FXED vs. RULE

Last updated Jun 4, 2026

FXED (Sound Enhanced Fixed Income ETF) and RULE (Adaptive Core ETF) are both Diversified Portfolio funds. Both are actively managed. Over the past 3 years, FXED returned 6.64%/yr vs 20.38%/yr for RULE. At a 0.35 correlation, their price movements are largely independent. FXED charges 2.33%/yr vs 1.10%/yr for RULE.

Performance

FXED vs. RULE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sound Enhanced Fixed Income ETF (FXED) and Adaptive Core ETF (RULE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXED achieves a -0.68% return, which is significantly lower than RULE's 45.39% return.

FXED

• 1D: -0.86%
• 1M: -1.64%
• YTD: -0.68%
• 6M: -0.29%
• 1Y: 4.11%
• 3Y*: 6.64%
• 5Y*: 2.33%
• 10Y*: —

RULE

• 1D: 0.66%
• 1M: 21.60%
• YTD: 45.39%
• 6M: 45.86%
• 1Y: 52.19%
• 3Y*: 20.38%
• 5Y*: —
• 10Y*: —

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

FXED vs. RULE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FXED Sound Enhanced Fixed Income ETF	-0.68%	5.77%	5.18%	15.09%	-14.68%	0.63%
RULE Adaptive Core ETF	45.39%	4.60%	7.59%	6.29%	-22.87%	1.03%

Correlation

The correlation between FXED and RULE is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (All Time) Calculated using the full available price history since Nov 4, 2021	0.35

The correlation between FXED and RULE shifts across timeframes, from 0.21 (1 year) to 0.35 (all time), reflecting how their relationship changes across market environments.

FXED vs. RULE - Sectors Allocation Comparison

Sectors	FXED	RULE
Financial Services	61.2%	5.7%
Real Estate	38.8%	0.0%
Basic Materials	-	9.0%
Communication Services	-	5.0%
Consumer Cyclical	-	3.2%
Consumer Defensive	-	0.8%
Energy	-	2.4%
Healthcare	-	6.4%
Industrials	-	13.2%
Technology	-	54.4%
Utilities	-	0.0%

Return for Risk

FXED vs. RULE — Risk / Return Rank

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

FXED

FXED Risk / Return Rank: 18
FXED Sharpe Ratio Rank: 19
FXED Sortino Ratio Rank: 18
FXED Omega Ratio Rank: 17
FXED Calmar Ratio Rank: 19
FXED Martin Ratio Rank: 19

RULE

RULE Risk / Return Rank: 79
RULE Sharpe Ratio Rank: 80
RULE Sortino Ratio Rank: 77
RULE Omega Ratio Rank: 76
RULE Calmar Ratio Rank: 80
RULE Martin Ratio Rank: 83

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.

FXED vs. RULE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sound Enhanced Fixed Income ETF (FXED) and Adaptive Core ETF (RULE). 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.

	FXED	RULE	Difference
Sharpe ratio Return per unit of total volatility	0.61	2.59	-1.98
Sortino ratio Return per unit of downside risk	0.90	3.47	-2.56
Omega ratio Gain probability vs. loss probability	1.11	1.46	-0.35
Calmar ratio Return relative to maximum drawdown	0.77	4.15	-3.38
Martin ratio Return relative to average drawdown	2.09	16.93	-14.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FXED vs. RULE - Sharpe Ratio Comparison

The current FXED Sharpe Ratio is 0.61, which is lower than the RULE Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of FXED and RULE, 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

	FXED	RULE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.61	2.59	-1.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.47	-0.08

Drawdowns

FXED vs. RULE - Drawdown Comparison

The maximum FXED drawdown since its inception was -19.70%, smaller than the maximum RULE drawdown of -30.48%. Use the drawdown chart below to compare losses from any high point for FXED and RULE.

Drawdown Indicators

	FXED	RULE	Difference
Max Drawdown Largest peak-to-trough decline	-19.70%	-30.48%	+10.78%
Max Drawdown (1Y) Largest decline over 1 year	-5.36%	-12.65%	+7.29%
Max Drawdown (3Y) Largest decline over 3 years	-8.96%	-20.21%	+11.25%
Max Drawdown (5Y) Largest decline over 5 years	-19.70%	—	—
Current Drawdown Current decline from peak	-2.54%	0.00%	-2.54%
Average Drawdown Average peak-to-trough decline	-4.77%	-14.98%	+10.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	3.09%	-1.12%

Volatility

FXED vs. RULE - Volatility Comparison

The current volatility for Sound Enhanced Fixed Income ETF (FXED) is 2.12%, while Adaptive Core ETF (RULE) has a volatility of 9.59%. This indicates that FXED experiences smaller price fluctuations and is considered to be less risky than RULE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXED	RULE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.12%	9.59%	-7.47%
Volatility (6M) Calculated over the trailing 6-month period	5.21%	17.54%	-12.33%
Volatility (1Y) Calculated over the trailing 1-year period	6.79%	20.25%	-13.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.75%	14.83%	-6.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.59%	14.83%	-6.24%

FXED vs. RULE - Expense Ratio Comparison

FXED has a 2.33% expense ratio, which is higher than RULE's 1.10% expense ratio.

Dividends

FXED vs. RULE - Dividend Comparison

FXED's dividend yield for the trailing twelve months is around 7.16%, while RULE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
FXED Sound Enhanced Fixed Income ETF	7.16%	6.96%	6.70%	5.65%	5.94%	4.59%
RULE Adaptive Core ETF	0.00%	0.00%	0.00%	2.01%	0.01%	0.00%

Frequently Asked Questions

Can I hold both FXED and RULE in my portfolio?

FXED and RULE have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXED or RULE?

RULE has higher volatility (9.59%) compared to FXED (2.12%). In terms of maximum drawdown, FXED dropped -19.70% vs RULE's -30.48%.

Which ETF is better, FXED or RULE?

On 3-year performance, RULE leads with 20.38% vs 6.64% for FXED. On fees, RULE is cheaper at 1.10% per year. On volatility, FXED has been the lower-risk option at 2.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXED or RULE?

Over the 3-year period, RULE has performed better with a 20.38% return vs 6.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXED or RULE?

RULE is cheaper with a 1.10% expense ratio, compared with 2.33% for FXED.

Which ETF pays a higher dividend yield, FXED or RULE?

FXED has the higher dividend yield at 7.16%, compared with 0.00% for RULE.

What is the main difference between FXED and RULE?

They also come from different issuers: Sound Income Strategies and Mohr Funds. Their fees differ too: 2.33% for FXED and 1.10% for RULE.

Which has better risk-adjusted returns?

RULE currently has the higher Sharpe Ratio (2.59 vs 0.61), 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.