CEFZ vs. AGOX

Last updated Jun 4, 2026

CEFZ (RiverNorth Active Income ETF) and AGOX (Adaptive Alpha Opportunities ETF) are both Tactical Allocation funds. Both are actively managed. A 0.52 correlation means they provide meaningful diversification when combined. CEFZ charges 3.36%/yr vs 1.33%/yr for AGOX.

Performance

CEFZ vs. AGOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RiverNorth Active Income ETF (CEFZ) 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, CEFZ achieves a 5.16% return, which is significantly lower than AGOX's 21.15% return.

CEFZ

• 1D: -0.73%
• 1M: 0.70%
• YTD: 5.16%
• 6M: 5.91%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AGOX

• 1D: -1.34%
• 1M: 8.25%
• YTD: 21.15%
• 6M: 18.69%
• 1Y: 25.61%
• 3Y*: 18.06%
• 5Y*: 8.81%
• 10Y*: —

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

CEFZ vs. AGOX - Yearly Performance Comparison

	2026 (YTD)	2025
CEFZ RiverNorth Active Income ETF	5.16%	7.67%
AGOX Adaptive Alpha Opportunities ETF	21.15%	-1.54%

Correlation

The correlation between CEFZ and AGOX is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 5, 2025	0.52

Return for Risk

CEFZ vs. AGOX — Risk / Return Rank

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

AGOX

AGOX Risk / Return Rank: 39
AGOX Sharpe Ratio Rank: 39
AGOX Sortino Ratio Rank: 43
AGOX Omega Ratio Rank: 41
AGOX Calmar Ratio Rank: 34
AGOX Martin Ratio Rank: 39

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.

CEFZ vs. AGOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth Active Income ETF (CEFZ) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	CEFZ	AGOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.40	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.45	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.56	0.50	+1.05

Drawdowns

CEFZ vs. AGOX - Drawdown Comparison

The maximum CEFZ drawdown since its inception was -6.66%, smaller than the maximum AGOX drawdown of -26.93%. Use the drawdown chart below to compare losses from any high point for CEFZ and AGOX.

Drawdown Indicators

	CEFZ	AGOX	Difference
Max Drawdown Largest peak-to-trough decline	-6.66%	-26.93%	+20.27%
Max Drawdown (1Y) Largest decline over 1 year	—	-15.32%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-21.15%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.93%	—
Current Drawdown Current decline from peak	-0.73%	-1.34%	+0.61%
Average Drawdown Average peak-to-trough decline	-1.20%	-8.18%	+6.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.19%	—

Volatility

Volatility by Period

	CEFZ	AGOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.22%	—
Volatility (6M) Calculated over the trailing 6-month period	—	15.90%	—
Volatility (1Y) Calculated over the trailing 1-year period	10.39%	18.37%	-7.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.39%	19.67%	-9.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.39%	19.67%	-9.28%

CEFZ vs. AGOX - Expense Ratio Comparison

CEFZ has a 3.36% expense ratio, which is higher than AGOX's 1.33% expense ratio.

Dividends

CEFZ vs. AGOX - Dividend Comparison

CEFZ's dividend yield for the trailing twelve months is around 8.27%, more than AGOX's 2.66% 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%
CEFZ RiverNorth Active Income ETF	8.27%	4.17%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CEFZ and AGOX in my portfolio?

CEFZ and AGOX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CEFZ or AGOX?

On fees, AGOX is cheaper at 1.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CEFZ or AGOX?

AGOX is cheaper with a 1.33% expense ratio, compared with 3.36% for CEFZ.

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

CEFZ has the higher dividend yield at 8.27%, compared with 2.66% for AGOX.

What is the main difference between CEFZ and AGOX?

They also come from different issuers: RiverNorth and Adaptive Funds. Their fees differ too: 3.36% for CEFZ and 1.33% for AGOX.