Adaptive Hedged Multi-Asset Income ETF (AMAX) Performance
AMAX total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +2.2% since Dec 31, 2025
- 1 year
- −0.1% total return
- 3 years
- +10.5% a year
- Since first price
- +3.1% a year since 2021
AMAX trailing returns vs AGG, TLT, SPY
| Period | AMAX total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | −2.0% | −3.0% | +0.9% | +1.5% | −1.0% |
| 3 months | +2.3% | −0.7% | −0.4% | −1.0% | +3.2% |
| 6 months | −2.1% | −7.8% | −1.5% | −3.8% | +7.8% |
| YTD | +2.2% | −6.6% | −1.0% | −3.4% | +12.3% |
| 1 year | −0.1% | −10.9% | −1.1% | −6.9% | +14.4% |
| 3 years | +34.9%+10.5%/yr | +3.9% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| Since inceptionNov 15, 2021 | +16.2%+3.1%/yr | −24.7% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: AMAX vs AGG
From Nov 15, 2021: AMAX grew to $11,620, AGG to $9,923.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
AMAX returns by calendar year
3 of 4 full years positive. Best 2025 (+11.4%), worst 2022 (−12.6%). 2026 is year to date.
AMAX annual returns table
| Year | AMAX | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | +2.2% | −7.5% | −1.0% | −3.4% | +12.3% |
| 2025 | +11.4% | −9.3% | +7.2% | +4.3% | +17.7% |
| 2024 | +9.6% | −5.7% | +1.3% | −8.1% | +24.9% |
| 2023 | +6.7% | −7.6% | +5.7% | +2.8% | +26.2% |
| 2022 | −12.6% | −15.7% | −13.0% | −31.2% | −18.2% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
AMAX largest drawdowns
Now 4.4% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Nov 17, 2021 | −16.3% | Oct 14, 2022 | Apr 3, 2024 | 11 months | 2.4 years |
| Feb 19, 2025 | −9.3% | Apr 7, 2025 | May 14, 2025 | 47 days | 3 months |
| Jan 28, 2026 | −7.5% | Mar 30, 2026 | May 8, 2026 | 2 months | 3 months |
| May 11, 2026 | −7.0% | Jun 30, 2026 | not yet | 50 days | 5 months so far |
| Jul 17, 2024 | −5.7% | Aug 5, 2024 | Aug 19, 2024 | 19 days | 33 days |
| Oct 20, 2025 | −5.4% | Nov 20, 2025 | Jan 22, 2026 | 31 days | 3 months |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
AMAX risk statistics
| Statistic | 3 years | Since 2021 |
|---|---|---|
| Annualized return | +10.1% | +3.7% |
| Volatility (annualized) | 8.9% | 9.3% |
| Sharpe ratio | 0.64 | 0.04 |
| Sortino ratio | 0.95 | 0.06 |
| Best month | +5.0% | +5.0% |
| Worst month | −5.5% | −5.5% |
| Best 12 months | +20.6% | +20.6% |
| Worst 12 months | −0.6% | −12.6% |
| Positive months | 64% | 60% |
| Beta vs S&P 500 | 0.53 | — |
| Correlation with S&P 500 | 0.74 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
AMAX rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 48 | −12.6% | +6.9% | +20.6% | 79% |
| 3-year (a year) | 24 | +0.6% | +7.9% | +11.0% | 100% |
Every holding period starting at a month-end since 2021. Returns for 3 years and longer are annualized.
AMAX performance overview
Adaptive Hedged Multi-Asset Income ETF (AMAX) returned −0.1% over the past year, with distributions reinvested. Since its first recorded price in 2021 it has returned +3.1% a year, turning $10,000 into about $11,620. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −16.3%, from Nov 17, 2021 to Oct 14, 2022, and it took 1.5 years to get back to the old high. AMAX finished 3 of its 4 full calendar years with a gain; the best year was 2025 (+11.4%) and the worst 2022 (−12.6%). Volatility has been 9.3% a year.
Related: AMAX chart, AMAX dividends, AMAX bond profile. See the AMAX overview for the latest quote and fund facts.
AMAX performance FAQ
What is the AMAX return over the past year?
AMAX returned −0.1% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 10.9%.
How much would $10,000 invested in AMAX be worth?
$10,000 invested in AMAX at its first recorded close on November 15, 2021 would be worth about $11,620 on October 23, 2026 with distributions reinvested.
What was the worst year for AMAX?
The worst calendar year was 2022, with a total return of −12.6%. The best was 2025 at +11.4%.
What is the biggest drawdown of AMAX?
The largest peak-to-trough decline was −16.3% between November 17, 2021 and October 14, 2022. It recovered to the old high on April 3, 2024, 1.5 years after the bottom.
How volatile is AMAX?
Over the past 3 years AMAX had an annualized volatility of 8.9% and a Sharpe ratio of 0.64 (excess return over 1–3 month T-bills per unit of risk).