ELM vs. AGOX

Last updated Jun 23, 2026

ELM (Elm Market Navigator ETF) and AGOX (Adaptive Alpha Opportunities ETF) are both Tactical Allocation funds. Both are actively managed. Over the past year, ELM returned 20.07% vs 30.39% for AGOX. A 0.62 correlation means they provide meaningful diversification when combined. ELM charges 0.24%/yr vs 1.33%/yr for AGOX.

Performance

ELM vs. AGOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Elm Market Navigator ETF (ELM) 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, ELM achieves a 7.82% return, which is significantly lower than AGOX's 22.97% return.

ELM

• 1D: 0.17%
• 1M: 1.28%
• YTD: 7.82%
• 6M: 8.21%
• 1Y: 20.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AGOX

• 1D: -0.13%
• 1M: 3.60%
• YTD: 22.97%
• 6M: 19.90%
• 1Y: 30.39%
• 3Y*: 18.22%
• 5Y*: 9.25%
• 10Y*: —

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

ELM vs. AGOX - Yearly Performance Comparison

	2026 (YTD)	2025
ELM Elm Market Navigator ETF	7.82%	11.88%
AGOX Adaptive Alpha Opportunities ETF	22.97%	3.21%

Correlation

The correlation between ELM and AGOX is 0.65, 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	0.65
Correlation (All Time) Calculated using the full available price history since Feb 11, 2025	0.62

The correlation between ELM and AGOX has been stable across timeframes, ranging from 0.62 to 0.65 - a consistent structural relationship.

Return for Risk

ELM vs. AGOX — Risk / Return Rank

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

ELM

ELM Risk / Return Rank: 64
ELM Sharpe Ratio Rank: 65
ELM Sortino Ratio Rank: 65
ELM Omega Ratio Rank: 69
ELM Calmar Ratio Rank: 56
ELM Martin Ratio Rank: 63

AGOX

AGOX Risk / Return Rank: 47
AGOX Sharpe Ratio Rank: 49
AGOX Sortino Ratio Rank: 53
AGOX Omega Ratio Rank: 49
AGOX Calmar Ratio Rank: 41
AGOX Martin Ratio Rank: 45

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.

ELM vs. AGOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Elm Market Navigator ETF (ELM) 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.

	ELM	AGOX	Difference
Sharpe ratio: Return per unit of total volatility	2.08	1.64	+0.44
Sortino ratio: Return per unit of downside risk	2.90	2.49	+0.41
Omega ratio: Gain probability vs. loss probability	1.39	1.30	+0.09
Calmar ratio: Return relative to maximum drawdown	2.68	1.99	+0.69
Martin ratio: Return relative to average drawdown	10.95	7.27	+3.68

ELM vs. AGOX - Sharpe Ratio Comparison

The current ELM Sharpe Ratio is 2.08, which is comparable to the AGOX Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of ELM 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

ELM vs. AGOX - Drawdown Comparison

The maximum ELM drawdown since its inception was -9.02%, smaller than the maximum AGOX drawdown of -26.93%. Use the drawdown chart below to compare losses from any high point for ELM and AGOX.

Drawdown Indicators

	ELM	AGOX	Difference
Max Drawdown Largest peak-to-trough decline	-9.02%	-26.93%	+17.91%
Max Drawdown (1Y) Largest decline over 1 year	-7.52%	-15.32%	+7.80%
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	-0.34%	-1.01%	+0.67%
Average Drawdown Average peak-to-trough decline	-1.32%	-8.11%	+6.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.84%	4.19%	-2.35%

Volatility

ELM vs. AGOX - Volatility Comparison

The current volatility for Elm Market Navigator ETF (ELM) is 3.36%, while Adaptive Alpha Opportunities ETF (AGOX) has a volatility of 4.71%. This indicates that ELM 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

	ELM	AGOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.36%	4.71%	-1.35%
Volatility (6M) Calculated over the trailing 6-month period	7.98%	16.19%	-8.21%
Volatility (1Y) Calculated over the trailing 1-year period	9.69%	18.64%	-8.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.40%	19.72%	-9.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.40%	19.64%	-9.24%

ELM vs. AGOX - Expense Ratio Comparison

ELM has a 0.24% expense ratio, which is lower than AGOX's 1.33% expense ratio.

Dividends

ELM vs. AGOX - Dividend Comparison

ELM's dividend yield for the trailing twelve months is around 2.52%, less than AGOX's 2.62% yield.

Position	TTM	2025	2024	2023	2022	2021
AGOX Adaptive Alpha Opportunities ETF	2.62%	3.23%	3.94%	0.27%	0.20%	6.36%
ELM Elm Market Navigator ETF	2.52%	2.71%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ELM and AGOX in my portfolio?

ELM and AGOX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ELM or AGOX?

AGOX has higher volatility (4.71%) compared to ELM (3.36%). In terms of maximum drawdown, ELM dropped -9.02% vs AGOX's -26.93%.

Which ETF is better, ELM or AGOX?

On 1-year performance, AGOX leads with 30.39% vs 20.07% for ELM. On fees, ELM is cheaper at 0.24% per year. On volatility, ELM has been the lower-risk option at 3.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ELM or AGOX?

Over the 1-year period, AGOX has performed better with a 30.39% return vs 20.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ELM or AGOX?

ELM is cheaper with a 0.24% expense ratio, compared with 1.33% for AGOX.

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

AGOX has the higher dividend yield at 2.62%, compared with 2.52% for ELM.

What is the main difference between ELM and AGOX?

They also come from different issuers: Elm and Adaptive Funds. Their fees differ too: 0.24% for ELM and 1.33% for AGOX.

Which has better risk-adjusted returns?

ELM currently has the higher Sharpe Ratio (2.08 vs 1.64), 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.