TOAK vs. FARX

Last updated Apr 17, 2026

TOAK (Twin Oak Short Horizon Absolute Return ETF) and FARX (Frontier Asset Absolute Return ETF) are both Multistrategy funds. Both are actively managed. Over the past year, TOAK returned 3.77% vs 19.41% for FARX. At -0.02, they often move in opposite directions. TOAK charges 0.25%/yr vs 1.00%/yr for FARX.

Performance

TOAK vs. FARX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Twin Oak Short Horizon Absolute Return ETF (TOAK) and Frontier Asset Absolute Return ETF (FARX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TOAK achieves a 0.79% return, which is significantly lower than FARX's 6.99% return.

TOAK

• 1D: 0.09%
• 1M: 0.18%
• YTD: 0.79%
• 6M: 1.62%
• 1Y: 3.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FARX

• 1D: 0.24%
• 1M: 0.65%
• YTD: 6.99%
• 6M: 9.04%
• 1Y: 19.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TOAK vs. FARX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TOAK Twin Oak Short Horizon Absolute Return ETF	0.79%	4.28%	0.15%
FARX Frontier Asset Absolute Return ETF	6.99%	10.61%	0.35%

Correlation

The correlation between TOAK and FARX is 0.05, 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	0.05
Correlation (All Time) Calculated using the full available price history since Dec 23, 2024	-0.02

Return for Risk

TOAK vs. FARX — Risk / Return Rank

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

TOAK

TOAK Risk / Return Rank: 92
TOAK Sharpe Ratio Rank: 88
TOAK Sortino Ratio Rank: 92
TOAK Omega Ratio Rank: 98
TOAK Calmar Ratio Rank: 88
TOAK Martin Ratio Rank: 93

FARX

FARX Risk / Return Rank: 85
FARX Sharpe Ratio Rank: 79
FARX Sortino Ratio Rank: 78
FARX Omega Ratio Rank: 84
FARX Calmar Ratio Rank: 94
FARX Martin Ratio Rank: 92

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.

TOAK vs. FARX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Twin Oak Short Horizon Absolute Return ETF (TOAK) and Frontier Asset Absolute Return ETF (FARX). 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.

	TOAK	FARX	Difference
Sharpe ratio Return per unit of total volatility	3.22	2.84	+0.38
Sortino ratio Return per unit of downside risk	4.86	3.87	+0.99
Omega ratio Gain probability vs. loss probability	2.34	1.57	+0.77
Calmar ratio Return relative to maximum drawdown	5.47	7.16	-1.69
Martin ratio Return relative to average drawdown	25.54	25.10	+0.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TOAK vs. FARX - Sharpe Ratio Comparison

The current TOAK Sharpe Ratio is 3.22, which is comparable to the FARX Sharpe Ratio of 2.84. The chart below compares the historical Sharpe Ratios of TOAK and FARX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TOAK	FARX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.22	2.84	+0.38
Sharpe Ratio (All Time) Calculated using the full available price history	4.11	1.99	+2.12

Drawdowns

TOAK vs. FARX - Drawdown Comparison

The maximum TOAK drawdown since its inception was -0.68%, smaller than the maximum FARX drawdown of -5.83%. Use the drawdown chart below to compare losses from any high point for TOAK and FARX.

Drawdown Indicators

	TOAK	FARX	Difference
Max Drawdown Largest peak-to-trough decline	-0.68%	-5.83%	+5.15%
Max Drawdown (1Y) Largest decline over 1 year	-0.68%	-2.80%	+2.12%
Current Drawdown Current decline from peak	-0.07%	0.00%	-0.07%
Average Drawdown Average peak-to-trough decline	-0.04%	-1.09%	+1.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.15%	0.80%	-0.65%

Volatility

TOAK vs. FARX - Volatility Comparison

The current volatility for Twin Oak Short Horizon Absolute Return ETF (TOAK) is 0.22%, while Frontier Asset Absolute Return ETF (FARX) has a volatility of 1.95%. This indicates that TOAK experiences smaller price fluctuations and is considered to be less risky than FARX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOAK	FARX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.22%	1.95%	-1.73%
Volatility (6M) Calculated over the trailing 6-month period	1.11%	5.83%	-4.72%
Volatility (1Y) Calculated over the trailing 1-year period	1.18%	6.90%	-5.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.98%	7.11%	-6.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.98%	7.11%	-6.13%

TOAK vs. FARX - Expense Ratio Comparison

TOAK has a 0.25% expense ratio, which is lower than FARX's 1.00% expense ratio.

Dividends

TOAK vs. FARX - Dividend Comparison

TOAK has not paid dividends to shareholders, while FARX's dividend yield for the trailing twelve months is around 2.96%.

	TTM	2025	2024
TOAK Twin Oak Short Horizon Absolute Return ETF	0.00%	0.00%	0.00%
FARX Frontier Asset Absolute Return ETF	2.96%	3.25%	0.19%