- ISIN
- US66537X3329
- CUSIP
- 66537X332
- Issuer
- Toews Funds
- Inception Date
- Jan 6, 2016
- Category
- Long-Short
- Min. Investment
- $10,000
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
Share Price Chart
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Performance
TTDAX Performance Chart
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Returns By Period
Toews Tactical Defensive Alpha Fund
- 1D
- —
- 1M
- —
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
TTDAX Monthly Returns History
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.02% | -0.37% | -6.45% | -5.84% | |||||||||
| 2025 | 1.71% | -0.89% | -5.29% | 1.27% | 1.25% | 3.40% | 1.49% | 2.16% | 2.40% | 1.97% | 0.74% | 0.48% | 10.90% |
| 2024 | -1.81% | 4.39% | 3.23% | -6.16% | 3.23% | 0.00% | 4.01% | 0.56% | -1.22% | -3.60% | 4.72% | -3.79% | 2.87% |
| 2023 | 4.00% | -3.24% | -0.52% | 0.00% | -3.26% | 6.20% | 3.79% | -5.62% | -6.79% | -0.22% | 6.63% | 7.76% | 7.65% |
| 2022 | -3.91% | -1.81% | 4.24% | -5.48% | -0.37% | -4.69% | 4.04% | -3.88% | -9.25% | 6.29% | 2.55% | -4.49% | -16.61% |
| 2021 | 0.61% | 3.43% | 2.72% | 3.15% | -1.25% | 0.49% | 0.35% | 1.47% | -4.75% | 5.05% | -3.57% | 4.52% | 12.36% |
Benchmark Metrics
Toews Tactical Defensive Alpha Fund has an annualized alpha of -3.42%, beta of 0.79, and R2 of 0.78 versus S&P 500 Index. Calculated based on daily prices since January 03, 2017.
- This fund participated in 89.79% of S&P 500 Index downside but only 66.94% of its upside - more exposed to losses than it benefited from rallies.
- This fund had an annualized alpha of -3.42% versus S&P 500 Index - delivering less than market exposure alone would predict.
- Alpha
- -3.42%
- Beta
- 0.79
- R²
- 0.78
- Upside Capture
- 66.94%
- Downside Capture
- 89.79%
Expense Ratio
TTDAX has a high expense ratio of 1.25%, indicating above-average management fees.
Return for Risk
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Toews Tactical Defensive Alpha Fund (TTDAX) and compare them to S&P 500 Index.
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.
| TTDAX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.37 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.78 | — |
| Martin ratioReturn relative to average drawdown | — | 12.44 | — |
Dividends
Dividend History
Toews Tactical Defensive Alpha Fund provided a 2.20% dividend yield over the last twelve months, with an annual payout of $0.22 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.22 | $0.22 | $0.33 | $0.26 | $0.10 | $3.06 | $0.53 | $0.87 | $0.14 | $1.52 |
Dividend yield | 2.20% | 2.07% | 3.30% | 2.56% | 1.03% | 26.63% | 4.08% | 7.49% | 1.35% | 13.58% |
Monthly Dividends
The table displays the monthly dividend distributions for Toews Tactical Defensive Alpha Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | |||||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.22 | $0.22 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.33 | $0.33 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.26 | $0.26 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.10 | $0.10 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $3.06 | $3.06 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Toews Tactical Defensive Alpha Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Toews Tactical Defensive Alpha Fund was 34.31%, occurring on Mar 23, 2020. Recovery took 93 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -34.31%Mar 2020 | 1mo 1d | 4mo 14d | 5mo 15dFeb 2020 - Aug 2020 |
2023 bear market2023 | -25.09%Oct 2023 | 1y 11mo | 2y 1mo | 4y 1moNov 2021 - Dec 2025 |
Rate-hike selloffLate 2018 | -15.83%Dec 2018 | 10mo 29d | 4mo | 1y 2moJan 2018 - Apr 2019 |
2020 pullback2020 | -8.14%Sep 2020 | 20d | 1mo 21d | 2mo 11dSep 2020 - Nov 2020 |
2026 pullback2026 | -7.30%Mar 2026 | 29d | — | 3mo 27dFeb 2026 - now |
Drawdown Indicators
| TTDAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | — | -56.78% | — |
Max Drawdown (1Y)Largest decline over 1 year | — | -9.10% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | — | -1.80% | — |
Average DrawdownAverage peak-to-trough decline | — | -10.71% | — |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.03% | — |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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