SPYA vs. TOAK

Last updated Jun 24, 2026

SPYA (Twin Oak Endure ETF) and TOAK (Twin Oak Short Horizon Absolute Return ETF) are both exchange-traded funds - SPYA is a Equity Hedged fund actively managed by Twin Oak, while TOAK is a Multistrategy fund actively managed by Twin Oak. Both are actively managed. Over the past year, SPYA returned 16.21% vs 3.67% for TOAK. At a 0.08 correlation, their price movements are largely independent. SPYA charges 0.49%/yr vs 0.25%/yr for TOAK.

Performance

SPYA vs. TOAK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Twin Oak Endure ETF (SPYA) 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, SPYA achieves a 5.36% return, which is significantly higher than TOAK's 1.51% return.

SPYA

• 1D: -1.22%
• 1M: -1.58%
• YTD: 5.36%
• 6M: 4.44%
• 1Y: 16.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TOAK

• 1D: 0.02%
• 1M: 0.24%
• YTD: 1.51%
• 6M: 1.57%
• 1Y: 3.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYA vs. TOAK - Yearly Performance Comparison

	2026 (YTD)	2025
SPYA Twin Oak Endure ETF	5.36%	12.65%
TOAK Twin Oak Short Horizon Absolute Return ETF	1.51%	2.34%

Correlation

The correlation between SPYA and TOAK is 0.09, 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	0.09
Correlation (All Time) Calculated using the full available price history since Jun 3, 2025	0.08

Return for Risk

SPYA vs. TOAK — Risk / Return Rank

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

SPYA

SPYA Risk / Return Rank: 41
SPYA Sharpe Ratio Rank: 43
SPYA Sortino Ratio Rank: 41
SPYA Omega Ratio Rank: 41
SPYA Calmar Ratio Rank: 37
SPYA Martin Ratio Rank: 44

TOAK

TOAK Risk / Return Rank: 52
TOAK Sharpe Ratio Rank: 38
TOAK Sortino Ratio Rank: 39
TOAK Omega Ratio Rank: 96
TOAK Calmar Ratio Rank: 45
TOAK Martin Ratio Rank: 42

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.

SPYA vs. TOAK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Twin Oak Endure ETF (SPYA) 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.

	SPYA	TOAK	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.26	+0.11
Sortino ratio: Return per unit of downside risk	1.93	1.87	+0.06
Omega ratio: Gain probability vs. loss probability	1.24	1.77	-0.53
Calmar ratio: Return relative to maximum drawdown	1.71	2.04	-0.33
Martin ratio: Return relative to average drawdown	6.57	6.27	+0.30

SPYA vs. TOAK - Sharpe Ratio Comparison

The current SPYA Sharpe Ratio is 1.38, which is comparable to the TOAK Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of SPYA 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

SPYA vs. TOAK - Drawdown Comparison

The maximum SPYA drawdown since its inception was -9.51%, which is greater than TOAK's maximum drawdown of -1.81%. Use the drawdown chart below to compare losses from any high point for SPYA and TOAK.

Drawdown Indicators

	SPYA	TOAK	Difference
Max Drawdown Largest peak-to-trough decline	-9.51%	-1.81%	-7.70%
Max Drawdown (1Y) Largest decline over 1 year	-9.51%	-1.81%	-7.70%
Current Drawdown Current decline from peak	-3.13%	-1.53%	-1.60%
Average Drawdown Average peak-to-trough decline	-1.48%	-0.15%	-1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	0.59%	+1.88%

Volatility

SPYA vs. TOAK - Volatility Comparison

Twin Oak Endure ETF (SPYA) has a higher volatility of 4.49% compared to Twin Oak Short Horizon Absolute Return ETF (TOAK) at 0.11%. This indicates that SPYA'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

	SPYA	TOAK	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.49%	0.11%	+4.38%
Volatility (6M) Calculated over the trailing 6-month period	9.29%	2.74%	+6.55%
Volatility (1Y) Calculated over the trailing 1-year period	11.82%	2.91%	+8.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.64%	2.19%	+9.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.64%	2.19%	+9.45%

SPYA vs. TOAK - Expense Ratio Comparison

SPYA has a 0.49% expense ratio, which is higher than TOAK's 0.25% expense ratio.

Dividends

SPYA vs. TOAK - Dividend Comparison

SPYA's dividend yield for the trailing twelve months is around 0.36%, while TOAK has not paid dividends to shareholders.

Position	TTM	2025
SPYA Twin Oak Endure ETF	0.36%	0.37%
TOAK Twin Oak Short Horizon Absolute Return ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPYA and TOAK in my portfolio?

SPYA and TOAK have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYA or TOAK?

SPYA has higher volatility (4.49%) compared to TOAK (0.11%). In terms of maximum drawdown, SPYA dropped -9.51% vs TOAK's -1.81%.

Which ETF is better, SPYA or TOAK?

On 1-year performance, SPYA leads with 16.21% vs 3.67% for TOAK. On fees, TOAK is cheaper at 0.25% per year. On volatility, TOAK has been the lower-risk option at 0.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYA or TOAK?

Over the 1-year period, SPYA has performed better with a 16.21% return vs 3.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYA or TOAK?

TOAK is cheaper with a 0.25% expense ratio, compared with 0.49% for SPYA.

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

SPYA has the higher dividend yield at 0.36%, compared with 0.00% for TOAK.

What is the main difference between SPYA and TOAK?

SPYA is categorized as Equity Hedged, while TOAK is Multistrategy. Their fees differ too: 0.49% for SPYA and 0.25% for TOAK.

Which has better risk-adjusted returns?

SPYA currently has the higher Sharpe Ratio (1.38 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.