TFFI vs. AFOS

Last updated Jul 10, 2026

TFFI (Chesapeake Trend-Following Fixed Income ETF) and AFOS (ARS Focused Opportunities Strategy ETF) are both exchange-traded funds - TFFI is a Actively Managed fund actively managed by Chesapeake, while AFOS is a Large Cap Blend Equities fund managed by ARS Investment Partners. At a correlation of -0.01, they often move in opposite directions. TFFI charges 1.01%/yr vs 0.45%/yr for AFOS.

Performance

TFFI vs. AFOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Chesapeake Trend-Following Fixed Income ETF (TFFI) and ARS Focused Opportunities Strategy ETF (AFOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TFFI

• 1D: -0.20%
• 1M: -0.27%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AFOS

• 1D: 1.12%
• 1M: 4.27%
• 6M: 26.78%
• YTD: 31.59%
• 1Y: 74.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TFFI vs. AFOS - Yearly Performance Comparison

	2026 (YTD)
TFFI Chesapeake Trend-Following Fixed Income ETF	0.03%
AFOS ARS Focused Opportunities Strategy ETF	17.61%

Correlation

The correlation between TFFI and AFOS 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 Feb 24, 2026	-0.01

Return for Risk

TFFI vs. AFOS — Risk / Return Rank

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

TFFI

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

AFOS

AFOS Risk / Return Rank: 95
AFOS Sharpe Ratio Rank: 96
AFOS Sortino Ratio Rank: 94
AFOS Omega Ratio Rank: 94
AFOS Calmar Ratio Rank: 95
AFOS Martin Ratio Rank: 96

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.

TFFI vs. AFOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Chesapeake Trend-Following Fixed Income ETF (TFFI) and ARS Focused Opportunities Strategy ETF (AFOS). 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.

	TFFI	AFOS	Difference
Sharpe ratio: Return per unit of total volatility	—	3.39	—
Sortino ratio: Return per unit of downside risk	—	4.08	—
Omega ratio: Gain probability vs. loss probability	—	1.55	—
Calmar ratio: Return relative to maximum drawdown	—	6.48	—
Martin ratio: Return relative to average drawdown	—	28.69	—

Drawdowns

TFFI vs. AFOS - Drawdown Comparison

The maximum TFFI drawdown since its inception was -4.23%, smaller than the maximum AFOS drawdown of -11.52%. Use the drawdown chart below to compare losses from any high point for TFFI and AFOS.

Drawdown Indicators

	TFFI	AFOS	Difference
Max Drawdown Largest peak-to-trough decline	-4.23%	-11.52%	+7.29%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.52%	—
Current Drawdown Current decline from peak	-2.08%	-3.80%	+1.72%
Average Drawdown Average peak-to-trough decline	-1.65%	-1.51%	-0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.60%	—

Volatility

Volatility by Period

	TFFI	AFOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.29%	—
Volatility (6M) Calculated over the trailing 6-month period	—	18.42%	—
Volatility (1Y) Calculated over the trailing 1-year period	8.06%	22.00%	-13.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.06%	21.74%	-13.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.06%	21.74%	-13.68%

TFFI vs. AFOS - Expense Ratio Comparison

TFFI has a 1.01% expense ratio, which is higher than AFOS's 0.45% expense ratio.

Dividends

TFFI vs. AFOS - Dividend Comparison

TFFI has not paid dividends to shareholders, while AFOS's dividend yield for the trailing twelve months is around 0.23%.

Position	TTM	2025
AFOS ARS Focused Opportunities Strategy ETF	0.23%	0.30%
TFFI Chesapeake Trend-Following Fixed Income ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both TFFI and AFOS in my portfolio?

TFFI and AFOS 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, TFFI or AFOS?

On fees, AFOS is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TFFI or AFOS?

AFOS is cheaper with a 0.45% expense ratio, compared with 1.01% for TFFI.

Which ETF pays a higher dividend yield, TFFI or AFOS?

AFOS has the higher dividend yield at 0.23%, compared with 0.00% for TFFI.

What is the main difference between TFFI and AFOS?

TFFI is categorized as Actively Managed, while AFOS is Large Cap Blend Equities. They also come from different issuers: Chesapeake and ARS Investment Partners. Their fees differ too: 1.01% for TFFI and 0.45% for AFOS.