CTAP vs. TSPX

Last updated Jun 23, 2026

CTAP (Simplify US Equity PLUS Managed Futures Strategy ETF) and TSPX (Twin Oak Active Opportunities ETF) are both Diversified Portfolio funds. Both are actively managed. At a 0.26 correlation, their price movements are largely independent. CTAP charges 0.10%/yr vs 1.01%/yr for TSPX.

Performance

CTAP vs. TSPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify US Equity PLUS Managed Futures Strategy ETF (CTAP) and Twin Oak Active Opportunities ETF (TSPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CTAP achieves a 8.42% return, which is significantly higher than TSPX's 7.28% return.

CTAP

• 1D: -1.08%
• 1M: -12.31%
• YTD: 8.42%
• 6M: 7.64%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSPX

• 1D: -0.36%
• 1M: 0.06%
• YTD: 7.28%
• 6M: 7.29%
• 1Y: 20.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CTAP vs. TSPX - Yearly Performance Comparison

	2026 (YTD)	2025
CTAP Simplify US Equity PLUS Managed Futures Strategy ETF	8.42%	2.22%
TSPX Twin Oak Active Opportunities ETF	7.28%	0.50%

Correlation

The correlation between CTAP and TSPX is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 9, 2025	0.26

Return for Risk

CTAP vs. TSPX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CTAP

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

TSPX

TSPX Risk / Return Rank: 67
TSPX Sharpe Ratio Rank: 67
TSPX Sortino Ratio Rank: 66
TSPX Omega Ratio Rank: 68
TSPX Calmar Ratio Rank: 62
TSPX Martin Ratio Rank: 74

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CTAP vs. TSPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS Managed Futures Strategy ETF (CTAP) and Twin Oak Active Opportunities ETF (TSPX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CTAP	TSPX	Difference
Sharpe ratio: Return per unit of total volatility	—	2.13	—
Sortino ratio: Return per unit of downside risk	—	2.94	—
Omega ratio: Gain probability vs. loss probability	—	1.39	—
Calmar ratio: Return relative to maximum drawdown	—	2.98	—
Martin ratio: Return relative to average drawdown	—	13.44	—

Drawdowns

CTAP vs. TSPX - Drawdown Comparison

The maximum CTAP drawdown since its inception was -15.19%, which is greater than TSPX's maximum drawdown of -7.80%. Use the drawdown chart below to compare losses from any high point for CTAP and TSPX.

Drawdown Indicators

	CTAP	TSPX	Difference
Max Drawdown Largest peak-to-trough decline	-15.19%	-7.80%	-7.39%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.81%	—
Current Drawdown Current decline from peak	-15.07%	-1.37%	-13.70%
Average Drawdown Average peak-to-trough decline	-2.99%	-1.20%	-1.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.51%	—

Volatility

Volatility by Period

	CTAP	TSPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.47%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.67%	—
Volatility (1Y) Calculated over the trailing 1-year period	24.37%	9.57%	+14.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.37%	10.96%	+13.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.37%	10.96%	+13.41%

CTAP vs. TSPX - Expense Ratio Comparison

CTAP has a 0.10% expense ratio, which is lower than TSPX's 1.01% expense ratio.

Dividends

CTAP vs. TSPX - Dividend Comparison

CTAP's dividend yield for the trailing twelve months is around 0.73%, less than TSPX's 2.00% yield.

Position	TTM	2025
CTAP Simplify US Equity PLUS Managed Futures Strategy ETF	0.73%	0.00%
TSPX Twin Oak Active Opportunities ETF	2.00%	2.15%

Frequently Asked Questions

Can I hold both CTAP and TSPX in my portfolio?

CTAP and TSPX have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CTAP or TSPX?

On fees, CTAP is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CTAP or TSPX?

CTAP is cheaper with a 0.10% expense ratio, compared with 1.01% for TSPX.

Which ETF pays a higher dividend yield, CTAP or TSPX?

TSPX has the higher dividend yield at 2.00%, compared with 0.73% for CTAP.

What is the main difference between CTAP and TSPX?

They also come from different issuers: Simplify and Twin Oak. Their fees differ too: 0.10% for CTAP and 1.01% for TSPX.