ONEV vs. AGOX

Last updated Jun 4, 2026

ONEV (SPDR Russell 1000 Low Volatility Focus ETF) and AGOX (Adaptive Alpha Opportunities ETF) are both exchange-traded funds - ONEV is a Volatility Hedged Equity fund tracking the Russell 1000 Low Volatility Focused Factor (TR), while AGOX is a Tactical Allocation fund actively managed by Adaptive Funds. ONEV is passively managed, while AGOX is actively managed. Over the past 5 years, ONEV returned 7.83%/yr vs 8.81%/yr for AGOX. A 0.65 correlation means they provide meaningful diversification when combined. ONEV charges 0.20%/yr vs 1.33%/yr for AGOX.

Performance

ONEV vs. AGOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Russell 1000 Low Volatility Focus ETF (ONEV) 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, ONEV achieves a 6.31% return, which is significantly lower than AGOX's 21.15% return.

ONEV

• 1D: 0.20%
• 1M: 2.36%
• YTD: 6.31%
• 6M: 6.47%
• 1Y: 12.08%
• 3Y*: 12.79%
• 5Y*: 7.83%
• 10Y*: 11.19%

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)

ONEV vs. AGOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ONEV SPDR Russell 1000 Low Volatility Focus ETF	6.31%	8.14%	11.76%	13.28%	-8.15%	8.76%
AGOX Adaptive Alpha Opportunities ETF	21.15%	8.58%	15.97%	19.07%	-19.21%	9.82%

Correlation

The correlation between ONEV and AGOX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since May 11, 2021	0.65

Over the past year, the correlation between ONEV and AGOX has dropped to 0.37 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.

ONEV vs. AGOX - Sectors Allocation Comparison

Sectors	ONEV	AGOX
Industrials	19.5%	9.6%
Healthcare	13.9%	9.2%
Consumer Cyclical	12.7%	6.2%
Financial Services	12.1%	4.8%
Technology	11.0%	50.1%
Utilities	8.9%	2.1%
Consumer Defensive	8.5%	2.8%
Real Estate	5.2%	0.7%
Basic Materials	4.0%	3.2%
Communication Services	2.6%	9.6%
Energy	1.6%	1.8%

Return for Risk

ONEV vs. AGOX — Risk / Return Rank

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

ONEV

ONEV Risk / Return Rank: 31
ONEV Sharpe Ratio Rank: 29
ONEV Sortino Ratio Rank: 31
ONEV Omega Ratio Rank: 28
ONEV Calmar Ratio Rank: 31
ONEV Martin Ratio Rank: 35

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.

ONEV vs. AGOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Russell 1000 Low Volatility Focus ETF (ONEV) 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.

	ONEV	AGOX	Difference
Sharpe ratio Return per unit of total volatility	1.08	1.40	-0.32
Sortino ratio Return per unit of downside risk	1.67	2.18	-0.51
Omega ratio Gain probability vs. loss probability	1.19	1.27	-0.08
Calmar ratio Return relative to maximum drawdown	1.57	1.68	-0.11
Martin ratio Return relative to average drawdown	5.34	6.13	-0.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ONEV vs. AGOX - Sharpe Ratio Comparison

The current ONEV Sharpe Ratio is 1.08, which is comparable to the AGOX Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of ONEV 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.

Sharpe Ratios by Period

	ONEV	AGOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.08	1.40	-0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.45	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.50	+0.17

Drawdowns

ONEV vs. AGOX - Drawdown Comparison

The maximum ONEV drawdown since its inception was -39.72%, which is greater than AGOX's maximum drawdown of -26.93%. Use the drawdown chart below to compare losses from any high point for ONEV and AGOX.

Drawdown Indicators

	ONEV	AGOX	Difference
Max Drawdown Largest peak-to-trough decline	-39.72%	-26.93%	-12.79%
Max Drawdown (1Y) Largest decline over 1 year	-7.75%	-15.32%	+7.57%
Max Drawdown (3Y) Largest decline over 3 years	-14.81%	-21.15%	+6.34%
Max Drawdown (5Y) Largest decline over 5 years	-18.52%	-26.93%	+8.41%
Max Drawdown (10Y) Largest decline over 10 years	-39.72%	—	—
Current Drawdown Current decline from peak	-0.99%	-1.34%	+0.35%
Average Drawdown Average peak-to-trough decline	-3.90%	-8.18%	+4.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	4.19%	-1.92%

Volatility

ONEV vs. AGOX - Volatility Comparison

The current volatility for SPDR Russell 1000 Low Volatility Focus ETF (ONEV) is 2.63%, while Adaptive Alpha Opportunities ETF (AGOX) has a volatility of 6.22%. This indicates that ONEV 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

	ONEV	AGOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.63%	6.22%	-3.59%
Volatility (6M) Calculated over the trailing 6-month period	7.73%	15.90%	-8.17%
Volatility (1Y) Calculated over the trailing 1-year period	11.20%	18.37%	-7.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.54%	19.67%	-5.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.02%	19.67%	-2.65%

ONEV vs. AGOX - Expense Ratio Comparison

ONEV has a 0.20% expense ratio, which is lower than AGOX's 1.33% expense ratio.

Dividends

ONEV vs. AGOX - Dividend Comparison

ONEV's dividend yield for the trailing twelve months is around 1.76%, less than AGOX's 2.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGOX Adaptive Alpha Opportunities ETF	2.66%	3.23%	3.94%	0.27%	0.20%	6.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ONEV SPDR Russell 1000 Low Volatility Focus ETF	1.76%	1.81%	1.88%	1.79%	1.80%	1.44%	1.87%	2.07%	2.14%	6.91%	3.73%	0.21%

Frequently Asked Questions

Can I hold both ONEV and AGOX in my portfolio?

ONEV and AGOX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ONEV or AGOX?

AGOX has higher volatility (6.22%) compared to ONEV (2.63%). In terms of maximum drawdown, ONEV dropped -39.72% vs AGOX's -26.93%.

Which ETF is better, ONEV or AGOX?

On 5-year performance, AGOX leads with 8.81% vs 7.83% for ONEV. On fees, ONEV is cheaper at 0.20% per year. On volatility, ONEV has been the lower-risk option at 2.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ONEV or AGOX?

Over the 5-year period, AGOX has performed better with a 8.81% return vs 7.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ONEV or AGOX?

ONEV is cheaper with a 0.20% expense ratio, compared with 1.33% for AGOX.

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

AGOX has the higher dividend yield at 2.66%, compared with 1.76% for ONEV.

What is the main difference between ONEV and AGOX?

ONEV is categorized as Volatility Hedged Equity, while AGOX is Tactical Allocation. They also come from different issuers: State Street and Adaptive Funds. Their fees differ too: 0.20% for ONEV and 1.33% for AGOX.

Which has better risk-adjusted returns?

AGOX currently has the higher Sharpe Ratio (1.40 vs 1.08), 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.