RHTX vs. AMAX

Last updated Jun 24, 2026

RHTX (RH Tactical Outlook ETF) and AMAX (RH Hedged Multi-Asset Income ETF) are both exchange-traded funds - RHTX 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, RHTX returned 14.34%/yr vs 7.54%/yr for AMAX. A 0.61 correlation means they provide meaningful diversification when combined. RHTX charges 1.38%/yr vs 1.29%/yr for AMAX.

Performance

RHTX vs. AMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RH Tactical Outlook ETF (RHTX) 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, RHTX achieves a 5.30% return, which is significantly higher than AMAX's 0.19% return.

RHTX

• 1D: -1.50%
• 1M: -2.48%
• YTD: 5.30%
• 6M: 3.85%
• 1Y: 20.43%
• 3Y*: 14.34%
• 5Y*: —
• 10Y*: —

AMAX

• 1D: -1.95%
• 1M: -4.03%
• YTD: 0.19%
• 6M: -1.15%
• 1Y: 6.88%
• 3Y*: 7.54%
• 5Y*: —
• 10Y*: —

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

RHTX vs. AMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
RHTX RH Tactical Outlook ETF	5.30%	15.42%	18.27%	7.02%	-19.72%	0.23%
AMAX RH Hedged Multi-Asset Income ETF	0.19%	11.38%	9.62%	6.70%	-12.56%	-0.20%

Correlation

The correlation between RHTX and AMAX 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	0.62
Correlation (All Time) Calculated using the full available price history since Nov 15, 2021	0.62

The correlation between RHTX and AMAX has been stable across timeframes, ranging from 0.61 to 0.70 - a consistent structural relationship.

Return for Risk

RHTX vs. AMAX — Risk / Return Rank

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

RHTX

RHTX Risk / Return Rank: 37
RHTX Sharpe Ratio Rank: 40
RHTX Sortino Ratio Rank: 35
RHTX Omega Ratio Rank: 39
RHTX Calmar Ratio Rank: 34
RHTX Martin Ratio Rank: 38

AMAX

AMAX Risk / Return Rank: 20
AMAX Sharpe Ratio Rank: 20
AMAX Sortino Ratio Rank: 18
AMAX Omega Ratio Rank: 19
AMAX Calmar Ratio Rank: 21
AMAX Martin Ratio Rank: 22

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.

RHTX vs. AMAX - Risk-Adjusted Trends Comparison

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

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.

	RHTX	AMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.30	0.66	+0.64
Sortino ratio: Return per unit of downside risk	1.73	0.94	+0.79
Omega ratio: Gain probability vs. loss probability	1.24	1.12	+0.12
Calmar ratio: Return relative to maximum drawdown	1.61	0.92	+0.69
Martin ratio: Return relative to average drawdown	5.55	2.54	+3.01

RHTX vs. AMAX - Sharpe Ratio Comparison

The current RHTX Sharpe Ratio is 1.30, which is higher than the AMAX Sharpe Ratio of 0.66. The chart below compares the historical Sharpe Ratios of RHTX 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.

Drawdowns

RHTX vs. AMAX - Drawdown Comparison

The maximum RHTX drawdown since its inception was -24.68%, which is greater than AMAX's maximum drawdown of -16.28%. Use the drawdown chart below to compare losses from any high point for RHTX and AMAX.

Drawdown Indicators

	RHTX	AMAX	Difference
Max Drawdown Largest peak-to-trough decline	-24.68%	-16.28%	-8.40%
Max Drawdown (1Y) Largest decline over 1 year	-12.77%	-7.53%	-5.24%
Max Drawdown (3Y) Largest decline over 3 years	-18.73%	-9.27%	-9.46%
Current Drawdown Current decline from peak	-4.38%	-6.28%	+1.90%
Average Drawdown Average peak-to-trough decline	-9.55%	-5.30%	-4.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.69%	2.71%	+0.98%

Volatility

RHTX vs. AMAX - Volatility Comparison

RH Tactical Outlook ETF (RHTX) has a higher volatility of 5.16% compared to RH Hedged Multi-Asset Income ETF (AMAX) at 4.02%. This indicates that RHTX'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

	RHTX	AMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.16%	4.02%	+1.14%
Volatility (6M) Calculated over the trailing 6-month period	13.29%	8.77%	+4.52%
Volatility (1Y) Calculated over the trailing 1-year period	15.77%	10.47%	+5.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.06%	10.45%	+7.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.06%	10.45%	+7.61%

RHTX vs. AMAX - Expense Ratio Comparison

RHTX has a 1.38% expense ratio, which is higher than AMAX's 1.29% expense ratio.

Dividends

RHTX vs. AMAX - Dividend Comparison

RHTX has not paid dividends to shareholders, while AMAX's dividend yield for the trailing twelve months is around 11.46%.

Position	TTM	2025	2024	2023	2022	2021
AMAX RH Hedged Multi-Asset Income ETF	11.46%	9.18%	7.36%	6.99%	11.22%	1.00%
RHTX RH Tactical Outlook ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RHTX and AMAX in my portfolio?

RHTX and AMAX 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, RHTX or AMAX?

RHTX has higher volatility (5.16%) compared to AMAX (4.02%). In terms of maximum drawdown, RHTX dropped -24.68% vs AMAX's -16.28%.

Which ETF is better, RHTX or AMAX?

On 3-year performance, RHTX leads with 14.34% vs 7.54% for AMAX. On fees, AMAX is cheaper at 1.29% per year. On volatility, AMAX has been the lower-risk option at 4.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RHTX or AMAX?

Over the 3-year period, RHTX has performed better with a 14.34% return vs 7.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RHTX or AMAX?

AMAX is cheaper with a 1.29% expense ratio, compared with 1.38% for RHTX.

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

AMAX has the higher dividend yield at 11.46%, compared with 0.00% for RHTX.

What is the main difference between RHTX and AMAX?

RHTX is categorized as Tactical Allocation, while AMAX is Nontraditional Bonds. Their fees differ too: 1.38% for RHTX and 1.29% for AMAX.

Which has better risk-adjusted returns?

RHTX currently has the higher Sharpe Ratio (1.30 vs 0.66), 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.