DALI vs. RPAR

Last updated Jun 19, 2026

DALI (First Trust Dorsey Wright DALI 1 ETF) and RPAR (RPAR Risk Parity ETF) are both exchange-traded funds - DALI is a Tactical Allocation fund tracking the Dorsey Wright DALI 1 Index, while RPAR is a Hedge Fund fund actively managed by Toroso Investments. DALI is passively managed, while RPAR is actively managed. Over the past 5 years, DALI returned 5.55%/yr vs 1.62%/yr for RPAR. At a 0.44 correlation, their price movements are largely independent. DALI charges 0.90%/yr vs 0.51%/yr for RPAR.

Performance

DALI vs. RPAR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Dorsey Wright DALI 1 ETF (DALI) and RPAR Risk Parity ETF (RPAR). 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 6.75% return and RPAR slightly lower at 6.53%.

DALI

• 1D: 0.44%
• 1M: 2.84%
• YTD: 6.75%
• 6M: 7.82%
• 1Y: 21.16%
• 3Y*: 6.10%
• 5Y*: 5.55%
• 10Y*: —

RPAR

• 1D: 0.42%
• 1M: 2.35%
• YTD: 6.53%
• 6M: 6.56%
• 1Y: 17.88%
• 3Y*: 8.16%
• 5Y*: 1.62%
• 10Y*: —

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

DALI vs. RPAR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
DALI First Trust Dorsey Wright DALI 1 ETF	6.75%	11.89%	19.93%	-8.48%	-8.10%	22.28%	4.51%	2.43%
RPAR RPAR Risk Parity ETF	6.53%	17.91%	0.06%	6.03%	-22.82%	7.56%	19.40%	0.13%

Correlation

The correlation between DALI and RPAR is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (All Time) Calculated using the full available price history since Dec 13, 2019	0.44

The correlation between DALI and RPAR shifts across timeframes, from 0.44 (all time) to 0.64 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DALI vs. RPAR — 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: 35
DALI Martin Ratio Rank: 41

RPAR

RPAR Risk / Return Rank: 50
RPAR Sharpe Ratio Rank: 53
RPAR Sortino Ratio Rank: 51
RPAR Omega Ratio Rank: 51
RPAR Calmar Ratio Rank: 48
RPAR Martin Ratio Rank: 44

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. RPAR - Risk-Adjusted Trends Comparison

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

	DALI	RPAR	Difference
Sharpe ratio: Return per unit of total volatility	1.17	1.71	-0.54
Sortino ratio: Return per unit of downside risk	1.67	2.37	-0.70
Omega ratio: Gain probability vs. loss probability	1.21	1.31	-0.09
Calmar ratio: Return relative to maximum drawdown	1.69	2.22	-0.52
Martin ratio: Return relative to average drawdown	6.12	6.91	-0.78

DALI vs. RPAR - Sharpe Ratio Comparison

The current DALI Sharpe Ratio is 1.17, which is lower than the RPAR Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of DALI 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

DALI vs. RPAR - Drawdown Comparison

The maximum DALI drawdown since its inception was -36.06%, which is greater than RPAR's maximum drawdown of -30.16%. Use the drawdown chart below to compare losses from any high point for DALI and RPAR.

Drawdown Indicators

	DALI	RPAR	Difference
Max Drawdown Largest peak-to-trough decline	-36.06%	-30.16%	-5.90%
Max Drawdown (1Y) Largest decline over 1 year	-12.54%	-8.10%	-4.44%
Max Drawdown (3Y) Largest decline over 3 years	-23.30%	-13.20%	-10.10%
Max Drawdown (5Y) Largest decline over 5 years	-26.26%	-30.16%	+3.90%
Current Drawdown Current decline from peak	-2.29%	-3.54%	+1.25%
Average Drawdown Average peak-to-trough decline	-10.10%	-11.56%	+1.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.47%	2.60%	+0.87%

Volatility

DALI vs. RPAR - Volatility Comparison

First Trust Dorsey Wright DALI 1 ETF (DALI) has a higher volatility of 7.07% compared to RPAR Risk Parity ETF (RPAR) at 3.80%. This indicates that DALI'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

	DALI	RPAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.07%	3.80%	+3.27%
Volatility (6M) Calculated over the trailing 6-month period	15.42%	8.85%	+6.57%
Volatility (1Y) Calculated over the trailing 1-year period	18.18%	10.48%	+7.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.82%	12.46%	+7.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.97%	12.70%	+8.27%

DALI vs. RPAR - Expense Ratio Comparison

DALI has a 0.90% expense ratio, which is higher than RPAR's 0.51% expense ratio.

Dividends

DALI vs. RPAR - Dividend Comparison

DALI's dividend yield for the trailing twelve months is around 0.38%, less than RPAR's 2.09% 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%
RPAR RPAR Risk Parity ETF	2.09%	2.55%	2.51%	3.16%	4.01%	2.02%	0.76%	0.23%	0.00%

Frequently Asked Questions

Can I hold both DALI and RPAR in my portfolio?

DALI and RPAR have a correlation of 0.64, 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 RPAR?

DALI has higher volatility (7.07%) compared to RPAR (3.80%). In terms of maximum drawdown, DALI dropped -36.06% vs RPAR's -30.16%.

Which ETF is better, DALI or RPAR?

On 5-year performance, DALI leads with 5.55% vs 1.62% for RPAR. On fees, RPAR is cheaper at 0.51% per year. On volatility, RPAR has been the lower-risk option at 3.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DALI or RPAR?

Over the 5-year period, DALI has performed better with a 5.55% return vs 1.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DALI or RPAR?

RPAR is cheaper with a 0.51% expense ratio, compared with 0.90% for DALI.

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

RPAR has the higher dividend yield at 2.09%, compared with 0.38% for DALI.

What is the main difference between DALI and RPAR?

DALI is categorized as Tactical Allocation, while RPAR is Hedge Fund. They also come from different issuers: First Trust and Toroso Investments. Their fees differ too: 0.90% for DALI and 0.51% for RPAR.

Which has better risk-adjusted returns?

RPAR currently has the higher Sharpe Ratio (1.71 vs 1.17), 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.