TFPN vs. ELM

Last updated Jun 4, 2026

TFPN (Blueprint Chesapeake Multi-Asset Trend ETF) and ELM (Elm Market Navigator ETF) are both exchange-traded funds - TFPN is a Global Allocation fund actively managed by Tidal ETFs, while ELM is a Tactical Allocation fund actively managed by Elm. Both are actively managed. Over the past year, TFPN returned 45.99% vs 19.85% for ELM. A 0.54 correlation means they provide meaningful diversification when combined. TFPN charges 1.10%/yr vs 0.24%/yr for ELM.

Performance

TFPN vs. ELM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Blueprint Chesapeake Multi-Asset Trend ETF (TFPN) 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, TFPN achieves a 27.01% return, which is significantly higher than ELM's 7.56% return.

TFPN

• 1D: 0.91%
• 1M: 5.79%
• YTD: 27.01%
• 6M: 28.49%
• 1Y: 45.99%
• 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)

TFPN vs. ELM - Yearly Performance Comparison

	2026 (YTD)	2025
TFPN Blueprint Chesapeake Multi-Asset Trend ETF	27.01%	4.05%
ELM Elm Market Navigator ETF	7.56%	11.89%

Correlation

The correlation between TFPN and ELM is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (All Time) Calculated using the full available price history since Feb 12, 2025	0.54

The correlation between TFPN and ELM has been stable across timeframes, ranging from 0.54 to 0.57 - a consistent structural relationship.

TFPN vs. ELM - Sectors Allocation Comparison

Sectors	TFPN	ELM
Industrials	29.8%	12.6%
Technology	17.9%	22.0%
Basic Materials	14.7%	5.4%
Energy	10.4%	4.8%
Healthcare	5.5%	8.3%
Consumer Cyclical	4.8%	9.1%
Financial Services	4.8%	18.3%
Consumer Defensive	4.3%	5.2%
Utilities	3.3%	3.0%
Communication Services	2.9%	6.6%
Real Estate	1.6%	4.7%

Return for Risk

TFPN vs. ELM — Risk / Return Rank

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

TFPN

TFPN Risk / Return Rank: 91
TFPN Sharpe Ratio Rank: 92
TFPN Sortino Ratio Rank: 92
TFPN Omega Ratio Rank: 91
TFPN Calmar Ratio Rank: 92
TFPN Martin Ratio Rank: 91

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.

TFPN vs. ELM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Blueprint Chesapeake Multi-Asset Trend ETF (TFPN) 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.

	TFPN	ELM	Difference
Sharpe ratio: Return per unit of total volatility	3.37	2.13	+1.24
Sortino ratio: Return per unit of downside risk	4.44	3.00	+1.44
Omega ratio: Gain probability vs. loss probability	1.60	1.40	+0.20
Calmar ratio: Return relative to maximum drawdown	6.19	2.65	+3.54
Martin ratio: Return relative to average drawdown	21.51	11.00	+10.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TFPN vs. ELM - Sharpe Ratio Comparison

The current TFPN Sharpe Ratio is 3.37, which is higher than the ELM Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of TFPN and ELM, 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

	TFPN	ELM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.37	2.13	+1.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	1.49	-0.66

Drawdowns

TFPN vs. ELM - Drawdown Comparison

The maximum TFPN drawdown since its inception was -16.72%, which is greater than ELM's maximum drawdown of -9.02%. Use the drawdown chart below to compare losses from any high point for TFPN and ELM.

Drawdown Indicators

	TFPN	ELM	Difference
Max Drawdown Largest peak-to-trough decline	-16.72%	-9.02%	-7.70%
Max Drawdown (1Y) Largest decline over 1 year	-7.47%	-7.52%	+0.05%
Current Drawdown Current decline from peak	0.00%	-0.58%	+0.58%
Average Drawdown Average peak-to-trough decline	-4.89%	-1.32%	-3.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.14%	1.81%	+0.33%

Volatility

TFPN vs. ELM - Volatility Comparison

Blueprint Chesapeake Multi-Asset Trend ETF (TFPN) has a higher volatility of 4.55% compared to Elm Market Navigator ETF (ELM) at 2.59%. This indicates that TFPN's price experiences larger fluctuations and is considered to be riskier than ELM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TFPN	ELM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.55%	2.59%	+1.96%
Volatility (6M) Calculated over the trailing 6-month period	11.50%	7.52%	+3.98%
Volatility (1Y) Calculated over the trailing 1-year period	13.70%	9.38%	+4.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.53%	10.27%	+2.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.53%	10.27%	+2.26%

TFPN vs. ELM - Expense Ratio Comparison

TFPN has a 1.10% expense ratio, which is higher than ELM's 0.24% expense ratio.

Dividends

TFPN vs. ELM - Dividend Comparison

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

Position	TTM	2025	2024	2023
ELM Elm Market Navigator ETF	2.52%	2.71%	0.00%	0.00%
TFPN Blueprint Chesapeake Multi-Asset Trend ETF	0.00%	0.00%	0.94%	0.98%

Frequently Asked Questions

Can I hold both TFPN and ELM in my portfolio?

TFPN and ELM have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TFPN or ELM?

TFPN has higher volatility (4.55%) compared to ELM (2.59%). In terms of maximum drawdown, TFPN dropped -16.72% vs ELM's -9.02%.

Which ETF is better, TFPN or ELM?

On 1-year performance, TFPN leads with 45.99% vs 19.85% for ELM. On fees, ELM is cheaper at 0.24% per year. On volatility, ELM has been the lower-risk option at 2.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TFPN or ELM?

Over the 1-year period, TFPN has performed better with a 45.99% return vs 19.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TFPN or ELM?

ELM is cheaper with a 0.24% expense ratio, compared with 1.10% for TFPN.

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

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

What is the main difference between TFPN and ELM?

TFPN is categorized as Global Allocation, while ELM is Tactical Allocation. They also come from different issuers: Tidal ETFs and Elm. Their fees differ too: 1.10% for TFPN and 0.24% for ELM.

Which has better risk-adjusted returns?

TFPN currently has the higher Sharpe Ratio (3.37 vs 2.13), 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.