AMAX vs QQQ
Adaptive Hedged Multi-Asset Income ETF vs Invesco QQQ Trust, Series 1
Quick Verdict
QQQ has a lower expense ratio. QQQ delivered stronger 1-year returns. QQQ offers more diversification with 108 holdings.
Side-by-Side Comparison
| Metric | AMAX | QQQ | Winner |
|---|---|---|---|
| Expense Ratio | 1.36% | 0.18% | |
| AUM | $69M | $496.3B | |
| Dividend Yield | 12.08% | 0.44% | |
| Holdings | 23 | 108 | |
| YTD Return | +4.79% | +16.64% | |
| 1Y Return | +8.46% | +27.27% | |
| 3Y Return (annualized) | +9.89% | +25.96% | |
| 5Y Return (annualized) | - | +14.54% | |
| Volatility (annualized) | 9.4% | 30.6% | |
| Max Drawdown | -16.3% | -83.0% | |
| Fund Family | Adaptive ETFs | Invesco (US) | |
| Category | Allocation/Balanced | Equity | |
| Inception | Oct 2, 2009 | Mar 10, 1999 |
AMAX vs QQQ Performance
Adaptive Hedged Multi-Asset Income ETF (AMAX) is a ETF from Adaptive ETFs and Invesco QQQ Trust, Series 1 (QQQ) is a ETF from Invesco (US). Over the past year AMAX returned +8.46% while QQQ returned +27.27%. Year to date, AMAX is up 4.79% versus a gain of 16.64% for QQQ.
Over three years, AMAX compounded at +9.89% per year against +25.96% for QQQ. Across the full 5-year window we track, QQQ has the edge at +13.03% annualized vs +3.55%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 30.6% compared with 9.4% for AMAX. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -16.3% for AMAX and -83.0% for QQQ. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.70. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
AMAX charges 1.36% per year while QQQ charges 0.18%. On a $10,000 position that is $136 vs $18 annually, a gap of $118 per year that compounds over a long holding period. On income, AMAX currently yields 12.08% against 0.44% for QQQ.
Holdings Overlap
AMAX and QQQ share 1 holdings out of 115 unique holdings combined, representing a 0.1% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in AMAX | Weight in QQQ | Difference |
|---|---|---|---|
| MSTR | 4.64% | 0.14% | 4.50% |
Frequently Asked Questions
Which is cheaper, AMAX or QQQ?
AMAX has an expense ratio of 1.36% while QQQ charges 0.18%. QQQ is the cheaper option. On a $10,000 investment, that is $118 per year of difference.
Which performed better, AMAX or QQQ?
Over the past year AMAX returned +8.46% vs +27.27% for QQQ, so QQQ leads on 1-year performance. Over the longest common window we track (5 years), AMAX annualized +3.55% vs +13.03% for QQQ. Past performance does not guarantee future results.
Which is riskier, AMAX or QQQ?
QQQ has been the more volatile fund at 30.6% annualized versus 9.4% for AMAX. Worst drawdown: AMAX -16.3% vs QQQ -83.0%.
Should I hold both AMAX and QQQ?
AMAX and QQQ have a monthly-return correlation of 0.70, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between AMAX and QQQ?
AMAX and QQQ share 1 common holdings with a 0.1% weight overlap. Combined, they hold 115 unique securities.
Which pays a higher dividend, AMAX or QQQ?
AMAX yields 12.08% while QQQ yields 0.44%, so AMAX currently pays the higher dividend yield.
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