ORO vs. ONOF

Last updated Jun 4, 2026

ORO (Arrow Valtoro ETF) and ONOF (Global X Adaptive U.S. Risk Management ETF) are both Tactical Allocation funds. ORO is actively managed, while ONOF is passively managed. At a 0.42 correlation, their price movements are largely independent. ORO charges 1.25%/yr vs 0.39%/yr for ONOF.

Performance

ORO vs. ONOF - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with ORO having a 7.13% return and ONOF slightly higher at 7.32%.

ORO

• 1D: -0.51%
• 1M: -3.85%
• YTD: 7.13%
• 6M: 6.27%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ONOF

• 1D: -0.68%
• 1M: 5.26%
• YTD: 7.32%
• 6M: 7.29%
• 1Y: 23.60%
• 3Y*: 13.72%
• 5Y*: 9.34%
• 10Y*: —

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

ORO vs. ONOF - Yearly Performance Comparison

	2026 (YTD)	2025
ORO Arrow Valtoro ETF	7.13%	-8.96%
ONOF Global X Adaptive U.S. Risk Management ETF	7.32%	2.75%

Correlation

The correlation between ORO and ONOF is 0.42, 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 20, 2025	0.42

Return for Risk

ORO vs. ONOF — Risk / Return Rank

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

ONOF

ONOF Risk / Return Rank: 64
ONOF Sharpe Ratio Rank: 63
ONOF Sortino Ratio Rank: 61
ONOF Omega Ratio Rank: 61
ONOF Calmar Ratio Rank: 69
ONOF Martin Ratio Rank: 65

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. ONOF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Arrow Valtoro ETF (ORO) and Global X Adaptive U.S. Risk Management ETF (ONOF). 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.

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

Sharpe Ratios by Period

	ORO	ONOF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.11	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.17	0.74	-0.91

Drawdowns

ORO vs. ONOF - Drawdown Comparison

The maximum ORO drawdown since its inception was -12.46%, smaller than the maximum ONOF drawdown of -26.21%. Use the drawdown chart below to compare losses from any high point for ORO and ONOF.

Drawdown Indicators

	ORO	ONOF	Difference
Max Drawdown Largest peak-to-trough decline	-12.46%	-26.21%	+13.75%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.86%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-21.67%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.21%	—
Current Drawdown Current decline from peak	-6.56%	-0.68%	-5.88%
Average Drawdown Average peak-to-trough decline	-6.54%	-6.15%	-0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.99%	—

Volatility

Volatility by Period

	ORO	ONOF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.03%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.95%	—
Volatility (1Y) Calculated over the trailing 1-year period	23.68%	11.25%	+12.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.68%	14.30%	+9.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.68%	14.33%	+9.35%

ORO vs. ONOF - Expense Ratio Comparison

ORO has a 1.25% expense ratio, which is higher than ONOF's 0.39% expense ratio.

Dividends

ORO vs. ONOF - Dividend Comparison

ORO has not paid dividends to shareholders, while ONOF's dividend yield for the trailing twelve months is around 1.29%.

Position	TTM	2025	2024	2023	2022	2021
ONOF Global X Adaptive U.S. Risk Management ETF	1.29%	1.38%	0.93%	1.37%	1.92%	0.69%
ORO Arrow Valtoro ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ORO and ONOF in my portfolio?

ORO and ONOF have a correlation of 0.42, 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 ONOF?

On fees, ONOF is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ORO or ONOF?

ONOF is cheaper with a 0.39% expense ratio, compared with 1.25% for ORO.

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

ONOF has the higher dividend yield at 1.29%, compared with 0.00% for ORO.

What is the main difference between ORO and ONOF?

They also come from different issuers: Arrow Funds and Global X. Their fees differ too: 1.25% for ORO and 0.39% for ONOF.