HF vs. TOAK

Last updated Aug 6, 2026

HF (DGA Core Plus Absolute Return ETF) and TOAK (Twin Oak Short Horizon Absolute Return ETF) are both Multistrategy funds. Both are actively managed. Over the past year, HF returned 10.94% vs 3.89% for TOAK. Their 0.06 correlation means their historical movements had little consistent relationship. HF charges 1.70%/yr vs 0.25%/yr for TOAK.

Performance

HF vs. TOAK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DGA Core Plus Absolute Return ETF (HF) 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, HF achieves a 7.65% return, which is significantly higher than TOAK's 2.08% return.

HF

• 1D: -0.10%
• 1M: 1.48%
• 6M: 6.10%
• YTD: 7.65%
• 1Y: 10.94%
• 3Y*: 9.37%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.13%

TOAK

• 1D: 0.03%
• 1M: 0.41%
• 6M: 1.77%
• YTD: 2.08%
• 1Y: 3.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.96%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HF DGA Core Plus Absolute Return ETF	$12.05K	$11.61K	$16.89K
TOAK Twin Oak Short Horizon Absolute Return ETF	$411.54K	$335.26K	$398.75K

HF vs. TOAK - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HF DGA Core Plus Absolute Return ETF	7.65%	4.38%	-1.77%
TOAK Twin Oak Short Horizon Absolute Return ETF	2.08%	4.28%	1.36%

Correlation

The correlation between HF and TOAK is 0.12, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.12
Correlation (All Time) Calculated using the full available price history since Aug 20, 2024	0.06

Return for Risk

HF vs. TOAK — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HF

HF Risk / Return Rank: 78
HF Sharpe Ratio Rank: 72
HF Sortino Ratio Rank: 73
HF Omega Ratio Rank: 78
HF Calmar Ratio Rank: 83
HF Martin Ratio Rank: 81

TOAK

TOAK Risk / Return Rank: 56
TOAK Sharpe Ratio Rank: 43
TOAK Sortino Ratio Rank: 45
TOAK Omega Ratio Rank: 96
TOAK Calmar Ratio Rank: 53
TOAK Martin Ratio Rank: 43

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HF vs. TOAK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DGA Core Plus Absolute Return ETF (HF) 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.

	HF	TOAK	Difference
Sharpe ratio: Return per unit of total volatility	1.89	1.25	+0.64
Sortino ratio: Return per unit of downside risk	2.68	1.89	+0.80
Omega ratio: Gain probability vs. loss probability	1.37	1.65	-0.28
Calmar ratio: Return relative to maximum drawdown	3.49	2.16	+1.33
Martin ratio: Return relative to average drawdown	12.02	5.33	+6.69

HF vs. TOAK - Sharpe Ratio Comparison

The current HF Sharpe Ratio is 1.89, which is higher than the TOAK Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of HF 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

HF vs. TOAK - Drawdown Comparison

The maximum HF drawdown since its inception was -5.94%, which is greater than TOAK's maximum drawdown of -1.81%. Use the drawdown chart below to compare losses from any high point for HF and TOAK.

Drawdown Indicators

	HF	TOAK	Difference
Max Drawdown Largest peak-to-trough decline	-5.94%	-1.81%	-4.13%
Max Drawdown (1Y) Largest decline over 1 year	-3.14%	-1.81%	-1.33%
Max Drawdown (3Y) Largest decline over 3 years	-5.94%	—	—
Current Drawdown Current decline from peak	-0.10%	-0.99%	+0.89%
Average Drawdown Average peak-to-trough decline	-1.59%	-0.21%	-1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	0.73%	+0.18%

Volatility

HF vs. TOAK - Volatility Comparison

DGA Core Plus Absolute Return ETF (HF) has a higher volatility of 2.21% compared to Twin Oak Short Horizon Absolute Return ETF (TOAK) at 1.16%. This indicates that HF'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

	HF	TOAK	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.21%	1.16%	+1.05%
Volatility (6M) Calculated over the trailing 6-month period	5.00%	2.94%	+2.06%
Volatility (1Y) Calculated over the trailing 1-year period	5.83%	3.13%	+2.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.41%	2.27%	+4.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.41%	2.27%	+4.14%

HF vs. TOAK - Expense Ratio Comparison

HF has a 1.70% expense ratio, which is higher than TOAK's 0.25% expense ratio.

Dividends

HF vs. TOAK - Dividend Comparison

HF's dividend yield for the trailing twelve months is around 0.87%, while TOAK has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
HF DGA Core Plus Absolute Return ETF	0.87%	0.94%	11.18%	2.49%
TOAK Twin Oak Short Horizon Absolute Return ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HF and TOAK in my portfolio?

HF and TOAK have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HF or TOAK?

HF has higher volatility (2.21%) compared to TOAK (1.16%). In terms of maximum drawdown, HF dropped -5.94% vs TOAK's -1.81%.

Which ETF is better, HF or TOAK?

On 1-year performance, HF leads with 10.94% vs 3.89% for TOAK. On fees, TOAK is cheaper at 0.25% per year. On volatility, TOAK has been the lower-risk option at 1.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HF or TOAK?

Over the 1-year period, HF has performed better with a 10.94% return vs 3.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HF or TOAK?

TOAK is cheaper with a 0.25% expense ratio, compared with 1.70% for HF.

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

HF has the higher dividend yield at 0.87%, compared with 0.00% for TOAK.

What is the main difference between HF and TOAK?

They also come from different issuers: DGA and Twin Oak. Their fees differ too: 1.70% for HF and 0.25% for TOAK.

Which has better risk-adjusted returns?

HF currently has the higher Sharpe Ratio (1.89 vs 1.25), 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.