TOK vs. TOPT

Last updated Jun 4, 2026

TOK (iShares MSCI Kokusai ETF) and TOPT (iShares Top 20 U.S. Stocks ETF) are both Large Cap Growth Equities funds from iShares - TOK tracks the MSCI Kokusai Index while TOPT tracks the S&P 500 Top 20 Select Index. Both are passively managed. Over the past year, TOK returned 25.70% vs 30.17% for TOPT. Their correlation of 0.85 suggests significant overlap in exposure. TOK charges 0.25%/yr vs 0.20%/yr for TOPT.

Performance

TOK vs. TOPT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Kokusai ETF (TOK) and iShares Top 20 U.S. Stocks ETF (TOPT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TOK achieves a 9.75% return, which is significantly higher than TOPT's 8.94% return.

TOK

• 1D: -0.80%
• 1M: 4.53%
• YTD: 9.75%
• 6M: 10.43%
• 1Y: 25.70%
• 3Y*: 20.98%
• 5Y*: 12.18%
• 10Y*: 13.60%

TOPT

• 1D: -0.87%
• 1M: 5.40%
• YTD: 8.94%
• 6M: 8.53%
• 1Y: 30.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TOK vs. TOPT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TOK iShares MSCI Kokusai ETF	9.75%	20.83%	0.04%
TOPT iShares Top 20 U.S. Stocks ETF	8.94%	20.35%	5.03%

Correlation

The correlation between TOK and TOPT is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (All Time) Calculated using the full available price history since Oct 25, 2024	0.85

The correlation between TOK and TOPT has been stable across timeframes, ranging from 0.85 to 0.85 - a consistent structural relationship.

TOK vs. TOPT - Sectors Allocation Comparison

Sectors	TOK	TOPT
Technology	31.3%	43.6%
Financial Services	14.9%	12.4%
Industrials	9.8%	-
Communication Services	9.0%	19.4%
Consumer Cyclical	9.0%	9.2%
Healthcare	8.7%	7.7%
Consumer Defensive	5.2%	4.8%
Energy	4.0%	3.0%
Basic Materials	3.2%	-
Utilities	2.8%	-
Real Estate	1.7%	-

Return for Risk

TOK vs. TOPT — Risk / Return Rank

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

TOK

TOK Risk / Return Rank: 64
TOK Sharpe Ratio Rank: 65
TOK Sortino Ratio Rank: 65
TOK Omega Ratio Rank: 63
TOK Calmar Ratio Rank: 58
TOK Martin Ratio Rank: 70

TOPT

TOPT Risk / Return Rank: 58
TOPT Sharpe Ratio Rank: 65
TOPT Sortino Ratio Rank: 65
TOPT Omega Ratio Rank: 62
TOPT Calmar Ratio Rank: 46
TOPT Martin Ratio Rank: 51

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. TOPT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Kokusai ETF (TOK) and iShares Top 20 U.S. Stocks ETF (TOPT). 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.

	TOK	TOPT	Difference
Sharpe ratio Return per unit of total volatility	2.16	2.22	-0.06
Sortino ratio Return per unit of downside risk	3.03	3.07	-0.04
Omega ratio Gain probability vs. loss probability	1.39	1.39	0.00
Calmar ratio Return relative to maximum drawdown	2.85	2.31	+0.54
Martin ratio Return relative to average drawdown	13.07	8.73	+4.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TOK vs. TOPT - Sharpe Ratio Comparison

The current TOK Sharpe Ratio is 2.16, which is comparable to the TOPT Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of TOK and TOPT, 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

	TOK	TOPT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.16	2.22	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	1.12	-0.69

Drawdowns

TOK vs. TOPT - Drawdown Comparison

The maximum TOK drawdown since its inception was -56.18%, which is greater than TOPT's maximum drawdown of -21.21%. Use the drawdown chart below to compare losses from any high point for TOK and TOPT.

Drawdown Indicators

	TOK	TOPT	Difference
Max Drawdown Largest peak-to-trough decline	-56.18%	-21.21%	-34.97%
Max Drawdown (1Y) Largest decline over 1 year	-9.07%	-13.13%	+4.06%
Max Drawdown (3Y) Largest decline over 3 years	-16.23%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.86%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-34.82%	—	—
Current Drawdown Current decline from peak	-0.80%	-1.25%	+0.45%
Average Drawdown Average peak-to-trough decline	-8.52%	-3.48%	-5.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	3.46%	-1.49%

Volatility

TOK vs. TOPT - Volatility Comparison

The current volatility for iShares MSCI Kokusai ETF (TOK) is 3.23%, while iShares Top 20 U.S. Stocks ETF (TOPT) has a volatility of 3.46%. This indicates that TOK experiences smaller price fluctuations and is considered to be less risky than TOPT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOK	TOPT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.23%	3.46%	-0.23%
Volatility (6M) Calculated over the trailing 6-month period	9.36%	10.14%	-0.78%
Volatility (1Y) Calculated over the trailing 1-year period	11.94%	13.68%	-1.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.93%	19.83%	-3.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.15%	19.83%	-2.68%

TOK vs. TOPT - Expense Ratio Comparison

TOK has a 0.25% expense ratio, which is higher than TOPT's 0.20% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

TOK vs. TOPT - Dividend Comparison

TOK's dividend yield for the trailing twelve months is around 1.25%, more than TOPT's 0.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TOK iShares MSCI Kokusai ETF	1.25%	1.37%	1.66%	1.95%	3.55%	1.66%	1.52%	2.12%	2.74%	2.60%	2.56%	3.02%
TOPT iShares Top 20 U.S. Stocks ETF	0.36%	0.38%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TOK and TOPT in my portfolio?

TOK and TOPT have a correlation of 0.85, 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 TOPT?

TOPT has higher volatility (3.46%) compared to TOK (3.23%). In terms of maximum drawdown, TOK dropped -56.18% vs TOPT's -21.21%.

Which ETF is better, TOK or TOPT?

On 1-year performance, TOPT leads with 30.17% vs 25.70% for TOK. On fees, TOPT is cheaper at 0.20% per year. On volatility, TOK has been the lower-risk option at 3.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOK or TOPT?

Over the 1-year period, TOPT has performed better with a 30.17% return vs 25.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOK or TOPT?

TOPT is cheaper with a 0.20% expense ratio, compared with 0.25% for TOK.

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

TOK has the higher dividend yield at 1.25%, compared with 0.36% for TOPT.

What is the main difference between TOK and TOPT?

TOK tracks MSCI Kokusai Index, while TOPT tracks S&P 500 Top 20 Select Index. Their fees differ too: 0.25% for TOK and 0.20% for TOPT.

Which has better risk-adjusted returns?

TOPT currently has the higher Sharpe Ratio (2.22 vs 2.16), 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.