ALLW vs. RPAR

Last updated Jun 23, 2026

ALLW (State Street Bridgewater All Weather ETF) and RPAR (RPAR Risk Parity ETF) are both exchange-traded funds - ALLW is a Tactical Allocation fund actively managed by State Street, while RPAR is a Hedge Fund fund actively managed by Toroso Investments. Both are actively managed. Over the past year, ALLW returned 19.05% vs 17.23% for RPAR. Their correlation of 0.85 suggests significant overlap in exposure. ALLW charges 0.85%/yr vs 0.51%/yr for RPAR.

Performance

ALLW vs. RPAR - Performance Comparison

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

Returns By Period

In the year-to-date period, ALLW achieves a 7.06% return, which is significantly higher than RPAR's 5.76% return.

ALLW

• 1D: -0.60%
• 1M: -1.40%
• YTD: 7.06%
• 6M: 6.75%
• 1Y: 19.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

RPAR

• 1D: -0.72%
• 1M: 0.04%
• YTD: 5.76%
• 6M: 5.53%
• 1Y: 17.23%
• 3Y*: 8.27%
• 5Y*: 1.42%
• 10Y*: —

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

ALLW vs. RPAR - Yearly Performance Comparison

	2026 (YTD)	2025
ALLW State Street Bridgewater All Weather ETF	7.06%	15.44%
RPAR RPAR Risk Parity ETF	5.76%	12.29%

Correlation

The correlation between ALLW and RPAR is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (All Time) Calculated using the full available price history since Mar 6, 2025	0.85

The correlation between ALLW and RPAR has been stable across timeframes, ranging from 0.85 to 0.85 - a consistent structural relationship.

Return for Risk

ALLW vs. RPAR — Risk / Return Rank

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

ALLW

ALLW Risk / Return Rank: 54
ALLW Sharpe Ratio Rank: 53
ALLW Sortino Ratio Rank: 49
ALLW Omega Ratio Rank: 52
ALLW Calmar Ratio Rank: 55
ALLW Martin Ratio Rank: 61

RPAR

RPAR Risk / Return Rank: 46
RPAR Sharpe Ratio Rank: 50
RPAR Sortino Ratio Rank: 47
RPAR Omega Ratio Rank: 48
RPAR Calmar Ratio Rank: 44
RPAR Martin Ratio Rank: 42

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. RPAR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Bridgewater All Weather ETF (ALLW) and RPAR Risk Parity ETF (RPAR). 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	RPAR	Difference
Sharpe ratio: Return per unit of total volatility	1.74	1.65	+0.09
Sortino ratio: Return per unit of downside risk	2.34	2.29	+0.06
Omega ratio: Gain probability vs. loss probability	1.32	1.29	+0.02
Calmar ratio: Return relative to maximum drawdown	2.64	2.14	+0.51
Martin ratio: Return relative to average drawdown	10.61	6.62	+3.99

ALLW vs. RPAR - Sharpe Ratio Comparison

The current ALLW Sharpe Ratio is 1.74, which is comparable to the RPAR Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of ALLW and RPAR, 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. RPAR - Drawdown Comparison

The maximum ALLW drawdown since its inception was -8.78%, smaller than the maximum RPAR drawdown of -30.16%. Use the drawdown chart below to compare losses from any high point for ALLW and RPAR.

Drawdown Indicators

	ALLW	RPAR	Difference
Max Drawdown Largest peak-to-trough decline	-8.78%	-30.16%	+21.38%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-8.10%	+0.87%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.20%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-30.16%	—
Current Drawdown Current decline from peak	-2.74%	-4.24%	+1.50%
Average Drawdown Average peak-to-trough decline	-1.25%	-11.55%	+10.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	2.61%	-0.81%

Volatility

ALLW vs. RPAR - Volatility Comparison

State Street Bridgewater All Weather ETF (ALLW) has a higher volatility of 3.88% compared to RPAR Risk Parity ETF (RPAR) at 3.67%. This indicates that ALLW's price experiences larger fluctuations and is considered to be riskier than RPAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALLW	RPAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.88%	3.67%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	9.30%	8.89%	+0.41%
Volatility (1Y) Calculated over the trailing 1-year period	11.02%	10.53%	+0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.69%	12.46%	+0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.69%	12.70%	-0.01%

ALLW vs. RPAR - Expense Ratio Comparison

ALLW has a 0.85% expense ratio, which is higher than RPAR's 0.51% expense ratio.

Dividends

ALLW vs. RPAR - Dividend Comparison

ALLW's dividend yield for the trailing twelve months is around 4.37%, more than RPAR's 2.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
ALLW State Street Bridgewater All Weather ETF	4.37%	4.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RPAR RPAR Risk Parity ETF	2.11%	2.55%	2.51%	3.16%	4.01%	2.02%	0.76%	0.23%

Frequently Asked Questions

Can I hold both ALLW and RPAR in my portfolio?

ALLW and RPAR have a correlation of 0.85, 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 RPAR?

ALLW has higher volatility (3.88%) compared to RPAR (3.67%). In terms of maximum drawdown, ALLW dropped -8.78% vs RPAR's -30.16%.

Which ETF is better, ALLW or RPAR?

On 1-year performance, ALLW leads with 19.05% vs 17.23% for RPAR. On fees, RPAR is cheaper at 0.51% per year. On volatility, RPAR has been the lower-risk option at 3.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ALLW or RPAR?

Over the 1-year period, ALLW has performed better with a 19.05% return vs 17.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ALLW or RPAR?

RPAR is cheaper with a 0.51% expense ratio, compared with 0.85% for ALLW.

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

ALLW has the higher dividend yield at 4.37%, compared with 2.11% for RPAR.

What is the main difference between ALLW and RPAR?

ALLW is categorized as Tactical Allocation, while RPAR is Hedge Fund. They also come from different issuers: State Street and Toroso Investments. Their fees differ too: 0.85% for ALLW and 0.51% for RPAR.

Which has better risk-adjusted returns?

ALLW currently has the higher Sharpe Ratio (1.74 vs 1.65), 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.