AGOX vs. QAI
AGOX (Adaptive Alpha Opportunities ETF) and QAI (IQ Hedge Multi-Strategy Tracker ETF) are both exchange-traded funds - AGOX is a Tactical Allocation fund actively managed by Adaptive Funds, while QAI is a Long-Short fund tracking the IQ Hedge Multi-Strategy Index. AGOX is actively managed, while QAI is passively managed. Over the past 5 years, AGOX returned 8.55%/yr vs 4.45%/yr for QAI. A 0.70 correlation means they provide meaningful diversification when combined. AGOX charges 1.33%/yr vs 0.79%/yr for QAI.
Performance
AGOX vs. QAI - Performance Comparison
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Returns By Period
In the year-to-date period, AGOX achieves a 20.02% return, which is significantly higher than QAI's 8.45% return.
AGOX
- 1D
- -2.40%
- 1M
- 1.11%
- YTD
- 20.02%
- 6M
- 16.23%
- 1Y
- 26.99%
- 3Y*
- 17.26%
- 5Y*
- 8.55%
- 10Y*
- —
QAI
- 1D
- -1.20%
- 1M
- 0.61%
- YTD
- 8.45%
- 6M
- 8.10%
- 1Y
- 15.12%
- 3Y*
- 9.95%
- 5Y*
- 4.45%
- 10Y*
- 3.94%
AGOX vs. QAI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
AGOX Adaptive Alpha Opportunities ETF | 20.02% | 8.58% | 15.97% | 19.07% | -19.21% | 8.91% |
QAI IQ Hedge Multi-Strategy Tracker ETF | 8.45% | 8.29% | 6.67% | 10.07% | -8.68% | -0.63% |
Correlation
The correlation between AGOX and QAI is 0.72, 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 | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since May 10, 2021 | 0.70 |
The correlation between AGOX and QAI has been stable across timeframes, ranging from 0.64 to 0.72 - a consistent structural relationship.
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Return for Risk
AGOX vs. QAI — Risk / Return Rank
AGOX
QAI
AGOX vs. QAI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Adaptive Alpha Opportunities ETF (AGOX) and IQ Hedge Multi-Strategy Tracker ETF (QAI). 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 | QAI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.87 | ||
| Sortino ratioReturn per unit of downside risk | -0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.46 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.77 | 4.09 | -2.32 |
| Martin ratioReturn relative to average drawdown | 6.44 | 16.12 | -9.68 |
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Drawdowns
AGOX vs. QAI - Drawdown Comparison
The maximum AGOX drawdown since its inception was -26.93%, which is greater than QAI's maximum drawdown of -14.95%. Use the drawdown chart below to compare losses from any high point for AGOX and QAI.
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Drawdown Indicators
| AGOX | QAI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.93% | -14.95% | -11.98% |
Max Drawdown (1Y)Largest decline over 1 year | -15.32% | -3.71% | -11.61% |
Max Drawdown (3Y)Largest decline over 3 years | -21.15% | -7.78% | -13.37% |
Max Drawdown (5Y)Largest decline over 5 years | -26.93% | -14.32% | -12.61% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.95% | — |
Current DrawdownCurrent decline from peak | -3.39% | -1.20% | -2.19% |
Average DrawdownAverage peak-to-trough decline | -8.10% | -2.57% | -5.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.20% | 0.94% | +3.26% |
Volatility
AGOX vs. QAI - Volatility Comparison
Adaptive Alpha Opportunities ETF (AGOX) has a higher volatility of 5.40% compared to IQ Hedge Multi-Strategy Tracker ETF (QAI) at 3.12%. This indicates that AGOX's price experiences larger fluctuations and is considered to be riskier than QAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AGOX | QAI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.40% | 3.12% | +2.28% |
Volatility (6M)Calculated over the trailing 6-month period | 16.35% | 5.63% | +10.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.77% | 6.58% | +12.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.75% | 6.67% | +13.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.67% | 6.23% | +13.44% |
AGOX vs. QAI - Expense Ratio Comparison
AGOX has a 1.33% expense ratio, which is higher than QAI's 0.79% expense ratio.
Dividends
AGOX vs. QAI - Dividend Comparison
AGOX's dividend yield for the trailing twelve months is around 2.69%, more than QAI's 1.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGOX Adaptive Alpha Opportunities ETF | 2.69% | 3.23% | 3.94% | 0.27% | 0.20% | 6.36% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
QAI IQ Hedge Multi-Strategy Tracker ETF | 1.39% | 1.50% | 2.22% | 4.08% | 2.00% | 0.28% | 1.98% | 1.91% | 1.90% | 0.00% | 0.00% | 0.48% |
Frequently Asked Questions
AGOX and QAI have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGOX has higher volatility (5.40%) compared to QAI (3.12%). In terms of maximum drawdown, AGOX dropped -26.93% vs QAI's -14.95%.
On 5-year performance, AGOX leads with 8.55% vs 4.45% for QAI. On fees, QAI is cheaper at 0.79% per year. On volatility, QAI has been the lower-risk option at 3.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, AGOX has performed better with a 8.55% return vs 4.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QAI is cheaper with a 0.79% expense ratio, compared with 1.33% for AGOX.
AGOX has the higher dividend yield at 2.69%, compared with 1.39% for QAI.
AGOX is categorized as Tactical Allocation, while QAI is Long-Short. They also come from different issuers: Adaptive Funds and New York Life. Their fees differ too: 1.33% for AGOX and 0.79% for QAI.
QAI currently has the higher Sharpe Ratio (2.31 vs 1.44), 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.
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