THIR vs. ELM

Last updated Jun 4, 2026

THIR (THOR Index Rotation ETF) and ELM (Elm Market Navigator ETF) are both Tactical Allocation funds. THIR is passively managed, while ELM is actively managed. Over the past year, THIR returned 24.32% vs 19.85% for ELM. A 0.70 correlation means they provide meaningful diversification when combined. THIR charges 0.70%/yr vs 0.24%/yr for ELM.

Performance

THIR vs. ELM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in THOR Index Rotation ETF (THIR) and Elm Market Navigator ETF (ELM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with THIR having a 7.85% return and ELM slightly lower at 7.56%.

THIR

• 1D: -0.71%
• 1M: 7.55%
• YTD: 7.85%
• 6M: 7.66%
• 1Y: 24.32%
• 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)

THIR vs. ELM - Yearly Performance Comparison

	2026 (YTD)	2025
THIR THOR Index Rotation ETF	7.85%	21.87%
ELM Elm Market Navigator ETF	7.56%	11.89%

Correlation

The correlation between THIR and ELM is 0.80, 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	0.80
Correlation (All Time) Calculated using the full available price history since Feb 12, 2025	0.70

The correlation between THIR and ELM has been stable across timeframes, ranging from 0.70 to 0.80 - a consistent structural relationship.

THIR vs. ELM - Sectors Allocation Comparison

Sectors	THIR	ELM
Technology	45.3%	22.0%
Communication Services	13.2%	6.6%
Consumer Cyclical	11.2%	9.1%
Healthcare	6.3%	8.3%
Consumer Defensive	6.2%	5.2%
Financial Services	6.0%	18.3%
Industrials	5.5%	12.6%
Energy	2.1%	4.8%
Utilities	1.8%	3.0%
Basic Materials	1.5%	5.4%
Real Estate	1.0%	4.7%

Return for Risk

THIR vs. ELM — Risk / Return Rank

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

THIR

THIR Risk / Return Rank: 60
THIR Sharpe Ratio Rank: 62
THIR Sortino Ratio Rank: 63
THIR Omega Ratio Rank: 61
THIR Calmar Ratio Rank: 56
THIR Martin Ratio Rank: 57

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.

THIR vs. ELM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for THOR Index Rotation ETF (THIR) 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.

	THIR	ELM	Difference
Sharpe ratio Return per unit of total volatility	2.11	2.13	-0.02
Sortino ratio Return per unit of downside risk	2.97	3.00	-0.03
Omega ratio Gain probability vs. loss probability	1.37	1.40	-0.03
Calmar ratio Return relative to maximum drawdown	2.75	2.65	+0.10
Martin ratio Return relative to average drawdown	9.85	11.00	-1.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

THIR vs. ELM - Sharpe Ratio Comparison

The current THIR Sharpe Ratio is 2.11, which is comparable to the ELM Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of THIR 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

	THIR	ELM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	2.13	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	1.74	1.49	+0.24

Drawdowns

THIR vs. ELM - Drawdown Comparison

The maximum THIR drawdown since its inception was -10.05%, which is greater than ELM's maximum drawdown of -9.02%. Use the drawdown chart below to compare losses from any high point for THIR and ELM.

Drawdown Indicators

	THIR	ELM	Difference
Max Drawdown Largest peak-to-trough decline	-10.05%	-9.02%	-1.03%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-7.52%	-1.36%
Current Drawdown Current decline from peak	-0.71%	-0.58%	-0.13%
Average Drawdown Average peak-to-trough decline	-1.99%	-1.32%	-0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.48%	1.81%	+0.67%

Volatility

THIR vs. ELM - Volatility Comparison

THOR Index Rotation ETF (THIR) has a higher volatility of 3.60% compared to Elm Market Navigator ETF (ELM) at 2.59%. This indicates that THIR'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

	THIR	ELM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.60%	2.59%	+1.01%
Volatility (6M) Calculated over the trailing 6-month period	8.45%	7.52%	+0.93%
Volatility (1Y) Calculated over the trailing 1-year period	11.56%	9.38%	+2.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.64%	10.27%	+2.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.64%	10.27%	+2.37%

THIR vs. ELM - Expense Ratio Comparison

THIR has a 0.70% expense ratio, which is higher than ELM's 0.24% expense ratio.

Dividends

THIR vs. ELM - Dividend Comparison

THIR's dividend yield for the trailing twelve months is around 0.33%, less than ELM's 2.52% yield.

Position	TTM	2025	2024
ELM Elm Market Navigator ETF	2.52%	2.71%	0.00%
THIR THOR Index Rotation ETF	0.33%	0.35%	0.29%

Frequently Asked Questions

Can I hold both THIR and ELM in my portfolio?

THIR and ELM have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, THIR or ELM?

THIR has higher volatility (3.60%) compared to ELM (2.59%). In terms of maximum drawdown, THIR dropped -10.05% vs ELM's -9.02%.

Which ETF is better, THIR or ELM?

On 1-year performance, THIR leads with 24.32% 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, THIR or ELM?

Over the 1-year period, THIR has performed better with a 24.32% return vs 19.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, THIR or ELM?

ELM is cheaper with a 0.24% expense ratio, compared with 0.70% for THIR.

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

ELM has the higher dividend yield at 2.52%, compared with 0.33% for THIR.

What is the main difference between THIR and ELM?

They also come from different issuers: THOR and Elm. Their fees differ too: 0.70% for THIR and 0.24% for ELM.

Which has better risk-adjusted returns?

ELM currently has the higher Sharpe Ratio (2.13 vs 2.11), 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.