1D: -2.16%
• 1M: -16.96%
• YTD: 384.94%
• 6M: 427.29%
• 1Y: 992.76%
• 3Y*: 259.45%
• 5Y*: 80.64%
• 10Y*: 32.75%

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

AGEM vs. AAOI - Yearly Performance Comparison

	2026 (YTD)	2025
AGEM abrdn Emerging Markets Dividend Active ETF	28.39%	29.73%
AAOI Applied Optoelectronics, Inc.	384.94%	34.59%

Correlation

The correlation between AGEM and AAOI is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (All Time) Calculated using the full available price history since Feb 18, 2025	0.41

Return for Risk

AGEM vs. AAOI — Risk / Return Rank

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

AGEM

AGEM Risk / Return Rank: 83
AGEM Sharpe Ratio Rank: 86
AGEM Sortino Ratio Rank: 81
AGEM Omega Ratio Rank: 85
AGEM Calmar Ratio Rank: 82
AGEM Martin Ratio Rank: 82

AAOI

AAOI Risk / Return Rank: 98
AAOI Sharpe Ratio Rank: 100
AAOI Sortino Ratio Rank: 97
AAOI Omega Ratio Rank: 94
AAOI Calmar Ratio Rank: 99
AAOI Martin Ratio Rank: 99

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.

AGEM vs. AAOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for abrdn Emerging Markets Dividend Active ETF (AGEM) and Applied Optoelectronics, Inc. (AAOI). 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.

	AGEM	AAOI	Difference
Sharpe ratio: Return per unit of total volatility	2.48	6.52	-4.03
Sortino ratio: Return per unit of downside risk	3.17	4.32	-1.16
Omega ratio: Gain probability vs. loss probability	1.45	1.50	-0.05
Calmar ratio: Return relative to maximum drawdown	3.88	19.07	-15.19
Martin ratio: Return relative to average drawdown	14.50	52.70	-38.20

AGEM vs. AAOI - Sharpe Ratio Comparison

The current AGEM Sharpe Ratio is 2.48, which is lower than the AAOI Sharpe Ratio of 6.52. The chart below compares the historical Sharpe Ratios of AGEM and AAOI, 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

AGEM vs. AAOI - Drawdown Comparison

The maximum AGEM drawdown since its inception was -15.58%, smaller than the maximum AAOI drawdown of -98.49%. Use the drawdown chart below to compare losses from any high point for AGEM and AAOI.

Drawdown Indicators

	AGEM	AAOI	Difference
Max Drawdown Largest peak-to-trough decline	-15.58%	-98.49%	+82.91%
Max Drawdown (1Y) Largest decline over 1 year	-13.92%	-47.64%	+33.72%
Max Drawdown (3Y) Largest decline over 3 years	—	-77.17%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-83.07%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-98.49%	—
Current Drawdown Current decline from peak	-3.82%	-24.23%	+20.41%
Average Drawdown Average peak-to-trough decline	-2.31%	-65.67%	+63.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.72%	17.21%	-13.49%

Volatility

AGEM vs. AAOI - Volatility Comparison

The current volatility for abrdn Emerging Markets Dividend Active ETF (AGEM) is 10.95%, while Applied Optoelectronics, Inc. (AAOI) has a volatility of 40.42%. This indicates that AGEM experiences smaller price fluctuations and is considered to be less risky than AAOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGEM	AAOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.95%	40.42%	-29.47%
Volatility (6M) Calculated over the trailing 6-month period	19.56%	109.93%	-90.37%
Volatility (1Y) Calculated over the trailing 1-year period	21.78%	139.42%	-117.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.46%	119.31%	-96.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.46%	98.26%	-75.80%

Dividends

AGEM vs. AAOI - Dividend Comparison

AGEM's dividend yield for the trailing twelve months is around 1.75%, while AAOI has not paid dividends to shareholders.

Position	TTM	2025
AAOI Applied Optoelectronics, Inc.	0.00%	0.00%
AGEM abrdn Emerging Markets Dividend Active ETF	1.75%	1.80%

Frequently Asked Questions

Can I hold both AGEM and AAOI in my portfolio?

AGEM and AAOI have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AGEM or AAOI?

AAOI has higher volatility (40.42%) compared to AGEM (10.95%). In terms of maximum drawdown, AGEM dropped -15.58% vs AAOI's -98.49%.

Which has better risk-adjusted returns?

AAOI currently has the higher Sharpe Ratio (6.52 vs 2.48), 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.