Rearrange each set of letters to form a familiar word:
HIFS \(\Rightarrow\) FISH
TBOA \(\Rightarrow\) BOAT
UOBY \(\Rightarrow\) BUOY
GATO \(\Rightarrow\) GOAT
Among these, \textit{FISH}, \textit{BOAT}, and \textit{BUOY} are all \emph{water/nautical} related, whereas \textit{GOAT} is not.
\(\Rightarrow\) The odd one out is \(\boxed{\text{GATO (GOAT)}}\).