ROMO vs. DVOL

Last updated Jun 4, 2026

ROMO (Strategy Shares Newfound/ReSolve Robust Momentum ETF) and DVOL (First Trust Dorsey Wright Momentum & Low Volatility ETF) are both Momentum funds - ROMO tracks the Newfound/ReSolve Robust Equity Momentum Index while DVOL tracks the Dorsey Wright Momentum Plus Low Volatility Index. Both are passively managed. Over the past 5 years, ROMO returned 6.78%/yr vs 6.82%/yr for DVOL. A 0.65 correlation means they provide meaningful diversification when combined. ROMO charges 0.82%/yr vs 0.60%/yr for DVOL.

Performance

ROMO vs. DVOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Strategy Shares Newfound/ReSolve Robust Momentum ETF (ROMO) and First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ROMO achieves a 6.33% return, which is significantly higher than DVOL's 1.61% return.

ROMO

• 1D: -0.69%
• 1M: 3.99%
• YTD: 6.33%
• 6M: 7.08%
• 1Y: 17.53%
• 3Y*: 14.45%
• 5Y*: 6.78%
• 10Y*: —

DVOL

• 1D: 0.41%
• 1M: -3.19%
• YTD: 1.61%
• 6M: 2.02%
• 1Y: 0.82%
• 3Y*: 12.78%
• 5Y*: 6.82%
• 10Y*: —

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

ROMO vs. DVOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ROMO Strategy Shares Newfound/ReSolve Robust Momentum ETF	6.33%	9.29%	20.68%	11.05%	-18.88%	21.41%	-3.48%	4.41%
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF	1.61%	4.30%	24.84%	5.39%	-16.10%	30.08%	11.15%	1.35%

Correlation

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

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (All Time) Calculated using the full available price history since Nov 5, 2019	0.65

The correlation between ROMO and DVOL shifts across timeframes, from 0.49 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.

ROMO vs. DVOL - Sectors Allocation Comparison

Sectors	ROMO	DVOL
Financial Services	22.0%	18.8%
Industrials	19.4%	16.6%
Technology	12.5%	4.7%
Healthcare	9.6%	3.7%
Consumer Cyclical	8.4%	9.4%
Consumer Defensive	6.3%	8.2%
Basic Materials	6.2%	6.0%
Communication Services	5.0%	3.6%
Energy	3.9%	14.0%
Utilities	3.6%	3.0%
Real Estate	3.0%	12.1%

Return for Risk

ROMO vs. DVOL — Risk / Return Rank

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

ROMO

ROMO Risk / Return Rank: 35
ROMO Sharpe Ratio Rank: 36
ROMO Sortino Ratio Rank: 36
ROMO Omega Ratio Rank: 36
ROMO Calmar Ratio Rank: 32
ROMO Martin Ratio Rank: 37

DVOL

DVOL Risk / Return Rank: 9
DVOL Sharpe Ratio Rank: 9
DVOL Sortino Ratio Rank: 9
DVOL Omega Ratio Rank: 9
DVOL Calmar Ratio Rank: 10
DVOL Martin Ratio Rank: 10

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.

ROMO vs. DVOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Strategy Shares Newfound/ReSolve Robust Momentum ETF (ROMO) and First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL). 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.

	ROMO	DVOL	Difference
Sharpe ratio Return per unit of total volatility	1.30	0.07	+1.23
Sortino ratio Return per unit of downside risk	1.86	0.19	+1.67
Omega ratio Gain probability vs. loss probability	1.24	1.02	+0.22
Calmar ratio Return relative to maximum drawdown	1.58	0.08	+1.49
Martin ratio Return relative to average drawdown	5.70	0.30	+5.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ROMO vs. DVOL - Sharpe Ratio Comparison

The current ROMO Sharpe Ratio is 1.30, which is higher than the DVOL Sharpe Ratio of 0.07. The chart below compares the historical Sharpe Ratios of ROMO and DVOL, 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

	ROMO	DVOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.30	0.07	+1.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.48	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.50	-0.02

Drawdowns

ROMO vs. DVOL - Drawdown Comparison

The maximum ROMO drawdown since its inception was -28.66%, smaller than the maximum DVOL drawdown of -38.26%. Use the drawdown chart below to compare losses from any high point for ROMO and DVOL.

Drawdown Indicators

	ROMO	DVOL	Difference
Max Drawdown Largest peak-to-trough decline	-28.66%	-38.26%	+9.60%
Max Drawdown (1Y) Largest decline over 1 year	-11.16%	-9.82%	-1.34%
Max Drawdown (3Y) Largest decline over 3 years	-14.09%	-11.66%	-2.43%
Max Drawdown (5Y) Largest decline over 5 years	-20.26%	-24.65%	+4.39%
Current Drawdown Current decline from peak	-1.62%	-4.85%	+3.23%
Average Drawdown Average peak-to-trough decline	-8.31%	-7.17%	-1.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	2.87%	+0.21%

Volatility

ROMO vs. DVOL - Volatility Comparison

Strategy Shares Newfound/ReSolve Robust Momentum ETF (ROMO) has a higher volatility of 4.12% compared to First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL) at 2.91%. This indicates that ROMO's price experiences larger fluctuations and is considered to be riskier than DVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ROMO	DVOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.12%	2.91%	+1.21%
Volatility (6M) Calculated over the trailing 6-month period	11.11%	9.35%	+1.76%
Volatility (1Y) Calculated over the trailing 1-year period	13.58%	11.79%	+1.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.03%	14.40%	-2.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.45%	17.72%	-3.27%

ROMO vs. DVOL - Expense Ratio Comparison

ROMO has a 0.82% expense ratio, which is higher than DVOL's 0.60% expense ratio.

Dividends

ROMO vs. DVOL - Dividend Comparison

ROMO's dividend yield for the trailing twelve months is around 8.34%, more than DVOL's 0.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF	0.68%	0.86%	0.67%	1.28%	1.37%	0.47%	0.60%	1.79%	0.39%
ROMO Strategy Shares Newfound/ReSolve Robust Momentum ETF	8.34%	8.87%	0.76%	2.42%	0.77%	0.56%	0.97%	0.58%	0.00%

Frequently Asked Questions

Can I hold both ROMO and DVOL in my portfolio?

ROMO and DVOL 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 is riskier, ROMO or DVOL?

ROMO has higher volatility (4.12%) compared to DVOL (2.91%). In terms of maximum drawdown, ROMO dropped -28.66% vs DVOL's -38.26%.

Which ETF is better, ROMO or DVOL?

On 5-year performance, DVOL leads with 6.82% vs 6.78% for ROMO. On fees, DVOL is cheaper at 0.60% per year. On volatility, DVOL has been the lower-risk option at 2.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ROMO or DVOL?

Over the 5-year period, DVOL has performed better with a 6.82% return vs 6.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ROMO or DVOL?

DVOL is cheaper with a 0.60% expense ratio, compared with 0.82% for ROMO.

Which ETF pays a higher dividend yield, ROMO or DVOL?

ROMO has the higher dividend yield at 8.34%, compared with 0.68% for DVOL.

What is the main difference between ROMO and DVOL?

ROMO tracks Newfound/ReSolve Robust Equity Momentum Index, while DVOL tracks Dorsey Wright Momentum Plus Low Volatility Index. They also come from different issuers: Rational Capital LLC and First Trust. Their fees differ too: 0.82% for ROMO and 0.60% for DVOL.

Which has better risk-adjusted returns?

ROMO currently has the higher Sharpe Ratio (1.30 vs 0.07), 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.