FOXY vs. TOAK

Last updated Jun 23, 2026

FOXY (Simplify Currency Strategy ETF) and TOAK (Twin Oak Short Horizon Absolute Return ETF) are both exchange-traded funds - FOXY is a Leveraged Currency fund actively managed by Simplify, while TOAK is a Multistrategy fund actively managed by Twin Oak. Both are actively managed. Over the past year, FOXY returned 19.26% vs 3.65% for TOAK. At a correlation of -0.09, they often move in opposite directions. FOXY charges 0.81%/yr vs 0.25%/yr for TOAK.

Performance

FOXY vs. TOAK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Currency Strategy ETF (FOXY) and Twin Oak Short Horizon Absolute Return ETF (TOAK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FOXY achieves a 11.43% return, which is significantly higher than TOAK's 1.50% return.

FOXY

• 1D: -0.41%
• 1M: -0.27%
• YTD: 11.43%
• 6M: 7.48%
• 1Y: 19.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TOAK

• 1D: 0.02%
• 1M: 0.23%
• YTD: 1.50%
• 6M: 1.57%
• 1Y: 3.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FOXY vs. TOAK - Yearly Performance Comparison

	2026 (YTD)	2025
FOXY Simplify Currency Strategy ETF	11.43%	14.71%
TOAK Twin Oak Short Horizon Absolute Return ETF	1.50%	3.80%

Correlation

The correlation between FOXY and TOAK is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.15
Correlation (All Time) Calculated using the full available price history since Feb 4, 2025	-0.09

Return for Risk

FOXY vs. TOAK — Risk / Return Rank

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

FOXY

FOXY Risk / Return Rank: 68
FOXY Sharpe Ratio Rank: 61
FOXY Sortino Ratio Rank: 66
FOXY Omega Ratio Rank: 60
FOXY Calmar Ratio Rank: 85
FOXY Martin Ratio Rank: 68

TOAK

TOAK Risk / Return Rank: 50
TOAK Sharpe Ratio Rank: 36
TOAK Sortino Ratio Rank: 37
TOAK Omega Ratio Rank: 96
TOAK Calmar Ratio Rank: 42
TOAK Martin Ratio Rank: 40

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.

FOXY vs. TOAK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Currency Strategy ETF (FOXY) and Twin Oak Short Horizon Absolute Return ETF (TOAK). 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.

	FOXY	TOAK	Difference
Sharpe ratio: Return per unit of total volatility	1.97	1.26	+0.72
Sortino ratio: Return per unit of downside risk	2.91	1.87	+1.05
Omega ratio: Gain probability vs. loss probability	1.36	1.77	-0.41
Calmar ratio: Return relative to maximum drawdown	4.47	2.03	+2.44
Martin ratio: Return relative to average drawdown	12.11	6.33	+5.78

FOXY vs. TOAK - Sharpe Ratio Comparison

The current FOXY Sharpe Ratio is 1.97, which is higher than the TOAK Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of FOXY and TOAK, 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

FOXY vs. TOAK - Drawdown Comparison

The maximum FOXY drawdown since its inception was -13.09%, which is greater than TOAK's maximum drawdown of -1.81%. Use the drawdown chart below to compare losses from any high point for FOXY and TOAK.

Drawdown Indicators

	FOXY	TOAK	Difference
Max Drawdown Largest peak-to-trough decline	-13.09%	-1.81%	-11.28%
Max Drawdown (1Y) Largest decline over 1 year	-4.32%	-1.81%	-2.51%
Current Drawdown Current decline from peak	-1.42%	-1.55%	+0.13%
Average Drawdown Average peak-to-trough decline	-2.10%	-0.14%	-1.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	0.58%	+1.02%

Volatility

FOXY vs. TOAK - Volatility Comparison

Simplify Currency Strategy ETF (FOXY) has a higher volatility of 2.82% compared to Twin Oak Short Horizon Absolute Return ETF (TOAK) at 0.12%. This indicates that FOXY's price experiences larger fluctuations and is considered to be riskier than TOAK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FOXY	TOAK	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.82%	0.12%	+2.70%
Volatility (6M) Calculated over the trailing 6-month period	7.61%	2.74%	+4.87%
Volatility (1Y) Calculated over the trailing 1-year period	9.81%	2.92%	+6.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.91%	2.19%	+12.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.91%	2.19%	+12.72%

FOXY vs. TOAK - Expense Ratio Comparison

FOXY has a 0.81% expense ratio, which is higher than TOAK's 0.25% expense ratio.

Dividends

FOXY vs. TOAK - Dividend Comparison

FOXY's dividend yield for the trailing twelve months is around 8.15%, while TOAK has not paid dividends to shareholders.

Position	TTM	2025
FOXY Simplify Currency Strategy ETF	8.15%	5.51%
TOAK Twin Oak Short Horizon Absolute Return ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both FOXY and TOAK in my portfolio?

FOXY and TOAK have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FOXY or TOAK?

FOXY has higher volatility (2.82%) compared to TOAK (0.12%). In terms of maximum drawdown, FOXY dropped -13.09% vs TOAK's -1.81%.

Which ETF is better, FOXY or TOAK?

On 1-year performance, FOXY leads with 19.26% vs 3.65% for TOAK. On fees, TOAK is cheaper at 0.25% per year. On volatility, TOAK has been the lower-risk option at 0.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FOXY or TOAK?

Over the 1-year period, FOXY has performed better with a 19.26% return vs 3.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FOXY or TOAK?

TOAK is cheaper with a 0.25% expense ratio, compared with 0.81% for FOXY.

Which ETF pays a higher dividend yield, FOXY or TOAK?

FOXY has the higher dividend yield at 8.15%, compared with 0.00% for TOAK.

What is the main difference between FOXY and TOAK?

FOXY is categorized as Leveraged Currency, while TOAK is Multistrategy. They also come from different issuers: Simplify and Twin Oak. Their fees differ too: 0.81% for FOXY and 0.25% for TOAK.

Which has better risk-adjusted returns?

FOXY currently has the higher Sharpe Ratio (1.97 vs 1.26), 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.