Which did better when the S&P 500 fell, CCOR or TOAK?

In the 25 weeks the S&P 500 fell, by 1.10% a week on average, CCOR averaged +0.01% and TOAK −0.02%, so CCOR returned more in those weeks.

Which earned more than cash, CCOR or TOAK?

Over the same weeks, CCOR finished 1.8 percentage points behind cash and TOAK finished 0.1 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, CCOR or TOAK?

CCOR charges 1.16% a year and TOAK charges 0.26%, so TOAK is cheaper. Fees come from each fund's prospectus.

Data as of Oct 27, 2026.

Alternative ETFs

CCOR vs TOAK: Correlation to the S&P 500

Over the year to Oct 27, 2026, CCOR moved less with the S&P 500 than TOAK: correlation +0.01 against +0.17.

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Net assets: $28m on Jul 31, 2026 for Core Alternative ETF, and $90m on May 31, 2026 for Manager Directed Portfolios Twin Oak Short Horizon Absolute Return ETF.

CCOR on its own →TOAK on its own →

At a glance

+0.01

CCOR correlation with the S&P 500

+0.17

TOAK correlation with the S&P 500

−0.7%

CCOR down-week capture

1.9%

TOAK down-week capture

CCOR Rose when the S&P 500 fell

CCOR in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, CCOR +0.01%.

TOAK Fell 2% as much as the S&P 500

TOAK in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, TOAK −0.02%.

Pair scorecard

TOAK costs 0.90 points a year less; their one-year returns differ by 2.5 points.

CCOR vs TOAK: Correlation to the S&P 500
Measure	CCOR	TOAK
Return
Measure	CCOR	TOAK
Total return, 1 year	+1.1%	+3.6%
Against its benchmark
Measure	CCOR	TOAK
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	CCOR	TOAK
Expense ratio	1.16%	0.26%
Net assets, CCOR as of Jul 31, 2026 and TOAK as of May 31, 2026	$28m	$90m
Holdings
Measure	CCOR	TOAK
Holdings in common	not published
Risk
Measure	CCOR	TOAK
Beta to the S&P 500	+0.01: about 0.01% for each 1%	+0.04: about 0.04% for each 1%
Its average week when the S&P 500 fell	rose 0.01%	fell 0.02%

ETFIQ Stock Diversification Score · CCOR scores higher How much does it diversify a stock portfolio?

IQ Alternatives Score84.1CCOR79.5TOAK

How much it diversifies a stock portfolio, ranked against 22 equity hedged alternatives ETFs with a full year. 100 is best. How it is computed

CCOR 84.1

TOAK 79.5

8.0, the lowest in this set 97.7, the highest

A percentile among the 22 equity hedged alternatives ETFs with a full year. One year of weekly moves against the S&P 500, within one strategy; it ignores what the fund returned. All alternatives ETFs ranked by it →

Method

Window by window

Window by window: CCOR vs TOAK: Correlation to the S&P 500
	Total return
Window	CCOR	TOAK
3 months	−1.1%	+0.9%
6 months	+2.1%	+1.8%
1 year	+1.1%	+3.6%
3 years	−3.8%	–
Since launchNot the same days: CCOR May 2017 · TOAK Aug 2024	+16.9%	+8.9%

Source: ETFIQ. – means no data for this window. Open this comparison in the app →

Side by side

CCOR Core Alternative ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options TOAK Manager Directed Portfolios Twin Oak Short Horizon Absolute Return ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options

Issuer Core Alternative Manager Directed Portfolios

Strategy Hedged equity Hedged equity

Correlation with the S&P 500 +0.01 +0.17

Beta to the S&P 500 +0.01 +0.04

Down-week capture −0.7% 1.9%

Average week when the S&P 500 fell +0.01% −0.02%

The S&P 500 in those weeks −1.10% −1.10%

Total return, same 52 weeks +1.9% +3.6%

Against T-bills, percentage points −1.8 pts −0.1 pts

Expense ratio 1.16% 0.26%

First traded May 24, 2017 Aug 20, 2024

Net assets, CCOR as of Jul 31, 2026 and TOAK as of May 31, 2026 $28m $90m

As of Oct 27, 2026. Source: ETFIQ.

One strategy, two funds

CCOR and TOAK both run a hedged equity strategy. Over the same 52 weeks to Oct 27, 2026, CCOR’s weekly returns had a correlation of +0.01 with the S&P 500 and TOAK’s +0.17. In the 25 weeks the index fell, by 1.10% a week on average, CCOR averaged +0.01% and TOAK −0.02%. Over the same weeks, CCOR finished 1.8 percentage points behind cash and TOAK finished 0.1 points behind cash.

Alert

About each fund

CCOR

CCOR is a hedged equity fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Oct 27, 2026, its weekly returns had a correlation of +0.01 with the S&P 500’s and a beta of +0.01, so for each 1% the index moved it moved about 0.01% the same way. The S&P 500 fell in 25 of those 52 weeks, by 1.10% on average. In the same weeks CCOR rose 0.01% on average, a down-week capture of −0.7%. Over the same 52 weeks CCOR returned +1.9% and a Treasury bill fund +3.7%, so it finished 1.8 percentage points behind cash.

TOAK

TOAK is a hedged equity fund. Over the year to Oct 27, 2026, its weekly returns had a correlation of +0.17 with the S&P 500’s and a beta of +0.04, so for each 1% the index moved it moved about 0.04% the same way. In the same weeks TOAK fell 0.02% on average, a down-week capture of 1.9%. Over the same 52 weeks TOAK returned +3.6% and a Treasury bill fund +3.7%, so it finished 0.1 percentage points behind cash.

Questions people ask

Which moved less with the S&P 500, CCOR or TOAK?: Over the 52 weeks to Oct 27, 2026, CCOR’s weekly returns had a correlation of +0.01 with the S&P 500 and TOAK’s +0.17, so CCOR moved less with the index.
Which did better when the S&P 500 fell, CCOR or TOAK?: In the 25 weeks the S&P 500 fell, by 1.10% a week on average, CCOR averaged +0.01% and TOAK −0.02%, so CCOR returned more in those weeks.
Which earned more than cash, CCOR or TOAK?: Over the same weeks, CCOR finished 1.8 percentage points behind cash and TOAK finished 0.1 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, CCOR or TOAK?: CCOR charges 1.16% a year and TOAK charges 0.26%, so TOAK is cheaper. Fees come from each fund's prospectus.

Other comparisons

CCOR vs THEQ CCOR vs HEQT CCOR vs HEDG CCOR vs HEGD TOAK vs XTR TOAK vs QBUL TOAK vs HEQQ TOAK vs ZHDG

Where to next

BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →CCOR on its own →TOAK on its own →CCOR dividend history →Method →Standards and sources →

Sources and dates

CCOR filings on SEC EDGAR ↗

CCOR prospectus with the expense ratio (SEC) ↗

Core Alternative website ↗

TOAK filings on SEC EDGAR ↗

TOAK prospectus with the expense ratio (SEC) ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, CCOR against TOAK, data as of Oct 27, 2026. https://etfiq.com/compare/alternatives/ccor-vs-toak

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