AGOX vs. ARP

Last updated Jun 5, 2026

AGOX (Adaptive Alpha Opportunities ETF) and ARP (Pmv Adaptive Risk Parity ETF) are both Tactical Allocation funds. Both are actively managed. Over the past 3 years, AGOX returned 18.41%/yr vs 15.26%/yr for ARP. A 0.56 correlation means they provide meaningful diversification when combined. AGOX charges 1.33%/yr vs 1.42%/yr for ARP.

Performance

AGOX vs. ARP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Adaptive Alpha Opportunities ETF (AGOX) and Pmv Adaptive Risk Parity ETF (ARP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AGOX achieves a 21.85% return, which is significantly higher than ARP's 10.93% return.

AGOX

• 1D: 0.58%
• 1M: 8.07%
• YTD: 21.85%
• 6M: 19.22%
• 1Y: 26.89%
• 3Y*: 18.41%
• 5Y*: 8.94%
• 10Y*: —

ARP

• 1D: -0.60%
• 1M: 1.45%
• YTD: 10.93%
• 6M: 11.56%
• 1Y: 26.83%
• 3Y*: 15.26%
• 5Y*: —
• 10Y*: —

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

AGOX vs. ARP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
AGOX Adaptive Alpha Opportunities ETF	21.85%	8.58%	15.97%	19.07%	0.57%
ARP Pmv Adaptive Risk Parity ETF	10.93%	18.33%	13.79%	3.66%	-0.57%

Correlation

The correlation between AGOX and ARP is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (All Time) Calculated using the full available price history since Dec 23, 2022	0.56

The correlation between AGOX and ARP has been stable across timeframes, ranging from 0.53 to 0.57 - a consistent structural relationship.

AGOX vs. ARP - Sectors Allocation Comparison

Sectors	AGOX	ARP
Technology	50.1%	14.6%
Industrials	9.6%	16.9%
Communication Services	9.6%	4.3%
Healthcare	9.2%	8.1%
Consumer Cyclical	6.2%	8.5%
Financial Services	4.8%	22.7%
Basic Materials	3.2%	7.8%
Consumer Defensive	2.8%	5.5%
Utilities	2.1%	3.4%
Energy	1.8%	5.5%
Real Estate	0.7%	2.7%

Return for Risk

AGOX vs. ARP — Risk / Return Rank

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

AGOX

AGOX Risk / Return Rank: 42
AGOX Sharpe Ratio Rank: 43
AGOX Sortino Ratio Rank: 47
AGOX Omega Ratio Rank: 45
AGOX Calmar Ratio Rank: 36
AGOX Martin Ratio Rank: 41

ARP

ARP Risk / Return Rank: 59
ARP Sharpe Ratio Rank: 60
ARP Sortino Ratio Rank: 52
ARP Omega Ratio Rank: 70
ARP Calmar Ratio Rank: 55
ARP Martin Ratio Rank: 58

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.

AGOX vs. ARP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Adaptive Alpha Opportunities ETF (AGOX) and Pmv Adaptive Risk Parity ETF (ARP). 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.

	AGOX	ARP	Difference
Sharpe ratio: Return per unit of total volatility	1.47	1.99	-0.52
Sortino ratio: Return per unit of downside risk	2.27	2.49	-0.22
Omega ratio: Gain probability vs. loss probability	1.28	1.41	-0.13
Calmar ratio: Return relative to maximum drawdown	1.76	2.66	-0.90
Martin ratio: Return relative to average drawdown	6.44	10.08	-3.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AGOX vs. ARP - Sharpe Ratio Comparison

The current AGOX Sharpe Ratio is 1.47, which is comparable to the ARP Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of AGOX and ARP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AGOX	ARP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.47	1.99	-0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	1.33	-0.82

Drawdowns

AGOX vs. ARP - Drawdown Comparison

The maximum AGOX drawdown since its inception was -26.93%, which is greater than ARP's maximum drawdown of -10.13%. Use the drawdown chart below to compare losses from any high point for AGOX and ARP.

Drawdown Indicators

	AGOX	ARP	Difference
Max Drawdown Largest peak-to-trough decline	-26.93%	-10.13%	-16.80%
Max Drawdown (1Y) Largest decline over 1 year	-15.32%	-10.13%	-5.19%
Max Drawdown (3Y) Largest decline over 3 years	-21.15%	-10.13%	-11.02%
Max Drawdown (5Y) Largest decline over 5 years	-26.93%	—	—
Current Drawdown Current decline from peak	-0.77%	-0.89%	+0.12%
Average Drawdown Average peak-to-trough decline	-8.17%	-1.81%	-6.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.19%	2.67%	+1.52%

Volatility

AGOX vs. ARP - Volatility Comparison

Adaptive Alpha Opportunities ETF (AGOX) has a higher volatility of 6.21% compared to Pmv Adaptive Risk Parity ETF (ARP) at 2.94%. This indicates that AGOX's price experiences larger fluctuations and is considered to be riskier than ARP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGOX	ARP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.21%	2.94%	+3.27%
Volatility (6M) Calculated over the trailing 6-month period	15.91%	11.72%	+4.19%
Volatility (1Y) Calculated over the trailing 1-year period	18.35%	13.54%	+4.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.67%	10.06%	+9.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.67%	10.06%	+9.61%

AGOX vs. ARP - Expense Ratio Comparison

AGOX has a 1.33% expense ratio, which is lower than ARP's 1.42% expense ratio.

Dividends

AGOX vs. ARP - Dividend Comparison

AGOX's dividend yield for the trailing twelve months is around 2.65%, less than ARP's 5.89% yield.

Position	TTM	2025	2024	2023	2022	2021
AGOX Adaptive Alpha Opportunities ETF	2.65%	3.23%	3.94%	0.27%	0.20%	6.36%
ARP Pmv Adaptive Risk Parity ETF	5.89%	6.54%	5.29%	2.67%	0.06%	0.00%

Frequently Asked Questions

Can I hold both AGOX and ARP in my portfolio?

AGOX and ARP have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AGOX or ARP?

AGOX has higher volatility (6.21%) compared to ARP (2.94%). In terms of maximum drawdown, AGOX dropped -26.93% vs ARP's -10.13%.

Which ETF is better, AGOX or ARP?

On 3-year performance, AGOX leads with 18.41% vs 15.26% for ARP. On fees, AGOX is cheaper at 1.33% per year. On volatility, ARP has been the lower-risk option at 2.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AGOX or ARP?

Over the 3-year period, AGOX has performed better with a 18.41% return vs 15.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AGOX or ARP?

AGOX is cheaper with a 1.33% expense ratio, compared with 1.42% for ARP.

Which ETF pays a higher dividend yield, AGOX or ARP?

ARP has the higher dividend yield at 5.89%, compared with 2.65% for AGOX.

What is the main difference between AGOX and ARP?

They also come from different issuers: Adaptive Funds and PMV. Their fees differ too: 1.33% for AGOX and 1.42% for ARP.

Which has better risk-adjusted returns?

ARP currently has the higher Sharpe Ratio (1.99 vs 1.47), 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.