HOLD vs. TOAK

Last updated Jun 6, 2026

HOLD (Harbor Alpha Layering ETF) and TOAK (Twin Oak Short Horizon Absolute Return ETF) are both Multistrategy funds. Both are actively managed. At a 0.01 correlation, their price movements are largely independent. HOLD charges 0.70%/yr vs 0.25%/yr for TOAK.

Performance

HOLD vs. TOAK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Alpha Layering ETF (HOLD) 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, HOLD achieves a 11.09% return, which is significantly higher than TOAK's 1.36% return.

HOLD

• 1D: -2.41%
• 1M: 1.15%
• YTD: 11.09%
• 6M: 11.39%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TOAK

• 1D: 0.02%
• 1M: 0.24%
• YTD: 1.36%
• 6M: 1.57%
• 1Y: 3.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HOLD vs. TOAK - Yearly Performance Comparison

	2026 (YTD)	2025
HOLD Harbor Alpha Layering ETF	11.09%	8.60%
TOAK Twin Oak Short Horizon Absolute Return ETF	1.36%	1.61%

Correlation

The correlation between HOLD and TOAK is 0.01, 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 (All Time) Calculated using the full available price history since Aug 15, 2025	0.01

Return for Risk

HOLD vs. TOAK — Risk / Return Rank

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

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.

HOLD vs. TOAK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Alpha Layering ETF (HOLD) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	HOLD	TOAK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.27	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.71	1.82	-0.12

Drawdowns

HOLD vs. TOAK - Drawdown Comparison

The maximum HOLD drawdown since its inception was -9.47%, which is greater than TOAK's maximum drawdown of -1.81%. Use the drawdown chart below to compare losses from any high point for HOLD and TOAK.

Drawdown Indicators

	HOLD	TOAK	Difference
Max Drawdown Largest peak-to-trough decline	-9.47%	-1.81%	-7.66%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.81%	—
Current Drawdown Current decline from peak	-2.59%	-1.69%	-0.90%
Average Drawdown Average peak-to-trough decline	-1.95%	-0.11%	-1.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.48%	—

Volatility

Volatility by Period

	HOLD	TOAK	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.72%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.89%	—
Volatility (1Y) Calculated over the trailing 1-year period	15.41%	2.92%	+12.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.41%	2.21%	+13.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.41%	2.21%	+13.20%

HOLD vs. TOAK - Expense Ratio Comparison

HOLD has a 0.70% expense ratio, which is higher than TOAK's 0.25% expense ratio.

Dividends

HOLD vs. TOAK - Dividend Comparison

HOLD's dividend yield for the trailing twelve months is around 6.59%, while TOAK has not paid dividends to shareholders.

Position	TTM	2025
HOLD Harbor Alpha Layering ETF	6.59%	7.32%
TOAK Twin Oak Short Horizon Absolute Return ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both HOLD and TOAK in my portfolio?

HOLD and TOAK have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HOLD or TOAK?

On fees, TOAK is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HOLD or TOAK?

TOAK is cheaper with a 0.25% expense ratio, compared with 0.70% for HOLD.

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

HOLD has the higher dividend yield at 6.59%, compared with 0.00% for TOAK.

What is the main difference between HOLD and TOAK?

They also come from different issuers: Harbor and Twin Oak. Their fees differ too: 0.70% for HOLD and 0.25% for TOAK.