TTDAX vs. GTAPX

Last updated Jun 23, 2026

TTDAX (Toews Tactical Defensive Alpha Fund) and GTAPX (Quantitative U.S. Long/Short Equity Portfolio) are both Long-Short funds. A 0.58 correlation means they provide meaningful diversification when combined. Both charge a 1.25% expense ratio.

Performance

TTDAX vs. GTAPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Toews Tactical Defensive Alpha Fund (TTDAX) and Quantitative U.S. Long/Short Equity Portfolio (GTAPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TTDAX

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

GTAPX

• 1D: -0.67%
• 1M: -0.82%
• YTD: 4.19%
• 6M: 3.55%
• 1Y: 13.63%
• 3Y*: 10.84%
• 5Y*: 9.23%
• 10Y*: 5.74%

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

TTDAX vs. GTAPX - 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%	14.90%
GTAPX Quantitative U.S. Long/Short Equity Portfolio	4.19%	12.79%	13.28%	4.42%	3.16%	17.72%	-5.16%	3.26%	-8.65%	8.74%

Correlation

The correlation between TTDAX and GTAPX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.58

The correlation between TTDAX and GTAPX shifts across timeframes, from 0.39 (1 year) to 0.58 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TTDAX vs. GTAPX — Risk / Return Rank

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

TTDAX

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

GTAPX

GTAPX Risk / Return Rank: 65
GTAPX Sharpe Ratio Rank: 52
GTAPX Sortino Ratio Rank: 58
GTAPX Omega Ratio Rank: 46
GTAPX Calmar Ratio Rank: 91
GTAPX Martin Ratio Rank: 78

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. GTAPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Toews Tactical Defensive Alpha Fund (TTDAX) and Quantitative U.S. Long/Short Equity Portfolio (GTAPX). 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.

	TTDAX	GTAPX	Difference
Sharpe ratio: Return per unit of total volatility	—	1.96	—
Sortino ratio: Return per unit of downside risk	—	2.91	—
Omega ratio: Gain probability vs. loss probability	—	1.34	—
Calmar ratio: Return relative to maximum drawdown	—	4.46	—
Martin ratio: Return relative to average drawdown	—	13.68	—

Drawdowns

Drawdown Indicators

	TTDAX	GTAPX	Difference
Max Drawdown Largest peak-to-trough decline	—	-30.40%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-3.01%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-12.21%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-12.21%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-30.40%	—
Current Drawdown Current decline from peak	—	-1.84%	—
Average Drawdown Average peak-to-trough decline	—	-7.02%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.97%	—

Volatility

Volatility by Period

	TTDAX	GTAPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.13%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.21%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	6.84%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	10.87%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	10.23%	—

TTDAX vs. GTAPX - Expense Ratio Comparison

Both TTDAX and GTAPX have an expense ratio of 1.25%.

Dividends

TTDAX vs. GTAPX - Dividend Comparison

TTDAX's dividend yield for the trailing twelve months is around 2.20%, less than GTAPX's 15.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GTAPX Quantitative U.S. Long/Short Equity Portfolio	15.92%	16.63%	11.79%	11.23%	0.00%	0.00%	0.00%	0.96%	0.00%	0.00%
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 GTAPX in my portfolio?

TTDAX and GTAPX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.