TTDAX vs. CDAZX

Last updated Jun 4, 2026

TTDAX (Toews Tactical Defensive Alpha Fund) and CDAZX (Multi-Manager Directional Alternative Strategies Fund) are both Long-Short funds. A 0.70 correlation means they provide meaningful diversification when combined. TTDAX charges 1.25%/yr vs 1.84%/yr for CDAZX.

Performance

TTDAX vs. CDAZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Toews Tactical Defensive Alpha Fund (TTDAX) and Multi-Manager Directional Alternative Strategies Fund (CDAZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TTDAX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CDAZX

• 1D: -0.13%
• 1M: 5.46%
• YTD: 8.42%
• 6M: 7.86%
• 1Y: 25.48%
• 3Y*: 18.36%
• 5Y*: 11.00%
• 10Y*: —

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

TTDAX vs. CDAZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TTDAX Toews Tactical Defensive Alpha Fund	-5.84%	10.90%	2.87%	7.65%	-16.61%	12.36%	17.14%	22.12%	-7.35%	13.97%
CDAZX Multi-Manager Directional Alternative Strategies Fund	8.42%	19.20%	19.75%	3.90%	1.31%	20.14%	-6.39%	8.17%	-12.03%	10.32%

Correlation

The correlation between TTDAX and CDAZX is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (All Time) Calculated using the full available price history since Jan 13, 2017	0.70

The correlation between TTDAX and CDAZX shifts across timeframes, from 0.57 (1 year) to 0.70 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TTDAX vs. CDAZX — Risk / Return Rank

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

CDAZX

CDAZX Risk / Return Rank: 77
CDAZX Sharpe Ratio Rank: 83
CDAZX Sortino Ratio Rank: 81
CDAZX Omega Ratio Rank: 78
CDAZX Calmar Ratio Rank: 77
CDAZX Martin Ratio Rank: 67

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.

TTDAX vs. CDAZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Toews Tactical Defensive Alpha Fund (TTDAX) and Multi-Manager Directional Alternative Strategies Fund (CDAZX). 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

	TTDAX	CDAZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.70	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.20	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.72	—

Drawdowns

Drawdown Indicators

	TTDAX	CDAZX	Difference
Max Drawdown Largest peak-to-trough decline	—	-30.94%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-7.32%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-8.54%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-10.91%	—
Current Drawdown Current decline from peak	—	-0.13%	—
Average Drawdown Average peak-to-trough decline	—	-6.14%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.95%	—

Volatility

Volatility by Period

	TTDAX	CDAZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.04%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.38%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	9.45%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	9.20%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	10.04%	—

TTDAX vs. CDAZX - Expense Ratio Comparison

TTDAX has a 1.25% expense ratio, which is lower than CDAZX's 1.84% expense ratio.

Dividends

TTDAX vs. CDAZX - Dividend Comparison

TTDAX's dividend yield for the trailing twelve months is around 2.20%, less than CDAZX's 21.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CDAZX Multi-Manager Directional Alternative Strategies Fund	21.47%	23.28%	10.21%	1.58%	11.48%	6.28%	0.00%	0.79%	50.33%	3.97%
TTDAX Toews Tactical Defensive Alpha Fund	2.20%	2.07%	3.30%	2.56%	1.03%	26.63%	4.08%	7.49%	1.35%	13.58%

Frequently Asked Questions

Can I hold both TTDAX and CDAZX in my portfolio?

TTDAX and CDAZX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.