ARP vs. THRO

Last updated Aug 2, 2026

ARP (PMV Adaptive Risk Parity ETF) and THRO (iShares U.S. Thematic Rotation Active ETF) are both Tactical Allocation funds. Both are actively managed. Over the past 3 years, ARP returned 13.08%/yr vs 20.40%/yr for THRO. Their 0.69 correlation means they have sometimes moved together and sometimes differently. ARP charges 1.42%/yr vs 0.60%/yr for THRO.

Performance

ARP vs. THRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PMV Adaptive Risk Parity ETF (ARP) and iShares U.S. Thematic Rotation Active ETF (THRO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ARP achieves a 8.24% return, which is significantly lower than THRO's 10.68% return.

ARP

• 1D: 0.13%
• 1M: 1.65%
• 6M: 2.24%
• YTD: 8.24%
• 1Y: 22.60%
• 3Y*: 13.08%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.87%

THRO

• 1D: 0.90%
• 1M: -0.07%
• 6M: 9.54%
• YTD: 10.68%
• 1Y: 20.29%
• 3Y*: 20.40%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.67%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ARP PMV Adaptive Risk Parity ETF	$115.46K	$121.20K	$189.42K
THRO iShares U.S. Thematic Rotation Active ETF	$22.22M	$24.97M	$80.10M

ARP vs. THRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ARP PMV Adaptive Risk Parity ETF	8.24%	18.33%	13.79%	3.66%	-0.82%
THRO iShares U.S. Thematic Rotation Active ETF	10.68%	15.04%	32.03%	24.40%	-1.05%

Correlation

The correlation between ARP and THRO is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.70
Correlation (3Y) Balances recent behavior with more history.	0.72
Correlation (All Time) Calculated using the full available price history since Dec 22, 2022	0.69

The correlation between ARP and THRO has been stable across timeframes, ranging from 0.69 to 0.72 - a consistent structural relationship.

ARP vs. THRO - Sectors Allocation Comparison

Sectors	ARP	THRO
Technology	39.5%	44.2%
Financial Services	11.0%	10.8%
Industrials	9.7%	11.0%
Consumer Cyclical	9.4%	8.9%
Communication Services	8.9%	8.7%
Healthcare	6.0%	6.0%
Consumer Defensive	5.6%	5.7%
Basic Materials	3.8%	1.1%
Energy	2.7%	3.5%
Utilities	2.1%	0.1%
Real Estate	1.3%	-

Return for Risk

ARP vs. THRO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ARP

ARP Risk / Return Rank: 63
ARP Sharpe Ratio Rank: 65
ARP Sortino Ratio Rank: 56
ARP Omega Ratio Rank: 70
ARP Calmar Ratio Rank: 64
ARP Martin Ratio Rank: 62

THRO

THRO Risk / Return Rank: 51
THRO Sharpe Ratio Rank: 52
THRO Sortino Ratio Rank: 51
THRO Omega Ratio Rank: 49
THRO Calmar Ratio Rank: 47
THRO Martin Ratio Rank: 58

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ARP vs. THRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PMV Adaptive Risk Parity ETF (ARP) and iShares U.S. Thematic Rotation Active ETF (THRO). 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.

	ARP	THRO	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.26	+0.24
Sortino ratio: Return per unit of downside risk	1.94	1.81	+0.13
Omega ratio: Gain probability vs. loss probability	1.29	1.22	+0.07
Calmar ratio: Return relative to maximum drawdown	2.23	1.68	+0.55
Martin ratio: Return relative to average drawdown	7.39	6.85	+0.54

ARP vs. THRO - Sharpe Ratio Comparison

The current ARP Sharpe Ratio is 1.50, which is comparable to the THRO Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of ARP and THRO, 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

ARP vs. THRO - Drawdown Comparison

The maximum ARP drawdown since its inception was -10.13%, smaller than the maximum THRO drawdown of -26.54%. Use the drawdown chart below to compare losses from any high point for ARP and THRO.

Drawdown Indicators

	ARP	THRO	Difference
Max Drawdown Largest peak-to-trough decline	-10.13%	-26.54%	+16.41%
Max Drawdown (1Y) Largest decline over 1 year	-10.13%	-10.87%	+0.74%
Max Drawdown (3Y) Largest decline over 3 years	-10.13%	-19.07%	+8.94%
Current Drawdown Current decline from peak	-3.29%	-2.41%	-0.88%
Average Drawdown Average peak-to-trough decline	-1.90%	-6.54%	+4.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	2.66%	+0.39%

Volatility

ARP vs. THRO - Volatility Comparison

The current volatility for PMV Adaptive Risk Parity ETF (ARP) is 3.87%, while iShares U.S. Thematic Rotation Active ETF (THRO) has a volatility of 4.40%. This indicates that ARP experiences smaller price fluctuations and is considered to be less risky than THRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARP	THRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.87%	4.40%	-0.53%
Volatility (6M) Calculated over the trailing 6-month period	13.00%	11.72%	+1.28%
Volatility (1Y) Calculated over the trailing 1-year period	15.06%	14.52%	+0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.51%	18.70%	-8.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.51%	18.70%	-8.19%

ARP vs. THRO - Expense Ratio Comparison

ARP has a 1.42% expense ratio, which is higher than THRO's 0.60% expense ratio.

Dividends

ARP vs. THRO - Dividend Comparison

ARP's dividend yield for the trailing twelve months is around 6.04%, more than THRO's 0.25% yield.

Position	TTM	2025	2024	2023	2022
ARP PMV Adaptive Risk Parity ETF	6.04%	6.54%	5.29%	2.67%	0.06%
THRO iShares U.S. Thematic Rotation Active ETF	0.25%	0.15%	0.73%	0.55%	0.90%

Frequently Asked Questions

Can I hold both ARP and THRO in my portfolio?

ARP and THRO have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ARP or THRO?

THRO has higher volatility (4.40%) compared to ARP (3.87%). In terms of maximum drawdown, ARP dropped -10.13% vs THRO's -26.54%.

Which ETF is better, ARP or THRO?

On 3-year performance, THRO leads with 20.40% vs 13.08% for ARP. On fees, THRO is cheaper at 0.60% per year. On volatility, ARP has been the lower-risk option at 3.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ARP or THRO?

Over the 3-year period, THRO has performed better with a 20.40% return vs 13.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ARP or THRO?

THRO is cheaper with a 0.60% expense ratio, compared with 1.42% for ARP.

Which ETF pays a higher dividend yield, ARP or THRO?

ARP has the higher dividend yield at 6.04%, compared with 0.25% for THRO.

What is the main difference between ARP and THRO?

They also come from different issuers: PMV and iShares. Their fees differ too: 1.42% for ARP and 0.60% for THRO.

Which has better risk-adjusted returns?

ARP currently has the higher Sharpe Ratio (1.50 vs 1.26), 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.