Subword tokenization is the de-facto standard for tokenization in neural language models and machine translation systems. Three advantages are frequently put forward in favor of subwords: shorter encoding of frequent tokens, compositionality of subwords, and ability to deal with unknown words. As their relative importance is not entirely clear yet, we propose a tokenization approach that enables us to separate frequency (the first advantage) from compositionality, thanks to the use of Huffman coding, which tokenizes words using a fixed amount of symbols. Experiments with CS-DE, EN-FR and EN-DE NMT show that frequency alone accounts for approximately 90% of the BLEU scores reached by BPE, hence compositionality has less importance than previously thought.