HF vs. TOAK

Last updated Jun 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 11.16% vs 3.69% for TOAK. At a 0.04 correlation, their price movements are largely independent. 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 4.33% return, which is significantly higher than TOAK's 1.36% return.

HF

• 1D: -1.42%
• 1M: 0.65%
• YTD: 4.33%
• 6M: 4.44%
• 1Y: 11.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TOAK

• 1D: 0.02%
• 1M: 0.21%
• YTD: 1.36%
• 6M: 1.57%
• 1Y: 3.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HF vs. TOAK - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HF DGA Core Plus Absolute Return ETF	4.33%	4.38%	-1.72%
TOAK Twin Oak Short Horizon Absolute Return ETF	1.36%	4.28%	1.51%

Correlation

The correlation between HF and TOAK is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	0.04

Return for Risk

HF vs. TOAK — Risk / Return Rank

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

HF

HF Risk / Return Rank: 75
HF Sharpe Ratio Rank: 72
HF Sortino Ratio Rank: 74
HF Omega Ratio Rank: 77
HF Calmar Ratio Rank: 77
HF Martin Ratio Rank: 75

TOAK

TOAK Risk / Return Rank: 54
TOAK Sharpe Ratio Rank: 38
TOAK Sortino Ratio Rank: 40
TOAK Omega Ratio Rank: 96
TOAK Calmar Ratio Rank: 44
TOAK Martin Ratio Rank: 49

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.

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.

	HF	TOAK	Difference
Sharpe ratio: Return per unit of total volatility	2.10	1.27	+0.83
Sortino ratio: Return per unit of downside risk	2.98	1.89	+1.09
Omega ratio: Gain probability vs. loss probability	1.41	1.77	-0.36
Calmar ratio: Return relative to maximum drawdown	3.56	2.05	+1.51
Martin ratio: Return relative to average drawdown	13.01	7.70	+5.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HF vs. TOAK - Sharpe Ratio Comparison

The current HF Sharpe Ratio is 2.10, which is higher than the TOAK Sharpe Ratio of 1.27. 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.

Sharpe Ratios by Period

	HF	TOAK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	1.27	+0.83
Sharpe Ratio (All Time) Calculated using the full available price history	1.38	1.82	-0.45

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%
Current Drawdown Current decline from peak	-1.42%	-1.69%	+0.27%
Average Drawdown Average peak-to-trough decline	-1.63%	-0.11%	-1.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.86%	0.48%	+0.38%

Volatility

HF vs. TOAK - Volatility Comparison

The current volatility for DGA Core Plus Absolute Return ETF (HF) is 2.55%, while Twin Oak Short Horizon Absolute Return ETF (TOAK) has a volatility of 2.72%. This indicates that HF experiences smaller price fluctuations and is considered to be less risky 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	2.55%	2.72%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	4.23%	2.89%	+1.34%
Volatility (1Y) Calculated over the trailing 1-year period	5.33%	2.92%	+2.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.30%	2.21%	+4.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.30%	2.21%	+4.09%

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 0.90%, while TOAK has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
HF DGA Core Plus Absolute Return ETF	0.90%	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 0.05, 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?

TOAK has higher volatility (2.72%) compared to HF (2.55%). 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 11.16% vs 3.69% for TOAK. On fees, TOAK is cheaper at 0.25% per year. On volatility, HF has been the lower-risk option at 2.55%. 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 11.16% return vs 3.69%. 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 0.90%, compared with 0.00% for TOAK.

What is the main difference between HF and TOAK?

They also come from different issuers: Days Global Advisors 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 (2.10 vs 1.27), 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.