TOGA vs. BOAT

Last updated Aug 2, 2026

TOGA (Tremblant Global ETF) and BOAT (SonicShares Global Shipping ETF) are both exchange-traded funds - TOGA is a Global Equities fund actively managed by Tremblant, while BOAT is a Industrials Equities fund tracking the Solactive Global Shipping Index. TOGA is actively managed, while BOAT is passively managed. Over the past year, TOGA returned -10.47% vs 59.34% for BOAT. Their 0.21 correlation means their historical movements had little consistent relationship. Both charge a 0.69% expense ratio.

Performance

TOGA vs. BOAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tremblant Global ETF (TOGA) and SonicShares Global Shipping ETF (BOAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TOGA achieves a -12.47% return, which is significantly lower than BOAT's 44.78% return.

TOGA

• 1D: -1.23%
• 1M: -5.93%
• 6M: -6.47%
• YTD: -12.47%
• 1Y: -10.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.39%

BOAT

• 1D: -0.74%
• 1M: 13.24%
• 6M: 27.61%
• YTD: 44.78%
• 1Y: 59.34%
• 3Y*: 27.06%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 24.82%

*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)
BOAT SonicShares Global Shipping ETF	$1.27M	$891.42K	$991.19K
TOGA Tremblant Global ETF	$69.62K	$58.16K	$201.80K

TOGA vs. BOAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TOGA Tremblant Global ETF	-12.47%	14.13%	17.44%
BOAT SonicShares Global Shipping ETF	44.78%	22.77%	-4.95%

Correlation

The correlation between TOGA and BOAT is 0.18, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.18
Correlation (All Time) Calculated using the full available price history since May 3, 2024	0.21

TOGA vs. BOAT - Sectors Allocation Comparison

Sectors	TOGA	BOAT
Consumer Cyclical	30.4%	-
Technology	29.2%	-
Communication Services	25.9%	-
Financial Services	9.9%	6.6%
Real Estate	2.3%	-
Industrials	2.2%	29.2%
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	10.3%
Healthcare	-	-
Utilities	-	-

Return for Risk

TOGA vs. BOAT — Risk / Return Rank

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

TOGA

TOGA Risk / Return Rank: 5
TOGA Sharpe Ratio Rank: 4
TOGA Sortino Ratio Rank: 5
TOGA Omega Ratio Rank: 5
TOGA Calmar Ratio Rank: 6
TOGA Martin Ratio Rank: 5

BOAT

BOAT Risk / Return Rank: 93
BOAT Sharpe Ratio Rank: 96
BOAT Sortino Ratio Rank: 94
BOAT Omega Ratio Rank: 92
BOAT Calmar Ratio Rank: 95
BOAT Martin Ratio Rank: 90

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.

TOGA vs. BOAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tremblant Global ETF (TOGA) and SonicShares Global Shipping ETF (BOAT). 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.

	TOGA	BOAT	Difference
Sharpe ratio: Return per unit of total volatility	-0.58	2.85	-3.43
Sortino ratio: Return per unit of downside risk	-0.69	3.70	-4.39
Omega ratio: Gain probability vs. loss probability	0.92	1.46	-0.54
Calmar ratio: Return relative to maximum drawdown	-0.44	5.08	-5.52
Martin ratio: Return relative to average drawdown	-0.89	14.33	-15.22

TOGA vs. BOAT - Sharpe Ratio Comparison

The current TOGA Sharpe Ratio is -0.58, which is lower than the BOAT Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of TOGA and BOAT, 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

TOGA vs. BOAT - Drawdown Comparison

The maximum TOGA drawdown since its inception was -28.50%, smaller than the maximum BOAT drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for TOGA and BOAT.

Drawdown Indicators

	TOGA	BOAT	Difference
Max Drawdown Largest peak-to-trough decline	-28.50%	-33.94%	+5.44%
Max Drawdown (1Y) Largest decline over 1 year	-28.50%	-11.60%	-16.90%
Max Drawdown (3Y) Largest decline over 3 years	—	-33.94%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.94%	—
Current Drawdown Current decline from peak	-17.90%	-0.74%	-17.16%
Average Drawdown Average peak-to-trough decline	-7.15%	-9.51%	+2.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.18%	4.10%	+10.08%

Volatility

TOGA vs. BOAT - Volatility Comparison

The current volatility for Tremblant Global ETF (TOGA) is 5.46%, while SonicShares Global Shipping ETF (BOAT) has a volatility of 7.09%. This indicates that TOGA experiences smaller price fluctuations and is considered to be less risky than BOAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOGA	BOAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.46%	7.09%	-1.63%
Volatility (6M) Calculated over the trailing 6-month period	18.00%	16.87%	+1.13%
Volatility (1Y) Calculated over the trailing 1-year period	21.74%	20.73%	+1.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.10%	25.07%	-3.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.10%	25.07%	-3.97%

TOGA vs. BOAT - Expense Ratio Comparison

Both TOGA and BOAT have an expense ratio of 0.69%.

Dividends

TOGA vs. BOAT - Dividend Comparison

TOGA has not paid dividends to shareholders, while BOAT's dividend yield for the trailing twelve months is around 6.35%.

Position	TTM	2025	2024	2023	2022	2021
BOAT SonicShares Global Shipping ETF	6.35%	8.08%	13.89%	13.65%	13.57%	1.36%
TOGA Tremblant Global ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TOGA and BOAT in my portfolio?

TOGA and BOAT have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TOGA or BOAT?

BOAT has higher volatility (7.09%) compared to TOGA (5.46%). In terms of maximum drawdown, TOGA dropped -28.50% vs BOAT's -33.94%.

Which ETF is better, TOGA or BOAT?

On 1-year performance, BOAT leads with 59.34% vs -10.47% for TOGA. Both ETFs have the same 0.69% expense ratio. On volatility, TOGA has been the lower-risk option at 5.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOGA or BOAT?

Over the 1-year period, BOAT has performed better with a 59.34% return vs -10.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOGA or BOAT?

TOGA and BOAT have the same expense ratio: 0.69% per year.

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

BOAT has the higher dividend yield at 6.35%, compared with 0.00% for TOGA.

What is the main difference between TOGA and BOAT?

TOGA is categorized as Global Equities, while BOAT is Industrials Equities. They also come from different issuers: Tremblant and Tidal.

Which has better risk-adjusted returns?

BOAT currently has the higher Sharpe Ratio (2.85 vs -0.58), 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.