ALLW vs. ONOF

Last updated Jun 24, 2026

ALLW (State Street Bridgewater All Weather ETF) and ONOF (Global X Adaptive U.S. Risk Management ETF) are both Tactical Allocation funds. ALLW is actively managed, while ONOF is passively managed. Over the past year, ALLW returned 17.58% vs 19.41% for ONOF. A 0.51 correlation means they provide meaningful diversification when combined. ALLW charges 0.85%/yr vs 0.39%/yr for ONOF.

Performance

ALLW vs. ONOF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Bridgewater All Weather ETF (ALLW) and Global X Adaptive U.S. Risk Management ETF (ONOF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ALLW achieves a 5.97% return, which is significantly higher than ONOF's 4.74% return.

ALLW

• 1D: -1.02%
• 1M: -2.41%
• YTD: 5.97%
• 6M: 5.04%
• 1Y: 17.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ONOF

• 1D: -1.18%
• 1M: -1.14%
• YTD: 4.74%
• 6M: 3.77%
• 1Y: 19.41%
• 3Y*: 12.23%
• 5Y*: 8.47%
• 10Y*: —

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

ALLW vs. ONOF - Yearly Performance Comparison

	2026 (YTD)	2025
ALLW State Street Bridgewater All Weather ETF	5.97%	15.44%
ONOF Global X Adaptive U.S. Risk Management ETF	4.74%	9.49%

Correlation

The correlation between ALLW and ONOF is 0.58, 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	0.58
Correlation (All Time) Calculated using the full available price history since Mar 6, 2025	0.51

The correlation between ALLW and ONOF has been stable across timeframes, ranging from 0.51 to 0.58 - a consistent structural relationship.

Return for Risk

ALLW vs. ONOF — Risk / Return Rank

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

ALLW

ALLW Risk / Return Rank: 50
ALLW Sharpe Ratio Rank: 48
ALLW Sortino Ratio Rank: 45
ALLW Omega Ratio Rank: 47
ALLW Calmar Ratio Rank: 51
ALLW Martin Ratio Rank: 57

ONOF

ONOF Risk / Return Rank: 53
ONOF Sharpe Ratio Rank: 51
ONOF Sortino Ratio Rank: 48
ONOF Omega Ratio Rank: 49
ONOF Calmar Ratio Rank: 62
ONOF Martin Ratio Rank: 57

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. ONOF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Bridgewater All Weather ETF (ALLW) and Global X Adaptive U.S. Risk Management ETF (ONOF). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ALLW	ONOF	Difference
Sharpe ratio: Return per unit of total volatility	1.60	1.65	-0.05
Sortino ratio: Return per unit of downside risk	2.16	2.24	-0.07
Omega ratio: Gain probability vs. loss probability	1.29	1.29	0.00
Calmar ratio: Return relative to maximum drawdown	2.44	2.84	-0.40
Martin ratio: Return relative to average drawdown	9.71	9.41	+0.30

ALLW vs. ONOF - Sharpe Ratio Comparison

The current ALLW Sharpe Ratio is 1.60, which is comparable to the ONOF Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of ALLW and ONOF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ALLW vs. ONOF - Drawdown Comparison

The maximum ALLW drawdown since its inception was -8.78%, smaller than the maximum ONOF drawdown of -26.21%. Use the drawdown chart below to compare losses from any high point for ALLW and ONOF.

Drawdown Indicators

	ALLW	ONOF	Difference
Max Drawdown Largest peak-to-trough decline	-8.78%	-26.21%	+17.43%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-6.86%	-0.37%
Max Drawdown (3Y) Largest decline over 3 years	—	-21.67%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.21%	—
Current Drawdown Current decline from peak	-3.73%	-3.07%	-0.66%
Average Drawdown Average peak-to-trough decline	-1.25%	-6.11%	+4.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	2.07%	-0.26%

Volatility

ALLW vs. ONOF - Volatility Comparison

The current volatility for State Street Bridgewater All Weather ETF (ALLW) is 4.00%, while Global X Adaptive U.S. Risk Management ETF (ONOF) has a volatility of 4.75%. This indicates that ALLW experiences smaller price fluctuations and is considered to be less risky than ONOF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALLW	ONOF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.00%	4.75%	-0.75%
Volatility (6M) Calculated over the trailing 6-month period	9.34%	8.90%	+0.44%
Volatility (1Y) Calculated over the trailing 1-year period	11.05%	11.87%	-0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.71%	14.42%	-1.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.71%	14.39%	-1.68%

ALLW vs. ONOF - Expense Ratio Comparison

ALLW has a 0.85% expense ratio, which is higher than ONOF's 0.39% expense ratio.

Dividends

ALLW vs. ONOF - Dividend Comparison

ALLW's dividend yield for the trailing twelve months is around 4.41%, more than ONOF's 1.32% yield.

Position	TTM	2025	2024	2023	2022	2021
ALLW State Street Bridgewater All Weather ETF	4.41%	4.67%	0.00%	0.00%	0.00%	0.00%
ONOF Global X Adaptive U.S. Risk Management ETF	1.32%	1.38%	0.93%	1.37%	1.92%	0.69%

Frequently Asked Questions

Can I hold both ALLW and ONOF in my portfolio?

ALLW and ONOF have a correlation of 0.58, 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 ONOF?

ONOF has higher volatility (4.75%) compared to ALLW (4.00%). In terms of maximum drawdown, ALLW dropped -8.78% vs ONOF's -26.21%.

Which ETF is better, ALLW or ONOF?

On 1-year performance, ONOF leads with 19.41% vs 17.58% for ALLW. On fees, ONOF is cheaper at 0.39% per year. On volatility, ALLW has been the lower-risk option at 4.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ALLW or ONOF?

Over the 1-year period, ONOF has performed better with a 19.41% return vs 17.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ALLW or ONOF?

ONOF is cheaper with a 0.39% expense ratio, compared with 0.85% for ALLW.

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

ALLW has the higher dividend yield at 4.41%, compared with 1.32% for ONOF.

What is the main difference between ALLW and ONOF?

They also come from different issuers: State Street and Global X. Their fees differ too: 0.85% for ALLW and 0.39% for ONOF.

Which has better risk-adjusted returns?

ONOF currently has the higher Sharpe Ratio (1.65 vs 1.60), 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.