DALI vs. ELM

Last updated Jun 4, 2026

DALI (First Trust Dorsey Wright DALI 1 ETF) and ELM (Elm Market Navigator ETF) are both Tactical Allocation funds. DALI is passively managed, while ELM is actively managed. Over the past year, DALI returned 21.34% vs 19.85% for ELM. Their correlation of 0.81 suggests significant overlap in exposure. DALI charges 0.90%/yr vs 0.24%/yr for ELM.

Performance

DALI vs. ELM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Dorsey Wright DALI 1 ETF (DALI) and Elm Market Navigator ETF (ELM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with DALI having a 7.72% return and ELM slightly lower at 7.56%.

DALI

• 1D: -0.79%
• 1M: 2.87%
• YTD: 7.72%
• 6M: 8.33%
• 1Y: 21.34%
• 3Y*: 7.87%
• 5Y*: 5.41%
• 10Y*: —

ELM

• 1D: -0.58%
• 1M: 2.88%
• YTD: 7.56%
• 6M: 8.51%
• 1Y: 19.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DALI vs. ELM - Yearly Performance Comparison

	2026 (YTD)	2025
DALI First Trust Dorsey Wright DALI 1 ETF	7.72%	7.18%
ELM Elm Market Navigator ETF	7.56%	11.89%

Correlation

The correlation between DALI and ELM is 0.82, 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	0.82
Correlation (All Time) Calculated using the full available price history since Feb 12, 2025	0.81

The correlation between DALI and ELM has been stable across timeframes, ranging from 0.81 to 0.82 - a consistent structural relationship.

DALI vs. ELM - Sectors Allocation Comparison

Sectors	DALI	ELM
Industrials	29.9%	12.6%
Financial Services	10.5%	18.3%
Technology	10.5%	22.0%
Basic Materials	9.9%	5.4%
Energy	9.6%	4.8%
Consumer Cyclical	9.1%	9.1%
Utilities	5.5%	3.0%
Real Estate	5.3%	4.7%
Consumer Defensive	3.5%	5.2%
Healthcare	3.3%	8.3%
Communication Services	3.0%	6.6%

Return for Risk

DALI vs. ELM — Risk / Return Rank

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

DALI

DALI Risk / Return Rank: 35
DALI Sharpe Ratio Rank: 34
DALI Sortino Ratio Rank: 33
DALI Omega Ratio Rank: 33
DALI Calmar Ratio Rank: 34
DALI Martin Ratio Rank: 40

ELM

ELM Risk / Return Rank: 63
ELM Sharpe Ratio Rank: 64
ELM Sortino Ratio Rank: 66
ELM Omega Ratio Rank: 67
ELM Calmar Ratio Rank: 54
ELM Martin Ratio Rank: 62

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.

DALI vs. ELM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Dorsey Wright DALI 1 ETF (DALI) 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.

	DALI	ELM	Difference
Sharpe ratio: Return per unit of total volatility	1.24	2.13	-0.89
Sortino ratio: Return per unit of downside risk	1.77	3.00	-1.23
Omega ratio: Gain probability vs. loss probability	1.23	1.40	-0.18
Calmar ratio: Return relative to maximum drawdown	1.71	2.65	-0.94
Martin ratio: Return relative to average drawdown	6.33	11.00	-4.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DALI vs. ELM - Sharpe Ratio Comparison

The current DALI Sharpe Ratio is 1.24, which is lower than the ELM Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of DALI 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

	DALI	ELM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	2.13	-0.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	1.49	-1.18

Drawdowns

DALI vs. ELM - Drawdown Comparison

The maximum DALI drawdown since its inception was -36.06%, which is greater than ELM's maximum drawdown of -9.02%. Use the drawdown chart below to compare losses from any high point for DALI and ELM.

Drawdown Indicators

	DALI	ELM	Difference
Max Drawdown Largest peak-to-trough decline	-36.06%	-9.02%	-27.04%
Max Drawdown (1Y) Largest decline over 1 year	-12.54%	-7.52%	-5.02%
Max Drawdown (3Y) Largest decline over 3 years	-23.30%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.26%	—	—
Current Drawdown Current decline from peak	-1.40%	-0.58%	-0.82%
Average Drawdown Average peak-to-trough decline	-10.14%	-1.32%	-8.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.38%	1.81%	+1.57%

Volatility

DALI vs. ELM - Volatility Comparison

First Trust Dorsey Wright DALI 1 ETF (DALI) has a higher volatility of 6.49% compared to Elm Market Navigator ETF (ELM) at 2.59%. This indicates that DALI'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

	DALI	ELM	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.49%	2.59%	+3.90%
Volatility (6M) Calculated over the trailing 6-month period	14.37%	7.52%	+6.85%
Volatility (1Y) Calculated over the trailing 1-year period	17.31%	9.38%	+7.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.66%	10.27%	+9.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.92%	10.27%	+10.65%

DALI vs. ELM - Expense Ratio Comparison

DALI has a 0.90% expense ratio, which is higher than ELM's 0.24% expense ratio.

Dividends

DALI vs. ELM - Dividend Comparison

DALI's dividend yield for the trailing twelve months is around 0.38%, less than ELM's 2.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DALI First Trust Dorsey Wright DALI 1 ETF	0.38%	0.38%	0.18%	3.42%	0.50%	0.11%	1.25%	0.45%	0.17%
ELM Elm Market Navigator ETF	2.52%	2.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DALI and ELM in my portfolio?

DALI and ELM have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DALI or ELM?

DALI has higher volatility (6.49%) compared to ELM (2.59%). In terms of maximum drawdown, DALI dropped -36.06% vs ELM's -9.02%.

Which ETF is better, DALI or ELM?

On 1-year performance, DALI leads with 21.34% vs 19.85% for ELM. On fees, ELM is cheaper at 0.24% per year. On volatility, ELM has been the lower-risk option at 2.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DALI or ELM?

Over the 1-year period, DALI has performed better with a 21.34% return vs 19.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DALI or ELM?

ELM is cheaper with a 0.24% expense ratio, compared with 0.90% for DALI.

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

ELM has the higher dividend yield at 2.52%, compared with 0.38% for DALI.

What is the main difference between DALI and ELM?

They also come from different issuers: First Trust and Elm. Their fees differ too: 0.90% for DALI and 0.24% for ELM.

Which has better risk-adjusted returns?

ELM currently has the higher Sharpe Ratio (2.13 vs 1.24), 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.