CLSM vs. ARP

Last updated Jun 23, 2026

CLSM (Cabana Target Leading Sector Moderate ETF) and ARP (Pmv Adaptive Risk Parity ETF) are both Tactical Allocation funds. CLSM is passively managed, while ARP is actively managed. Over the past 3 years, CLSM returned 14.07%/yr vs 14.35%/yr for ARP. A 0.67 correlation means they provide meaningful diversification when combined. CLSM charges 0.82%/yr vs 1.42%/yr for ARP.

Performance

CLSM vs. ARP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cabana Target Leading Sector Moderate ETF (CLSM) and Pmv Adaptive Risk Parity ETF (ARP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CLSM achieves a 18.94% return, which is significantly higher than ARP's 8.51% return.

CLSM

• 1D: -0.24%
• 1M: 1.70%
• YTD: 18.94%
• 6M: 17.85%
• 1Y: 32.91%
• 3Y*: 14.07%
• 5Y*: —
• 10Y*: —

ARP

• 1D: -0.18%
• 1M: -1.63%
• YTD: 8.51%
• 6M: 7.32%
• 1Y: 23.54%
• 3Y*: 14.35%
• 5Y*: —
• 10Y*: —

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

CLSM vs. ARP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CLSM Cabana Target Leading Sector Moderate ETF	18.94%	15.32%	1.87%	3.78%	-0.02%
ARP Pmv Adaptive Risk Parity ETF	8.51%	18.33%	13.79%	3.66%	-0.82%

Correlation

The correlation between CLSM and ARP is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (All Time) Calculated using the full available price history since Dec 22, 2022	0.67

The correlation between CLSM and ARP shifts across timeframes, from 0.67 (all time) to 0.78 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CLSM vs. ARP — Risk / Return Rank

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

CLSM

CLSM Risk / Return Rank: 77
CLSM Sharpe Ratio Rank: 78
CLSM Sortino Ratio Rank: 73
CLSM Omega Ratio Rank: 78
CLSM Calmar Ratio Rank: 78
CLSM Martin Ratio Rank: 80

ARP

ARP Risk / Return Rank: 49
ARP Sharpe Ratio Rank: 49
ARP Sortino Ratio Rank: 42
ARP Omega Ratio Rank: 55
ARP Calmar Ratio Rank: 48
ARP Martin Ratio Rank: 51

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.

CLSM vs. ARP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cabana Target Leading Sector Moderate ETF (CLSM) and Pmv Adaptive Risk Parity ETF (ARP). 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.

	CLSM	ARP	Difference
Sharpe ratio: Return per unit of total volatility	2.40	1.65	+0.75
Sortino ratio: Return per unit of downside risk	3.16	2.09	+1.07
Omega ratio: Gain probability vs. loss probability	1.44	1.33	+0.11
Calmar ratio: Return relative to maximum drawdown	3.89	2.34	+1.56
Martin ratio: Return relative to average drawdown	15.29	8.49	+6.80

CLSM vs. ARP - Sharpe Ratio Comparison

The current CLSM Sharpe Ratio is 2.40, which is higher than the ARP Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of CLSM and ARP, 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

CLSM vs. ARP - Drawdown Comparison

The maximum CLSM drawdown since its inception was -27.77%, which is greater than ARP's maximum drawdown of -10.13%. Use the drawdown chart below to compare losses from any high point for CLSM and ARP.

Drawdown Indicators

	CLSM	ARP	Difference
Max Drawdown Largest peak-to-trough decline	-27.77%	-10.13%	-17.64%
Max Drawdown (1Y) Largest decline over 1 year	-8.50%	-10.13%	+1.63%
Max Drawdown (3Y) Largest decline over 3 years	-14.60%	-10.13%	-4.47%
Current Drawdown Current decline from peak	-1.63%	-3.05%	+1.42%
Average Drawdown Average peak-to-trough decline	-16.35%	-1.84%	-14.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	2.78%	-0.62%

Volatility

CLSM vs. ARP - Volatility Comparison

Cabana Target Leading Sector Moderate ETF (CLSM) has a higher volatility of 6.11% compared to Pmv Adaptive Risk Parity ETF (ARP) at 5.20%. This indicates that CLSM's price experiences larger fluctuations and is considered to be riskier than ARP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CLSM	ARP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.11%	5.20%	+0.91%
Volatility (6M) Calculated over the trailing 6-month period	11.89%	12.68%	-0.79%
Volatility (1Y) Calculated over the trailing 1-year period	13.80%	14.40%	-0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.68%	10.33%	+2.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.68%	10.33%	+2.35%

CLSM vs. ARP - Expense Ratio Comparison

CLSM has a 0.82% expense ratio, which is lower than ARP's 1.42% expense ratio.

Dividends

CLSM vs. ARP - Dividend Comparison

CLSM's dividend yield for the trailing twelve months is around 0.76%, less than ARP's 6.03% yield.

Position	TTM	2025	2024	2023	2022	2021
ARP Pmv Adaptive Risk Parity ETF	6.03%	6.54%	5.29%	2.67%	0.06%	0.00%
CLSM Cabana Target Leading Sector Moderate ETF	0.76%	0.90%	2.13%	2.58%	3.17%	0.59%

Frequently Asked Questions

Can I hold both CLSM and ARP in my portfolio?

CLSM and ARP have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CLSM or ARP?

CLSM has higher volatility (6.11%) compared to ARP (5.20%). In terms of maximum drawdown, CLSM dropped -27.77% vs ARP's -10.13%.

Which ETF is better, CLSM or ARP?

On 3-year performance, ARP leads with 14.35% vs 14.07% for CLSM. On fees, CLSM is cheaper at 0.82% per year. On volatility, ARP has been the lower-risk option at 5.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CLSM or ARP?

Over the 3-year period, ARP has performed better with a 14.35% return vs 14.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CLSM or ARP?

CLSM is cheaper with a 0.82% expense ratio, compared with 1.42% for ARP.

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

ARP has the higher dividend yield at 6.03%, compared with 0.76% for CLSM.

What is the main difference between CLSM and ARP?

They also come from different issuers: Cabana and PMV. Their fees differ too: 0.82% for CLSM and 1.42% for ARP.

Which has better risk-adjusted returns?

CLSM currently has the higher Sharpe Ratio (2.40 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.