ELM vs IRTR: Grades, Fees and Holdings Compared

Elm Market Navigator ETF

ELMBNYSE Arca

iShares LifePath Retirement ETF

IRTRANYSE Arca

Overlap

0.0%by weight

Expense ratio

IRTR −0.16pt a year

ELM0.24%IRTR0.08%

Avg volume · 30D

ELM 1.9×the volume

ELM24.3KIRTR12.7K

ELM vs IRTR Performance

Oct 31, 2025 – Oct 30, 2026

+8.0%ELM+5.1%IRTR

Expense ratio: ELM 0.24%; IRTR 0.08%, better
Fund size: ELM $593M; IRTR $60M
1Y total return: ELM +8.0%, better; IRTR +5.1%
Yield (12M): ELM No data; IRTR 3.17%
Holdings: ELM 21; IRTR 29140
Avg volume (30D): ELM 24.3K sh, better; IRTR 12.7K sh
NAV per share: ELM $29.04; IRTR $31.52
52W range

ETF.net Grade

Pillar letters and Scores for ELM, IRTR, with each pillar’s weight
Pillar	ELM	IRTR
Cost30% weight	A89	A97Higher
Mission25% weight	D39	A100Higher
Risk15% weight	C52	A82Higher
Tradability15% weight	C46	B62Higher
Holdings10% weight	D39	A80Higher
Durability5% weight	B69Higher	B56

Rank among Multi-Asset Allocation funds

How we build Categories ›

Same Category. ELM and IRTR are both graded against the same 37 Multi-Asset Allocation funds, so their Grades compare head to head.

Multi-Asset Allocation⁠

Category · 37 funds

See all 37 ›

IRTR ranks 3rd and ELM 14th of 37 funds in the Multi-Asset Allocation Category.

Rank 1AUCBGState Street SPDR UC Investments 90/10 Endowment Strategy Index ETFScore 95
Rank 2AAOAiShares Core 80/20 Aggressive Allocation ETFScore 88
Rank 3AIRTRiShares LifePath Retirement ETFScore 86
Rank 4AINCEFranklin Income Equity Focus ETFScore 74
Rank 12BRMHYGlobal X Adaptive Risk Managed Yield ETFScore 60
Rank 14BELMElm Market Navigator ETFScore 58
Rank 14BRAASMI 3Fourteen REAL Asset Allocation ETFScore 58

Our read on each fund

ETF.net Research

ELMBElm Market Navigator ETF

IRTRAiShares LifePath Retirement ETF

In short

ELM Most allocation funds pick a stock/bond mix and stick to it. ELM runs a rules-based dial instead, shifting across global stocks, bonds, real estate and cash as conditions change, for a flat 0.24% a year with no temporary waiver holding that number down.

IRTR A whole retirement portfolio in one ticker: global stock and bond ETFs blended at the conservative end, for 0.08% a year. That is index-fund pricing on a job most allocation funds charge roughly ten times more to do.

Stated mandate

ELM The Fund is an actively managed fund of funds using a rules-based asset-allocation process to dynamically invest across equity, fixed-income, real-estate, and cash-related markets.

IRTR The fund seeks conservative exposure through a broad portfolio of stock and bond ETFs spanning global asset classes.

Why people hold it

ELM The mix moves: a rules-based process shifts across equity, fixed income, real estate and cash markets, so you are not locked into one static stock/bond split.
0.24% flat, with no waiver holding it there, and below the median of the 37 allocation funds compared. Less than peers INCE (0.29%) and TRTY (0.39%).
Elm ran this strategy in a private fund for roughly 13 years before converting it into an ETF in February 2025. The wrapper is new, the playbook is not.businesswire.com
One fund of funds covers US, developed international and emerging-market stocks plus bonds, so the global spread arrives in a single line on your statement.

IRTR Costs 0.08% a year against a 0.78% median for allocation funds. Roughly a tenth of the going rate for a portfolio-in-a-box.
One line item, global coverage. The fund holds a spread of stock and bond ETFs across asset classes, so the mixing happens inside the wrapper.ishares.com
Distributions come monthly rather than quarterly.
One of the strongest all-in-one allocation funds in its peer group, and the cheapest of that top tier: iShares' own AOA runs 0.19%.

Worth knowing

ELM Volume is light next to the giant allocation ETFs, so limit orders and a glance at the spread matter more here.
Cheap for an active allocator, but static rivals undercut it: UCBG runs 0.06% and AOA 0.15% net of a waiver through November 30, 2026.
By design the allocation can swing well away from a static baseline, so its path can look nothing like a plain balanced fund; the ETF's own record starts in February 2025.elmwealth.com

IRTR Thinly traded. Spreads can run wider than on household-name ETFs, so limit orders matter more here.
Launched in 2023, so the track record is short and the fund is still building scale.
Conservative by construction: it is built to move less than an all-stock portfolio, and that cuts in both directions.ishares.com

Full ELM profile⁠

Full IRTR profile⁠

ELM vs IRTR Holdings

How ELM and IRTR differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of ELM and 0.0% of IRTR.

Level by level

Holdings0 in both0.0%
Countryby domicile84.4%
Sector11 Sectors93.6%

Sector

Sector weights in ELM and IRTR, widest gap first
Sector	More in ELMMore in IRTR	ELM	IRTR
Financials	ELM +3.2 points	17.9%	14.7%
Technology	IRTR +3.1 points	27.4%	30.5%
Utilities	IRTR +1.4 points	2.5%	3.9%
Materials	ELM +1.3 points	4.8%	3.5%
Communication	IRTR +1.2 points	6.2%	7.3%
Real Estate	ELM +0.8 points	4.0%	3.2%
Industrials	IRTR +0.5 points	11.4%	11.9%
Consumer Discretionary	ELM +0.5 points	8.4%	7.9%
Consumer Staples	ELM +0.4 points	4.6%	4.2%
Energy	IRTR +0.3 points	4.3%	4.6%
Health Care	ELM +0.2 points	8.4%	8.2%

Country, concentration and asset class

Country by domicile

Country weights in ELM and IRTR, widest gap first
Country	More in ELMMore in IRTR	ELM	IRTR
United States	IRTR +14.4 points	78.3%	92.7%
China	ELM +2.5 points	2.5%	0.0%
Taiwan	ELM +2.4 points	3.8%	1.4%
India	ELM +1.7 points	1.7%	0.0%
South Africa	ELM +1.2 points	1.2%	0.0%
Australia	ELM +0.9 points	0.9%	0.0%
United Kingdom	IRTR +0.7 points	1.0%	1.7%
Switzerland	ELM +0.7 points	0.7%	0.0%
Other countries (31)	ELM +5.7 points	9.9%	4.2%

Outside the US: ELM 49% developed, 51% emerging.

Concentration

Weight in the 10 largest Holdings

ELM93.2%
IRTR10.0%

Securities held

ELM20
IRTR29,043

Asset class

ELM: Multi-Asset
IRTR: Multi-Asset

Holdings

Only in ELM20
In both0
Only in IRTR29,043

Only in ELM

20 securities, 99.9% of ELM by weight

Vanguard 0-3 Month Treasury Bill ETF36.28%
Vanguard Morningstar Total Stock Market ETF21.03%
Schwab US TIPS ETF10.61%
Vanguard FTSE Emerging Markets ETF9.76%
Vanguard Total Bond Market ETF5.59%
iShares Core MSCI Pacific ETF3.39%
iShares Core S&P Total U.S. Stock Market ETF2.15%
Vanguard FTSE Europe ETF1.63%
Vanguard FTSE Pacific ETF1.52%
iShares Core MSCI Europe ETF1.20%
JPMorgan BetaBuilders Europe ETF1.17%
iShares Core MSCI Emerging Markets ETF1.15%
JPMorgan BetaBuilders Canada ETF1.13%
Vanguard Morningstar Value ETF1.01%
Vanguard Morningstar Small-Cap ETF0.74%
Schwab US Broad Market ETF0.40%
First American Government Obligations Fund 12/01/20310.39%
Schwab U.S. REIT ETF0.36%
Ishares Core Us Value Etf0.34%
iShares Core U.S. Aggregate Bond ETF0.04%

Only in IRTR

29,043 securities, 99.5% of IRTR by weight

Apple1.69%
NVIDIA1.62%
Microsoft1.31%
Treasury Note 1.38% 11/15/2031 (Tnote)1.28%
Amazon.com Inc0.79%
Treasury Note 2.63% 02/15/2029 (Tnote)0.76%
Alphabet Class A0.55%
Treasury Note 3.13% 11/15/2028 (Tnote)0.54%
Treasury (Cpi) Note 1.13% 10/15/2030 (Tips)0.54%
Treasury (Cpi) Note 1.25% 04/15/2031 (Tips)0.54%
Taiwan Semiconductor Manufacturing0.53%
Treasury (Cpi) Note 1.63% 04/15/2030 (Tips)0.52%
Broadcom Inc0.51%
Treasury (Cpi) Note 1.63% 10/15/2029 (Tips)0.51%
Treasury Note 2.75% 02/15/2028 (Tnote)0.50%
Treasury (Cpi) Note 2.13% 04/15/2029 (Tips)0.49%
Treasury (Cpi) Note 2.38% 10/15/2028 (Tips)0.49%
Treasury (Cpi) Note 1.63% 10/15/2027 (Tips)0.48%
Treasury (Cpi) Note 1.25% 04/15/2028 (Tips)0.47%
Treasury (Cpi) Note 0.13% 04/15/2027 (Tips)0.47%
Treasury (Cpi) Note 0.13% 01/15/2031 (Tips)0.46%
Treasury (Cpi) Note 0.13% 07/15/2031 (Tips)0.46%
Meta Platforms Class A0.46%
Alphabet Class C0.45%
Treasury (Cpi) Note 0.13% 07/15/2030 (Tips)0.44%
Treasury (Cpi) Note 0.38% 07/15/2027 (Tips)0.43%
Treasury (Cpi) Note 0.50% 01/15/2028 (Tips)0.43%
Treasury Bond 2.50% 05/15/2046 (Tbond)0.42%
Treasury Note 2.88% 05/15/2028 (Tnote)0.42%
Treasury Bond 3.75% 11/15/2043 (Tbond)0.41%
Treasury (Cpi) Note 0.13% 01/15/2030 (Tips)0.40%
Treasury Bond 2.75% 11/15/2042 (Tbond)0.40%
Tesla Inc0.40%
Eli Lilly0.38%
Treasury (Cpi) Note 0.38% 01/15/2027 (Tips)0.37%
Treasury (Cpi) Note 0.75% 07/15/2028 (Tips)0.36%
Treasury Bond 6.13% 11/15/2027 (Tbond)0.36%
Treasury (Cpi) Note 0.25% 07/15/2029 (Tips)0.36%
Berkshire Hathaway Inc Class B0.34%
Treasury Bond 1.88% 02/15/2051 (Tbond)0.34%
Micron Technology0.34%
Treasury (Cpi) Note 0.88% 01/15/2029 (Tips)0.31%
Treasury Note 4.00% 05/31/2028 (Tnote)0.31%
JPMorgan Chase & Co0.30%
Treasury Note (Old) 4.38% 05/15/2036 (Tnote)0.28%
Treasury Note 2.38% 05/15/2029 (Tnote)0.28%
Advanced Micro Devices0.28%
Treasury Note 4.00% 05/31/2030 (Tnote)0.26%
Exxonmobil Holdings Corp0.26%
Treasury Note 4.00% 02/29/2028 (Tnote)0.25%

Weight gaps

ELM and IRTR share no securities.

All ELM holdings⁠All IRTR holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

ELM vs IRTR Cost

Overpaying ELM vs IRTR

$3,270

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

ELM 0.24%
$4,959
IRTR 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

ELM 0.24%
IRTR 0.08%
Overpaying

Year by year

Year	ELM	IRTR	Overpaying
10	$437	$147	$290
20	$1,699	$575	$1,124
30	$4,959	$1,689	$3,270

Expense ratio

0.24%ELM
0.08%IRTR, cheaper

IRTR0.08%ELM0.24%

0.06%1.36%

Middle half of Multi-Asset Allocation funds
Median 0.57%

IRTR 2nd cheapest of 37 funds

ELM 5th cheapest of 37 funds

ELM vs IRTR Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ELM No data; IRTR 3.17%
Payout (12M): ELM No data; IRTR $1.00
Last payment: ELM $0.13; IRTR $0.08
Ex-dividend: ELM Dec 31, 2025; IRTR Oct 2, 2026
Paid on: ELM Jan 2, 2026; IRTR Oct 7, 2026
Frequency: ELM Irregular; IRTR Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

ELMIrregular · 2 paymentsAll ELM payments⁠

IRTRMonthly · 35 paymentsAll IRTR payments⁠

ELM vs IRTR Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: ELM 7.7%since Mar 2025IRTR 7.3%
Return per unit of riskSharpe ratio, 3 years: ELM 0.96since Mar 2025IRTR 1.14
Worst fallMax drawdown, 5 years: ELM −9.0%since Feb 2025IRTR −6.3%since Oct 2023
Market sensitivityBeta, 5 years: ELM 0.50IRTR 0.47; Market = 1

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