ORO vs. ELM

Last updated Jul 11, 2026

ORO (Arrow Valtoro ETF) and ELM (Elm Market Navigator ETF) are both Tactical Allocation funds. Both are actively managed. At a 0.49 correlation, their price movements are largely independent. ORO charges 1.25%/yr vs 0.24%/yr for ELM.

Performance

ORO vs. ELM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Arrow Valtoro ETF (ORO) 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, ORO achieves a 1.46% return, which is significantly lower than ELM's 7.54% return.

ORO

• 1D: 0.32%
• 1M: -2.47%
• 6M: -0.92%
• YTD: 1.46%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ELM

• 1D: 0.15%
• 1M: 0.70%
• 6M: 5.56%
• YTD: 7.54%
• 1Y: 16.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ORO vs. ELM - Yearly Performance Comparison

	2026 (YTD)	2025
ORO Arrow Valtoro ETF	1.46%	-9.23%
ELM Elm Market Navigator ETF	7.54%	1.97%

Correlation

The correlation between ORO and ELM is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 17, 2025	0.49

Return for Risk

ORO vs. ELM — Risk / Return Rank

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

ORO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

ELM

ELM Risk / Return Rank: 60
ELM Sharpe Ratio Rank: 61
ELM Sortino Ratio Rank: 60
ELM Omega Ratio Rank: 63
ELM Calmar Ratio Rank: 53
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.

ORO vs. ELM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Arrow Valtoro ETF (ORO) 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.

	ORO	ELM	Difference
Sharpe ratio: Return per unit of total volatility	—	1.62	—
Sortino ratio: Return per unit of downside risk	—	2.28	—
Omega ratio: Gain probability vs. loss probability	—	1.30	—
Calmar ratio: Return relative to maximum drawdown	—	2.12	—
Martin ratio: Return relative to average drawdown	—	8.56	—

Drawdowns

ORO vs. ELM - Drawdown Comparison

The maximum ORO drawdown since its inception was -14.25%, which is greater than ELM's maximum drawdown of -9.02%. Use the drawdown chart below to compare losses from any high point for ORO and ELM.

Drawdown Indicators

	ORO	ELM	Difference
Max Drawdown Largest peak-to-trough decline	-14.25%	-9.02%	-5.23%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.52%	—
Current Drawdown Current decline from peak	-11.51%	-0.60%	-10.91%
Average Drawdown Average peak-to-trough decline	-7.12%	-1.31%	-5.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.86%	—

Volatility

Volatility by Period

	ORO	ELM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.09%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.17%	—
Volatility (1Y) Calculated over the trailing 1-year period	23.17%	9.79%	+13.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.17%	10.37%	+12.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.17%	10.37%	+12.80%

ORO vs. ELM - Expense Ratio Comparison

ORO has a 1.25% expense ratio, which is higher than ELM's 0.24% expense ratio.

Dividends

ORO vs. ELM - Dividend Comparison

ORO has not paid dividends to shareholders, while ELM's dividend yield for the trailing twelve months is around 2.52%.

Position	TTM	2025
ELM Elm Market Navigator ETF	2.52%	2.71%
ORO Arrow Valtoro ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both ORO and ELM in my portfolio?

ORO and ELM have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ORO or ELM?

On fees, ELM is cheaper at 0.24% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ORO or ELM?

ELM is cheaper with a 0.24% expense ratio, compared with 1.25% for ORO.

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

ELM has the higher dividend yield at 2.52%, compared with 0.00% for ORO.

What is the main difference between ORO and ELM?

They also come from different issuers: Arrow Funds and Elm. Their fees differ too: 1.25% for ORO and 0.24% for ELM.