NDOW vs. ELM

Last updated Jun 5, 2026

NDOW (Anydrus Advantage ETF) and ELM (Elm Market Navigator ETF) are both exchange-traded funds - NDOW is a Global Allocation fund actively managed by Anydrus Capital, while ELM is a Tactical Allocation fund actively managed by Elm. Both are actively managed. Over the past year, NDOW returned 19.61% vs 19.20% for ELM. Their correlation of 0.88 suggests significant overlap in exposure. NDOW charges 2.15%/yr vs 0.24%/yr for ELM.

Performance

NDOW vs. ELM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Anydrus Advantage ETF (NDOW) 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, NDOW achieves a 8.49% return, which is significantly higher than ELM's 7.63% return.

NDOW

• 1D: 0.17%
• 1M: 3.10%
• YTD: 8.49%
• 6M: 9.72%
• 1Y: 19.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ELM

• 1D: 0.07%
• 1M: 2.16%
• YTD: 7.63%
• 6M: 8.49%
• 1Y: 19.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NDOW vs. ELM - Yearly Performance Comparison

	2026 (YTD)	2025
NDOW Anydrus Advantage ETF	8.49%	11.79%
ELM Elm Market Navigator ETF	7.63%	11.89%

Correlation

The correlation between NDOW and ELM is 0.89, 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	0.89
Correlation (All Time) Calculated using the full available price history since Feb 12, 2025	0.88

The correlation between NDOW and ELM has been stable across timeframes, ranging from 0.88 to 0.89 - a consistent structural relationship.

Return for Risk

NDOW vs. ELM — Risk / Return Rank

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

NDOW

NDOW Risk / Return Rank: 65
NDOW Sharpe Ratio Rank: 68
NDOW Sortino Ratio Rank: 69
NDOW Omega Ratio Rank: 68
NDOW Calmar Ratio Rank: 56
NDOW Martin Ratio Rank: 64

ELM

ELM Risk / Return Rank: 61
ELM Sharpe Ratio Rank: 62
ELM Sortino Ratio Rank: 63
ELM Omega Ratio Rank: 65
ELM Calmar Ratio Rank: 52
ELM Martin Ratio Rank: 60

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.

NDOW vs. ELM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Anydrus Advantage ETF (NDOW) 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.

	NDOW	ELM	Difference
Sharpe ratio: Return per unit of total volatility	2.20	2.06	+0.13
Sortino ratio: Return per unit of downside risk	3.09	2.91	+0.18
Omega ratio: Gain probability vs. loss probability	1.40	1.39	+0.01
Calmar ratio: Return relative to maximum drawdown	2.75	2.57	+0.18
Martin ratio: Return relative to average drawdown	11.52	10.64	+0.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NDOW vs. ELM - Sharpe Ratio Comparison

The current NDOW Sharpe Ratio is 2.20, which is comparable to the ELM Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of NDOW 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

	NDOW	ELM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.20	2.06	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	1.49	-0.33

Drawdowns

NDOW vs. ELM - Drawdown Comparison

The maximum NDOW drawdown since its inception was -8.76%, roughly equal to the maximum ELM drawdown of -9.02%. Use the drawdown chart below to compare losses from any high point for NDOW and ELM.

Drawdown Indicators

	NDOW	ELM	Difference
Max Drawdown Largest peak-to-trough decline	-8.76%	-9.02%	+0.26%
Max Drawdown (1Y) Largest decline over 1 year	-7.17%	-7.52%	+0.35%
Current Drawdown Current decline from peak	-0.45%	-0.51%	+0.06%
Average Drawdown Average peak-to-trough decline	-1.38%	-1.32%	-0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.71%	1.81%	-0.10%

Volatility

NDOW vs. ELM - Volatility Comparison

Anydrus Advantage ETF (NDOW) has a higher volatility of 3.49% compared to Elm Market Navigator ETF (ELM) at 2.51%. This indicates that NDOW'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

	NDOW	ELM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.49%	2.51%	+0.98%
Volatility (6M) Calculated over the trailing 6-month period	7.49%	7.51%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	8.96%	9.36%	-0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.84%	10.26%	-1.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.84%	10.26%	-1.42%

NDOW vs. ELM - Expense Ratio Comparison

NDOW has a 2.15% expense ratio, which is higher than ELM's 0.24% expense ratio.

Dividends

NDOW vs. ELM - Dividend Comparison

NDOW's dividend yield for the trailing twelve months is around 1.14%, less than ELM's 2.52% yield.

Position	TTM	2025	2024
ELM Elm Market Navigator ETF	2.52%	2.71%	0.00%
NDOW Anydrus Advantage ETF	1.14%	1.24%	1.39%

Frequently Asked Questions

Can I hold both NDOW and ELM in my portfolio?

NDOW and ELM have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NDOW or ELM?

NDOW has higher volatility (3.49%) compared to ELM (2.51%). In terms of maximum drawdown, NDOW dropped -8.76% vs ELM's -9.02%.

Which ETF is better, NDOW or ELM?

On 1-year performance, NDOW leads with 19.61% vs 19.20% for ELM. On fees, ELM is cheaper at 0.24% per year. On volatility, ELM has been the lower-risk option at 2.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NDOW or ELM?

Over the 1-year period, NDOW has performed better with a 19.61% return vs 19.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NDOW or ELM?

ELM is cheaper with a 0.24% expense ratio, compared with 2.15% for NDOW.

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

ELM has the higher dividend yield at 2.52%, compared with 1.14% for NDOW.

What is the main difference between NDOW and ELM?

NDOW is categorized as Global Allocation, while ELM is Tactical Allocation. They also come from different issuers: Anydrus Capital and Elm. Their fees differ too: 2.15% for NDOW and 0.24% for ELM.

Which has better risk-adjusted returns?

NDOW currently has the higher Sharpe Ratio (2.20 vs 2.06), 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.