AGOX vs. SPY

Last updated Jun 5, 2026

AGOX (Adaptive Alpha Opportunities ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - AGOX is a Tactical Allocation fund actively managed by Adaptive Funds, while SPY is a S&P 500 fund tracking the S&P 500 Index. AGOX is actively managed, while SPY is passively managed. Over the past 5 years, AGOX returned 8.94%/yr vs 13.91%/yr for SPY. Their correlation of 0.81 suggests significant overlap in exposure. AGOX charges 1.33%/yr vs 0.09%/yr for SPY.

Performance

AGOX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Adaptive Alpha Opportunities ETF (AGOX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AGOX achieves a 21.85% return, which is significantly higher than SPY's 11.33% return.

AGOX

• 1D: 0.58%
• 1M: 8.07%
• YTD: 21.85%
• 6M: 19.22%
• 1Y: 26.89%
• 3Y*: 18.41%
• 5Y*: 8.94%
• 10Y*: —

SPY

• 1D: 0.38%
• 1M: 4.60%
• YTD: 11.33%
• 6M: 11.25%
• 1Y: 28.50%
• 3Y*: 22.58%
• 5Y*: 13.91%
• 10Y*: 15.48%

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

AGOX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AGOX Adaptive Alpha Opportunities ETF	21.85%	8.58%	15.97%	19.07%	-19.21%	9.82%
SPY State Street SPDR S&P 500 ETF	11.33%	17.72%	24.89%	26.18%	-18.18%	14.78%

Correlation

The correlation between AGOX and SPY is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since May 11, 2021	0.81

The correlation between AGOX and SPY shifts across timeframes, from 0.71 (1 year) to 0.81 (5 years), reflecting how their relationship changes across market environments.

AGOX vs. SPY - Sectors Allocation Comparison

Sectors	AGOX	SPY
Technology	50.1%	35.9%
Industrials	9.6%	7.8%
Communication Services	9.6%	11.3%
Healthcare	9.2%	8.4%
Consumer Cyclical	6.2%	10.3%
Financial Services	4.8%	11.8%
Basic Materials	3.2%	1.8%
Consumer Defensive	2.8%	4.8%
Utilities	2.1%	2.4%
Energy	1.8%	3.6%
Real Estate	0.7%	1.9%

Return for Risk

AGOX vs. SPY — Risk / Return Rank

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

AGOX

AGOX Risk / Return Rank: 42
AGOX Sharpe Ratio Rank: 43
AGOX Sortino Ratio Rank: 47
AGOX Omega Ratio Rank: 45
AGOX Calmar Ratio Rank: 36
AGOX Martin Ratio Rank: 41

SPY

SPY Risk / Return Rank: 74
SPY Sharpe Ratio Rank: 76
SPY Sortino Ratio Rank: 74
SPY Omega Ratio Rank: 75
SPY Calmar Ratio Rank: 66
SPY Martin Ratio Rank: 78

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Adaptive Alpha Opportunities ETF (AGOX) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.47	2.42	-0.95
Sortino ratio: Return per unit of downside risk	2.27	3.29	-1.02
Omega ratio: Gain probability vs. loss probability	1.28	1.44	-0.16
Calmar ratio: Return relative to maximum drawdown	1.76	3.22	-1.46
Martin ratio: Return relative to average drawdown	6.44	14.99	-8.55
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. SPY - Sharpe Ratio Comparison

The current AGOX Sharpe Ratio is 1.47, which is lower than the SPY Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of AGOX and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AGOX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.47	2.42	-0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.82	-0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.59	-0.08

Drawdowns

AGOX vs. SPY - Drawdown Comparison

The maximum AGOX drawdown since its inception was -26.93%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for AGOX and SPY.

Drawdown Indicators

	AGOX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-26.93%	-55.19%	+28.26%
Max Drawdown (1Y) Largest decline over 1 year	-15.32%	-8.88%	-6.44%
Max Drawdown (3Y) Largest decline over 3 years	-21.15%	-18.76%	-2.39%
Max Drawdown (5Y) Largest decline over 5 years	-26.93%	-24.50%	-2.43%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.77%	-0.33%	-0.44%
Average Drawdown Average peak-to-trough decline	-8.17%	-9.05%	+0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.19%	1.91%	+2.28%

Volatility

AGOX vs. SPY - Volatility Comparison

Adaptive Alpha Opportunities ETF (AGOX) has a higher volatility of 6.21% compared to State Street SPDR S&P 500 ETF (SPY) at 2.79%. This indicates that AGOX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGOX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.21%	2.79%	+3.42%
Volatility (6M) Calculated over the trailing 6-month period	15.91%	8.91%	+7.00%
Volatility (1Y) Calculated over the trailing 1-year period	18.35%	11.82%	+6.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.67%	17.05%	+2.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.67%	17.93%	+1.74%

AGOX vs. SPY - Expense Ratio Comparison

AGOX has a 1.33% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

AGOX vs. SPY - Dividend Comparison

AGOX's dividend yield for the trailing twelve months is around 2.65%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGOX Adaptive Alpha Opportunities ETF	2.65%	3.23%	3.94%	0.27%	0.20%	6.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both AGOX and SPY in my portfolio?

AGOX and SPY have a correlation of 0.71, 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 SPY?

AGOX has higher volatility (6.21%) compared to SPY (2.79%). In terms of maximum drawdown, AGOX dropped -26.93% vs SPY's -55.19%.

Which ETF is better, AGOX or SPY?

On 5-year performance, SPY leads with 13.91% vs 8.94% for AGOX. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AGOX or SPY?

Over the 5-year period, SPY has performed better with a 13.91% return vs 8.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AGOX or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 1.33% for AGOX.

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

AGOX has the higher dividend yield at 2.65%, compared with 0.98% for SPY.

What is the main difference between AGOX and SPY?

AGOX is categorized as Tactical Allocation, while SPY is S&P 500. They also come from different issuers: Adaptive Funds and State Street. Their fees differ too: 1.33% for AGOX and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.42 vs 1.47), 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.