GTAIX vs. ETFRX

Last updated Jun 3, 2026

GTAIX (Donoghue Forlines Tactical Allocation Fund) and ETFRX (North Square Tactical Defensive Fund) are both Tactical Allocation funds. Over the past 5 years, GTAIX returned 6.77%/yr vs 5.35%/yr for ETFRX. Their correlation of 0.80 suggests significant overlap in exposure. GTAIX charges 1.20%/yr vs 1.86%/yr for ETFRX.

Performance

GTAIX vs. ETFRX - Performance Comparison

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

Returns By Period

In the year-to-date period, GTAIX achieves a 11.71% return, which is significantly higher than ETFRX's 7.65% return.

GTAIX

• 1D: -0.31%
• 1M: 2.24%
• YTD: 11.71%
• 6M: 12.85%
• 1Y: 22.36%
• 3Y*: 14.81%
• 5Y*: 6.77%
• 10Y*: —

ETFRX

• 1D: 0.20%
• 1M: 3.69%
• YTD: 7.65%
• 6M: 7.95%
• 1Y: 19.93%
• 3Y*: 10.00%
• 5Y*: 5.35%
• 10Y*: 6.79%

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

GTAIX vs. ETFRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GTAIX Donoghue Forlines Tactical Allocation Fund	11.71%	13.49%	8.39%	15.59%	-14.49%	9.25%	-0.10%	16.08%	-8.93%
ETFRX North Square Tactical Defensive Fund	7.65%	8.44%	7.31%	5.65%	-8.28%	13.49%	3.99%	12.46%	0.23%

Correlation

The correlation between GTAIX and ETFRX is 0.83, 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	0.83
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 GTAIX and ETFRX has been stable across timeframes, ranging from 0.77 to 0.83 - a consistent structural relationship.

Return for Risk

GTAIX vs. ETFRX — Risk / Return Rank

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

GTAIX

GTAIX Risk / Return Rank: 88
GTAIX Sharpe Ratio Rank: 87
GTAIX Sortino Ratio Rank: 86
GTAIX Omega Ratio Rank: 82
GTAIX Calmar Ratio Rank: 93
GTAIX Martin Ratio Rank: 95

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

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.

GTAIX vs. ETFRX - Risk-Adjusted Trends Comparison

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

	GTAIX	ETFRX	Difference
Sharpe ratio Return per unit of total volatility	2.83	2.01	+0.81
Sortino ratio Return per unit of downside risk	4.08	2.76	+1.32
Omega ratio Gain probability vs. loss probability	1.54	1.36	+0.18
Calmar ratio Return relative to maximum drawdown	5.13	3.37	+1.76
Martin ratio Return relative to average drawdown	21.82	10.35	+11.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GTAIX vs. ETFRX - Sharpe Ratio Comparison

The current GTAIX Sharpe Ratio is 2.83, which is higher than the ETFRX Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of GTAIX and ETFRX, 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

	GTAIX	ETFRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.83	2.01	+0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.57	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.65	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.40	+0.09

Drawdowns

GTAIX vs. ETFRX - Drawdown Comparison

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

Drawdown Indicators

	GTAIX	ETFRX	Difference
Max Drawdown Largest peak-to-trough decline	-24.25%	-37.11%	+12.86%
Max Drawdown (1Y) Largest decline over 1 year	-4.51%	-6.02%	+1.51%
Max Drawdown (3Y) Largest decline over 3 years	-11.89%	-11.98%	+0.09%
Max Drawdown (5Y) Largest decline over 5 years	-19.43%	-12.17%	-7.26%
Max Drawdown (10Y) Largest decline over 10 years	—	-21.30%	—
Current Drawdown Current decline from peak	-0.62%	0.00%	-0.62%
Average Drawdown Average peak-to-trough decline	-4.83%	-6.67%	+1.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	1.96%	-0.90%

Volatility

GTAIX vs. ETFRX - Volatility Comparison

Donoghue Forlines Tactical Allocation Fund (GTAIX) and North Square Tactical Defensive Fund (ETFRX) have volatilities of 2.65% and 2.71%, 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

	GTAIX	ETFRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.65%	2.71%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	6.78%	6.84%	-0.06%
Volatility (1Y) Calculated over the trailing 1-year period	8.12%	10.17%	-2.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.72%	9.44%	+1.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.50%	10.45%	+1.05%

GTAIX vs. ETFRX - Expense Ratio Comparison

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

Dividends

GTAIX vs. ETFRX - Dividend Comparison

GTAIX's dividend yield for the trailing twelve months is around 4.94%, more than ETFRX's 0.45% 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	4.94%	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 GTAIX and ETFRX in my portfolio?

GTAIX and ETFRX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GTAIX or ETFRX?

ETFRX has higher volatility (2.71%) compared to GTAIX (2.65%). In terms of maximum drawdown, GTAIX dropped -24.25% vs ETFRX's -37.11%.

Which has better risk-adjusted returns?

GTAIX currently has the higher Sharpe Ratio (2.83 vs 2.01), 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.