AGOX vs. FSKAX

Last updated Jun 26, 2026

AGOX (Adaptive Alpha Opportunities ETF) and FSKAX (Fidelity Total Market Index Fund) are both funds - AGOX is a Tactical Allocation fund actively managed by Adaptive Funds, while FSKAX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 5 years, AGOX returned 8.70%/yr vs 11.85%/yr for FSKAX. Their correlation of 0.82 suggests significant overlap in exposure. AGOX charges 1.33%/yr vs 0.01%/yr for FSKAX.

Performance

AGOX vs. FSKAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Adaptive Alpha Opportunities ETF (AGOX) and Fidelity Total Market Index Fund (FSKAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AGOX achieves a 21.36% return, which is significantly higher than FSKAX's 8.88% return.

AGOX

• 1D: 1.03%
• 1M: 1.40%
• YTD: 21.36%
• 6M: 17.43%
• 1Y: 24.39%
• 3Y*: 17.77%
• 5Y*: 8.70%
• 10Y*: —

FSKAX

• 1D: -0.04%
• 1M: -1.56%
• YTD: 8.88%
• 6M: 7.41%
• 1Y: 22.89%
• 3Y*: 20.67%
• 5Y*: 11.85%
• 10Y*: 15.10%

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

AGOX vs. FSKAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AGOX Adaptive Alpha Opportunities ETF	21.36%	8.58%	15.97%	19.07%	-19.21%	8.91%
FSKAX Fidelity Total Market Index Fund	8.88%	17.06%	23.89%	26.12%	-19.53%	11.43%

Correlation

The correlation between AGOX and FSKAX is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since May 10, 2021	0.82

The correlation between AGOX and FSKAX has been stable across timeframes, ranging from 0.73 to 0.82 - a consistent structural relationship.

Return for Risk

AGOX vs. FSKAX — Risk / Return Rank

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

AGOX

AGOX Risk / Return Rank: 41
AGOX Sharpe Ratio Rank: 42
AGOX Sortino Ratio Rank: 45
AGOX Omega Ratio Rank: 42
AGOX Calmar Ratio Rank: 35
AGOX Martin Ratio Rank: 41

FSKAX

FSKAX Risk / Return Rank: 55
FSKAX Sharpe Ratio Rank: 51
FSKAX Sortino Ratio Rank: 48
FSKAX Omega Ratio Rank: 49
FSKAX Calmar Ratio Rank: 58
FSKAX Martin Ratio Rank: 69

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. FSKAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Adaptive Alpha Opportunities ETF (AGOX) and Fidelity Total Market Index Fund (FSKAX). 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.

	AGOX	FSKAX	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.77	-0.46
Sortino ratio: Return per unit of downside risk	2.03	2.43	-0.40
Omega ratio: Gain probability vs. loss probability	1.25	1.32	-0.07
Calmar ratio: Return relative to maximum drawdown	1.60	2.56	-0.96
Martin ratio: Return relative to average drawdown	5.81	11.32	-5.51

AGOX vs. FSKAX - Sharpe Ratio Comparison

The current AGOX Sharpe Ratio is 1.31, which is comparable to the FSKAX Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of AGOX and FSKAX, 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

AGOX vs. FSKAX - Drawdown Comparison

The maximum AGOX drawdown since its inception was -26.93%, smaller than the maximum FSKAX drawdown of -35.01%. Use the drawdown chart below to compare losses from any high point for AGOX and FSKAX.

Drawdown Indicators

	AGOX	FSKAX	Difference
Max Drawdown Largest peak-to-trough decline	-26.93%	-35.01%	+8.08%
Max Drawdown (1Y) Largest decline over 1 year	-15.32%	-8.92%	-6.40%
Max Drawdown (3Y) Largest decline over 3 years	-21.15%	-19.43%	-1.72%
Max Drawdown (5Y) Largest decline over 5 years	-26.93%	-25.39%	-1.54%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.01%	—
Current Drawdown Current decline from peak	-2.31%	-2.86%	+0.55%
Average Drawdown Average peak-to-trough decline	-8.10%	-4.01%	-4.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.21%	2.01%	+2.20%

Volatility

AGOX vs. FSKAX - Volatility Comparison

Adaptive Alpha Opportunities ETF (AGOX) has a higher volatility of 5.36% compared to Fidelity Total Market Index Fund (FSKAX) at 4.98%. This indicates that AGOX's price experiences larger fluctuations and is considered to be riskier than FSKAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGOX	FSKAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.36%	4.98%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	16.33%	10.14%	+6.19%
Volatility (1Y) Calculated over the trailing 1-year period	18.67%	12.93%	+5.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.75%	17.51%	+2.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.66%	18.47%	+1.19%

AGOX vs. FSKAX - Expense Ratio Comparison

AGOX has a 1.33% expense ratio, which is higher than FSKAX's 0.02% expense ratio.

Dividends

AGOX vs. FSKAX - Dividend Comparison

AGOX's dividend yield for the trailing twelve months is around 2.66%, more than FSKAX's 0.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGOX Adaptive Alpha Opportunities ETF	2.66%	3.23%	3.94%	0.27%	0.20%	6.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FSKAX Fidelity Total Market Index Fund	0.96%	1.01%	1.19%	1.41%	1.62%	1.15%	1.45%	1.94%	2.54%	2.07%	2.43%	0.82%

Frequently Asked Questions

Can I hold both AGOX and FSKAX in my portfolio?

AGOX and FSKAX have a correlation of 0.74, 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 FSKAX?

AGOX has higher volatility (5.36%) compared to FSKAX (4.98%). In terms of maximum drawdown, AGOX dropped -26.93% vs FSKAX's -35.01%.

Which has better risk-adjusted returns?

FSKAX currently has the higher Sharpe Ratio (1.77 vs 1.31), 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.