AGOX vs. ONOF

Last updated Jun 26, 2026

AGOX (Adaptive Alpha Opportunities ETF) and ONOF (Global X Adaptive U.S. Risk Management ETF) are both Tactical Allocation funds. AGOX is actively managed, while ONOF is passively managed. Over the past 5 years, AGOX returned 8.70%/yr vs 8.32%/yr for ONOF. A 0.68 correlation means they provide meaningful diversification when combined. AGOX charges 1.33%/yr vs 0.39%/yr for ONOF.

Performance

AGOX vs. ONOF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Adaptive Alpha Opportunities ETF (AGOX) and Global X Adaptive U.S. Risk Management ETF (ONOF). 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 ONOF's 4.37% return.

AGOX

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

ONOF

• 1D: 0.06%
• 1M: -2.14%
• YTD: 4.37%
• 6M: 3.09%
• 1Y: 17.75%
• 3Y*: 12.25%
• 5Y*: 8.32%
• 10Y*: —

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

AGOX vs. ONOF - 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%
ONOF Global X Adaptive U.S. Risk Management ETF	4.37%	8.90%	19.45%	11.57%	-11.89%	14.10%

Correlation

The correlation between AGOX and ONOF is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (All Time) Calculated using the full available price history since May 10, 2021	0.68

The correlation between AGOX and ONOF has been stable across timeframes, ranging from 0.68 to 0.73 - a consistent structural relationship.

Return for Risk

AGOX vs. ONOF — 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

ONOF

ONOF Risk / Return Rank: 52
ONOF Sharpe Ratio Rank: 50
ONOF Sortino Ratio Rank: 46
ONOF Omega Ratio Rank: 47
ONOF Calmar Ratio Rank: 61
ONOF Martin Ratio Rank: 56

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. ONOF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Adaptive Alpha Opportunities ETF (AGOX) and Global X Adaptive U.S. Risk Management ETF (ONOF). 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	ONOF	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.51	-0.20
Sortino ratio: Return per unit of downside risk	2.03	2.06	-0.03
Omega ratio: Gain probability vs. loss probability	1.25	1.27	-0.02
Calmar ratio: Return relative to maximum drawdown	1.60	2.60	-1.00
Martin ratio: Return relative to average drawdown	5.81	8.51	-2.69

AGOX vs. ONOF - Sharpe Ratio Comparison

The current AGOX Sharpe Ratio is 1.31, which is comparable to the ONOF Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of AGOX and ONOF, 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. ONOF - Drawdown Comparison

The maximum AGOX drawdown since its inception was -26.93%, roughly equal to the maximum ONOF drawdown of -26.21%. Use the drawdown chart below to compare losses from any high point for AGOX and ONOF.

Drawdown Indicators

	AGOX	ONOF	Difference
Max Drawdown Largest peak-to-trough decline	-26.93%	-26.21%	-0.72%
Max Drawdown (1Y) Largest decline over 1 year	-15.32%	-6.86%	-8.46%
Max Drawdown (3Y) Largest decline over 3 years	-21.15%	-21.67%	+0.52%
Max Drawdown (5Y) Largest decline over 5 years	-26.93%	-26.21%	-0.72%
Current Drawdown Current decline from peak	-2.31%	-3.41%	+1.10%
Average Drawdown Average peak-to-trough decline	-8.10%	-6.11%	-1.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.21%	2.09%	+2.12%

Volatility

AGOX vs. ONOF - Volatility Comparison

Adaptive Alpha Opportunities ETF (AGOX) has a higher volatility of 5.36% compared to Global X Adaptive U.S. Risk Management ETF (ONOF) at 4.67%. This indicates that AGOX's price experiences larger fluctuations and is considered to be riskier than ONOF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGOX	ONOF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.36%	4.67%	+0.69%
Volatility (6M) Calculated over the trailing 6-month period	16.33%	8.86%	+7.47%
Volatility (1Y) Calculated over the trailing 1-year period	18.67%	11.81%	+6.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.75%	14.41%	+5.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.66%	14.38%	+5.28%

AGOX vs. ONOF - Expense Ratio Comparison

AGOX has a 1.33% expense ratio, which is higher than ONOF's 0.39% expense ratio.

Dividends

AGOX vs. ONOF - Dividend Comparison

AGOX's dividend yield for the trailing twelve months is around 2.66%, more than ONOF's 1.32% yield.

Position	TTM	2025	2024	2023	2022	2021
AGOX Adaptive Alpha Opportunities ETF	2.66%	3.23%	3.94%	0.27%	0.20%	6.36%
ONOF Global X Adaptive U.S. Risk Management ETF	1.32%	1.38%	0.93%	1.37%	1.92%	0.69%

Frequently Asked Questions

Can I hold both AGOX and ONOF in my portfolio?

AGOX and ONOF have a correlation of 0.73, 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 ONOF?

AGOX has higher volatility (5.36%) compared to ONOF (4.67%). In terms of maximum drawdown, AGOX dropped -26.93% vs ONOF's -26.21%.

Which ETF is better, AGOX or ONOF?

On 5-year performance, AGOX leads with 8.70% vs 8.32% for ONOF. On fees, ONOF is cheaper at 0.39% per year. On volatility, ONOF has been the lower-risk option at 4.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AGOX or ONOF?

Over the 5-year period, AGOX has performed better with a 8.70% return vs 8.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AGOX or ONOF?

ONOF is cheaper with a 0.39% expense ratio, compared with 1.33% for AGOX.

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

AGOX has the higher dividend yield at 2.66%, compared with 1.32% for ONOF.

What is the main difference between AGOX and ONOF?

They also come from different issuers: Adaptive Funds and Global X. Their fees differ too: 1.33% for AGOX and 0.39% for ONOF.

Which has better risk-adjusted returns?

ONOF currently has the higher Sharpe Ratio (1.51 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.