TOS vs. AFOS

Last updated Jun 6, 2026

TOS (Twin Oak Strategic Solutions ETF) and AFOS (ARS Focused Opportunities Strategy ETF) are both Large Cap Blend Equities funds. Their correlation of 0.87 suggests significant overlap in exposure. TOS charges 0.76%/yr vs 0.45%/yr for AFOS.

Performance

TOS vs. AFOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Twin Oak Strategic Solutions ETF (TOS) and ARS Focused Opportunities Strategy ETF (AFOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TOS

• 1D: -4.55%
• 1M: -0.53%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AFOS

• 1D: -4.70%
• 1M: -0.24%
• YTD: 26.02%
• 6M: 29.35%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TOS vs. AFOS - Yearly Performance Comparison

	2026 (YTD)
TOS Twin Oak Strategic Solutions ETF	14.23%
AFOS ARS Focused Opportunities Strategy ETF	11.48%

Correlation

The correlation between TOS and AFOS is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 29, 2026	0.87

Return for Risk

TOS vs. AFOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Twin Oak Strategic Solutions ETF (TOS) and ARS Focused Opportunities Strategy ETF (AFOS). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	TOS	AFOS	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.74	3.75	-2.00

Drawdowns

TOS vs. AFOS - Drawdown Comparison

The maximum TOS drawdown since its inception was -11.72%, roughly equal to the maximum AFOS drawdown of -11.52%. Use the drawdown chart below to compare losses from any high point for TOS and AFOS.

Drawdown Indicators

	TOS	AFOS	Difference
Max Drawdown Largest peak-to-trough decline	-11.72%	-11.52%	-0.20%
Current Drawdown Current decline from peak	-5.20%	-4.83%	-0.37%
Average Drawdown Average peak-to-trough decline	-2.57%	-1.38%	-1.19%

Volatility

Volatility by Period

	TOS	AFOS	Difference
Volatility (1Y) Calculated over the trailing 1-year period	26.41%	20.74%	+5.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.41%	20.74%	+5.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.41%	20.74%	+5.67%

TOS vs. AFOS - Expense Ratio Comparison

TOS has a 0.76% expense ratio, which is higher than AFOS's 0.45% expense ratio.

Dividends

TOS vs. AFOS - Dividend Comparison

TOS has not paid dividends to shareholders, while AFOS's dividend yield for the trailing twelve months is around 0.24%.

Position	TTM	2025
AFOS ARS Focused Opportunities Strategy ETF	0.24%	0.30%
TOS Twin Oak Strategic Solutions ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both TOS and AFOS in my portfolio?

TOS and AFOS have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TOS or AFOS?

On fees, AFOS is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TOS or AFOS?

AFOS is cheaper with a 0.45% expense ratio, compared with 0.76% for TOS.

Which ETF pays a higher dividend yield, TOS or AFOS?

AFOS has the higher dividend yield at 0.24%, compared with 0.00% for TOS.

What is the main difference between TOS and AFOS?

They also come from different issuers: Twin Oak ETF Company and ARS Investment Partners. Their fees differ too: 0.76% for TOS and 0.45% for AFOS.