AMAX vs. RSBT

Last updated Apr 1, 2026

Compare and contrast key facts about RH Hedged Multi-Asset Income ETF (AMAX) and Return Stacked Bonds & Managed Futures ETF (RSBT).

AMAX and RSBT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. AMAX is an actively managed fund by Adaptive. It was launched on Oct 2, 2009. RSBT is an actively managed fund by Return Stacked. It was launched on Feb 7, 2023.

Performance

AMAX vs. RSBT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RH Hedged Multi-Asset Income ETF (AMAX) and Return Stacked Bonds & Managed Futures ETF (RSBT). The values are adjusted to include any dividend payments, if applicable.

AMAX vs. RSBT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AMAX RH Hedged Multi-Asset Income ETF	0.18%	11.38%	9.62%	2.26%
RSBT Return Stacked Bonds & Managed Futures ETF	5.19%	10.31%	-2.90%	-11.91%

Returns By Period

In the year-to-date period, AMAX achieves a 0.18% return, which is significantly lower than RSBT's 5.19% return.

AMAX

• 1D: 1.59%
• 1M: -4.93%
• YTD: 0.18%
• 6M: -1.00%
• 1Y: 14.81%
• 3Y*: 8.20%
• 5Y*: —
• 10Y*: —

RSBT

• 1D: 0.37%
• 1M: -4.56%
• YTD: 5.19%
• 6M: 11.52%
• 1Y: 14.67%
• 3Y*: 2.90%
• 5Y*: —
• 10Y*: —

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

AMAX vs. RSBT - Expense Ratio Comparison

AMAX has a 1.29% expense ratio, which is higher than RSBT's 0.97% expense ratio.

AMAX

RH Hedged Multi-Asset Income ETF

RSBT

Return Stacked Bonds & Managed Futures ETF

Return for Risk

AMAX vs. RSBT — Risk / Return Rank

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

AMAX

AMAX Risk / Return Rank: 71
AMAX Sharpe Ratio Rank: 74
AMAX Sortino Ratio Rank: 72
AMAX Omega Ratio Rank: 67
AMAX Calmar Ratio Rank: 76
AMAX Martin Ratio Rank: 64

RSBT

RSBT Risk / Return Rank: 54
RSBT Sharpe Ratio Rank: 57
RSBT Sortino Ratio Rank: 52
RSBT Omega Ratio Rank: 49
RSBT Calmar Ratio Rank: 69
RSBT Martin Ratio Rank: 42

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.

AMAX vs. RSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RH Hedged Multi-Asset Income ETF (AMAX) and Return Stacked Bonds & Managed Futures ETF (RSBT). 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.

	AMAX	RSBT	Difference
Sharpe ratio Return per unit of total volatility	1.32	0.99	+0.33
Sortino ratio Return per unit of downside risk	1.81	1.35	+0.46
Omega ratio Gain probability vs. loss probability	1.24	1.18	+0.06
Calmar ratio Return relative to maximum drawdown	1.98	1.72	+0.26
Martin ratio Return relative to average drawdown	6.32	3.77	+2.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AMAX vs. RSBT - Sharpe Ratio Comparison

The current AMAX Sharpe Ratio is 1.32, which is higher than the RSBT Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of AMAX and RSBT, 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

	AMAX	RSBT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	0.99	+0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	-0.02	+0.31

Correlation

The correlation between AMAX and RSBT is 0.37, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

AMAX vs. RSBT - Dividend Comparison

AMAX's dividend yield for the trailing twelve months is around 10.57%, more than RSBT's 3.04% yield.

	TTM	2025	2024	2023	2022	2021
AMAX RH Hedged Multi-Asset Income ETF	10.57%	9.18%	7.36%	6.99%	11.22%	1.00%
RSBT Return Stacked Bonds & Managed Futures ETF	3.04%	3.20%	0.00%	2.38%	0.00%	0.00%

Drawdowns

AMAX vs. RSBT - Drawdown Comparison

The maximum AMAX drawdown since its inception was -16.28%, smaller than the maximum RSBT drawdown of -23.60%. Use the drawdown chart below to compare losses from any high point for AMAX and RSBT.

Drawdown Indicators

	AMAX	RSBT	Difference
Max Drawdown Largest peak-to-trough decline	-16.28%	-23.60%	+7.32%
Max Drawdown (1Y) Largest decline over 1 year	-7.53%	-8.17%	+0.64%
Current Drawdown Current decline from peak	-6.06%	-4.56%	-1.50%
Average Drawdown Average peak-to-trough decline	-5.44%	-13.22%	+7.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.36%	4.04%	-1.68%

Volatility

AMAX vs. RSBT - Volatility Comparison

RH Hedged Multi-Asset Income ETF (AMAX) has a higher volatility of 4.15% compared to Return Stacked Bonds & Managed Futures ETF (RSBT) at 3.95%. This indicates that AMAX's price experiences larger fluctuations and is considered to be riskier than RSBT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMAX	RSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.15%	3.95%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	8.14%	11.28%	-3.14%
Volatility (1Y) Calculated over the trailing 1-year period	11.29%	14.95%	-3.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.38%	13.90%	-3.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.38%	13.90%	-3.52%