TFAZX vs. TFAQX

Last updated Aug 1, 2026

TFAZX (TFA Tactical Income Fund) and TFAQX (TFA Quantitative Fund) are both mutual funds - TFAZX is a Nontraditional Bonds fund managed by Tactical Fund Advisors, while TFAQX is a Tactical Allocation fund managed by Tactical Fund Advisors. Over the past 5 years, TFAZX returned -1.29%/yr vs 6.40%/yr for TFAQX. Their 0.64 correlation means they have sometimes moved together and sometimes differently. TFAZX charges 1.97%/yr vs 1.98%/yr for TFAQX.

Performance

TFAZX vs. TFAQX - Performance Comparison

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

Returns By Period

In the year-to-date period, TFAZX achieves a 0.35% return, which is significantly lower than TFAQX's 4.69% return.

TFAZX

• 1D: 0.59%
• 1M: -1.28%
• 6M: -0.23%
• YTD: 0.35%
• 1Y: 4.24%
• 3Y*: 1.76%
• 5Y*: -1.29%
• 10Y*: —
• ALL TIME*: 0.95%

TFAQX

• 1D: 2.60%
• 1M: -2.39%
• 6M: 3.96%
• YTD: 4.69%
• 1Y: 15.20%
• 3Y*: 12.45%
• 5Y*: 6.40%
• 10Y*: —
• ALL TIME*: 9.17%

*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)
TFAQX TFA Quantitative Fund	$0.00	$0.00	$0.00
TFAZX TFA Tactical Income Fund	$0.00	$0.00	$0.00

TFAZX vs. TFAQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TFAZX TFA Tactical Income Fund	0.35%	5.78%	-1.56%	-0.20%	-9.93%	5.85%	12.88%
TFAQX TFA Quantitative Fund	4.69%	11.41%	22.12%	23.25%	-25.11%	10.88%	18.19%

Correlation

The correlation between TFAZX and TFAQX is 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.88
Correlation (3Y) Balances recent behavior with more history.	0.66
Correlation (5Y) Shows whether the relationship held over a longer period.	0.60
Correlation (All Time) Calculated using the full available price history since May 18, 2020	0.64

Over the past year, TFAZX and TFAQX have become more correlated (0.88) than their long-term average of 0.64, meaning their price movements have been converging.

Return for Risk

TFAZX vs. TFAQX — Risk / Return Rank

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

TFAZX

TFAZX Risk / Return Rank: 19
TFAZX Sharpe Ratio Rank: 18
TFAZX Sortino Ratio Rank: 16
TFAZX Omega Ratio Rank: 18
TFAZX Calmar Ratio Rank: 20
TFAZX Martin Ratio Rank: 23

TFAQX

TFAQX Risk / Return Rank: 20
TFAQX Sharpe Ratio Rank: 19
TFAQX Sortino Ratio Rank: 18
TFAQX Omega Ratio Rank: 19
TFAQX Calmar Ratio Rank: 20
TFAQX Martin Ratio Rank: 22

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.

TFAZX vs. TFAQX - Risk-Adjusted Trends Comparison

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

	TFAZX	TFAQX	Difference
Sharpe ratio: Return per unit of total volatility	0.71	0.75	-0.04
Sortino ratio: Return per unit of downside risk	1.00	1.10	-0.10
Omega ratio: Gain probability vs. loss probability	1.13	1.14	-0.01
Calmar ratio: Return relative to maximum drawdown	0.99	1.00	-0.02
Martin ratio: Return relative to average drawdown	3.49	3.22	+0.27

TFAZX vs. TFAQX - Sharpe Ratio Comparison

The current TFAZX Sharpe Ratio is 0.71, which is comparable to the TFAQX Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of TFAZX and TFAQX, 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

TFAZX vs. TFAQX - Drawdown Comparison

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

Drawdown Indicators

	TFAZX	TFAQX	Difference
Max Drawdown Largest peak-to-trough decline	-17.69%	-27.78%	+10.09%
Max Drawdown (1Y) Largest decline over 1 year	-3.84%	-12.85%	+9.01%
Max Drawdown (3Y) Largest decline over 3 years	-7.15%	-21.59%	+14.44%
Max Drawdown (5Y) Largest decline over 5 years	-16.73%	-27.78%	+11.05%
Current Drawdown Current decline from peak	-7.80%	-5.29%	-2.51%
Average Drawdown Average peak-to-trough decline	-8.01%	-8.35%	+0.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.08%	3.97%	-2.89%

Volatility

TFAZX vs. TFAQX - Volatility Comparison

The current volatility for TFA Tactical Income Fund (TFAZX) is 1.38%, while TFA Quantitative Fund (TFAQX) has a volatility of 5.17%. This indicates that TFAZX experiences smaller price fluctuations and is considered to be less risky than TFAQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TFAZX	TFAQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.38%	5.17%	-3.79%
Volatility (6M) Calculated over the trailing 6-month period	4.05%	13.38%	-9.33%
Volatility (1Y) Calculated over the trailing 1-year period	5.34%	17.24%	-11.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.41%	17.81%	-12.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.93%	17.47%	-10.54%

TFAZX vs. TFAQX - Expense Ratio Comparison

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

Dividends

TFAZX vs. TFAQX - Dividend Comparison

TFAZX's dividend yield for the trailing twelve months is around 2.16%, less than TFAQX's 9.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
TFAQX TFA Quantitative Fund	9.70%	10.16%	0.00%	0.03%	5.06%	20.52%	4.62%	0.00%
TFAZX TFA Tactical Income Fund	2.16%	2.16%	0.00%	3.05%	0.97%	16.23%	1.04%	0.62%

Frequently Asked Questions

Can I hold both TFAZX and TFAQX in my portfolio?

TFAZX and TFAQX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TFAZX or TFAQX?

TFAQX has higher volatility (5.17%) compared to TFAZX (1.38%). In terms of maximum drawdown, TFAZX dropped -17.69% vs TFAQX's -27.78%.

Which has better risk-adjusted returns?

TFAQX currently has the higher Sharpe Ratio (0.75 vs 0.71), 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.