UPAR vs. ALLW

Last updated Jun 24, 2026

UPAR (UPAR Ultra Risk Parity ETF) and ALLW (State Street Bridgewater All Weather ETF) are both exchange-traded funds - UPAR is a Diversified Portfolio fund tracking the NONE, while ALLW is a Tactical Allocation fund actively managed by State Street. UPAR is passively managed, while ALLW is actively managed. Over the past year, UPAR returned 21.58% vs 17.58% for ALLW. Their correlation of 0.86 suggests significant overlap in exposure. UPAR charges 0.65%/yr vs 0.85%/yr for ALLW.

Performance

UPAR vs. ALLW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in UPAR Ultra Risk Parity ETF (UPAR) and State Street Bridgewater All Weather ETF (ALLW). 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 UPAR having a 6.27% return and ALLW slightly lower at 5.97%.

UPAR

• 1D: -1.50%
• 1M: -1.15%
• YTD: 6.27%
• 6M: 5.99%
• 1Y: 21.58%
• 3Y*: 9.14%
• 5Y*: —
• 10Y*: —

ALLW

• 1D: -1.02%
• 1M: -2.41%
• YTD: 5.97%
• 6M: 5.04%
• 1Y: 17.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UPAR vs. ALLW - Yearly Performance Comparison

	2026 (YTD)	2025
UPAR UPAR Ultra Risk Parity ETF	6.27%	16.47%
ALLW State Street Bridgewater All Weather ETF	5.97%	15.44%

Correlation

The correlation between UPAR and ALLW is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (All Time) Calculated using the full available price history since Mar 6, 2025	0.86

The correlation between UPAR and ALLW has been stable across timeframes, ranging from 0.86 to 0.87 - a consistent structural relationship.

Return for Risk

UPAR vs. ALLW — Risk / Return Rank

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

UPAR

UPAR Risk / Return Rank: 43
UPAR Sharpe Ratio Rank: 46
UPAR Sortino Ratio Rank: 42
UPAR Omega Ratio Rank: 44
UPAR Calmar Ratio Rank: 41
UPAR Martin Ratio Rank: 40

ALLW

ALLW Risk / Return Rank: 50
ALLW Sharpe Ratio Rank: 48
ALLW Sortino Ratio Rank: 45
ALLW Omega Ratio Rank: 47
ALLW Calmar Ratio Rank: 51
ALLW Martin Ratio Rank: 57

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.

UPAR vs. ALLW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UPAR Ultra Risk Parity ETF (UPAR) and State Street 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	UPAR	ALLW	Difference
Sharpe ratio: Return per unit of total volatility	1.51	1.60	-0.09
Sortino ratio: Return per unit of downside risk	2.04	2.16	-0.13
Omega ratio: Gain probability vs. loss probability	1.27	1.29	-0.02
Calmar ratio: Return relative to maximum drawdown	1.95	2.44	-0.49
Martin ratio: Return relative to average drawdown	5.94	9.71	-3.77

UPAR vs. ALLW - Sharpe Ratio Comparison

The current UPAR Sharpe Ratio is 1.51, which is comparable to the ALLW Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of UPAR and ALLW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UPAR vs. ALLW - Drawdown Comparison

The maximum UPAR drawdown since its inception was -39.54%, which is greater than ALLW's maximum drawdown of -8.78%. Use the drawdown chart below to compare losses from any high point for UPAR and ALLW.

Drawdown Indicators

	UPAR	ALLW	Difference
Max Drawdown Largest peak-to-trough decline	-39.54%	-8.78%	-30.76%
Max Drawdown (1Y) Largest decline over 1 year	-11.13%	-7.23%	-3.90%
Max Drawdown (3Y) Largest decline over 3 years	-18.73%	—	—
Current Drawdown Current decline from peak	-7.23%	-3.73%	-3.50%
Average Drawdown Average peak-to-trough decline	-22.24%	-1.25%	-20.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.64%	1.81%	+1.83%

Volatility

UPAR vs. ALLW - Volatility Comparison

UPAR Ultra Risk Parity ETF (UPAR) has a higher volatility of 5.61% compared to State Street Bridgewater All Weather ETF (ALLW) at 4.00%. This indicates that UPAR's price experiences larger fluctuations and is considered to be riskier than ALLW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPAR	ALLW	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.61%	4.00%	+1.61%
Volatility (6M) Calculated over the trailing 6-month period	12.33%	9.34%	+2.99%
Volatility (1Y) Calculated over the trailing 1-year period	14.33%	11.05%	+3.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.10%	12.71%	+5.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.10%	12.71%	+5.39%

UPAR vs. ALLW - Expense Ratio Comparison

UPAR has a 0.65% expense ratio, which is lower than ALLW's 0.85% expense ratio.

Dividends

UPAR vs. ALLW - Dividend Comparison

UPAR's dividend yield for the trailing twelve months is around 2.72%, less than ALLW's 4.41% yield.

Position	TTM	2025	2024	2023	2022
ALLW State Street Bridgewater All Weather ETF	4.41%	4.67%	0.00%	0.00%	0.00%
UPAR UPAR Ultra Risk Parity ETF	2.72%	3.28%	3.32%	3.04%	4.73%

Frequently Asked Questions

Can I hold both UPAR and ALLW in my portfolio?

UPAR and ALLW have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UPAR or ALLW?

UPAR has higher volatility (5.61%) compared to ALLW (4.00%). In terms of maximum drawdown, UPAR dropped -39.54% vs ALLW's -8.78%.

Which ETF is better, UPAR or ALLW?

On 1-year performance, UPAR leads with 21.58% vs 17.58% for ALLW. On fees, UPAR is cheaper at 0.65% per year. On volatility, ALLW has been the lower-risk option at 4.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPAR or ALLW?

Over the 1-year period, UPAR has performed better with a 21.58% return vs 17.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPAR or ALLW?

UPAR is cheaper with a 0.65% expense ratio, compared with 0.85% for ALLW.

Which ETF pays a higher dividend yield, UPAR or ALLW?

ALLW has the higher dividend yield at 4.41%, compared with 2.72% for UPAR.

What is the main difference between UPAR and ALLW?

UPAR is categorized as Diversified Portfolio, while ALLW is Tactical Allocation. They also come from different issuers: RPAR and State Street. Their fees differ too: 0.65% for UPAR and 0.85% for ALLW.

Which has better risk-adjusted returns?

ALLW currently has the higher Sharpe Ratio (1.60 vs 1.51), 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.