TOK vs. ALTL

Last updated Jun 24, 2026

TOK (iShares MSCI Kokusai ETF) and ALTL (Pacer Lunt Large Cap Alternator ETF) are both Large Cap Growth Equities funds - TOK tracks the MSCI Kokusai Index while ALTL tracks the Lunt Capital US Large Cap Equity Rotation Index. Both are passively managed. Over the past 5 years, TOK returned 11.57%/yr vs 5.11%/yr for ALTL. A 0.70 correlation means they provide meaningful diversification when combined. TOK charges 0.25%/yr vs 0.60%/yr for ALTL.

Performance

TOK vs. ALTL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Kokusai ETF (TOK) and Pacer Lunt Large Cap Alternator ETF (ALTL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TOK achieves a 7.75% return, which is significantly lower than ALTL's 15.79% return.

TOK

• 1D: -1.13%
• 1M: -0.88%
• YTD: 7.75%
• 6M: 7.00%
• 1Y: 22.54%
• 3Y*: 19.77%
• 5Y*: 11.57%
• 10Y*: 13.73%

ALTL

• 1D: -3.95%
• 1M: 6.17%
• YTD: 15.79%
• 6M: 15.53%
• 1Y: 39.21%
• 3Y*: 12.68%
• 5Y*: 5.11%
• 10Y*: —

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

TOK vs. ALTL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TOK iShares MSCI Kokusai ETF	7.75%	20.83%	19.52%	24.76%	-17.93%	23.84%	23.69%
ALTL Pacer Lunt Large Cap Alternator ETF	15.79%	16.61%	12.30%	-15.85%	-10.67%	45.30%	35.38%

Correlation

The correlation between TOK and ALTL is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (All Time) Calculated using the full available price history since Jun 25, 2020	0.70

The correlation between TOK and ALTL has been stable across timeframes, ranging from 0.62 to 0.71 - a consistent structural relationship.

TOK vs. ALTL - Sectors Allocation Comparison

Sectors	TOK	ALTL
Technology	30.8%	42.5%
Financial Services	15.5%	16.7%
Industrials	10.0%	9.7%
Healthcare	9.0%	1.9%
Consumer Cyclical	8.7%	12.4%
Communication Services	8.5%	3.7%
Consumer Defensive	5.3%	1.0%
Energy	4.1%	1.8%
Basic Materials	3.3%	6.1%
Utilities	2.9%	4.0%
Real Estate	1.7%	14.8%

Return for Risk

TOK vs. ALTL — Risk / Return Rank

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

TOK

TOK Risk / Return Rank: 58
TOK Sharpe Ratio Rank: 58
TOK Sortino Ratio Rank: 57
TOK Omega Ratio Rank: 57
TOK Calmar Ratio Rank: 54
TOK Martin Ratio Rank: 65

ALTL

ALTL Risk / Return Rank: 68
ALTL Sharpe Ratio Rank: 63
ALTL Sortino Ratio Rank: 57
ALTL Omega Ratio Rank: 63
ALTL Calmar Ratio Rank: 82
ALTL Martin Ratio Rank: 77

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.

TOK vs. ALTL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Kokusai ETF (TOK) and Pacer Lunt Large Cap Alternator ETF (ALTL). 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.

	TOK	ALTL	Difference
Sharpe ratio: Return per unit of total volatility	1.82	1.92	-0.10
Sortino ratio: Return per unit of downside risk	2.54	2.52	+0.01
Omega ratio: Gain probability vs. loss probability	1.33	1.35	-0.03
Calmar ratio: Return relative to maximum drawdown	2.50	4.02	-1.53
Martin ratio: Return relative to average drawdown	11.15	13.55	-2.40

TOK vs. ALTL - Sharpe Ratio Comparison

The current TOK Sharpe Ratio is 1.82, which is comparable to the ALTL Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of TOK and ALTL, 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

TOK vs. ALTL - Drawdown Comparison

The maximum TOK drawdown since its inception was -56.18%, which is greater than ALTL's maximum drawdown of -31.91%. Use the drawdown chart below to compare losses from any high point for TOK and ALTL.

Drawdown Indicators

	TOK	ALTL	Difference
Max Drawdown Largest peak-to-trough decline	-56.18%	-31.91%	-24.27%
Max Drawdown (1Y) Largest decline over 1 year	-9.07%	-9.79%	+0.72%
Max Drawdown (3Y) Largest decline over 3 years	-16.23%	-21.21%	+4.98%
Max Drawdown (5Y) Largest decline over 5 years	-25.86%	-31.91%	+6.05%
Max Drawdown (10Y) Largest decline over 10 years	-34.82%	—	—
Current Drawdown Current decline from peak	-2.61%	-3.95%	+1.34%
Average Drawdown Average peak-to-trough decline	-8.50%	-11.50%	+3.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	2.90%	-0.87%

Volatility

TOK vs. ALTL - Volatility Comparison

The current volatility for iShares MSCI Kokusai ETF (TOK) is 4.49%, while Pacer Lunt Large Cap Alternator ETF (ALTL) has a volatility of 11.62%. This indicates that TOK experiences smaller price fluctuations and is considered to be less risky than ALTL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOK	ALTL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.49%	11.62%	-7.13%
Volatility (6M) Calculated over the trailing 6-month period	10.09%	15.20%	-5.11%
Volatility (1Y) Calculated over the trailing 1-year period	12.49%	20.53%	-8.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.02%	18.97%	-2.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.12%	20.47%	-3.35%

TOK vs. ALTL - Expense Ratio Comparison

TOK has a 0.25% expense ratio, which is lower than ALTL's 0.60% expense ratio.

Dividends

TOK vs. ALTL - Dividend Comparison

TOK's dividend yield for the trailing twelve months is around 1.33%, more than ALTL's 0.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ALTL Pacer Lunt Large Cap Alternator ETF	0.88%	0.95%	1.56%	1.28%	1.23%	1.06%	0.75%	0.00%	0.00%	0.00%	0.00%	0.00%
TOK iShares MSCI Kokusai ETF	1.33%	1.37%	1.66%	1.95%	3.55%	1.66%	1.52%	2.12%	2.74%	2.60%	2.56%	3.02%

Frequently Asked Questions

Can I hold both TOK and ALTL in my portfolio?

TOK and ALTL have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TOK or ALTL?

ALTL has higher volatility (11.62%) compared to TOK (4.49%). In terms of maximum drawdown, TOK dropped -56.18% vs ALTL's -31.91%.

Which ETF is better, TOK or ALTL?

On 5-year performance, TOK leads with 11.57% vs 5.11% for ALTL. On fees, TOK is cheaper at 0.25% per year. On volatility, TOK has been the lower-risk option at 4.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOK or ALTL?

Over the 5-year period, TOK has performed better with a 11.57% return vs 5.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOK or ALTL?

TOK is cheaper with a 0.25% expense ratio, compared with 0.60% for ALTL.

Which ETF pays a higher dividend yield, TOK or ALTL?

TOK has the higher dividend yield at 1.33%, compared with 0.88% for ALTL.

What is the main difference between TOK and ALTL?

TOK tracks MSCI Kokusai Index, while ALTL tracks Lunt Capital US Large Cap Equity Rotation Index. They also come from different issuers: iShares and Pacer. Their fees differ too: 0.25% for TOK and 0.60% for ALTL.

Which has better risk-adjusted returns?

ALTL currently has the higher Sharpe Ratio (1.92 vs 1.82), 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.