TOGA vs. COPY

Last updated Aug 2, 2026

TOGA (Tremblant Global ETF) and COPY (Tweedy, Browne Insider + Value ETF) are both Global Equities funds. Both are actively managed. Over the past year, TOGA returned -10.47% vs 35.36% for COPY. Their 0.54 correlation means they have sometimes moved together and sometimes differently. TOGA charges 0.69%/yr vs 0.80%/yr for COPY.

Performance

TOGA vs. COPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tremblant Global ETF (TOGA) and Tweedy, Browne Insider + Value ETF (COPY). 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 COPY's 20.16% return.

TOGA

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

COPY

• 1D: -1.71%
• 1M: 3.66%
• 6M: 13.72%
• YTD: 20.16%
• 1Y: 35.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 32.09%

*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)
COPY Tweedy, Browne Insider + Value ETF	$3.10M	$2.28M	$1.97M
TOGA Tremblant Global ETF	$69.62K	$58.16K	$201.80K

TOGA vs. COPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TOGA Tremblant Global ETF	-12.47%	14.13%	-2.34%
COPY Tweedy, Browne Insider + Value ETF	20.16%	29.52%	0.05%

Correlation

The correlation between TOGA and COPY is 0.47, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.47
Correlation (All Time) Calculated using the full available price history since Dec 27, 2024	0.54

The correlation between TOGA and COPY has been stable across timeframes, ranging from 0.47 to 0.54 - a consistent structural relationship.

Return for Risk

TOGA vs. COPY — 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

COPY

COPY Risk / Return Rank: 92
COPY Sharpe Ratio Rank: 94
COPY Sortino Ratio Rank: 94
COPY Omega Ratio Rank: 93
COPY Calmar Ratio Rank: 90
COPY Martin Ratio Rank: 92

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. COPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tremblant Global ETF (TOGA) and Tweedy, Browne Insider + Value ETF (COPY). 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	COPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.58	2.64	-3.22
Sortino ratio: Return per unit of downside risk	-0.69	3.80	-4.48
Omega ratio: Gain probability vs. loss probability	0.92	1.47	-0.55
Calmar ratio: Return relative to maximum drawdown	-0.44	3.82	-4.26
Martin ratio: Return relative to average drawdown	-0.89	15.63	-16.52

TOGA vs. COPY - Sharpe Ratio Comparison

The current TOGA Sharpe Ratio is -0.58, which is lower than the COPY Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of TOGA and COPY, 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. COPY - Drawdown Comparison

The maximum TOGA drawdown since its inception was -28.50%, which is greater than COPY's maximum drawdown of -14.05%. Use the drawdown chart below to compare losses from any high point for TOGA and COPY.

Drawdown Indicators

	TOGA	COPY	Difference
Max Drawdown Largest peak-to-trough decline	-28.50%	-14.05%	-14.45%
Max Drawdown (1Y) Largest decline over 1 year	-28.50%	-9.07%	-19.43%
Current Drawdown Current decline from peak	-17.90%	-1.71%	-16.19%
Average Drawdown Average peak-to-trough decline	-7.15%	-1.49%	-5.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.18%	2.21%	+11.97%

Volatility

TOGA vs. COPY - Volatility Comparison

Tremblant Global ETF (TOGA) has a higher volatility of 5.46% compared to Tweedy, Browne Insider + Value ETF (COPY) at 3.73%. This indicates that TOGA's price experiences larger fluctuations and is considered to be riskier than COPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOGA	COPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.46%	3.73%	+1.73%
Volatility (6M) Calculated over the trailing 6-month period	18.00%	10.24%	+7.76%
Volatility (1Y) Calculated over the trailing 1-year period	21.74%	13.18%	+8.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.10%	16.94%	+4.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.10%	16.94%	+4.16%

TOGA vs. COPY - Expense Ratio Comparison

TOGA has a 0.69% expense ratio, which is lower than COPY's 0.80% expense ratio.

Dividends

TOGA vs. COPY - Dividend Comparison

TOGA has not paid dividends to shareholders, while COPY's dividend yield for the trailing twelve months is around 0.79%.

Position	TTM	2025
COPY Tweedy, Browne Insider + Value ETF	0.79%	0.95%
TOGA Tremblant Global ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both TOGA and COPY in my portfolio?

TOGA and COPY have a correlation of 0.47, 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 COPY?

TOGA has higher volatility (5.46%) compared to COPY (3.73%). In terms of maximum drawdown, TOGA dropped -28.50% vs COPY's -14.05%.

Which ETF is better, TOGA or COPY?

On 1-year performance, COPY leads with 35.36% vs -10.47% for TOGA. On fees, TOGA is cheaper at 0.69% per year. On volatility, COPY has been the lower-risk option at 3.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOGA or COPY?

Over the 1-year period, COPY has performed better with a 35.36% 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 COPY?

TOGA is cheaper with a 0.69% expense ratio, compared with 0.80% for COPY.

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

COPY has the higher dividend yield at 0.79%, compared with 0.00% for TOGA.

What is the main difference between TOGA and COPY?

They also come from different issuers: Tremblant and Tweedy, Browne. Their fees differ too: 0.69% for TOGA and 0.80% for COPY.

Which has better risk-adjusted returns?

COPY currently has the higher Sharpe Ratio (2.64 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.