ETFRX vs. GTAIX

Last updated Jun 4, 2026

ETFRX (North Square Tactical Defensive Fund) and GTAIX (Donoghue Forlines Tactical Allocation Fund) are both Tactical Allocation funds. Over the past 5 years, ETFRX returned 5.52%/yr vs 7.08%/yr for GTAIX. Their correlation of 0.80 suggests significant overlap in exposure. ETFRX charges 1.86%/yr vs 1.20%/yr for GTAIX.

Performance

ETFRX vs. GTAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in North Square Tactical Defensive Fund (ETFRX) and Donoghue Forlines Tactical Allocation Fund (GTAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETFRX achieves a 7.91% return, which is significantly lower than GTAIX's 12.59% return.

ETFRX

• 1D: 0.24%
• 1M: 4.41%
• YTD: 7.91%
• 6M: 7.99%
• 1Y: 19.81%
• 3Y*: 10.09%
• 5Y*: 5.52%
• 10Y*: 6.81%

GTAIX

• 1D: 0.78%
• 1M: 3.45%
• YTD: 12.59%
• 6M: 13.16%
• 1Y: 22.76%
• 3Y*: 15.11%
• 5Y*: 7.08%
• 10Y*: —

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

ETFRX vs. GTAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
ETFRX North Square Tactical Defensive Fund	7.91%	8.44%	7.31%	5.65%	-8.28%	13.49%	3.99%	12.46%	0.23%
GTAIX Donoghue Forlines Tactical Allocation Fund	12.59%	13.49%	8.39%	15.59%	-14.49%	9.25%	-0.10%	16.08%	-8.93%

Correlation

The correlation between ETFRX and GTAIX is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Apr 9, 2018	0.80

The correlation between ETFRX and GTAIX has been stable across timeframes, ranging from 0.77 to 0.82 - a consistent structural relationship.

Return for Risk

ETFRX vs. GTAIX — Risk / Return Rank

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

ETFRX

ETFRX Risk / Return Rank: 52
ETFRX Sharpe Ratio Rank: 46
ETFRX Sortino Ratio Rank: 43
ETFRX Omega Ratio Rank: 45
ETFRX Calmar Ratio Rank: 74
ETFRX Martin Ratio Rank: 50

GTAIX

GTAIX Risk / Return Rank: 89
GTAIX Sharpe Ratio Rank: 88
GTAIX Sortino Ratio Rank: 87
GTAIX Omega Ratio Rank: 83
GTAIX Calmar Ratio Rank: 93
GTAIX Martin Ratio Rank: 95

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.

ETFRX vs. GTAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for North Square Tactical Defensive Fund (ETFRX) and Donoghue Forlines Tactical Allocation Fund (GTAIX). 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.

	ETFRX	GTAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.00	2.88	-0.88
Sortino ratio: Return per unit of downside risk	2.75	4.16	-1.42
Omega ratio: Gain probability vs. loss probability	1.36	1.55	-0.19
Calmar ratio: Return relative to maximum drawdown	3.37	5.19	-1.82
Martin ratio: Return relative to average drawdown	10.34	22.04	-11.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETFRX vs. GTAIX - Sharpe Ratio Comparison

The current ETFRX Sharpe Ratio is 2.00, which is lower than the GTAIX Sharpe Ratio of 2.88. The chart below compares the historical Sharpe Ratios of ETFRX and GTAIX, 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

	ETFRX	GTAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	2.88	-0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.66	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.50	-0.10

Drawdowns

ETFRX vs. GTAIX - Drawdown Comparison

The maximum ETFRX drawdown since its inception was -37.11%, which is greater than GTAIX's maximum drawdown of -24.25%. Use the drawdown chart below to compare losses from any high point for ETFRX and GTAIX.

Drawdown Indicators

	ETFRX	GTAIX	Difference
Max Drawdown Largest peak-to-trough decline	-37.11%	-24.25%	-12.86%
Max Drawdown (1Y) Largest decline over 1 year	-6.02%	-4.51%	-1.51%
Max Drawdown (3Y) Largest decline over 3 years	-11.98%	-11.89%	-0.09%
Max Drawdown (5Y) Largest decline over 5 years	-12.17%	-19.43%	+7.26%
Max Drawdown (10Y) Largest decline over 10 years	-21.30%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.67%	-4.82%	-1.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	1.06%	+0.90%

Volatility

ETFRX vs. GTAIX - Volatility Comparison

North Square Tactical Defensive Fund (ETFRX) and Donoghue Forlines Tactical Allocation Fund (GTAIX) have volatilities of 2.71% and 2.73%, 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

	ETFRX	GTAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.71%	2.73%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	6.84%	6.81%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	10.15%	8.14%	+2.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.44%	10.72%	-1.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.45%	11.50%	-1.05%

ETFRX vs. GTAIX - Expense Ratio Comparison

ETFRX has a 1.86% expense ratio, which is higher than GTAIX's 1.20% expense ratio.

Dividends

ETFRX vs. GTAIX - Dividend Comparison

ETFRX's dividend yield for the trailing twelve months is around 0.45%, less than GTAIX's 4.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETFRX North Square Tactical Defensive Fund	0.45%	0.48%	0.93%	0.00%	0.00%	0.00%	0.00%	0.38%	0.00%	2.25%	0.00%	3.02%
GTAIX Donoghue Forlines Tactical Allocation Fund	4.90%	5.82%	3.38%	2.69%	1.65%	2.35%	0.82%	1.77%	1.92%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETFRX and GTAIX in my portfolio?

ETFRX and GTAIX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETFRX or GTAIX?

GTAIX has higher volatility (2.73%) compared to ETFRX (2.71%). In terms of maximum drawdown, ETFRX dropped -37.11% vs GTAIX's -24.25%.

Which has better risk-adjusted returns?

GTAIX currently has the higher Sharpe Ratio (2.88 vs 2.00), 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.