TOAK vs. QIS

Last updated Aug 2, 2026

TOAK (Twin Oak Short Horizon Absolute Return ETF) and QIS (Simplify Multi-Qis Alternative ETF) are both Multistrategy funds. Both are actively managed. Over the past year, TOAK returned 3.95% vs -48.32% for QIS. Their -0.02 correlation means they have often moved in opposite directions in the past. TOAK charges 0.25%/yr vs 1.00%/yr for QIS.

Performance

TOAK vs. QIS - Performance Comparison

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

Returns By Period

In the year-to-date period, TOAK achieves a 2.08% return, which is significantly higher than QIS's -31.94% return.

TOAK

• 1D: 0.12%
• 1M: 0.45%
• 6M: 1.77%
• YTD: 2.08%
• 1Y: 3.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.99%

QIS

• 1D: 2.58%
• 1M: 2.94%
• 6M: -34.00%
• YTD: -31.94%
• 1Y: -48.32%
• 3Y*: -24.55%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -24.05%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QIS Simplify Multi-Qis Alternative ETF	$8.01K	$6.87K	$26.74K
TOAK Twin Oak Short Horizon Absolute Return ETF	$423.36K	$353.18K	$391.26K

TOAK vs. QIS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TOAK Twin Oak Short Horizon Absolute Return ETF	2.08%	4.28%	1.36%
QIS Simplify Multi-Qis Alternative ETF	-31.94%	-38.02%	-0.42%

Correlation

The correlation between TOAK and QIS is 0.00, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.00
Correlation (All Time) Calculated using the full available price history since Aug 20, 2024	-0.02

Return for Risk

TOAK vs. QIS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TOAK

TOAK Risk / Return Rank: 62
TOAK Sharpe Ratio Rank: 51
TOAK Sortino Ratio Rank: 54
TOAK Omega Ratio Rank: 96
TOAK Calmar Ratio Rank: 61
TOAK Martin Ratio Rank: 47

QIS

QIS Risk / Return Rank: 0
QIS Sharpe Ratio Rank: 0
QIS Sortino Ratio Rank: 0
QIS Omega Ratio Rank: 1
QIS Calmar Ratio Rank: 1
QIS Martin Ratio Rank: 0

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TOAK vs. QIS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Twin Oak Short Horizon Absolute Return ETF (TOAK) and Simplify Multi-Qis Alternative ETF (QIS). 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	QIS	Difference
Sharpe ratio: Return per unit of total volatility	1.26	-1.26	+2.52
Sortino ratio: Return per unit of downside risk	1.90	-1.99	+3.89
Omega ratio: Gain probability vs. loss probability	1.66	0.77	+0.89
Calmar ratio: Return relative to maximum drawdown	2.17	-0.93	+3.10
Martin ratio: Return relative to average drawdown	5.42	-1.62	+7.04

TOAK vs. QIS - Sharpe Ratio Comparison

The current TOAK Sharpe Ratio is 1.26, which is higher than the QIS Sharpe Ratio of -1.26. The chart below compares the historical Sharpe Ratios of TOAK and QIS, 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. QIS - Drawdown Comparison

The maximum TOAK drawdown since its inception was -1.81%, smaller than the maximum QIS drawdown of -62.82%. Use the drawdown chart below to compare losses from any high point for TOAK and QIS.

Drawdown Indicators

	TOAK	QIS	Difference
Max Drawdown Largest peak-to-trough decline	-1.81%	-62.82%	+61.01%
Max Drawdown (1Y) Largest decline over 1 year	-1.81%	-54.47%	+52.66%
Max Drawdown (3Y) Largest decline over 3 years	—	-62.82%	—
Current Drawdown Current decline from peak	-0.99%	-60.09%	+59.10%
Average Drawdown Average peak-to-trough decline	-0.21%	-16.05%	+15.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	31.13%	-30.41%

Volatility

TOAK vs. QIS - Volatility Comparison

The current volatility for Twin Oak Short Horizon Absolute Return ETF (TOAK) is 1.15%, while Simplify Multi-Qis Alternative ETF (QIS) has a volatility of 14.48%. This indicates that TOAK experiences smaller price fluctuations and is considered to be less risky than QIS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOAK	QIS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.15%	14.48%	-13.33%
Volatility (6M) Calculated over the trailing 6-month period	2.94%	32.96%	-30.02%
Volatility (1Y) Calculated over the trailing 1-year period	3.12%	40.15%	-37.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.28%	30.10%	-27.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.28%	30.10%	-27.82%

TOAK vs. QIS - Expense Ratio Comparison

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

Dividends

TOAK vs. QIS - Dividend Comparison

TOAK has not paid dividends to shareholders, while QIS's dividend yield for the trailing twelve months is around 2.00%.

Position	TTM	2025	2024	2023
QIS Simplify Multi-Qis Alternative ETF	2.00%	3.37%	1.07%	3.29%
TOAK Twin Oak Short Horizon Absolute Return ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TOAK and QIS in my portfolio?

TOAK and QIS have a correlation of 0.00, 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 QIS?

QIS has higher volatility (14.48%) compared to TOAK (1.15%). In terms of maximum drawdown, TOAK dropped -1.81% vs QIS's -62.82%.

Which ETF is better, TOAK or QIS?

On 1-year performance, TOAK leads with 3.95% vs -48.32% for QIS. On fees, TOAK is cheaper at 0.25% per year. On volatility, TOAK has been the lower-risk option at 1.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOAK or QIS?

Over the 1-year period, TOAK has performed better with a 3.95% return vs -48.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOAK or QIS?

TOAK is cheaper with a 0.25% expense ratio, compared with 1.00% for QIS.

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

QIS has the higher dividend yield at 2.00%, compared with 0.00% for TOAK.

What is the main difference between TOAK and QIS?

They also come from different issuers: Twin Oak and Simplify. Their fees differ too: 0.25% for TOAK and 1.00% for QIS.

Which has better risk-adjusted returns?

TOAK currently has the higher Sharpe Ratio (1.26 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.