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

In the 25 weeks the S&P 500 fell, by 1.10% a week on average, SHDG averaged −0.70% and TOAK −0.02%, so TOAK returned more in those weeks.

Which earned more than cash, SHDG or TOAK?

Over the same weeks, SHDG finished 1.2 percentage points ahead of cash and TOAK finished 0.1 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, SHDG or TOAK?

SHDG charges 0.91% 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

SHDG vs TOAK: Correlation to the S&P 500

Over the year to Oct 27, 2026, TOAK moved less with the S&P 500 than SHDG: correlation +0.17 against +0.88.

askIQ about this page

askIQ about SHDG and TOAK

Net assets: $161m on Jul 31, 2026 for Soundwatch Hedged Equity ETF, and $90m on May 31, 2026 for Manager Directed Portfolios Twin Oak Short Horizon Absolute Return ETF.

SHDG on its own →TOAK on its own →

At a glance

+0.88

SHDG correlation with the S&P 500

+0.17

TOAK correlation with the S&P 500

63.9%

SHDG down-week capture

1.9%

TOAK down-week capture

SHDG Fell 64% as much as the S&P 500

SHDG in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, SHDG −0.70%.

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 0.65 points a year less; their one-year returns differ by 1.2 points.

SHDG vs TOAK: Correlation to the S&P 500
Measure	SHDG	TOAK
Return
Measure	SHDG	TOAK
Total return, 1 year	+4.8%	+3.6%
Against its benchmark
Measure	SHDG	TOAK
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	SHDG	TOAK
Expense ratio	0.91%	0.26%
Net assets, SHDG as of Jul 31, 2026 and TOAK as of May 31, 2026	$161m	$90m
Holdings
Measure	SHDG	TOAK
Holdings in common	not published
Risk
Measure	SHDG	TOAK
Beta to the S&P 500	+0.56: about 0.56% for each 1%	+0.04: about 0.04% for each 1%
Its average week when the S&P 500 fell	fell 0.70%	fell 0.02%

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

IQ Alternatives Score47.7SHDG79.5TOAK

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

SHDG 47.7

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: SHDG vs TOAK: Correlation to the S&P 500
	Total return		vs its benchmark
Window	SHDG	TOAK	SHDG	TOAK
3 months	+3.6%	+0.9%	−0.6 pts vs VOO	not measured
6 months	+5.2%	+1.8%	−3.5 pts vs VOO	not measured
1 year	+4.8%	+3.6%	−8.8 pts vs VOO	not measured
3 years	+53.7%	–	−41.1 pts vs VOO	–
Since launchNot the same days: SHDG Oct 2022 · TOAK Aug 2024	+68.3%	+8.9%	−46.4 pts vs VOO	not measured

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

Side by side

SHDG Soundwatch Hedged Equity 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 Soundwatch Manager Directed Portfolios

Strategy Hedged equity Hedged equity

Correlation with the S&P 500 +0.88 +0.17

Beta to the S&P 500 +0.56 +0.04

Down-week capture 63.9% 1.9%

Average week when the S&P 500 fell −0.70% −0.02%

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

Total return, same 52 weeks +4.9% +3.6%

Against T-bills, percentage points +1.2 pts −0.1 pts

Expense ratio 0.91% 0.26%

First traded Oct 24, 2022 Aug 20, 2024

Net assets, SHDG as of Jul 31, 2026 and TOAK as of May 31, 2026 $161m $90m

As of Oct 27, 2026. Source: ETFIQ.

One strategy, two funds

SHDG and TOAK both run a hedged equity strategy. Over the same 52 weeks to Oct 27, 2026, SHDG’s weekly returns had a correlation of +0.88 with the S&P 500 and TOAK’s +0.17. In the 25 weeks the index fell, by 1.10% a week on average, SHDG averaged −0.70% and TOAK −0.02%. Over the same weeks, SHDG finished 1.2 percentage points ahead of cash and TOAK finished 0.1 points behind cash.

Alert

About each fund

SHDG

SHDG 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 +0.88 with the S&P 500’s and a beta of +0.56, so for each 1% the index moved it moved about 0.56% the same way. The S&P 500 fell in 25 of those 52 weeks, by 1.10% on average. In the same weeks SHDG fell 0.70% on average, a down-week capture of 63.9%. Over the same 52 weeks SHDG returned +4.9% and a Treasury bill fund +3.7%, so it finished 1.2 percentage points ahead of 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, SHDG or TOAK?: Over the 52 weeks to Oct 27, 2026, SHDG’s weekly returns had a correlation of +0.88 with the S&P 500 and TOAK’s +0.17, so TOAK moved less with the index.
Which did better when the S&P 500 fell, SHDG or TOAK?: In the 25 weeks the S&P 500 fell, by 1.10% a week on average, SHDG averaged −0.70% and TOAK −0.02%, so TOAK returned more in those weeks.
Which earned more than cash, SHDG or TOAK?: Over the same weeks, SHDG finished 1.2 percentage points ahead of cash and TOAK finished 0.1 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, SHDG or TOAK?: SHDG charges 0.91% a year and TOAK charges 0.26%, so TOAK is cheaper. Fees come from each fund's prospectus.

Other comparisons

SHDG vs THEQ SHDG vs HEGD SHDG vs CAOS SHDG vs FHEQ TOAK vs ATTR TOAK vs HOLA TOAK vs HEQT TOAK vs HEDG

Where to next

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

Sources and dates

SHDG filings on SEC EDGAR ↗

SHDG prospectus with the expense ratio (SEC) ↗

Soundwatch 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, SHDG against TOAK, data as of Oct 27, 2026. https://etfiq.com/compare/alternatives/shdg-vs-toak

Open data →

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.