TOAK vs. GKAT

Last updated Jun 4, 2026

TOAK (Twin Oak Short Horizon Absolute Return ETF) and GKAT (Scharf Global Opportunity ETF) are both exchange-traded funds - TOAK is a Multistrategy fund actively managed by Twin Oak, while GKAT is a Global Equities fund managed by Scharf Investments. At a 0.06 correlation, their price movements are largely independent. TOAK charges 0.25%/yr vs 0.59%/yr for GKAT.

Performance

TOAK vs. GKAT - Performance Comparison

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

Returns By Period

In the year-to-date period, TOAK achieves a 1.32% return, which is significantly lower than GKAT's 10.47% return.

TOAK

• 1D: 0.03%
• 1M: 0.24%
• YTD: 1.32%
• 6M: 1.55%
• 1Y: 3.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GKAT

• 1D: -0.28%
• 1M: 4.93%
• YTD: 10.47%
• 6M: 13.76%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TOAK vs. GKAT - Yearly Performance Comparison

	2026 (YTD)	2025
TOAK Twin Oak Short Horizon Absolute Return ETF	1.32%	1.45%
GKAT Scharf Global Opportunity ETF	10.47%	6.04%

Correlation

The correlation between TOAK and GKAT is 0.06, 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 Aug 26, 2025	0.06

Return for Risk

TOAK vs. GKAT — 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: 36
TOAK Sortino Ratio Rank: 37
TOAK Omega Ratio Rank: 96
TOAK Calmar Ratio Rank: 42
TOAK Martin Ratio Rank: 49

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. GKAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Twin Oak Short Horizon Absolute Return ETF (TOAK) and Scharf Global Opportunity ETF (GKAT). 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	GKAT	Difference
Sharpe ratio Return per unit of total volatility	1.27	—	—
Sortino ratio Return per unit of downside risk	1.89	—	—
Omega ratio Gain probability vs. loss probability	1.77	—	—
Calmar ratio Return relative to maximum drawdown	2.05	—	—
Martin ratio Return relative to average drawdown	8.11	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	TOAK	GKAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.27	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.82	1.92	-0.10

Drawdowns

TOAK vs. GKAT - Drawdown Comparison

The maximum TOAK drawdown since its inception was -1.81%, smaller than the maximum GKAT drawdown of -10.41%. Use the drawdown chart below to compare losses from any high point for TOAK and GKAT.

Drawdown Indicators

	TOAK	GKAT	Difference
Max Drawdown Largest peak-to-trough decline	-1.81%	-10.41%	+8.60%
Max Drawdown (1Y) Largest decline over 1 year	-1.81%	—	—
Current Drawdown Current decline from peak	-1.72%	-0.28%	-1.44%
Average Drawdown Average peak-to-trough decline	-0.10%	-2.08%	+1.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	—	—

Volatility

Volatility by Period

	TOAK	GKAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.72%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.89%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.92%	11.97%	-9.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.22%	11.97%	-9.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.22%	11.97%	-9.75%

TOAK vs. GKAT - Expense Ratio Comparison

TOAK has a 0.25% expense ratio, which is lower than GKAT's 0.59% expense ratio.

Dividends

TOAK vs. GKAT - Dividend Comparison

TOAK has not paid dividends to shareholders, while GKAT's dividend yield for the trailing twelve months is around 0.44%.

Position	TTM	2025
GKAT Scharf Global Opportunity ETF	0.44%	0.24%
TOAK Twin Oak Short Horizon Absolute Return ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both TOAK and GKAT in my portfolio?

TOAK and GKAT have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TOAK or GKAT?

On fees, TOAK is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TOAK or GKAT?

TOAK is cheaper with a 0.25% expense ratio, compared with 0.59% for GKAT.

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

GKAT has the higher dividend yield at 0.44%, compared with 0.00% for TOAK.

What is the main difference between TOAK and GKAT?

TOAK is categorized as Multistrategy, while GKAT is Global Equities. They also come from different issuers: Twin Oak and Scharf Investments. Their fees differ too: 0.25% for TOAK and 0.59% for GKAT.