PPI vs. ELM

Last updated Jun 4, 2026

PPI (AXS Astoria Inflation Sensitive ETF) and ELM (Elm Market Navigator ETF) are both exchange-traded funds - PPI is a Global Allocation fund actively managed by AXS, while ELM is a Tactical Allocation fund actively managed by Elm. Both are actively managed. At a 0.40 correlation, their price movements are largely independent. PPI charges 0.76%/yr vs 0.24%/yr for ELM.

Performance

PPI vs. ELM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AXS Astoria Inflation Sensitive ETF (PPI) and Elm Market Navigator ETF (ELM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PPI

• 1D: -0.13%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ELM

• 1D: -0.58%
• 1M: 2.88%
• YTD: 7.56%
• 6M: 8.51%
• 1Y: 19.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PPI vs. ELM - Yearly Performance Comparison

	2026 (YTD)
PPI AXS Astoria Inflation Sensitive ETF	-0.59%
ELM Elm Market Navigator ETF	0.17%

Correlation

The correlation between PPI and ELM is 0.40, 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 May 29, 2026	0.40

PPI vs. ELM - Sectors Allocation Comparison

Sectors	PPI	ELM
Industrials	31.4%	12.6%
Energy	23.1%	4.8%
Utilities	18.7%	3.0%
Real Estate	15.1%	4.7%
Basic Materials	10.6%	5.4%
Consumer Cyclical	0.6%	9.1%
Technology	0.6%	22.0%
Communication Services	-	6.6%
Consumer Defensive	-	5.2%
Financial Services	-	18.3%
Healthcare	-	8.3%

Return for Risk

PPI vs. ELM — Risk / Return Rank

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

ELM

ELM Risk / Return Rank: 63
ELM Sharpe Ratio Rank: 64
ELM Sortino Ratio Rank: 66
ELM Omega Ratio Rank: 67
ELM Calmar Ratio Rank: 54
ELM Martin Ratio Rank: 62

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.

PPI vs. ELM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AXS Astoria Inflation Sensitive ETF (PPI) 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.

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

Sharpe Ratios by Period

	PPI	ELM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.13	—
Sharpe Ratio (All Time) Calculated using the full available price history	-2.74	1.49	-4.23

Drawdowns

PPI vs. ELM - Drawdown Comparison

The maximum PPI drawdown since its inception was -1.46%, smaller than the maximum ELM drawdown of -9.02%. Use the drawdown chart below to compare losses from any high point for PPI and ELM.

Drawdown Indicators

	PPI	ELM	Difference
Max Drawdown Largest peak-to-trough decline	-1.46%	-9.02%	+7.56%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.52%	—
Current Drawdown Current decline from peak	-0.59%	-0.58%	-0.01%
Average Drawdown Average peak-to-trough decline	-0.79%	-1.32%	+0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.81%	—

Volatility

Volatility by Period

	PPI	ELM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.59%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.52%	—
Volatility (1Y) Calculated over the trailing 1-year period	13.05%	9.38%	+3.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.05%	10.27%	+2.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.05%	10.27%	+2.78%

PPI vs. ELM - Expense Ratio Comparison

PPI has a 0.76% expense ratio, which is higher than ELM's 0.24% expense ratio.

Dividends

PPI vs. ELM - Dividend Comparison

PPI 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%
PPI AXS Astoria Inflation Sensitive ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both PPI and ELM in my portfolio?

PPI and ELM have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PPI 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, PPI or ELM?

ELM is cheaper with a 0.24% expense ratio, compared with 0.76% for PPI.

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

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

What is the main difference between PPI and ELM?

PPI is categorized as Global Allocation, while ELM is Tactical Allocation. They also come from different issuers: AXS and Elm. Their fees differ too: 0.76% for PPI and 0.24% for ELM.