Considering the above, it seems that RAAX sometimes underperforms, sometimes matches the performance of an inflation-hedge index ETF / the average inflation-hedge asset class.

Source: https://seekingalpha.com/article/4598063-raax-remains-a-subpar-inflation-hedge-etf-no-reason-to-buy?source=feed_all_articles

Note how ETJ generally outperforms the S&P 500 in bear market years, but underperforms in bull market years because of its option hedging activities.

Source: https://seekingalpha.com/article/4655557-etj-good-way-to-invest-in-equities-with-reduced-risk?source=feed_all_articles