ALLW vs. ELM

Last updated Jun 4, 2026

ALLW (SPDR Bridgewater All Weather ETF) and ELM (Elm Market Navigator ETF) are both Tactical Allocation funds. Both are actively managed. Over the past year, ALLW returned 23.78% vs 19.85% for ELM. A 0.71 correlation means they provide meaningful diversification when combined. ALLW charges 0.85%/yr vs 0.24%/yr for ELM.

Performance

ALLW vs. ELM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bridgewater All Weather ETF (ALLW) and Elm Market Navigator ETF (ELM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ALLW achieves a 9.20% return, which is significantly higher than ELM's 7.56% return.

ALLW

• 1D: -0.76%
• 1M: 0.91%
• YTD: 9.20%
• 6M: 8.47%
• 1Y: 23.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ELM

• 1D: -0.58%
• 1M: 2.88%
• YTD: 7.56%
• 6M: 8.51%
• 1Y: 19.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ALLW vs. ELM - Yearly Performance Comparison

	2026 (YTD)	2025
ALLW SPDR Bridgewater All Weather ETF	9.20%	15.04%
ELM Elm Market Navigator ETF	7.56%	12.46%

Correlation

The correlation between ALLW and ELM is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (All Time) Calculated using the full available price history since Mar 7, 2025	0.71

The correlation between ALLW and ELM has been stable across timeframes, ranging from 0.69 to 0.71 - a consistent structural relationship.

ALLW vs. ELM - Sectors Allocation Comparison

Sectors	ALLW	ELM
Technology	26.3%	22.0%
Financial Services	15.8%	18.3%
Consumer Cyclical	11.0%	9.1%
Communication Services	9.7%	6.6%
Industrials	9.2%	12.6%
Healthcare	8.2%	8.3%
Consumer Defensive	5.9%	5.2%
Energy	4.9%	4.8%
Basic Materials	4.6%	5.4%
Utilities	2.8%	3.0%
Real Estate	1.8%	4.7%

Return for Risk

ALLW vs. ELM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ALLW

ALLW Risk / Return Rank: 67
ALLW Sharpe Ratio Rank: 67
ALLW Sortino Ratio Rank: 64
ALLW Omega Ratio Rank: 67
ALLW Calmar Ratio Rank: 66
ALLW Martin Ratio Rank: 73

ELM

ELM Risk / Return Rank: 63
ELM Sharpe Ratio Rank: 64
ELM Sortino Ratio Rank: 66
ELM Omega Ratio Rank: 67
ELM Calmar Ratio Rank: 54
ELM Martin Ratio Rank: 62

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ALLW vs. ELM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bridgewater All Weather ETF (ALLW) and Elm Market Navigator ETF (ELM). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	ALLW	ELM	Difference
Sharpe ratio: Return per unit of total volatility	2.27	2.13	+0.14
Sortino ratio: Return per unit of downside risk	3.05	3.00	+0.06
Omega ratio: Gain probability vs. loss probability	1.41	1.40	+0.01
Calmar ratio: Return relative to maximum drawdown	3.30	2.65	+0.65
Martin ratio: Return relative to average drawdown	14.01	11.00	+3.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ALLW vs. ELM - Sharpe Ratio Comparison

The current ALLW Sharpe Ratio is 2.27, which is comparable to the ELM Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of ALLW and ELM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ALLW	ELM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.27	2.13	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	1.62	1.49	+0.12

Drawdowns

ALLW vs. ELM - Drawdown Comparison

The maximum ALLW drawdown since its inception was -8.78%, roughly equal to the maximum ELM drawdown of -9.02%. Use the drawdown chart below to compare losses from any high point for ALLW and ELM.

Drawdown Indicators

	ALLW	ELM	Difference
Max Drawdown Largest peak-to-trough decline	-8.78%	-9.02%	+0.24%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-7.52%	+0.29%
Current Drawdown Current decline from peak	-0.79%	-0.58%	-0.21%
Average Drawdown Average peak-to-trough decline	-1.20%	-1.32%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.70%	1.81%	-0.11%

Volatility

ALLW vs. ELM - Volatility Comparison

SPDR Bridgewater All Weather ETF (ALLW) has a higher volatility of 3.43% compared to Elm Market Navigator ETF (ELM) at 2.59%. This indicates that ALLW's price experiences larger fluctuations and is considered to be riskier than ELM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALLW	ELM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.43%	2.59%	+0.84%
Volatility (6M) Calculated over the trailing 6-month period	8.71%	7.52%	+1.19%
Volatility (1Y) Calculated over the trailing 1-year period	10.52%	9.38%	+1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.54%	10.27%	+2.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.54%	10.27%	+2.27%

ALLW vs. ELM - Expense Ratio Comparison

ALLW has a 0.85% expense ratio, which is higher than ELM's 0.24% expense ratio.

Dividends

ALLW vs. ELM - Dividend Comparison

ALLW's dividend yield for the trailing twelve months is around 4.28%, more than ELM's 2.52% yield.

Position	TTM	2025
ALLW SPDR Bridgewater All Weather ETF	4.28%	4.67%
ELM Elm Market Navigator ETF	2.52%	2.71%

Frequently Asked Questions

Can I hold both ALLW and ELM in my portfolio?

ALLW and ELM have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ALLW or ELM?

ALLW has higher volatility (3.43%) compared to ELM (2.59%). In terms of maximum drawdown, ALLW dropped -8.78% vs ELM's -9.02%.

Which ETF is better, ALLW or ELM?

On 1-year performance, ALLW leads with 23.78% vs 19.85% for ELM. On fees, ELM is cheaper at 0.24% per year. On volatility, ELM has been the lower-risk option at 2.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ALLW or ELM?

Over the 1-year period, ALLW has performed better with a 23.78% return vs 19.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ALLW or ELM?

ELM is cheaper with a 0.24% expense ratio, compared with 0.85% for ALLW.

Which ETF pays a higher dividend yield, ALLW or ELM?

ALLW has the higher dividend yield at 4.28%, compared with 2.52% for ELM.

What is the main difference between ALLW and ELM?

They also come from different issuers: State Street and Elm. Their fees differ too: 0.85% for ALLW and 0.24% for ELM.

Which has better risk-adjusted returns?

ALLW currently has the higher Sharpe Ratio (2.27 vs 2.13), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.