CLSM vs. ELM

Last updated Jun 3, 2026

CLSM (Cabana Target Leading Sector Moderate ETF) and ELM (Elm Market Navigator ETF) are both Tactical Allocation funds. CLSM is passively managed, while ELM is actively managed. Over the past year, CLSM returned 35.30% vs 19.98% for ELM. Their correlation of 0.81 suggests significant overlap in exposure. CLSM charges 0.82%/yr vs 0.24%/yr for ELM.

Performance

CLSM vs. ELM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cabana Target Leading Sector Moderate ETF (CLSM) 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, CLSM achieves a 20.91% return, which is significantly higher than ELM's 8.18% return.

CLSM

• 1D: 0.55%
• 1M: 9.14%
• YTD: 20.91%
• 6M: 20.97%
• 1Y: 35.30%
• 3Y*: 13.89%
• 5Y*: —
• 10Y*: —

ELM

• 1D: 0.48%
• 1M: 3.11%
• YTD: 8.18%
• 6M: 9.50%
• 1Y: 19.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CLSM vs. ELM - Yearly Performance Comparison

	2026 (YTD)	2025
CLSM Cabana Target Leading Sector Moderate ETF	20.91%	11.69%
ELM Elm Market Navigator ETF	8.18%	11.89%

Correlation

The correlation between CLSM and ELM is 0.83, 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	0.83
Correlation (All Time) Calculated using the full available price history since Feb 12, 2025	0.81

The correlation between CLSM and ELM has been stable across timeframes, ranging from 0.81 to 0.83 - a consistent structural relationship.

CLSM vs. ELM - Sectors Allocation Comparison

Sectors	CLSM	ELM
Technology	51.8%	22.0%
Consumer Defensive	34.8%	5.2%
Communication Services	5.5%	6.6%
Consumer Cyclical	4.4%	9.1%
Healthcare	1.4%	8.3%
Industrials	1.0%	12.6%
Utilities	0.5%	3.0%
Basic Materials	0.4%	5.4%
Energy	0.2%	4.8%
Financial Services	0.1%	18.3%
Real Estate	0.0%	4.7%

Return for Risk

CLSM vs. ELM — Risk / Return Rank

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

CLSM

CLSM Risk / Return Rank: 82
CLSM Sharpe Ratio Rank: 84
CLSM Sortino Ratio Rank: 81
CLSM Omega Ratio Rank: 83
CLSM Calmar Ratio Rank: 81
CLSM Martin Ratio Rank: 84

ELM

ELM Risk / Return Rank: 62
ELM Sharpe Ratio Rank: 63
ELM Sortino Ratio Rank: 63
ELM Omega Ratio Rank: 65
ELM Calmar Ratio Rank: 55
ELM Martin Ratio Rank: 63

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. ELM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cabana Target Leading Sector Moderate ETF (CLSM) 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.

	CLSM	ELM	Difference
Sharpe ratio Return per unit of total volatility	2.79	2.15	+0.65
Sortino ratio Return per unit of downside risk	3.68	3.02	+0.66
Omega ratio Gain probability vs. loss probability	1.51	1.40	+0.11
Calmar ratio Return relative to maximum drawdown	4.25	2.77	+1.49
Martin ratio Return relative to average drawdown	17.62	11.50	+6.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CLSM vs. ELM - Sharpe Ratio Comparison

The current CLSM Sharpe Ratio is 2.79, which is higher than the ELM Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of CLSM 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

	CLSM	ELM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.79	2.15	+0.65
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	1.55	-1.19

Drawdowns

CLSM vs. ELM - Drawdown Comparison

The maximum CLSM drawdown since its inception was -27.77%, which is greater than ELM's maximum drawdown of -9.02%. Use the drawdown chart below to compare losses from any high point for CLSM and ELM.

Drawdown Indicators

	CLSM	ELM	Difference
Max Drawdown Largest peak-to-trough decline	-27.77%	-9.02%	-18.75%
Max Drawdown (1Y) Largest decline over 1 year	-8.50%	-7.52%	-0.98%
Max Drawdown (3Y) Largest decline over 3 years	-14.60%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-16.50%	-1.32%	-15.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	1.81%	+0.24%

Volatility

CLSM vs. ELM - Volatility Comparison

Cabana Target Leading Sector Moderate ETF (CLSM) has a higher volatility of 3.60% compared to Elm Market Navigator ETF (ELM) at 2.54%. This indicates that CLSM'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

	CLSM	ELM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.60%	2.54%	+1.06%
Volatility (6M) Calculated over the trailing 6-month period	10.58%	7.49%	+3.09%
Volatility (1Y) Calculated over the trailing 1-year period	12.70%	9.37%	+3.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.47%	10.27%	+2.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.47%	10.27%	+2.20%

CLSM vs. ELM - Expense Ratio Comparison

CLSM has a 0.82% expense ratio, which is higher than ELM's 0.24% expense ratio.

Dividends

CLSM vs. ELM - Dividend Comparison

CLSM's dividend yield for the trailing twelve months is around 0.74%, less than ELM's 2.51% yield.

Position	TTM	2025	2024	2023	2022	2021
CLSM Cabana Target Leading Sector Moderate ETF	0.74%	0.90%	2.13%	2.58%	3.17%	0.59%
ELM Elm Market Navigator ETF	2.51%	2.71%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CLSM and ELM in my portfolio?

CLSM and ELM have a correlation of 0.83, 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 ELM?

CLSM has higher volatility (3.60%) compared to ELM (2.54%). In terms of maximum drawdown, CLSM dropped -27.77% vs ELM's -9.02%.

Which ETF is better, CLSM or ELM?

On 1-year performance, CLSM leads with 35.30% vs 19.98% for ELM. On fees, ELM is cheaper at 0.24% per year. On volatility, ELM has been the lower-risk option at 2.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CLSM or ELM?

Over the 1-year period, CLSM has performed better with a 35.30% return vs 19.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CLSM or ELM?

ELM is cheaper with a 0.24% expense ratio, compared with 0.82% for CLSM.

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

ELM has the higher dividend yield at 2.51%, compared with 0.74% for CLSM.

What is the main difference between CLSM and ELM?

They also come from different issuers: Cabana and Elm. Their fees differ too: 0.82% for CLSM and 0.24% for ELM.

Which has better risk-adjusted returns?

CLSM currently has the higher Sharpe Ratio (2.79 vs 2.15), 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.