THRO vs. AGOX

Last updated Jun 4, 2026

THRO (iShares U.S. Thematic Rotation Active ETF) and AGOX (Adaptive Alpha Opportunities ETF) are both Tactical Allocation funds. Both are actively managed. Over the past 3 years, THRO returned 24.41%/yr vs 18.06%/yr for AGOX. Their correlation of 0.81 suggests significant overlap in exposure. THRO charges 0.60%/yr vs 1.33%/yr for AGOX.

Performance

THRO vs. AGOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Thematic Rotation Active ETF (THRO) 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, THRO achieves a 12.78% return, which is significantly lower than AGOX's 21.15% return.

THRO

• 1D: -0.55%
• 1M: 6.78%
• YTD: 12.78%
• 6M: 12.56%
• 1Y: 26.45%
• 3Y*: 24.41%
• 5Y*: —
• 10Y*: —

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)

THRO vs. AGOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
THRO iShares U.S. Thematic Rotation Active ETF	12.78%	15.04%	32.03%	24.40%	-17.85%	2.14%
AGOX Adaptive Alpha Opportunities ETF	21.15%	8.58%	15.97%	19.07%	-19.21%	2.90%

Correlation

The correlation between THRO 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	0.73
Correlation (All Time) Calculated using the full available price history since Dec 17, 2021	0.81

The correlation between THRO and AGOX shifts across timeframes, from 0.70 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

THRO vs. AGOX - Sectors Allocation Comparison

Sectors	THRO	AGOX
Technology	40.7%	50.1%
Financial Services	12.1%	4.8%
Communication Services	11.6%	9.6%
Industrials	10.4%	9.6%
Consumer Cyclical	8.6%	6.2%
Consumer Defensive	7.1%	2.8%
Healthcare	6.6%	9.2%
Energy	1.7%	1.8%
Basic Materials	0.9%	3.2%
Utilities	0.1%	2.1%
Real Estate	-	0.7%

Return for Risk

THRO vs. AGOX — Risk / Return Rank

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

THRO

THRO Risk / Return Rank: 57
THRO Sharpe Ratio Rank: 60
THRO Sortino Ratio Rank: 60
THRO Omega Ratio Rank: 57
THRO Calmar Ratio Rank: 49
THRO Martin Ratio Rank: 60

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.

THRO vs. AGOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Thematic Rotation Active ETF (THRO) 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.

	THRO	AGOX	Difference
Sharpe ratio: Return per unit of total volatility	2.05	1.40	+0.64
Sortino ratio: Return per unit of downside risk	2.86	2.18	+0.68
Omega ratio: Gain probability vs. loss probability	1.36	1.27	+0.09
Calmar ratio: Return relative to maximum drawdown	2.44	1.68	+0.76
Martin ratio: Return relative to average drawdown	10.84	6.13	+4.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

THRO vs. AGOX - Sharpe Ratio Comparison

The current THRO Sharpe Ratio is 2.05, which is higher than the AGOX Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of THRO 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

	THRO	AGOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	1.40	+0.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.45	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	0.50	+0.24

Drawdowns

THRO vs. AGOX - Drawdown Comparison

The maximum THRO drawdown since its inception was -26.54%, roughly equal to the maximum AGOX drawdown of -26.93%. Use the drawdown chart below to compare losses from any high point for THRO and AGOX.

Drawdown Indicators

	THRO	AGOX	Difference
Max Drawdown Largest peak-to-trough decline	-26.54%	-26.93%	+0.39%
Max Drawdown (1Y) Largest decline over 1 year	-10.87%	-15.32%	+4.45%
Max Drawdown (3Y) Largest decline over 3 years	-19.07%	-21.15%	+2.08%
Max Drawdown (5Y) Largest decline over 5 years	—	-26.93%	—
Current Drawdown Current decline from peak	-0.55%	-1.34%	+0.79%
Average Drawdown Average peak-to-trough decline	-6.69%	-8.18%	+1.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.45%	4.19%	-1.74%

Volatility

THRO vs. AGOX - Volatility Comparison

The current volatility for iShares U.S. Thematic Rotation Active ETF (THRO) is 3.47%, while Adaptive Alpha Opportunities ETF (AGOX) has a volatility of 6.22%. This indicates that THRO 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

	THRO	AGOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.47%	6.22%	-2.75%
Volatility (6M) Calculated over the trailing 6-month period	10.09%	15.90%	-5.81%
Volatility (1Y) Calculated over the trailing 1-year period	13.00%	18.37%	-5.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.72%	19.67%	-0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.72%	19.67%	-0.95%

THRO vs. AGOX - Expense Ratio Comparison

THRO has a 0.60% expense ratio, which is lower than AGOX's 1.33% expense ratio.

Dividends

THRO vs. AGOX - Dividend Comparison

THRO's dividend yield for the trailing twelve months is around 0.16%, less than AGOX's 2.66% yield.

Position	TTM	2025	2024	2023	2022	2021
AGOX Adaptive Alpha Opportunities ETF	2.66%	3.23%	3.94%	0.27%	0.20%	6.36%
THRO iShares U.S. Thematic Rotation Active ETF	0.16%	0.15%	0.73%	0.55%	0.90%	0.00%

Frequently Asked Questions

Can I hold both THRO and AGOX in my portfolio?

THRO 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, THRO or AGOX?

AGOX has higher volatility (6.22%) compared to THRO (3.47%). In terms of maximum drawdown, THRO dropped -26.54% vs AGOX's -26.93%.

Which ETF is better, THRO or AGOX?

On 3-year performance, THRO leads with 24.41% vs 18.06% for AGOX. On fees, THRO is cheaper at 0.60% per year. On volatility, THRO has been the lower-risk option at 3.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, THRO or AGOX?

Over the 3-year period, THRO has performed better with a 24.41% return vs 18.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, THRO or AGOX?

THRO is cheaper with a 0.60% expense ratio, compared with 1.33% for AGOX.

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

AGOX has the higher dividend yield at 2.66%, compared with 0.16% for THRO.

What is the main difference between THRO and AGOX?

They also come from different issuers: iShares and Adaptive Funds. Their fees differ too: 0.60% for THRO and 1.33% for AGOX.

Which has better risk-adjusted returns?

THRO currently has the higher Sharpe Ratio (2.05 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.