TFAQX vs. TFAZX

Last updated Jun 23, 2026

TFAQX (TFA Quantitative Fund) and TFAZX (TFA Tactical Income Fund) are both mutual funds - TFAQX is a Tactical Allocation fund managed by Tactical Fund Advisors, while TFAZX is a Nontraditional Bonds fund managed by Tactical Fund Advisors. Over the past 5 years, TFAQX returned 8.39%/yr vs -0.42%/yr for TFAZX. A 0.63 correlation means they provide meaningful diversification when combined. TFAQX charges 1.98%/yr vs 1.97%/yr for TFAZX.

Performance

TFAQX vs. TFAZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TFA Quantitative Fund (TFAQX) and TFA Tactical Income Fund (TFAZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TFAQX achieves a 10.10% return, which is significantly higher than TFAZX's 2.00% return.

TFAQX

• 1D: 1.97%
• 1M: 3.24%
• YTD: 10.10%
• 6M: 8.89%
• 1Y: 26.99%
• 3Y*: 16.11%
• 5Y*: 8.39%
• 10Y*: —

TFAZX

• 1D: 0.23%
• 1M: 0.23%
• YTD: 2.00%
• 6M: 1.92%
• 1Y: 7.50%
• 3Y*: 2.56%
• 5Y*: -0.42%
• 10Y*: —

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

TFAQX vs. TFAZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TFAQX TFA Quantitative Fund	10.10%	11.41%	22.12%	23.25%	-25.11%	10.88%	18.19%
TFAZX TFA Tactical Income Fund	2.00%	5.78%	-1.56%	-0.20%	-9.93%	5.85%	12.88%

Correlation

The correlation between TFAQX and TFAZX is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (All Time) Calculated using the full available price history since May 18, 2020	0.63

Over the past year, TFAQX and TFAZX have become more correlated (0.87) than their long-term average of 0.63, meaning their price movements have been converging.

Return for Risk

TFAQX vs. TFAZX — Risk / Return Rank

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

TFAQX

TFAQX Risk / Return Rank: 35
TFAQX Sharpe Ratio Rank: 38
TFAQX Sortino Ratio Rank: 32
TFAQX Omega Ratio Rank: 37
TFAQX Calmar Ratio Rank: 34
TFAQX Martin Ratio Rank: 33

TFAZX

TFAZX Risk / Return Rank: 33
TFAZX Sharpe Ratio Rank: 31
TFAZX Sortino Ratio Rank: 29
TFAZX Omega Ratio Rank: 35
TFAZX Calmar Ratio Rank: 32
TFAZX Martin Ratio Rank: 39

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.

TFAQX vs. TFAZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TFA Quantitative Fund (TFAQX) and TFA Tactical Income Fund (TFAZX). 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.

	TFAQX	TFAZX	Difference
Sharpe ratio: Return per unit of total volatility	1.67	1.50	+0.17
Sortino ratio: Return per unit of downside risk	2.21	2.07	+0.14
Omega ratio: Gain probability vs. loss probability	1.30	1.29	+0.01
Calmar ratio: Return relative to maximum drawdown	2.10	2.01	+0.09
Martin ratio: Return relative to average drawdown	7.11	7.92	-0.82

TFAQX vs. TFAZX - Sharpe Ratio Comparison

The current TFAQX Sharpe Ratio is 1.67, which is comparable to the TFAZX Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of TFAQX and TFAZX, 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

TFAQX vs. TFAZX - Drawdown Comparison

The maximum TFAQX drawdown since its inception was -27.78%, which is greater than TFAZX's maximum drawdown of -17.69%. Use the drawdown chart below to compare losses from any high point for TFAQX and TFAZX.

Drawdown Indicators

	TFAQX	TFAZX	Difference
Max Drawdown Largest peak-to-trough decline	-27.78%	-17.69%	-10.09%
Max Drawdown (1Y) Largest decline over 1 year	-12.85%	-3.84%	-9.01%
Max Drawdown (3Y) Largest decline over 3 years	-21.59%	-7.15%	-14.44%
Max Drawdown (5Y) Largest decline over 5 years	-27.78%	-16.73%	-11.05%
Current Drawdown Current decline from peak	-0.40%	-6.28%	+5.88%
Average Drawdown Average peak-to-trough decline	-8.44%	-8.03%	-0.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.78%	0.97%	+2.81%

Volatility

TFAQX vs. TFAZX - Volatility Comparison

TFA Quantitative Fund (TFAQX) has a higher volatility of 7.12% compared to TFA Tactical Income Fund (TFAZX) at 1.59%. This indicates that TFAQX's price experiences larger fluctuations and is considered to be riskier than TFAZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TFAQX	TFAZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.12%	1.59%	+5.53%
Volatility (6M) Calculated over the trailing 6-month period	12.59%	3.87%	+8.72%
Volatility (1Y) Calculated over the trailing 1-year period	16.20%	5.17%	+11.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.61%	5.46%	+12.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.43%	6.96%	+10.47%

TFAQX vs. TFAZX - Expense Ratio Comparison

TFAQX has a 1.98% expense ratio, which is higher than TFAZX's 1.97% expense ratio.

Dividends

TFAQX vs. TFAZX - Dividend Comparison

TFAQX's dividend yield for the trailing twelve months is around 9.23%, more than TFAZX's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
TFAQX TFA Quantitative Fund	9.23%	10.16%	0.00%	0.03%	5.06%	20.52%	4.62%	0.00%
TFAZX TFA Tactical Income Fund	2.12%	2.16%	0.00%	3.05%	0.97%	16.23%	1.04%	0.62%

Frequently Asked Questions

Can I hold both TFAQX and TFAZX in my portfolio?

TFAQX and TFAZX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TFAQX or TFAZX?

TFAQX has higher volatility (7.12%) compared to TFAZX (1.59%). In terms of maximum drawdown, TFAQX dropped -27.78% vs TFAZX's -17.69%.

Which has better risk-adjusted returns?

TFAQX currently has the higher Sharpe Ratio (1.67 vs 1.50), 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.