AMAX vs. AGOX

Last updated Aug 2, 2026

AMAX (RH Hedged Multi-Asset Income ETF) and AGOX (Adaptive Alpha Opportunities ETF) are both exchange-traded funds - AMAX is a Nontraditional Bonds fund actively managed by Adaptive, while AGOX is a Tactical Allocation fund actively managed by Adaptive. Both are actively managed. Over the past 3 years, AMAX returned 7.50%/yr vs 14.16%/yr for AGOX. Their 0.51 correlation means they have sometimes moved together and sometimes differently. AMAX charges 1.29%/yr vs 1.33%/yr for AGOX.

Performance

AMAX vs. AGOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RH Hedged Multi-Asset Income ETF (AMAX) and Adaptive Alpha Opportunities ETF (AGOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMAX achieves a 0.60% return, which is significantly lower than AGOX's 16.81% return.

AMAX

• 1D: 0.14%
• 1M: -0.21%
• 6M: -2.44%
• YTD: 0.60%
• 1Y: 5.50%
• 3Y*: 7.50%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.90%

AGOX

• 1D: 0.91%
• 1M: -2.77%
• 6M: 12.41%
• YTD: 16.81%
• 1Y: 16.30%
• 3Y*: 14.16%
• 5Y*: 7.88%
• 10Y*: —
• ALL TIME*: 8.63%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AGOX Adaptive Alpha Opportunities ETF	$2.70M	$2.48M	$2.81M
AMAX RH Hedged Multi-Asset Income ETF	$319.31K	$260.04K	$341.45K

AMAX vs. AGOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AMAX RH Hedged Multi-Asset Income ETF	0.60%	11.38%	9.62%	6.70%	-12.56%	-0.20%
AGOX Adaptive Alpha Opportunities ETF	16.81%	8.58%	15.97%	19.07%	-19.21%	-2.94%

Correlation

The correlation between AMAX and AGOX is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (3Y) Balances recent behavior with more history.	0.45
Correlation (All Time) Calculated using the full available price history since Nov 15, 2021	0.51

The correlation between AMAX and AGOX has been stable across timeframes, ranging from 0.45 to 0.51 - a consistent structural relationship.

Return for Risk

AMAX vs. AGOX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AMAX

AMAX Risk / Return Rank: 21
AMAX Sharpe Ratio Rank: 22
AMAX Sortino Ratio Rank: 20
AMAX Omega Ratio Rank: 20
AMAX Calmar Ratio Rank: 23
AMAX Martin Ratio Rank: 22

AGOX

AGOX Risk / Return Rank: 33
AGOX Sharpe Ratio Rank: 33
AGOX Sortino Ratio Rank: 35
AGOX Omega Ratio Rank: 33
AGOX Calmar Ratio Rank: 30
AGOX Martin Ratio Rank: 35

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AMAX vs. AGOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RH Hedged Multi-Asset Income ETF (AMAX) and Adaptive Alpha Opportunities ETF (AGOX). 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.

	AMAX	AGOX	Difference
Sharpe ratio: Return per unit of total volatility	0.47	0.81	-0.34
Sortino ratio: Return per unit of downside risk	0.70	1.31	-0.62
Omega ratio: Gain probability vs. loss probability	1.09	1.16	-0.07
Calmar ratio: Return relative to maximum drawdown	0.67	1.02	-0.34
Martin ratio: Return relative to average drawdown	1.51	3.43	-1.92

AMAX vs. AGOX - Sharpe Ratio Comparison

The current AMAX Sharpe Ratio is 0.47, which is lower than the AGOX Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of AMAX and AGOX, 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

AMAX vs. AGOX - Drawdown Comparison

The maximum AMAX drawdown since its inception was -16.28%, smaller than the maximum AGOX drawdown of -26.93%. Use the drawdown chart below to compare losses from any high point for AMAX and AGOX.

Drawdown Indicators

	AMAX	AGOX	Difference
Max Drawdown Largest peak-to-trough decline	-16.28%	-26.93%	+10.65%
Max Drawdown (1Y) Largest decline over 1 year	-7.53%	-15.32%	+7.79%
Max Drawdown (3Y) Largest decline over 3 years	-9.27%	-21.15%	+11.88%
Max Drawdown (5Y) Largest decline over 5 years	—	-26.93%	—
Current Drawdown Current decline from peak	-5.89%	-5.98%	+0.09%
Average Drawdown Average peak-to-trough decline	-5.32%	-8.04%	+2.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	4.52%	-1.18%

Volatility

AMAX vs. AGOX - Volatility Comparison

The current volatility for RH Hedged Multi-Asset Income ETF (AMAX) is 2.40%, while Adaptive Alpha Opportunities ETF (AGOX) has a volatility of 5.32%. This indicates that AMAX experiences smaller price fluctuations and is considered to be less risky than AGOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMAX	AGOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.40%	5.32%	-2.92%
Volatility (6M) Calculated over the trailing 6-month period	8.85%	16.77%	-7.92%
Volatility (1Y) Calculated over the trailing 1-year period	10.70%	19.22%	-8.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.43%	19.81%	-9.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.43%	19.64%	-9.21%

AMAX vs. AGOX - Expense Ratio Comparison

AMAX has a 1.29% expense ratio, which is lower than AGOX's 1.33% expense ratio.

Dividends

AMAX vs. AGOX - Dividend Comparison

AMAX's dividend yield for the trailing twelve months is around 11.89%, more than AGOX's 2.76% yield.

Position	TTM	2025	2024	2023	2022	2021
AGOX Adaptive Alpha Opportunities ETF	2.76%	3.23%	3.94%	0.27%	0.20%	6.36%
AMAX RH Hedged Multi-Asset Income ETF	11.89%	9.18%	7.36%	6.99%	11.22%	1.00%

Frequently Asked Questions

Can I hold both AMAX and AGOX in my portfolio?

AMAX and AGOX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMAX or AGOX?

AGOX has higher volatility (5.32%) compared to AMAX (2.40%). In terms of maximum drawdown, AMAX dropped -16.28% vs AGOX's -26.93%.

Which ETF is better, AMAX or AGOX?

On 3-year performance, AGOX leads with 14.16% vs 7.50% for AMAX. On fees, AMAX is cheaper at 1.29% per year. On volatility, AMAX has been the lower-risk option at 2.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMAX or AGOX?

Over the 3-year period, AGOX has performed better with a 14.16% return vs 7.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMAX or AGOX?

AMAX is cheaper with a 1.29% expense ratio, compared with 1.33% for AGOX.

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

AMAX has the higher dividend yield at 11.89%, compared with 2.76% for AGOX.

What is the main difference between AMAX and AGOX?

AMAX is categorized as Nontraditional Bonds, while AGOX is Tactical Allocation. Their fees differ too: 1.29% for AMAX and 1.33% for AGOX.

Which has better risk-adjusted returns?

AGOX currently has the higher Sharpe Ratio (0.81 vs 0.47), 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.