AMAX vs INDL

Comparison between ADAPTIVE HEDGED MULTI-ASSET INCOME ETF (AMAX, ETF) and DIREXION DAILY MSCI INDIA BULL 2X SHARES (INDL, ETF).

5-Year PerformanceAMAX has outperformed INDL, delivering a return of +3.4% compared to -3.3%

AMAX vs INDL - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	AMAX(ETF)	INDL(ETF)
Net Assets	$60M	$60M
Expense Ratio	1.36%	N/A
Max Drawdown	28.31%	95.75%
Sharpe Ratio	0.55	-1.13
5Y Beta	0.38	0.89

Net Assets

Winner

AMAX

$60M

INDL

$60M

Expense Ratio

AMAX

1.36%

INDL

N/A

Max Drawdown

Winner

AMAX

28.31%

INDL

95.75%

Sharpe Ratio

Winner

AMAX

0.55

INDL

-1.13

5Y Beta

Winner

AMAX

0.38

INDL

0.89

AMAX vs INDL - Historical Returns

Returns include dividend reinvestment.

Period	AMAX	INDL
1 month	-2.92%	-7.75%
3 months	-1.94%	-13.83%
6 months	+1.58%	-26.33%
1 year	+9.75%	-29.53%
5 years(CAGR)	+3.37%	-3.27%
10 years(CAGR)	N/A	-0.89%
Max(CAGR)	+3.37%	-7.21%

Winner

AMAX

-2.92%

INDL

-7.75%

Winner

AMAX

-1.94%

INDL

-13.83%

Winner

AMAX

+1.58%

INDL

-26.33%

Winner

AMAX

+9.75%

INDL

-29.53%

5Y(CAGR)

Winner

AMAX

+3.37%

INDL

-3.27%

10Y(CAGR)

AMAX

N/A

INDL

-0.89%

Max(CAGR)

Winner

AMAX

+3.37%

INDL

-7.21%

AMAX vs INDL - Annual Returns (2010 - 2026)

Returns include dividend reinvestment.

Year	AMAX	INDL
2026	+2.45%	-27.47%
2025	+10.82%	-6.13%
2024	+10.07%	+8.24%
2023	+6.91%	+25.25%
2022	-12.46%	-25.42%
2021	-0.20%	+39.51%
2020	N/A	-38.58%
2019	N/A	+5.61%
2018	N/A	-34.64%
2017	N/A	+125.37%
2016	N/A	-10.28%
2015	N/A	-35.99%
2014	N/A	+67.33%
2013	N/A	-36.72%
2012	N/A	+8.88%
2011	N/A	-67.93%
2010	N/A	+28.97%

AMAX vs INDL Drawdown Comparison

The maximum drawdown for AMAX was -16.26%, occurring on Oct 14, 2022. Recovery took 595 trading sessions.

The maximum drawdown for INDL was -95.67%, occurring on Mar 23, 2020. This drawdown has not yet recovered.

The current AMAX drawdown is -4.41%. The current INDL drawdown is -79.22%.

Rank	AMAX	INDL
#1	-16.26% Nov 17, 2021 - Apr 3, 2024	-95.67% Nov 5, 2010 - Mar 23, 2020
#2	-9.26% Feb 19, 2025 - May 14, 2025	-30.28% Apr 5, 2010 - Sep 14, 2010
#3	-7.51% Jan 28, 2026 - May 8, 2026	-8.88% Oct 13, 2010 - Nov 4, 2010
#4	-5.73% Jul 17, 2024 - Aug 19, 2024	-3.55% Oct 5, 2010 - Oct 13, 2010
#5	-5.38% Oct 20, 2025 - Jan 22, 2026	-3.41% Sep 21, 2010 - Sep 24, 2010
#6	-4.41% May 11, 2026 - Jun 5, 2026	-2.68% Mar 17, 2010 - Mar 23, 2010
#7	-3.54% Apr 3, 2024 - May 20, 2024	-1.54% Sep 28, 2010 - Oct 1, 2010
#8	-2.95% Dec 11, 2024 - Jan 22, 2025	-1.52% Mar 23, 2010 - Mar 26, 2010
#9	-2.23% Nov 8, 2024 - Dec 11, 2024	-1.19% Mar 12, 2010 - Mar 16, 2010
#10	-2.01% Jan 31, 2025 - Feb 19, 2025	-1.06% Sep 15, 2010 - Sep 17, 2010
#11	-2.00% Jan 22, 2025 - Jan 31, 2025	-0.99% Mar 29, 2010 - Apr 1, 2010
#12	-1.89% Jun 13, 2025 - Jul 2, 2025	-0.80% Sep 24, 2010 - Sep 28, 2010
#13	-1.69% May 20, 2025 - Jun 6, 2025	-0.11% Oct 1, 2010 - Oct 5, 2010
#14	-1.62% May 20, 2024 - Jun 17, 2024	N/A
#15	-1.62% Jun 20, 2024 - Jul 9, 2024	N/A

Correlation

Correlation between AMAX and INDL is 0.34 which considered as a weak positive correlation - the stocks show a slight tendency to move together.

0.34

-101

Dividend Comparison (2010 - 2026)

AMAX vs INDL dividend yield comparison.

Year	AMAX	INDL
2026	5.19%	0.24%
2025	9.19%	1.42%
2024	7.36%	2.79%
2023	6.99%	1.65%
2022	11.22%	0.09%
2021	1.00%	2.35%
2019	0.00%	0.68%
2018	0.00%	0.18%
2017	0.00%	0.31%
2012	0.00%	0.07%
2010	0.00%	0.58%