AGOX vs. MSMR

Last updated Apr 1, 2026

Compare and contrast key facts about Adaptive Alpha Opportunities ETF (AGOX) and McElhenny Sheffield Managed Risk ETF (MSMR).

AGOX and MSMR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. AGOX is managed by Adaptive Funds. It was launched on Sep 20, 2012. MSMR is an actively managed fund by McElhenny Sheffield. It was launched on Nov 16, 2021.

Performance

AGOX vs. MSMR - Performance Comparison

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

AGOX vs. MSMR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AGOX Adaptive Alpha Opportunities ETF	-6.79%	8.58%	15.97%	19.07%	-19.21%	-2.46%
MSMR McElhenny Sheffield Managed Risk ETF	-0.21%	17.06%	21.58%	18.77%	-11.88%	-1.12%

Returns By Period

In the year-to-date period, AGOX achieves a -6.79% return, which is significantly lower than MSMR's -0.21% return.

AGOX

• 1D: 3.30%
• 1M: -9.05%
• YTD: -6.79%
• 6M: -10.46%
• 1Y: 12.34%
• 3Y*: 9.54%
• 5Y*: —
• 10Y*: —

MSMR

• 1D: 2.41%
• 1M: -4.00%
• YTD: -0.21%
• 6M: 3.10%
• 1Y: 18.50%
• 3Y*: 18.08%
• 5Y*: —
• 10Y*: —

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

AGOX vs. MSMR - Expense Ratio Comparison

AGOX has a 1.69% expense ratio, which is higher than MSMR's 0.97% expense ratio.

AGOX

Adaptive Alpha Opportunities ETF

MSMR

McElhenny Sheffield Managed Risk ETF

Return for Risk

AGOX vs. MSMR — Risk / Return Rank

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

AGOX

AGOX Risk / Return Rank: 34
AGOX Sharpe Ratio Rank: 31
AGOX Sortino Ratio Rank: 35
AGOX Omega Ratio Rank: 34
AGOX Calmar Ratio Rank: 35
AGOX Martin Ratio Rank: 36

MSMR

MSMR Risk / Return Rank: 82
MSMR Sharpe Ratio Rank: 80
MSMR Sortino Ratio Rank: 81
MSMR Omega Ratio Rank: 75
MSMR Calmar Ratio Rank: 87
MSMR Martin Ratio Rank: 86

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. MSMR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Adaptive Alpha Opportunities ETF (AGOX) and McElhenny Sheffield Managed Risk ETF (MSMR). 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	MSMR	Difference
Sharpe ratio Return per unit of total volatility	0.56	1.51	-0.96
Sortino ratio Return per unit of downside risk	0.97	2.09	-1.11
Omega ratio Gain probability vs. loss probability	1.13	1.28	-0.15
Calmar ratio Return relative to maximum drawdown	0.86	2.74	-1.89
Martin ratio Return relative to average drawdown	3.15	10.18	-7.03
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. MSMR - Sharpe Ratio Comparison

The current AGOX Sharpe Ratio is 0.56, which is lower than the MSMR Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of AGOX and MSMR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	AGOX	MSMR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.56	1.51	-0.96
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.90	-0.67

Correlation

The correlation between AGOX and MSMR is 0.56, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

AGOX vs. MSMR - Dividend Comparison

AGOX's dividend yield for the trailing twelve months is around 3.46%, more than MSMR's 1.96% yield.

	TTM	2025	2024	2023	2022	2021
AGOX Adaptive Alpha Opportunities ETF	3.46%	3.23%	3.94%	0.27%	0.20%	6.36%
MSMR McElhenny Sheffield Managed Risk ETF	1.96%	1.51%	2.26%	0.81%	0.65%	0.07%

Drawdowns

AGOX vs. MSMR - Drawdown Comparison

The maximum AGOX drawdown since its inception was -26.93%, which is greater than MSMR's maximum drawdown of -14.86%. Use the drawdown chart below to compare losses from any high point for AGOX and MSMR.

Drawdown Indicators

	AGOX	MSMR	Difference
Max Drawdown Largest peak-to-trough decline	-26.93%	-14.86%	-12.07%
Max Drawdown (1Y) Largest decline over 1 year	-15.32%	-7.05%	-8.27%
Current Drawdown Current decline from peak	-12.52%	-4.33%	-8.19%
Average Drawdown Average peak-to-trough decline	-8.38%	-5.28%	-3.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	1.90%	+2.26%

Volatility

AGOX vs. MSMR - Volatility Comparison

Adaptive Alpha Opportunities ETF (AGOX) has a higher volatility of 7.31% compared to McElhenny Sheffield Managed Risk ETF (MSMR) at 5.04%. This indicates that AGOX's price experiences larger fluctuations and is considered to be riskier than MSMR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGOX	MSMR	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.31%	5.04%	+2.27%
Volatility (6M) Calculated over the trailing 6-month period	12.41%	10.29%	+2.12%
Volatility (1Y) Calculated over the trailing 1-year period	22.30%	12.28%	+10.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.26%	10.32%	+8.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.26%	10.32%	+8.94%