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

In the 25 weeks the S&P 500 fell, by 1.10% a week on average, TOAK averaged −0.02% and ZHDG −1.07%, so TOAK returned more in those weeks.

Which earned more than cash, TOAK or ZHDG?

Over the same weeks, TOAK finished 0.1 percentage points behind cash and ZHDG finished 1.9 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, TOAK or ZHDG?

TOAK charges 0.26% a year and ZHDG charges 0.95%, so TOAK is cheaper. Fees come from each fund's prospectus.

Data as of Oct 27, 2026.

Alternative ETFs

TOAK vs ZHDG: Correlation to the S&P 500

Over the year to Oct 27, 2026, TOAK moved less with the S&P 500 than ZHDG: correlation +0.17 against +0.97.

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Net assets: $90m on May 31, 2026 for Manager Directed Portfolios Twin Oak Short Horizon Absolute Return ETF, and $35m on Jul 31, 2026 for ZEGA Buy and Hedge ETF.

TOAK on its own →ZHDG on its own →

At a glance

+0.17

TOAK correlation with the S&P 500

+0.97

ZHDG correlation with the S&P 500

1.9%

TOAK down-week capture

97.8%

ZHDG down-week capture

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%.

ZHDG Fell with the S&P 500

ZHDG in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, ZHDG −1.07%.

Pair scorecard

TOAK costs 0.69 points a year less; their one-year returns differ by 2.3 points.

TOAK vs ZHDG: Correlation to the S&P 500
Measure	TOAK	ZHDG
Return
Measure	TOAK	ZHDG
Total return, 1 year	+3.6%	+5.9%
Against its benchmark
Measure	TOAK	ZHDG
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	TOAK	ZHDG
Expense ratio	0.26%	0.95%
Net assets, TOAK as of May 31, 2026 and ZHDG as of Jul 31, 2026	$90m	$35m
Holdings
Measure	TOAK	ZHDG
Holdings in common	not published
Risk
Measure	TOAK	ZHDG
Beta to the S&P 500	+0.04: about 0.04% for each 1%	+0.86: about 0.86% for each 1%
Its average week when the S&P 500 fell	fell 0.02%	fell 1.07%

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

IQ Alternatives Score79.5TOAK13.7ZHDG

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

TOAK 79.5

ZHDG 13.7

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: TOAK vs ZHDG: Correlation to the S&P 500
	Total return
Window	TOAK	ZHDG
3 months	+0.9%	+2.9%
6 months	+1.8%	+6.6%
1 year	+3.6%	+5.9%
3 years	–	+56.4%
Since launchNot the same days: TOAK Aug 2024 · ZHDG Jul 2021	+8.9%	+34.4%

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

Side by side

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 ZHDG ZEGA Buy and Hedge ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options

Issuer Manager Directed Portfolios Zega

Strategy Hedged equity Hedged equity

Correlation with the S&P 500 +0.17 +0.97

Beta to the S&P 500 +0.04 +0.86

Down-week capture 1.9% 97.8%

Average week when the S&P 500 fell −0.02% −1.07%

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

Total return, same 52 weeks +3.6% +5.6%

Against T-bills, percentage points −0.1 pts +1.9 pts

Expense ratio 0.26% 0.95%

First traded Aug 20, 2024 Jul 7, 2021

Net assets, TOAK as of May 31, 2026 and ZHDG as of Jul 31, 2026 $90m $35m

As of Oct 27, 2026. Source: ETFIQ.

One strategy, two funds

TOAK and ZHDG both run a hedged equity strategy. Over the same 52 weeks to Oct 27, 2026, TOAK’s weekly returns had a correlation of +0.17 with the S&P 500 and ZHDG’s +0.97. In the 25 weeks the index fell, by 1.10% a week on average, TOAK averaged −0.02% and ZHDG −1.07%. Over the same weeks, TOAK finished 0.1 percentage points behind cash and ZHDG finished 1.9 points ahead of cash.

Alert

About each fund

TOAK

TOAK 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 +0.17 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. The S&P 500 fell in 25 of those 52 weeks, by 1.10% on average. 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.

ZHDG

ZHDG is a hedged equity fund. Over the year to Oct 27, 2026, its weekly returns had a correlation of +0.97 with the S&P 500’s and a beta of +0.86, so for each 1% the index moved it moved about 0.86% the same way. In the same weeks ZHDG fell 1.07% on average, a down-week capture of 97.8%. Over the same 52 weeks ZHDG returned +5.6% and a Treasury bill fund +3.7%, so it finished 1.9 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, TOAK or ZHDG?: Over the 52 weeks to Oct 27, 2026, TOAK’s weekly returns had a correlation of +0.17 with the S&P 500 and ZHDG’s +0.97, so TOAK moved less with the index.
Which did better when the S&P 500 fell, TOAK or ZHDG?: In the 25 weeks the S&P 500 fell, by 1.10% a week on average, TOAK averaged −0.02% and ZHDG −1.07%, so TOAK returned more in those weeks.
Which earned more than cash, TOAK or ZHDG?: Over the same weeks, TOAK finished 0.1 percentage points behind cash and ZHDG finished 1.9 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, TOAK or ZHDG?: TOAK charges 0.26% a year and ZHDG charges 0.95%, so TOAK is cheaper. Fees come from each fund's prospectus.

Other comparisons

TOAK vs QBER TOAK vs ATTR TOAK vs KSPY TOAK vs PHEQ ZHDG vs CAOS ZHDG vs FHEQ ZHDG vs ACIO ZHDG vs HELO

Where to next

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

Sources and dates

TOAK filings on SEC EDGAR ↗

TOAK prospectus with the expense ratio (SEC) ↗

ZHDG filings on SEC EDGAR ↗

ZHDG prospectus with the expense ratio (SEC) ↗

Zega website ↗

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

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