THRO vs. ALLW

Last updated Apr 1, 2026

Compare and contrast key facts about iShares U.S. Thematic Rotation Active ETF (THRO) and SPDR Bridgewater All Weather ETF (ALLW).

THRO and ALLW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. THRO is an actively managed fund by iShares. It was launched on Dec 14, 2021. ALLW is an actively managed fund by State Street. It was launched on Mar 5, 2025.

Performance

THRO vs. ALLW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Thematic Rotation Active ETF (THRO) and SPDR Bridgewater All Weather ETF (ALLW). The values are adjusted to include any dividend payments, if applicable.

THRO vs. ALLW - Yearly Performance Comparison

	2026 (YTD)	2025
THRO iShares U.S. Thematic Rotation Active ETF	-6.03%	18.87%
ALLW SPDR Bridgewater All Weather ETF	4.95%	15.04%

Returns By Period

In the year-to-date period, THRO achieves a -6.03% return, which is significantly lower than ALLW's 4.95% return.

THRO

• 1D: 3.19%
• 1M: -5.19%
• YTD: -6.03%
• 6M: -4.26%
• 1Y: 14.50%
• 3Y*: 17.79%
• 5Y*: —
• 10Y*: —

ALLW

• 1D: 1.98%
• 1M: -4.28%
• YTD: 4.95%
• 6M: 8.24%
• 1Y: 19.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

THRO vs. ALLW - Expense Ratio Comparison

THRO has a 0.60% expense ratio, which is lower than ALLW's 0.85% expense ratio.

ALLW

SPDR Bridgewater All Weather ETF

THRO

iShares U.S. Thematic Rotation Active ETF

Return for Risk

THRO vs. ALLW — Risk / Return Rank

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

THRO

THRO Risk / Return Rank: 52
THRO Sharpe Ratio Rank: 46
THRO Sortino Ratio Rank: 49
THRO Omega Ratio Rank: 49
THRO Calmar Ratio Rank: 57
THRO Martin Ratio Rank: 58

ALLW

ALLW Risk / Return Rank: 84
ALLW Sharpe Ratio Rank: 83
ALLW Sortino Ratio Rank: 82
ALLW Omega Ratio Rank: 83
ALLW Calmar Ratio Rank: 84
ALLW Martin Ratio Rank: 88

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.

THRO vs. ALLW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Thematic Rotation Active ETF (THRO) and SPDR Bridgewater All Weather ETF (ALLW). 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.

	THRO	ALLW	Difference
Sharpe ratio Return per unit of total volatility	0.80	1.53	-0.73
Sortino ratio Return per unit of downside risk	1.27	2.06	-0.79
Omega ratio Gain probability vs. loss probability	1.18	1.31	-0.14
Calmar ratio Return relative to maximum drawdown	1.38	2.34	-0.96
Martin ratio Return relative to average drawdown	5.51	10.17	-4.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

THRO vs. ALLW - Sharpe Ratio Comparison

The current THRO Sharpe Ratio is 0.80, which is lower than the ALLW Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of THRO and ALLW, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	THRO	ALLW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.80	1.53	-0.73
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	1.51	-0.99

Correlation

The correlation between THRO and ALLW is 0.48, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

THRO vs. ALLW - Dividend Comparison

THRO's dividend yield for the trailing twelve months is around 0.19%, less than ALLW's 4.45% yield.

	TTM	2025	2024	2023	2022
THRO iShares U.S. Thematic Rotation Active ETF	0.19%	0.15%	0.73%	0.55%	0.90%
ALLW SPDR Bridgewater All Weather ETF	4.45%	4.67%	0.00%	0.00%	0.00%

Drawdowns

THRO vs. ALLW - Drawdown Comparison

The maximum THRO drawdown since its inception was -26.54%, which is greater than ALLW's maximum drawdown of -8.78%. Use the drawdown chart below to compare losses from any high point for THRO and ALLW.

Drawdown Indicators

	THRO	ALLW	Difference
Max Drawdown Largest peak-to-trough decline	-26.54%	-8.78%	-17.76%
Max Drawdown (1Y) Largest decline over 1 year	-10.97%	-8.78%	-2.19%
Current Drawdown Current decline from peak	-8.03%	-4.28%	-3.75%
Average Drawdown Average peak-to-trough decline	-6.92%	-1.18%	-5.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.74%	2.02%	+0.72%

Volatility

THRO vs. ALLW - Volatility Comparison

iShares U.S. Thematic Rotation Active ETF (THRO) and SPDR Bridgewater All Weather ETF (ALLW) have volatilities of 5.66% and 5.41%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	THRO	ALLW	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.66%	5.41%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	10.33%	8.56%	+1.77%
Volatility (1Y) Calculated over the trailing 1-year period	18.25%	13.08%	+5.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.89%	12.83%	+6.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.89%	12.83%	+6.06%