QAI vs. AGOX
QAI (NYLI Hedge Multi-Strategy Tracker ETF) and AGOX (Adaptive Alpha Opportunities ETF) are both exchange-traded funds - QAI is a Long-Short fund tracking the NYLI Hedge Multi-Strategy Index, while AGOX is a Tactical Allocation fund actively managed by Adaptive. QAI is passively managed, while AGOX is actively managed. Over the past 5 years, QAI returned 4.39%/yr vs 7.88%/yr for AGOX. Their 0.70 correlation means they have sometimes moved together and sometimes differently. QAI charges 0.79%/yr vs 1.33%/yr for AGOX.
Performance
QAI vs. AGOX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, QAI achieves a 7.67% return, which is significantly lower than AGOX's 16.81% return.
QAI
- 1D
- 0.25%
- 1M
- -0.72%
- 6M
- 5.22%
- YTD
- 7.67%
- 1Y
- 12.58%
- 3Y*
- 8.67%
- 5Y*
- 4.39%
- 10Y*
- 3.74%
- ALL TIME*
- 3.49%
AGOX
- 1D
- 0.91%
- 1M
- -2.77%
- 6M
- 12.41%
- YTD
- 16.81%
- 1Y
- 16.30%
- 3Y*
- 14.16%
- 5Y*
- 7.88%
- 10Y*
- —
- ALL TIME*
- 8.63%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.70M | $2.48M | $2.81M | |
| $2.04M | $2.05M | $2.17M |
QAI vs. AGOX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
QAI NYLI Hedge Multi-Strategy Tracker ETF | 7.67% | 8.29% | 6.67% | 10.07% | -8.68% | -0.63% |
AGOX Adaptive Alpha Opportunities ETF | 16.81% | 8.58% | 15.97% | 19.07% | -19.21% | 8.91% |
Correlation
The correlation between QAI and AGOX is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.74 |
Correlation (3Y) Balances recent behavior with more history. | 0.64 |
Correlation (5Y) Shows whether the relationship held over a longer 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 shifts across timeframes, from 0.64 (3 years) to 0.74 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 NYLI 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 | +1.03 | ||
| Sortino ratioReturn per unit of downside risk | +1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.16 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 3.39 | 1.02 | +2.38 |
| Martin ratioReturn relative to average drawdown | 11.62 | 3.43 | +8.18 |
Loading charts...
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.
Loading charts...
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 | -1.90% | -5.98% | +4.08% |
Average DrawdownAverage peak-to-trough decline | -2.56% | -8.04% | +5.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.08% | 4.52% | -3.44% |
Volatility
QAI vs. AGOX - Volatility Comparison
The current volatility for NYLI Hedge Multi-Strategy Tracker ETF (QAI) is 1.82%, while Adaptive Alpha Opportunities ETF (AGOX) has a volatility of 5.32%. 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.
Loading charts...
Volatility by Period
| QAI | AGOX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.82% | 5.32% | -3.50% |
Volatility (6M)Calculated over the trailing 6-month period | 5.78% | 16.77% | -10.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.85% | 19.22% | -12.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.71% | 19.81% | -13.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.24% | 19.64% | -13.40% |
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 1.40%, less than AGOX's 2.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGOX Adaptive Alpha Opportunities ETF | 2.76% | 3.23% | 3.94% | 0.27% | 0.20% | 6.36% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
QAI NYLI Hedge Multi-Strategy Tracker ETF | 1.40% | 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 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGOX has higher volatility (5.32%) compared to QAI (1.82%). In terms of maximum drawdown, QAI dropped -14.95% vs AGOX's -26.93%.
On 5-year performance, AGOX leads with 7.88% vs 4.39% for QAI. On fees, QAI is cheaper at 0.79% per year. On volatility, QAI has been the lower-risk option at 1.82%. 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 7.88% return vs 4.39%. 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 2.76%, compared with 1.40% for QAI.
QAI is categorized as Long-Short, while AGOX is Tactical Allocation. They also come from different issuers: New York Life and Adaptive. Their fees differ too: 0.79% for QAI and 1.33% for AGOX.
QAI currently has the higher Sharpe Ratio (1.84 vs 0.81), 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.
Find the right allocation for QAI and AGOX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer