RHRX vs. AMAX

Last updated Jun 3, 2026

RHRX (RH Tactical Rotation ETF) and AMAX (RH Hedged Multi-Asset Income ETF) are both exchange-traded funds - RHRX is a Tactical Allocation fund actively managed by Adaptive, while AMAX is a Nontraditional Bonds fund actively managed by Adaptive. Both are actively managed. Over the past 3 years, RHRX returned 23.01%/yr vs 9.23%/yr for AMAX. A 0.57 correlation means they provide meaningful diversification when combined. RHRX charges 1.36%/yr vs 1.29%/yr for AMAX.

Performance

RHRX vs. AMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RH Tactical Rotation ETF (RHRX) 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, RHRX achieves a 21.71% return, which is significantly higher than AMAX's 4.98% return.

RHRX

• 1D: 1.22%
• 1M: 6.21%
• YTD: 21.71%
• 6M: 22.05%
• 1Y: 42.26%
• 3Y*: 23.01%
• 5Y*: —
• 10Y*: —

AMAX

• 1D: -0.13%
• 1M: 0.30%
• YTD: 4.98%
• 6M: 3.96%
• 1Y: 12.42%
• 3Y*: 9.23%
• 5Y*: —
• 10Y*: —

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

RHRX vs. AMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
RHRX RH Tactical Rotation ETF	21.71%	16.70%	22.21%	10.28%	-20.05%	1.65%
AMAX RH Hedged Multi-Asset Income ETF	4.98%	11.38%	9.62%	6.70%	-12.56%	-0.20%

Correlation

The correlation between RHRX and AMAX is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (All Time) Calculated using the full available price history since Nov 16, 2021	0.57

The correlation between RHRX and AMAX has been stable across timeframes, ranging from 0.57 to 0.58 - a consistent structural relationship.

RHRX vs. AMAX - Sectors Allocation Comparison

Sectors	RHRX	AMAX
Technology	39.3%	48.2%
Industrials	17.4%	4.6%
Basic Materials	15.8%	16.4%
Consumer Cyclical	6.7%	5.8%
Communication Services	6.3%	7.7%
Financial Services	4.9%	6.8%
Healthcare	3.3%	4.7%
Utilities	3.3%	1.1%
Consumer Defensive	1.5%	2.3%
Energy	0.9%	1.6%
Real Estate	0.6%	0.9%

Return for Risk

RHRX vs. AMAX — Risk / Return Rank

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

RHRX

RHRX Risk / Return Rank: 91
RHRX Sharpe Ratio Rank: 91
RHRX Sortino Ratio Rank: 91
RHRX Omega Ratio Rank: 88
RHRX Calmar Ratio Rank: 92
RHRX Martin Ratio Rank: 93

AMAX

AMAX Risk / Return Rank: 34
AMAX Sharpe Ratio Rank: 35
AMAX Sortino Ratio Rank: 33
AMAX Omega Ratio Rank: 33
AMAX Calmar Ratio Rank: 36
AMAX Martin Ratio Rank: 34

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.

RHRX vs. AMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RH Tactical Rotation ETF (RHRX) 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.

	RHRX	AMAX	Difference
Sharpe ratio Return per unit of total volatility	3.22	1.26	+1.96
Sortino ratio Return per unit of downside risk	4.33	1.76	+2.57
Omega ratio Gain probability vs. loss probability	1.56	1.22	+0.34
Calmar ratio Return relative to maximum drawdown	6.28	1.79	+4.49
Martin ratio Return relative to average drawdown	24.67	5.33	+19.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RHRX vs. AMAX - Sharpe Ratio Comparison

The current RHRX Sharpe Ratio is 3.22, which is higher than the AMAX Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of RHRX and AMAX, 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

	RHRX	AMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.22	1.26	+1.96
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.39	+0.15

Drawdowns

RHRX vs. AMAX - Drawdown Comparison

The maximum RHRX drawdown since its inception was -25.33%, which is greater than AMAX's maximum drawdown of -16.28%. Use the drawdown chart below to compare losses from any high point for RHRX and AMAX.

Drawdown Indicators

	RHRX	AMAX	Difference
Max Drawdown Largest peak-to-trough decline	-25.33%	-16.28%	-9.05%
Max Drawdown (1Y) Largest decline over 1 year	-6.83%	-7.53%	+0.70%
Max Drawdown (3Y) Largest decline over 3 years	-21.90%	-9.27%	-12.63%
Current Drawdown Current decline from peak	0.00%	-1.80%	+1.80%
Average Drawdown Average peak-to-trough decline	-8.96%	-5.32%	-3.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.74%	2.53%	-0.79%

Volatility

RHRX vs. AMAX - Volatility Comparison

RH Tactical Rotation ETF (RHRX) has a higher volatility of 4.51% compared to RH Hedged Multi-Asset Income ETF (AMAX) at 2.32%. This indicates that RHRX's price experiences larger fluctuations and is considered to be riskier than AMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RHRX	AMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.51%	2.32%	+2.19%
Volatility (6M) Calculated over the trailing 6-month period	9.72%	8.02%	+1.70%
Volatility (1Y) Calculated over the trailing 1-year period	13.18%	9.95%	+3.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.04%	10.36%	+8.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.04%	10.36%	+8.68%

RHRX vs. AMAX - Expense Ratio Comparison

RHRX has a 1.36% expense ratio, which is higher than AMAX's 1.29% expense ratio.

Dividends

RHRX vs. AMAX - Dividend Comparison

RHRX has not paid dividends to shareholders, while AMAX's dividend yield for the trailing twelve months is around 10.94%.

Position	TTM	2025	2024	2023	2022	2021
AMAX RH Hedged Multi-Asset Income ETF	10.94%	9.18%	7.36%	6.99%	11.22%	1.00%
RHRX RH Tactical Rotation ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RHRX and AMAX in my portfolio?

RHRX and AMAX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RHRX or AMAX?

RHRX has higher volatility (4.51%) compared to AMAX (2.32%). In terms of maximum drawdown, RHRX dropped -25.33% vs AMAX's -16.28%.

Which ETF is better, RHRX or AMAX?

On 3-year performance, RHRX leads with 23.01% vs 9.23% for AMAX. On fees, AMAX is cheaper at 1.29% per year. On volatility, AMAX has been the lower-risk option at 2.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RHRX or AMAX?

Over the 3-year period, RHRX has performed better with a 23.01% return vs 9.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RHRX or AMAX?

AMAX is cheaper with a 1.29% expense ratio, compared with 1.36% for RHRX.

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

AMAX has the higher dividend yield at 10.94%, compared with 0.00% for RHRX.

What is the main difference between RHRX and AMAX?

RHRX is categorized as Tactical Allocation, while AMAX is Nontraditional Bonds. Their fees differ too: 1.36% for RHRX and 1.29% for AMAX.

Which has better risk-adjusted returns?

RHRX currently has the higher Sharpe Ratio (3.22 vs 1.26), 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.