GDMA vs. ELM

Last updated Aug 2, 2026

GDMA (Gadsden Dynamic Multi-Asset ETF) and ELM (Elm Market Navigator ETF) are both exchange-traded funds - GDMA is a Global Allocation fund actively managed by Gadsden, while ELM is a Tactical Allocation fund actively managed by Elm. Both are actively managed. Over the past year, GDMA returned 25.16% vs 16.21% for ELM. Their 0.68 correlation means they have sometimes moved together and sometimes differently. GDMA charges 0.77%/yr vs 0.24%/yr for ELM.

Performance

GDMA vs. ELM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gadsden Dynamic Multi-Asset ETF (GDMA) 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, GDMA achieves a 10.56% return, which is significantly higher than ELM's 7.06% return.

GDMA

• 1D: 0.67%
• 1M: 2.38%
• 6M: 1.94%
• YTD: 10.56%
• 1Y: 25.16%
• 3Y*: 16.04%
• 5Y*: 8.45%
• 10Y*: —
• ALL TIME*: 9.45%

ELM

• 1D: 0.39%
• 1M: 0.02%
• 6M: 4.28%
• YTD: 7.06%
• 1Y: 16.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.11%

*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)
ELM Elm Market Navigator ETF	$351.63K	$455.82K	$575.19K
GDMA Gadsden Dynamic Multi-Asset ETF	$1.65M	$1.00M	$708.66K

GDMA vs. ELM - Yearly Performance Comparison

	2026 (YTD)	2025
GDMA Gadsden Dynamic Multi-Asset ETF	10.56%	22.04%
ELM Elm Market Navigator ETF	7.06%	11.88%

Correlation

The correlation between GDMA and ELM is 0.66, 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.	0.66
Correlation (All Time) Calculated using the full available price history since Feb 11, 2025	0.68

The correlation between GDMA and ELM has been stable across timeframes, ranging from 0.66 to 0.68 - a consistent structural relationship.

Return for Risk

GDMA vs. ELM — Risk / Return Rank

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

GDMA

GDMA Risk / Return Rank: 67
GDMA Sharpe Ratio Rank: 64
GDMA Sortino Ratio Rank: 58
GDMA Omega Ratio Rank: 68
GDMA Calmar Ratio Rank: 84
GDMA Martin Ratio Rank: 61

ELM

ELM Risk / Return Rank: 68
ELM Sharpe Ratio Rank: 70
ELM Sortino Ratio Rank: 69
ELM Omega Ratio Rank: 72
ELM Calmar Ratio Rank: 59
ELM Martin Ratio Rank: 69

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.

GDMA vs. ELM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gadsden Dynamic Multi-Asset ETF (GDMA) 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.

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.

	GDMA	ELM	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.62	-0.13
Sortino ratio: Return per unit of downside risk	1.97	2.26	-0.30
Omega ratio: Gain probability vs. loss probability	1.28	1.30	-0.02
Calmar ratio: Return relative to maximum drawdown	3.12	2.10	+1.01
Martin ratio: Return relative to average drawdown	7.24	8.42	-1.17

GDMA vs. ELM - Sharpe Ratio Comparison

The current GDMA Sharpe Ratio is 1.49, which is comparable to the ELM Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of GDMA 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.

Drawdowns

GDMA vs. ELM - Drawdown Comparison

The maximum GDMA drawdown since its inception was -16.66%, which is greater than ELM's maximum drawdown of -9.02%. Use the drawdown chart below to compare losses from any high point for GDMA and ELM.

Drawdown Indicators

	GDMA	ELM	Difference
Max Drawdown Largest peak-to-trough decline	-16.66%	-9.02%	-7.64%
Max Drawdown (1Y) Largest decline over 1 year	-7.53%	-7.52%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-7.53%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-12.74%	—	—
Current Drawdown Current decline from peak	-3.21%	-1.04%	-2.17%
Average Drawdown Average peak-to-trough decline	-3.79%	-1.32%	-2.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	1.88%	+1.36%

Volatility

GDMA vs. ELM - Volatility Comparison

Gadsden Dynamic Multi-Asset ETF (GDMA) has a higher volatility of 3.27% compared to Elm Market Navigator ETF (ELM) at 2.24%. This indicates that GDMA'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

	GDMA	ELM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.27%	2.24%	+1.03%
Volatility (6M) Calculated over the trailing 6-month period	13.20%	8.17%	+5.03%
Volatility (1Y) Calculated over the trailing 1-year period	15.80%	9.80%	+6.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.24%	10.26%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.39%	10.26%	+1.13%

GDMA vs. ELM - Expense Ratio Comparison

GDMA has a 0.77% expense ratio, which is higher than ELM's 0.24% expense ratio.

Dividends

GDMA vs. ELM - Dividend Comparison

GDMA's dividend yield for the trailing twelve months is around 2.53%, which matches ELM's 2.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
ELM Elm Market Navigator ETF	2.53%	2.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GDMA Gadsden Dynamic Multi-Asset ETF	2.53%	2.79%	2.32%	4.14%	1.18%	2.10%	0.62%	3.17%

Frequently Asked Questions

Can I hold both GDMA and ELM in my portfolio?

GDMA and ELM have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GDMA or ELM?

GDMA has higher volatility (3.27%) compared to ELM (2.24%). In terms of maximum drawdown, GDMA dropped -16.66% vs ELM's -9.02%.

Which ETF is better, GDMA or ELM?

On 1-year performance, GDMA leads with 25.16% vs 16.21% for ELM. On fees, ELM is cheaper at 0.24% per year. On volatility, ELM has been the lower-risk option at 2.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDMA or ELM?

Over the 1-year period, GDMA has performed better with a 25.16% return vs 16.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDMA or ELM?

ELM is cheaper with a 0.24% expense ratio, compared with 0.77% for GDMA.

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

GDMA and ELM have nearly identical dividend yields, around 2.53%.

What is the main difference between GDMA and ELM?

GDMA is categorized as Global Allocation, while ELM is Tactical Allocation. They also come from different issuers: Gadsden and Elm. Their fees differ too: 0.77% for GDMA and 0.24% for ELM.

Which has better risk-adjusted returns?

ELM currently has the higher Sharpe Ratio (1.62 vs 1.49), 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.