SMQ vs. AAOX

Last updated Jun 6, 2026

SMQ (Tradr 1X Short Innovation 100 Monthly ETF) and AAOX (Tradr 2X Long AAOI Daily ETF) are both exchange-traded funds - SMQ is a Inverse Equities fund actively managed by Tradr, while AAOX is a Leveraged Equities fund tracking the Applied Optoelectronics, Inc. (AAOI). SMQ is actively managed, while AAOX is passively managed. At a correlation of -0.33, they often move in opposite directions. SMQ charges 1.50%/yr vs 1.49%/yr for AAOX.

Performance

SMQ vs. AAOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 1X Short Innovation 100 Monthly ETF (SMQ) and Tradr 2X Long AAOI Daily ETF (AAOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SMQ

• 1D: 4.62%
• 1M: -3.50%
• YTD: -15.77%
• 6M: -14.26%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAOX

• 1D: -25.66%
• 1M: -20.73%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMQ vs. AAOX - Yearly Performance Comparison

	2026 (YTD)
SMQ Tradr 1X Short Innovation 100 Monthly ETF	-20.60%
AAOX Tradr 2X Long AAOI Daily ETF	51.43%

Correlation

The correlation between SMQ and AAOX is -0.33, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 25, 2026	-0.33

Return for Risk

SMQ vs. AAOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 1X Short Innovation 100 Monthly ETF (SMQ) and Tradr 2X Long AAOI Daily ETF (AAOX). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SMQ	AAOX	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-1.47	2.30	-3.77

Drawdowns

SMQ vs. AAOX - Drawdown Comparison

The maximum SMQ drawdown since its inception was -27.62%, smaller than the maximum AAOX drawdown of -52.25%. Use the drawdown chart below to compare losses from any high point for SMQ and AAOX.

Drawdown Indicators

	SMQ	AAOX	Difference
Max Drawdown Largest peak-to-trough decline	-27.62%	-52.25%	+24.63%
Current Drawdown Current decline from peak	-23.66%	-44.87%	+21.21%
Average Drawdown Average peak-to-trough decline	-7.66%	-21.84%	+14.18%

Volatility

Volatility by Period

	SMQ	AAOX	Difference
Volatility (1Y) Calculated over the trailing 1-year period	19.18%	297.37%	-278.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.18%	297.37%	-278.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.18%	297.37%	-278.19%

SMQ vs. AAOX - Expense Ratio Comparison

SMQ has a 1.50% expense ratio, which is higher than AAOX's 1.49% expense ratio.

Dividends

SMQ vs. AAOX - Dividend Comparison

SMQ's dividend yield for the trailing twelve months is around 0.29%, while AAOX has not paid dividends to shareholders.

Position	TTM	2025
AAOX Tradr 2X Long AAOI Daily ETF	0.00%	0.00%
SMQ Tradr 1X Short Innovation 100 Monthly ETF	0.29%	0.25%

Frequently Asked Questions

Can I hold both SMQ and AAOX in my portfolio?

SMQ and AAOX have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMQ or AAOX?

On fees, AAOX is cheaper at 1.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMQ or AAOX?

AAOX is cheaper with a 1.49% expense ratio, compared with 1.50% for SMQ.

Which ETF pays a higher dividend yield, SMQ or AAOX?

SMQ has the higher dividend yield at 0.29%, compared with 0.00% for AAOX.

What is the main difference between SMQ and AAOX?

SMQ is categorized as Inverse Equities, while AAOX is Leveraged Equities. Their fees differ too: 1.50% for SMQ and 1.49% for AAOX.