QAI vs. AGOX
QAI (IQ Hedge Multi-Strategy Tracker ETF) and AGOX (Adaptive Alpha Opportunities ETF) are both exchange-traded funds - QAI is a Long-Short fund tracking the IQ Hedge Multi-Strategy Index, while AGOX is a Tactical Allocation fund actively managed by Adaptive Funds. QAI is passively managed, while AGOX is actively managed. Over the past 5 years, QAI returned 4.45%/yr vs 8.55%/yr for AGOX. A 0.70 correlation means they provide meaningful diversification when combined. QAI charges 0.79%/yr vs 1.33%/yr for AGOX.
Performance
QAI vs. AGOX - Performance Comparison
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Returns By Period
In the year-to-date period, QAI achieves a 8.45% return, which is significantly lower than AGOX's 20.02% return.
QAI
- 1D
- -1.20%
- 1M
- 0.61%
- YTD
- 8.45%
- 6M
- 8.10%
- 1Y
- 15.12%
- 3Y*
- 9.95%
- 5Y*
- 4.45%
- 10Y*
- 3.94%
AGOX
- 1D
- -2.40%
- 1M
- 1.11%
- YTD
- 20.02%
- 6M
- 16.23%
- 1Y
- 26.99%
- 3Y*
- 17.26%
- 5Y*
- 8.55%
- 10Y*
- —
QAI vs. AGOX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
QAI IQ Hedge Multi-Strategy Tracker ETF | 8.45% | 8.29% | 6.67% | 10.07% | -8.68% | -0.63% |
AGOX Adaptive Alpha Opportunities ETF | 20.02% | 8.58% | 15.97% | 19.07% | -19.21% | 8.91% |
Correlation
The correlation between QAI and AGOX is 0.72, 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 | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since May 10, 2021 | 0.70 |
The correlation between QAI and AGOX has been stable across timeframes, ranging from 0.64 to 0.72 - a consistent structural relationship.
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Return for Risk
QAI vs. AGOX — Risk / Return Rank
QAI
AGOX
QAI vs. AGOX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ Hedge Multi-Strategy Tracker ETF (QAI) 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.
| QAI | AGOX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.87 | ||
| Sortino ratioReturn per unit of downside risk | +0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.27 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 4.09 | 1.77 | +2.32 |
| Martin ratioReturn relative to average drawdown | 16.12 | 6.44 | +9.68 |
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Drawdowns
QAI vs. AGOX - Drawdown Comparison
The maximum QAI drawdown since its inception was -14.95%, smaller than the maximum AGOX drawdown of -26.93%. Use the drawdown chart below to compare losses from any high point for QAI and AGOX.
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Drawdown Indicators
| QAI | AGOX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.95% | -26.93% | +11.98% |
Max Drawdown (1Y)Largest decline over 1 year | -3.71% | -15.32% | +11.61% |
Max Drawdown (3Y)Largest decline over 3 years | -7.78% | -21.15% | +13.37% |
Max Drawdown (5Y)Largest decline over 5 years | -14.32% | -26.93% | +12.61% |
Max Drawdown (10Y)Largest decline over 10 years | -14.95% | — | — |
Current DrawdownCurrent decline from peak | -1.20% | -3.39% | +2.19% |
Average DrawdownAverage peak-to-trough decline | -2.57% | -8.10% | +5.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 4.20% | -3.26% |
Volatility
QAI vs. AGOX - Volatility Comparison
The current volatility for IQ Hedge Multi-Strategy Tracker ETF (QAI) is 3.12%, while Adaptive Alpha Opportunities ETF (AGOX) has a volatility of 5.40%. This indicates that QAI 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.
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Volatility by Period
| QAI | AGOX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.12% | 5.40% | -2.28% |
Volatility (6M)Calculated over the trailing 6-month period | 5.63% | 16.35% | -10.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.58% | 18.77% | -12.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.67% | 19.75% | -13.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.23% | 19.67% | -13.44% |
QAI vs. AGOX - Expense Ratio Comparison
QAI has a 0.79% expense ratio, which is lower than AGOX's 1.33% expense ratio.
Dividends
QAI vs. AGOX - Dividend Comparison
QAI's dividend yield for the trailing twelve months is around 1.39%, less than AGOX's 2.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGOX Adaptive Alpha Opportunities ETF | 2.69% | 3.23% | 3.94% | 0.27% | 0.20% | 6.36% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
QAI IQ Hedge Multi-Strategy Tracker ETF | 1.39% | 1.50% | 2.22% | 4.08% | 2.00% | 0.28% | 1.98% | 1.91% | 1.90% | 0.00% | 0.00% | 0.48% |
Frequently Asked Questions
QAI and AGOX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGOX has higher volatility (5.40%) compared to QAI (3.12%). In terms of maximum drawdown, QAI dropped -14.95% vs AGOX's -26.93%.
On 5-year performance, AGOX leads with 8.55% vs 4.45% for QAI. On fees, QAI is cheaper at 0.79% per year. On volatility, QAI has been the lower-risk option at 3.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, AGOX has performed better with a 8.55% return vs 4.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QAI is cheaper with a 0.79% expense ratio, compared with 1.33% for AGOX.
AGOX has the higher dividend yield at 2.69%, compared with 1.39% for QAI.
QAI is categorized as Long-Short, while AGOX is Tactical Allocation. They also come from different issuers: New York Life and Adaptive Funds. Their fees differ too: 0.79% for QAI and 1.33% for AGOX.
QAI currently has the higher Sharpe Ratio (2.31 vs 1.44), 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.
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