TOAK vs. FMNY

Last updated Jun 24, 2026

TOAK (Twin Oak Short Horizon Absolute Return ETF) and FMNY (First Trust New York High Income Municipal ETF) are both exchange-traded funds - TOAK is a Multistrategy fund actively managed by Twin Oak, while FMNY is a Municipal Bonds fund actively managed by First Trust. Both are actively managed. Over the past year, TOAK returned 3.67% vs 7.29% for FMNY. At a correlation of -0.06, they often move in opposite directions. TOAK charges 0.25%/yr vs 0.65%/yr for FMNY.

Performance

TOAK vs. FMNY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Twin Oak Short Horizon Absolute Return ETF (TOAK) and First Trust New York High Income Municipal ETF (FMNY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TOAK achieves a 1.51% return, which is significantly lower than FMNY's 2.11% return.

TOAK

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

FMNY

• 1D: 0.02%
• 1M: 1.36%
• YTD: 2.11%
• 6M: 1.98%
• 1Y: 7.29%
• 3Y*: 3.87%
• 5Y*: 0.64%
• 10Y*: —

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

TOAK vs. FMNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TOAK Twin Oak Short Horizon Absolute Return ETF	1.51%	4.28%	1.36%
FMNY First Trust New York High Income Municipal ETF	2.11%	3.94%	-0.10%

Correlation

The correlation between TOAK and FMNY is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Aug 20, 2024	-0.06

Return for Risk

TOAK vs. FMNY — Risk / Return Rank

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

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

FMNY

FMNY Risk / Return Rank: 70
FMNY Sharpe Ratio Rank: 76
FMNY Sortino Ratio Rank: 80
FMNY Omega Ratio Rank: 85
FMNY Calmar Ratio Rank: 57
FMNY Martin Ratio Rank: 52

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. FMNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Twin Oak Short Horizon Absolute Return ETF (TOAK) and First Trust New York High Income Municipal ETF (FMNY). 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.

	TOAK	FMNY	Difference
Sharpe ratio: Return per unit of total volatility	1.26	2.25	-0.99
Sortino ratio: Return per unit of downside risk	1.87	3.27	-1.40
Omega ratio: Gain probability vs. loss probability	1.77	1.47	+0.30
Calmar ratio: Return relative to maximum drawdown	2.04	2.59	-0.55
Martin ratio: Return relative to average drawdown	6.27	8.28	-2.00

TOAK vs. FMNY - Sharpe Ratio Comparison

The current TOAK Sharpe Ratio is 1.26, which is lower than the FMNY Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of TOAK and FMNY, 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

TOAK vs. FMNY - Drawdown Comparison

The maximum TOAK drawdown since its inception was -1.81%, smaller than the maximum FMNY drawdown of -15.90%. Use the drawdown chart below to compare losses from any high point for TOAK and FMNY.

Drawdown Indicators

	TOAK	FMNY	Difference
Max Drawdown Largest peak-to-trough decline	-1.81%	-15.90%	+14.09%
Max Drawdown (1Y) Largest decline over 1 year	-1.81%	-2.83%	+1.02%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.88%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.90%	—
Current Drawdown Current decline from peak	-1.53%	-0.48%	-1.05%
Average Drawdown Average peak-to-trough decline	-0.15%	-5.63%	+5.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.59%	0.88%	-0.29%

Volatility

TOAK vs. FMNY - Volatility Comparison

The current volatility for Twin Oak Short Horizon Absolute Return ETF (TOAK) is 0.11%, while First Trust New York High Income Municipal ETF (FMNY) has a volatility of 0.54%. This indicates that TOAK experiences smaller price fluctuations and is considered to be less risky than FMNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOAK	FMNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.11%	0.54%	-0.43%
Volatility (6M) Calculated over the trailing 6-month period	2.74%	2.35%	+0.39%
Volatility (1Y) Calculated over the trailing 1-year period	2.91%	3.25%	-0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.19%	4.00%	-1.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.19%	3.97%	-1.78%

TOAK vs. FMNY - Expense Ratio Comparison

TOAK has a 0.25% expense ratio, which is lower than FMNY's 0.65% expense ratio.

Dividends

TOAK vs. FMNY - Dividend Comparison

TOAK has not paid dividends to shareholders, while FMNY's dividend yield for the trailing twelve months is around 3.67%.

Position	TTM	2025	2024	2023	2022	2021
FMNY First Trust New York High Income Municipal ETF	3.67%	3.64%	3.56%	3.25%	2.34%	0.72%
TOAK Twin Oak Short Horizon Absolute Return ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TOAK and FMNY in my portfolio?

TOAK and FMNY have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TOAK or FMNY?

FMNY has higher volatility (0.54%) compared to TOAK (0.11%). In terms of maximum drawdown, TOAK dropped -1.81% vs FMNY's -15.90%.

Which ETF is better, TOAK or FMNY?

On 1-year performance, FMNY leads with 7.29% 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, TOAK or FMNY?

Over the 1-year period, FMNY has performed better with a 7.29% return vs 3.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOAK or FMNY?

TOAK is cheaper with a 0.25% expense ratio, compared with 0.65% for FMNY.

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

FMNY has the higher dividend yield at 3.67%, compared with 0.00% for TOAK.

What is the main difference between TOAK and FMNY?

TOAK is categorized as Multistrategy, while FMNY is Municipal Bonds. They also come from different issuers: Twin Oak and First Trust. Their fees differ too: 0.25% for TOAK and 0.65% for FMNY.

Which has better risk-adjusted returns?

FMNY currently has the higher Sharpe Ratio (2.25 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.