GLDB vs. AMAX

Last updated Jul 12, 2026

GLDB (Strategy Shares Gold-Hedged Bond ETF) and AMAX (RH Hedged Multi-Asset Income ETF) are both Nontraditional Bonds funds. GLDB is passively managed, while AMAX is actively managed. A 0.77 correlation means they provide meaningful diversification when combined. GLDB charges 0.79%/yr vs 1.29%/yr for AMAX.

Performance

GLDB vs. AMAX - Performance Comparison

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

Returns By Period

In the year-to-date period, GLDB achieves a -18.19% return, which is significantly lower than AMAX's 0.94% return.

GLDB

• 1D: 0.25%
• 1M: -5.20%
• 6M: -22.97%
• YTD: -18.19%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AMAX

• 1D: 0.15%
• 1M: -1.34%
• 6M: -0.84%
• YTD: 0.94%
• 1Y: 5.00%
• 3Y*: 7.85%
• 5Y*: —
• 10Y*: —

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

GLDB vs. AMAX - Yearly Performance Comparison

	2026 (YTD)	2025
GLDB Strategy Shares Gold-Hedged Bond ETF	-18.19%	-3.56%
AMAX RH Hedged Multi-Asset Income ETF	0.94%	-2.22%

Correlation

The correlation between GLDB and AMAX is 0.77, 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 Oct 24, 2025	0.77

Return for Risk

GLDB vs. AMAX — Risk / Return Rank

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

GLDB

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

AMAX

AMAX Risk / Return Rank: 18
AMAX Sharpe Ratio Rank: 19
AMAX Sortino Ratio Rank: 17
AMAX Omega Ratio Rank: 17
AMAX Calmar Ratio Rank: 20
AMAX Martin Ratio Rank: 20

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.

GLDB vs. AMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Strategy Shares Gold-Hedged Bond ETF (GLDB) and RH Hedged Multi-Asset Income ETF (AMAX). 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.

	GLDB	AMAX	Difference
Sharpe ratio: Return per unit of total volatility	—	0.51	—
Sortino ratio: Return per unit of downside risk	—	0.74	—
Omega ratio: Gain probability vs. loss probability	—	1.09	—
Calmar ratio: Return relative to maximum drawdown	—	0.71	—
Martin ratio: Return relative to average drawdown	—	1.77	—

Drawdowns

GLDB vs. AMAX - Drawdown Comparison

The maximum GLDB drawdown since its inception was -38.30%, which is greater than AMAX's maximum drawdown of -16.28%. Use the drawdown chart below to compare losses from any high point for GLDB and AMAX.

Drawdown Indicators

	GLDB	AMAX	Difference
Max Drawdown Largest peak-to-trough decline	-38.30%	-16.28%	-22.02%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.53%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-9.27%	—
Current Drawdown Current decline from peak	-34.89%	-5.57%	-29.32%
Average Drawdown Average peak-to-trough decline	-16.22%	-5.31%	-10.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.02%	—

Volatility

Volatility by Period

	GLDB	AMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.81%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.86%	—
Volatility (1Y) Calculated over the trailing 1-year period	39.71%	10.61%	+29.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.71%	10.46%	+29.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.71%	10.46%	+29.25%

GLDB vs. AMAX - Expense Ratio Comparison

GLDB has a 0.79% expense ratio, which is lower than AMAX's 1.29% expense ratio.

Dividends

GLDB vs. AMAX - Dividend Comparison

GLDB's dividend yield for the trailing twelve months is around 0.23%, less than AMAX's 11.63% yield.

Position	TTM	2025	2024	2023	2022	2021
AMAX RH Hedged Multi-Asset Income ETF	11.63%	9.18%	7.36%	6.99%	11.22%	1.00%
GLDB Strategy Shares Gold-Hedged Bond ETF	0.23%	0.19%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLDB and AMAX in my portfolio?

GLDB and AMAX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GLDB or AMAX?

On fees, GLDB is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GLDB or AMAX?

GLDB is cheaper with a 0.79% expense ratio, compared with 1.29% for AMAX.

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

AMAX has the higher dividend yield at 11.63%, compared with 0.23% for GLDB.

What is the main difference between GLDB and AMAX?

They also come from different issuers: Strategy Shares and Adaptive. Their fees differ too: 0.79% for GLDB and 1.29% for AMAX.