ONOF vs. DALI

Last updated Jun 17, 2026

ONOF (Global X Adaptive U.S. Risk Management ETF) and DALI (First Trust Dorsey Wright DALI 1 ETF) are both Tactical Allocation funds - ONOF tracks the Adaptive Wealth Strategies U.S. Risk Management Index while DALI tracks the Dorsey Wright DALI 1 Index. Both are passively managed. Over the past 5 years, ONOF returned 9.14%/yr vs 5.48%/yr for DALI. A 0.65 correlation means they provide meaningful diversification when combined. ONOF charges 0.39%/yr vs 0.90%/yr for DALI.

Performance

ONOF vs. DALI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Adaptive U.S. Risk Management ETF (ONOF) and First Trust Dorsey Wright DALI 1 ETF (DALI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ONOF achieves a 6.71% return, which is significantly lower than DALI's 7.71% return.

ONOF

• 1D: -0.47%
• 1M: 1.73%
• YTD: 6.71%
• 6M: 7.60%
• 1Y: 21.65%
• 3Y*: 12.41%
• 5Y*: 9.14%
• 10Y*: —

DALI

• 1D: -0.61%
• 1M: 2.42%
• YTD: 7.71%
• 6M: 8.58%
• 1Y: 21.41%
• 3Y*: 6.42%
• 5Y*: 5.48%
• 10Y*: —

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

ONOF vs. DALI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ONOF Global X Adaptive U.S. Risk Management ETF	6.71%	8.90%	19.45%	11.57%	-11.89%	25.33%
DALI First Trust Dorsey Wright DALI 1 ETF	7.71%	11.89%	19.93%	-8.48%	-8.10%	16.40%

Correlation

The correlation between ONOF and DALI is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since Jan 13, 2021	0.65

The correlation between ONOF and DALI shifts across timeframes, from 0.64 (5 years) to 0.84 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ONOF vs. DALI — Risk / Return Rank

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

ONOF

ONOF Risk / Return Rank: 60
ONOF Sharpe Ratio Rank: 58
ONOF Sortino Ratio Rank: 55
ONOF Omega Ratio Rank: 57
ONOF Calmar Ratio Rank: 67
ONOF Martin Ratio Rank: 62

DALI

DALI Risk / Return Rank: 34
DALI Sharpe Ratio Rank: 33
DALI Sortino Ratio Rank: 32
DALI Omega Ratio Rank: 32
DALI Calmar Ratio Rank: 35
DALI Martin Ratio Rank: 40

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.

ONOF vs. DALI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Adaptive U.S. Risk Management ETF (ONOF) and First Trust Dorsey Wright DALI 1 ETF (DALI). 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.

	ONOF	DALI	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.18	+0.67
Sortino ratio: Return per unit of downside risk	2.51	1.69	+0.82
Omega ratio: Gain probability vs. loss probability	1.33	1.22	+0.12
Calmar ratio: Return relative to maximum drawdown	3.17	1.71	+1.45
Martin ratio: Return relative to average drawdown	10.59	6.21	+4.39

ONOF vs. DALI - Sharpe Ratio Comparison

The current ONOF Sharpe Ratio is 1.86, which is higher than the DALI Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of ONOF and DALI, 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

ONOF vs. DALI - Drawdown Comparison

The maximum ONOF drawdown since its inception was -26.21%, smaller than the maximum DALI drawdown of -36.06%. Use the drawdown chart below to compare losses from any high point for ONOF and DALI.

Drawdown Indicators

	ONOF	DALI	Difference
Max Drawdown Largest peak-to-trough decline	-26.21%	-36.06%	+9.85%
Max Drawdown (1Y) Largest decline over 1 year	-6.86%	-12.54%	+5.68%
Max Drawdown (3Y) Largest decline over 3 years	-21.67%	-23.30%	+1.63%
Max Drawdown (5Y) Largest decline over 5 years	-26.21%	-26.26%	+0.05%
Current Drawdown Current decline from peak	-1.25%	-1.41%	+0.16%
Average Drawdown Average peak-to-trough decline	-6.12%	-10.11%	+3.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	3.46%	-1.41%

Volatility

ONOF vs. DALI - Volatility Comparison

The current volatility for Global X Adaptive U.S. Risk Management ETF (ONOF) is 4.36%, while First Trust Dorsey Wright DALI 1 ETF (DALI) has a volatility of 7.10%. This indicates that ONOF experiences smaller price fluctuations and is considered to be less risky than DALI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ONOF	DALI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.36%	7.10%	-2.74%
Volatility (6M) Calculated over the trailing 6-month period	8.73%	15.37%	-6.64%
Volatility (1Y) Calculated over the trailing 1-year period	11.73%	18.17%	-6.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.39%	19.82%	-5.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.38%	20.97%	-6.59%

ONOF vs. DALI - Expense Ratio Comparison

ONOF has a 0.39% expense ratio, which is lower than DALI's 0.90% expense ratio.

Dividends

ONOF vs. DALI - Dividend Comparison

ONOF's dividend yield for the trailing twelve months is around 1.29%, more than DALI's 0.38% 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%
ONOF Global X Adaptive U.S. Risk Management ETF	1.29%	1.38%	0.93%	1.37%	1.92%	0.69%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ONOF and DALI in my portfolio?

ONOF and DALI have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ONOF or DALI?

DALI has higher volatility (7.10%) compared to ONOF (4.36%). In terms of maximum drawdown, ONOF dropped -26.21% vs DALI's -36.06%.

Which ETF is better, ONOF or DALI?

On 5-year performance, ONOF leads with 9.14% vs 5.48% for DALI. On fees, ONOF is cheaper at 0.39% per year. On volatility, ONOF has been the lower-risk option at 4.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ONOF or DALI?

Over the 5-year period, ONOF has performed better with a 9.14% return vs 5.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ONOF or DALI?

ONOF is cheaper with a 0.39% expense ratio, compared with 0.90% for DALI.

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

ONOF has the higher dividend yield at 1.29%, compared with 0.38% for DALI.

What is the main difference between ONOF and DALI?

ONOF tracks Adaptive Wealth Strategies U.S. Risk Management Index, while DALI tracks Dorsey Wright DALI 1 Index. They also come from different issuers: Global X and First Trust. Their fees differ too: 0.39% for ONOF and 0.90% for DALI.

Which has better risk-adjusted returns?

ONOF currently has the higher Sharpe Ratio (1.86 vs 1.18), 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.