AGOX vs. CEFZ
AGOX (Adaptive Alpha Opportunities ETF) and CEFZ (RiverNorth Active Income ETF) are both Tactical Allocation funds. Both are actively managed. A 0.52 correlation means they provide meaningful diversification when combined. AGOX charges 1.33%/yr vs 3.36%/yr for CEFZ.
Performance
AGOX vs. CEFZ - Performance Comparison
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Returns By Period
In the year-to-date period, AGOX achieves a 21.85% return, which is significantly higher than CEFZ's 5.49% return.
AGOX
- 1D
- 0.58%
- 1M
- 8.07%
- YTD
- 21.85%
- 6M
- 19.22%
- 1Y
- 26.89%
- 3Y*
- 18.41%
- 5Y*
- 8.94%
- 10Y*
- —
CEFZ
- 1D
- 0.31%
- 1M
- 0.83%
- YTD
- 5.49%
- 6M
- 5.59%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
AGOX vs. CEFZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
AGOX Adaptive Alpha Opportunities ETF | 21.85% | -1.54% |
CEFZ RiverNorth Active Income ETF | 5.49% | 7.67% |
Correlation
The correlation between AGOX and CEFZ is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 5, 2025 | 0.52 |
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Return for Risk
AGOX vs. CEFZ — Risk / Return Rank
AGOX
CEFZ
AGOX vs. CEFZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Adaptive Alpha Opportunities ETF (AGOX) and RiverNorth Active Income ETF (CEFZ). 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 | CEFZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.28 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | — | — |
| Martin ratioReturn relative to average drawdown | 6.44 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AGOX | CEFZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.47 | — | — |
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 | 1.60 | -1.08 |
Drawdowns
AGOX vs. CEFZ - Drawdown Comparison
The maximum AGOX drawdown since its inception was -26.93%, which is greater than CEFZ's maximum drawdown of -6.66%. Use the drawdown chart below to compare losses from any high point for AGOX and CEFZ.
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Drawdown Indicators
| AGOX | CEFZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.93% | -6.66% | -20.27% |
Max Drawdown (1Y)Largest decline over 1 year | -15.32% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -21.15% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -26.93% | — | — |
Current DrawdownCurrent decline from peak | -0.77% | -0.43% | -0.34% |
Average DrawdownAverage peak-to-trough decline | -8.17% | -1.19% | -6.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.19% | — | — |
Volatility
AGOX vs. CEFZ - Volatility Comparison
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Volatility by Period
| AGOX | CEFZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.21% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 15.91% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 18.35% | 10.37% | +7.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.67% | 10.37% | +9.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.67% | 10.37% | +9.30% |
AGOX vs. CEFZ - Expense Ratio Comparison
AGOX has a 1.33% expense ratio, which is lower than CEFZ's 3.36% expense ratio.
Dividends
AGOX vs. CEFZ - Dividend Comparison
AGOX's dividend yield for the trailing twelve months is around 2.65%, less than CEFZ's 8.25% 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% |
CEFZ RiverNorth Active Income ETF | 8.25% | 4.17% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AGOX and CEFZ have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, AGOX is cheaper at 1.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AGOX is cheaper with a 1.33% expense ratio, compared with 3.36% for CEFZ.
CEFZ has the higher dividend yield at 8.25%, compared with 2.65% for AGOX.
They also come from different issuers: Adaptive Funds and RiverNorth. Their fees differ too: 1.33% for AGOX and 3.36% for CEFZ.
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