QAI vs. AGOX

Last updated Jun 4, 2026

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 4.57%/yr vs 8.81%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ Hedge Multi-Strategy Tracker ETF (QAI) 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, QAI achieves a 9.07% return, which is significantly lower than AGOX's 21.15% return.

QAI

• 1D: -0.35%
• 1M: 2.48%
• YTD: 9.07%
• 6M: 9.63%
• 1Y: 16.35%
• 3Y*: 10.28%
• 5Y*: 4.57%
• 10Y*: 3.93%

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)

QAI vs. AGOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QAI IQ Hedge Multi-Strategy Tracker ETF	9.07%	8.29%	6.67%	10.07%	-8.68%	-0.00%
AGOX Adaptive Alpha Opportunities ETF	21.15%	8.58%	15.97%	19.07%	-19.21%	9.82%

Correlation

The correlation between QAI and AGOX is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since May 11, 2021	0.70

The correlation between QAI and AGOX has been stable across timeframes, ranging from 0.63 to 0.70 - a consistent structural relationship.

QAI vs. AGOX - Sectors Allocation Comparison

Sectors	QAI	AGOX
Technology	21.9%	50.1%
Financial Services	19.5%	4.8%
Industrials	13.6%	9.6%
Communication Services	11.2%	9.6%
Consumer Cyclical	7.3%	6.2%
Healthcare	7.1%	9.2%
Basic Materials	5.3%	3.2%
Utilities	3.8%	2.1%
Energy	3.7%	1.8%
Consumer Defensive	3.7%	2.8%
Real Estate	2.9%	0.7%

Return for Risk

QAI vs. AGOX — Risk / Return Rank

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

QAI

QAI Risk / Return Rank: 85
QAI Sharpe Ratio Rank: 83
QAI Sortino Ratio Rank: 85
QAI Omega Ratio Rank: 87
QAI Calmar Ratio Rank: 82
QAI Martin Ratio Rank: 86

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.

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.

	QAI	AGOX	Difference
Sharpe ratio Return per unit of total volatility	2.74	1.40	+1.34
Sortino ratio Return per unit of downside risk	3.91	2.18	+1.72
Omega ratio Gain probability vs. loss probability	1.55	1.27	+0.28
Calmar ratio Return relative to maximum drawdown	4.42	1.68	+2.74
Martin ratio Return relative to average drawdown	18.26	6.13	+12.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QAI vs. AGOX - Sharpe Ratio Comparison

The current QAI Sharpe Ratio is 2.74, which is higher than the AGOX Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of QAI 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

	QAI	AGOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.74	1.40	+1.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	0.45	+0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.50	+0.07

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.

Drawdown Indicators

	QAI	AGOX	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-0.35%	-1.34%	+0.99%
Average Drawdown Average peak-to-trough decline	-2.57%	-8.18%	+5.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	4.19%	-3.29%

Volatility

QAI vs. AGOX - Volatility Comparison

The current volatility for IQ Hedge Multi-Strategy Tracker ETF (QAI) is 2.06%, while Adaptive Alpha Opportunities ETF (AGOX) has a volatility of 6.22%. 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.

Volatility by Period

	QAI	AGOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.06%	6.22%	-4.16%
Volatility (6M) Calculated over the trailing 6-month period	4.91%	15.90%	-10.99%
Volatility (1Y) Calculated over the trailing 1-year period	5.99%	18.37%	-12.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.55%	19.67%	-13.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.17%	19.67%	-13.50%

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 1.38%, 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%
QAI IQ Hedge Multi-Strategy Tracker ETF	1.38%	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

Can I hold both QAI and AGOX in my portfolio?

QAI and AGOX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QAI or AGOX?

AGOX has higher volatility (6.22%) compared to QAI (2.06%). In terms of maximum drawdown, QAI dropped -14.95% vs AGOX's -26.93%.

Which ETF is better, QAI or AGOX?

On 5-year performance, AGOX leads with 8.81% vs 4.57% for QAI. On fees, QAI is cheaper at 0.79% per year. On volatility, QAI has been the lower-risk option at 2.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QAI or AGOX?

Over the 5-year period, AGOX has performed better with a 8.81% return vs 4.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QAI or AGOX?

QAI is cheaper with a 0.79% expense ratio, compared with 1.33% for AGOX.

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

AGOX has the higher dividend yield at 2.66%, compared with 1.38% for QAI.

What is the main difference between QAI and AGOX?

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.

Which has better risk-adjusted returns?

QAI currently has the higher Sharpe Ratio (2.74 vs 1.40), 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.