{"url":"https://etfiq.com/compare/alternatives/shdg-vs-toak","section":"compare","title":"SHDG vs TOAK: Correlation to the S&P 500 | ETFIQ","description":"SHDG and TOAK both run hedged equity strategies. Over the year to Oct 27, 2026, SHDG had a correlation of +0.88 with the S&P 500 and TOAK +0.17.","as_of":"Oct 27, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which moved less with the S&P 500, SHDG or TOAK?","acceptedAnswer":{"@type":"Answer","text":"Over the 52 weeks to Oct 27, 2026, SHDG\u2019s weekly returns had a correlation of +0.88 with the S&P 500 and TOAK\u2019s +0.17, so TOAK moved less with the index."}},{"@type":"Question","name":"Which did better when the S&P 500 fell, SHDG or TOAK?","acceptedAnswer":{"@type":"Answer","text":"In the 25 weeks the S&P 500 fell, by 1.10% a week on average, SHDG averaged \u22120.70% and TOAK \u22120.02%, so TOAK returned more in those weeks."}},{"@type":"Question","name":"Which earned more than cash, SHDG or TOAK?","acceptedAnswer":{"@type":"Answer","text":"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."}},{"@type":"Question","name":"Which is cheaper, SHDG or TOAK?","acceptedAnswer":{"@type":"Answer","text":"SHDG charges 0.91% a year and TOAK charges 0.26%, so TOAK is cheaper. Fees come from each fund's prospectus."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Alternatives ETFs","item":"https://etfiq.com/alternatives/"},{"@type":"ListItem","position":3,"name":"Compare ETFs","item":"https://etfiq.com/compare/"},{"@type":"ListItem","position":4,"name":"SHDG vs TOAK","item":"https://etfiq.com/compare/alternatives/shdg-vs-toak"}]},{"@type":"WebPage","name":"SHDG vs TOAK: Correlation to the S&P 500","description":"SHDG and TOAK both run hedged equity strategies. Over the year to Oct 27, 2026, SHDG had a correlation of +0.88 with the S&P 500 and TOAK +0.17.","url":"https://etfiq.com/compare/alternatives/shdg-vs-toak","dateModified":"2026-10-27","abstract":"Over the year to Oct 27, 2026, TOAK moved less with the S&P 500 than SHDG: correlation +0.17 against +0.88.","publisher":{"@id":"https://etfiq.com/#org"},"isPartOf":{"@id":"https://etfiq.com/#website"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".faq"]}},{"@type":"Dataset","name":"ETFIQ comparison of SHDG and TOAK","description":"SHDG and TOAK both run hedged equity strategies. Over the year to Oct 27, 2026, SHDG had a correlation of +0.88 with the S&P 500 and TOAK +0.17.","dateModified":"2026-10-27","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/alternatives/shdg-vs-toak","license":"https://etfiq.com/license/","publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published","distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/alternatives.json"}],"variableMeasured":["Correlation with the S&P 500","Beta to the S&P 500","Down-week capture","Average week when the S&P 500 fell","Return against T-bills","Total return","Strategy","Expense ratio"],"keywords":["exchange-traded funds","ETF","Alternatives ETFs","fund data","SEC filings"]}],"characters":7028,"truncated":true,"content":"ETFIQ / Alternatives ETFs / Compare ETFs / SHDG vs TOAK \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Oct 27, 2026 .\n\n SHDG vs TOAK: Correlation to the S&P 500\n\n Over the year to Oct 27, 2026, TOAK moved less with the S&P 500 than SHDG: correlation +0.17 against +0.88.\n Copy this for sharing \n \n TOAK costs 0.65 points a year less; their one-year returns differ by 1.2 points.\n SHDG and TOAK at a glance. As of Oct 27, 2026. Source: ETFIQ. SHDG TOAK \n Expense ratio 0.91% 0.26% \n Net assets, SHDG as of Jul 31, 2026 and TOAK as of May 31, 2026 $161m $90m \n Total return, 1 year +4.8% +3.6% ","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","license_text":"Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, SHDG against TOAK, data as of Oct 27, 2026. https://etfiq.com/compare/alternatives/shdg-vs-toak","a":{"ticker":"SHDG","name":"Soundwatch Hedged Equity ETF","issuer":"Soundwatch","desk":"alternatives","as_of":"2026-10-27","verdict":"Over the year to Oct 27, 2026, SHDG returned 4.8%, against 13.6% for VOO.","url":"https://etfiq.com/funds/shdg","key_facts":[{"label":"Correlation with the S&P 500","value":"+0.88","as_of":"2026-10-27","source":"computed by ETFIQ from Tiingo daily prices"},{"label":"Beta to the S&P 500","value":"+0.56","as_of":"2026-10-27","source":"computed by ETFIQ from Tiingo daily prices"},{"label":"Down-week capture","value":"63.9%","as_of":"2026-10-27","source":"computed by ETFIQ from Tiingo daily prices"},{"label":"Against T-bills, 52 weeks","value":"+1.2 pts","as_of":"2026-10-27","source":"computed by ETFIQ from Tiingo daily prices"},{"label":"12-month yield, capital gains included, on its starting price","value":"0.5%","as_of":"2026-10-27","source":"computed by ETFIQ from Tiingo daily prices and distributions"},{"label":"Last payment (paid annually), ex-date Dec 29, 2025","value":"$0.1599","as_of":"2025-12-29","source":"Tiingo end-of-day distributions"},{"label":"Net assets","value":"$161m","as_of":"2026-07-31","source":"SEC N-PORT, whole fund, as filed for Jul 31, 2026"},{"label":"Expense ratio","value":"0.91%","as_of":"2026-02-27","source":"485BPOS XBRL, Feb 27, 2026"}]},"b":{"ticker":"TOAK","name":"Manager Directed Portfolios Twin Oak Short Horizon Absolute Return ETF","issuer":"Manager Directed Portfolios","desk":"alternatives","as_of":"2026-10-27","verdict":"Over the year to Oct 27, 2026, TOAK returned 3.6%. When the S&P 500 fell, it fell 2% as much.","url":"https://etfiq.com/funds/toak","key_facts":[{"label":"Correlation with the S&P 500","value":"+0.17","as_of":"2026-10-27","source":"computed by ETFIQ from Tiingo daily prices"},{"label":"Beta to the S&P 500","value":"+0.04","as_of":"2026-10-27","source":"computed by ETFIQ from Tiingo daily prices"},{"label":"Down-week capture","value":"1.9%","as_of":"2026-10-27","source":"computed by ETFIQ from Tiingo daily prices"},{"label":"Against T-bills, 52 weeks","value":"\u22120.1 pts","as_of":"2026-10-27","source":"computed by ETFIQ from Tiingo daily prices"},{"label":"Net assets","value":"$90m","as_of":"2026-05-31","source":"SEC N-PORT, whole fund, as filed for May 31, 2026"},{"label":"Expense ratio","value":"0.26%","as_of":"2026-09-25","source":"485BPOS XBRL, Sep 25, 2026"}]},"overlap_pct":null,"overlap_note":"ETFIQ does not publish a holdings overlap for this pair. Either the funds are not compared on holdings, or one book is incomplete.","full_text_at":"https://etfiq.com/compare/alternatives/shdg-vs-toak"}