TOGA vs. BDVL

Last updated Jun 4, 2026

TOGA (Tremblant Global ETF) and BDVL (iShares Disciplined Volatility Equity Active ETF) are both Global Equities funds. TOGA is actively managed, while BDVL is passively managed. At a 0.48 correlation, their price movements are largely independent. TOGA charges 0.69%/yr vs 0.40%/yr for BDVL.

Performance

TOGA vs. BDVL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tremblant Global ETF (TOGA) and iShares Disciplined Volatility Equity Active ETF (BDVL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TOGA achieves a -13.57% return, which is significantly lower than BDVL's 4.71% return.

TOGA

• 1D: -2.52%
• 1M: 0.43%
• YTD: -13.57%
• 6M: -12.39%
• 1Y: -9.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BDVL

• 1D: -0.44%
• 1M: 0.91%
• YTD: 4.71%
• 6M: 5.43%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TOGA vs. BDVL - Yearly Performance Comparison

	2026 (YTD)	2025
TOGA Tremblant Global ETF	-13.57%	-5.45%
BDVL iShares Disciplined Volatility Equity Active ETF	4.71%	1.97%

Correlation

The correlation between TOGA and BDVL is 0.48, 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 Sep 16, 2025	0.48

TOGA vs. BDVL - Sectors Allocation Comparison

Sectors	TOGA	BDVL
Consumer Cyclical	33.5%	8.5%
Technology	28.2%	23.0%
Communication Services	26.1%	10.7%
Financial Services	9.2%	13.9%
Real Estate	3.1%	1.0%
Basic Materials	-	2.6%
Consumer Defensive	-	6.3%
Energy	-	2.8%
Healthcare	-	11.1%
Industrials	-	15.4%
Utilities	-	4.8%

Return for Risk

TOGA vs. BDVL — Risk / Return Rank

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

TOGA

TOGA Risk / Return Rank: 5
TOGA Sharpe Ratio Rank: 5
TOGA Sortino Ratio Rank: 5
TOGA Omega Ratio Rank: 5
TOGA Calmar Ratio Rank: 6
TOGA Martin Ratio Rank: 5

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.

TOGA vs. BDVL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tremblant Global ETF (TOGA) and iShares Disciplined Volatility Equity Active ETF (BDVL). 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.

	TOGA	BDVL	Difference
Sharpe ratio: Return per unit of total volatility	-0.47	—	—
Sortino ratio: Return per unit of downside risk	-0.51	—	—
Omega ratio: Gain probability vs. loss probability	0.94	—	—
Calmar ratio: Return relative to maximum drawdown	-0.34	—	—
Martin ratio: Return relative to average drawdown	-0.77	—	—
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

	TOGA	BDVL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	1.01	-0.66

Drawdowns

TOGA vs. BDVL - Drawdown Comparison

The maximum TOGA drawdown since its inception was -28.50%, which is greater than BDVL's maximum drawdown of -7.71%. Use the drawdown chart below to compare losses from any high point for TOGA and BDVL.

Drawdown Indicators

	TOGA	BDVL	Difference
Max Drawdown Largest peak-to-trough decline	-28.50%	-7.71%	-20.79%
Max Drawdown (1Y) Largest decline over 1 year	-28.50%	—	—
Current Drawdown Current decline from peak	-18.93%	-0.95%	-17.98%
Average Drawdown Average peak-to-trough decline	-6.43%	-1.19%	-5.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.54%	—	—

Volatility

Volatility by Period

	TOGA	BDVL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.48%	—	—
Volatility (6M) Calculated over the trailing 6-month period	16.38%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	20.63%	9.49%	+11.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.02%	9.49%	+11.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.02%	9.49%	+11.53%

TOGA vs. BDVL - Expense Ratio Comparison

TOGA has a 0.69% expense ratio, which is higher than BDVL's 0.40% expense ratio.

Dividends

TOGA vs. BDVL - Dividend Comparison

TOGA has not paid dividends to shareholders, while BDVL's dividend yield for the trailing twelve months is around 2.66%.

Position	TTM	2025
BDVL iShares Disciplined Volatility Equity Active ETF	2.66%	2.79%
TOGA Tremblant Global ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both TOGA and BDVL in my portfolio?

TOGA and BDVL have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TOGA or BDVL?

On fees, BDVL is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TOGA or BDVL?

BDVL is cheaper with a 0.40% expense ratio, compared with 0.69% for TOGA.

Which ETF pays a higher dividend yield, TOGA or BDVL?

BDVL has the higher dividend yield at 2.66%, compared with 0.00% for TOGA.

What is the main difference between TOGA and BDVL?

They also come from different issuers: Tremblant Advisors and iShares. Their fees differ too: 0.69% for TOGA and 0.40% for BDVL.