TOAK vs. IALT

Last updated Jul 12, 2026

TOAK (Twin Oak Short Horizon Absolute Return ETF) and IALT (iShares Systematic Alternatives Active ETF) are both Multistrategy funds. Both are actively managed. At a 0.17 correlation, their price movements are largely independent. TOAK charges 0.25%/yr vs 0.99%/yr for IALT.

Performance

TOAK vs. IALT - Performance Comparison

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

Returns By Period

In the year-to-date period, TOAK achieves a 1.83% return, which is significantly lower than IALT's 12.70% return.

TOAK

• 1D: 0.03%
• 1M: 0.36%
• 6M: 1.67%
• YTD: 1.83%
• 1Y: 3.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IALT

• 1D: -0.14%
• 1M: 0.17%
• 6M: 10.58%
• YTD: 12.70%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TOAK vs. IALT - Yearly Performance Comparison

	2026 (YTD)	2025
TOAK Twin Oak Short Horizon Absolute Return ETF	1.83%	0.19%
IALT iShares Systematic Alternatives Active ETF	12.70%	0.83%

Correlation

The correlation between TOAK and IALT is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 10, 2025	0.17

Return for Risk

TOAK vs. IALT — Risk / Return Rank

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

TOAK

TOAK Risk / Return Rank: 59
TOAK Sharpe Ratio Rank: 48
TOAK Sortino Ratio Rank: 49
TOAK Omega Ratio Rank: 97
TOAK Calmar Ratio Rank: 54
TOAK Martin Ratio Rank: 45

IALT

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

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. IALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Twin Oak Short Horizon Absolute Return ETF (TOAK) and iShares Systematic Alternatives Active ETF (IALT). 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	IALT	Difference
Sharpe ratio: Return per unit of total volatility	1.33	—	—
Sortino ratio: Return per unit of downside risk	1.97	—	—
Omega ratio: Gain probability vs. loss probability	1.83	—	—
Calmar ratio: Return relative to maximum drawdown	2.15	—	—
Martin ratio: Return relative to average drawdown	5.84	—	—

Drawdowns

TOAK vs. IALT - Drawdown Comparison

The maximum TOAK drawdown since its inception was -1.81%, smaller than the maximum IALT drawdown of -2.27%. Use the drawdown chart below to compare losses from any high point for TOAK and IALT.

Drawdown Indicators

	TOAK	IALT	Difference
Max Drawdown Largest peak-to-trough decline	-1.81%	-2.27%	+0.46%
Max Drawdown (1Y) Largest decline over 1 year	-1.81%	—	—
Current Drawdown Current decline from peak	-1.23%	-0.46%	-0.77%
Average Drawdown Average peak-to-trough decline	-0.18%	-0.48%	+0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	—	—

Volatility

Volatility by Period

	TOAK	IALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.11%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.72%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.91%	7.82%	-4.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.16%	7.82%	-5.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.16%	7.82%	-5.66%

TOAK vs. IALT - Expense Ratio Comparison

TOAK has a 0.25% expense ratio, which is lower than IALT's 0.99% expense ratio.

Dividends

TOAK vs. IALT - Dividend Comparison

TOAK has not paid dividends to shareholders, while IALT's dividend yield for the trailing twelve months is around 0.40%.

Position	TTM	2025
IALT iShares Systematic Alternatives Active ETF	0.40%	0.14%
TOAK Twin Oak Short Horizon Absolute Return ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both TOAK and IALT in my portfolio?

TOAK and IALT have a correlation of 0.17, 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 IALT?

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 IALT?

TOAK is cheaper with a 0.25% expense ratio, compared with 0.99% for IALT.

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

IALT has the higher dividend yield at 0.40%, compared with 0.00% for TOAK.

What is the main difference between TOAK and IALT?

They also come from different issuers: Twin Oak and iShares. Their fees differ too: 0.25% for TOAK and 0.99% for IALT.