TOI vs. ORR

Last updated Jun 4, 2026

TOI (The Oncology Institute, Inc.) is a stock, while ORR (Militia Long/Short Equity ETF) is Long-Short fund actively managed by Militia Investments. Over the past year, TOI returned 32.19% vs 25.94% for ORR. At a 0.14 correlation, their price movements are largely independent.

Performance

TOI vs. ORR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Oncology Institute, Inc. (TOI) and Militia Long/Short Equity ETF (ORR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TOI achieves a 18.82% return, which is significantly higher than ORR's 4.60% return.

TOI

• 1D: -7.84%
• 1M: 3.68%
• YTD: 18.82%
• 6M: 37.79%
• 1Y: 32.19%
• 3Y*: 113.48%
• 5Y*: —
• 10Y*: —

ORR

• 1D: -0.67%
• 1M: 0.38%
• YTD: 4.60%
• 6M: 8.08%
• 1Y: 25.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TOI vs. ORR - Yearly Performance Comparison

	2026 (YTD)	2025
TOI The Oncology Institute, Inc.	18.82%	790.00%
ORR Militia Long/Short Equity ETF	4.60%	32.15%

Correlation

The correlation between TOI and ORR is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (All Time) Calculated using the full available price history since Jan 16, 2025	0.14

Return for Risk

TOI vs. ORR — Risk / Return Rank

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

TOI

TOI Risk / Return Rank: 55
TOI Sharpe Ratio Rank: 55
TOI Sortino Ratio Rank: 58
TOI Omega Ratio Rank: 55
TOI Calmar Ratio Rank: 55
TOI Martin Ratio Rank: 54

ORR

ORR Risk / Return Rank: 52
ORR Sharpe Ratio Rank: 56
ORR Sortino Ratio Rank: 56
ORR Omega Ratio Rank: 53
ORR Calmar Ratio Rank: 52
ORR Martin Ratio Rank: 44

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.

TOI vs. ORR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Oncology Institute, Inc. (TOI) and Militia Long/Short Equity ETF (ORR). 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.

	TOI	ORR	Difference
Sharpe ratio: Return per unit of total volatility	0.40	1.93	-1.53
Sortino ratio: Return per unit of downside risk	1.19	2.70	-1.51
Omega ratio: Gain probability vs. loss probability	1.14	1.33	-0.19
Calmar ratio: Return relative to maximum drawdown	0.65	2.64	-2.00
Martin ratio: Return relative to average drawdown	1.25	7.13	-5.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TOI vs. ORR - Sharpe Ratio Comparison

The current TOI Sharpe Ratio is 0.40, which is lower than the ORR Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of TOI and ORR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TOI	ORR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.40	1.93	-1.53
Sharpe Ratio (All Time) Calculated using the full available price history	-0.15	1.74	-1.89

Drawdowns

TOI vs. ORR - Drawdown Comparison

The maximum TOI drawdown since its inception was -98.79%, which is greater than ORR's maximum drawdown of -9.85%. Use the drawdown chart below to compare losses from any high point for TOI and ORR.

Drawdown Indicators

	TOI	ORR	Difference
Max Drawdown Largest peak-to-trough decline	-98.79%	-9.85%	-88.94%
Max Drawdown (1Y) Largest decline over 1 year	-49.79%	-9.85%	-39.94%
Max Drawdown (3Y) Largest decline over 3 years	-94.82%	—	—
Current Drawdown Current decline from peak	-61.23%	-8.57%	-52.66%
Average Drawdown Average peak-to-trough decline	-74.20%	-2.18%	-72.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.74%	3.65%	+22.09%

Volatility

TOI vs. ORR - Volatility Comparison

The Oncology Institute, Inc. (TOI) has a higher volatility of 15.62% compared to Militia Long/Short Equity ETF (ORR) at 4.06%. This indicates that TOI's price experiences larger fluctuations and is considered to be riskier than ORR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOI	ORR	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.62%	4.06%	+11.56%
Volatility (6M) Calculated over the trailing 6-month period	50.50%	10.92%	+39.58%
Volatility (1Y) Calculated over the trailing 1-year period	81.25%	13.52%	+67.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	113.35%	15.34%	+98.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	113.35%	15.34%	+98.01%

Dividends

TOI vs. ORR - Dividend Comparison

Neither TOI nor ORR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both TOI and ORR in my portfolio?

TOI and ORR have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TOI or ORR?

TOI has higher volatility (15.62%) compared to ORR (4.06%). In terms of maximum drawdown, TOI dropped -98.79% vs ORR's -9.85%.

Which has better risk-adjusted returns?

ORR currently has the higher Sharpe Ratio (1.93 vs 0.40), 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.