tiff input - output (colorspace)

When i input a tiff file that's in adobeRGB (16bit) it isn't displayed correctly. I set the input and output color space to adobeRGB in Color.io. I attached a picture showing a comparison using PS and Color.io. When i set the output colorspace (in color.io) to sRGB it displays correctly- Am i missing something? Testcase: I should be able to put the file through color.io without making adjustments and have a file that looks the same on the other side.