IYLD vs. TSPX
IYLD (iShares Morningstar Multi-Asset Income ETF) and TSPX (Twin Oak Active Opportunities ETF) are both Diversified Portfolio funds. IYLD is passively managed, while TSPX is actively managed. Over the past year, IYLD returned 14.02% vs 21.31% for TSPX. A 0.65 correlation means they provide meaningful diversification when combined. IYLD charges 0.60%/yr vs 1.01%/yr for TSPX.
Performance
IYLD vs. TSPX - Performance Comparison
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Returns By Period
In the year-to-date period, IYLD achieves a 4.95% return, which is significantly lower than TSPX's 8.22% return.
IYLD
- 1D
- -0.20%
- 1M
- 1.01%
- YTD
- 4.95%
- 6M
- 5.45%
- 1Y
- 14.02%
- 3Y*
- 10.59%
- 5Y*
- 3.36%
- 10Y*
- 4.00%
TSPX
- 1D
- -0.51%
- 1M
- 4.02%
- YTD
- 8.22%
- 6M
- 8.64%
- 1Y
- 21.31%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IYLD vs. TSPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IYLD iShares Morningstar Multi-Asset Income ETF | 4.95% | 11.48% |
TSPX Twin Oak Active Opportunities ETF | 8.22% | 15.46% |
Correlation
The correlation between IYLD and TSPX is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2025 | 0.65 |
The correlation between IYLD and TSPX has been stable across timeframes, ranging from 0.65 to 0.67 - a consistent structural relationship.
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Return for Risk
IYLD vs. TSPX — Risk / Return Rank
IYLD
TSPX
IYLD vs. TSPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Multi-Asset Income ETF (IYLD) 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.
| IYLD | TSPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.43 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.04 | 3.14 | -0.11 |
| Martin ratioReturn relative to average drawdown | 11.80 | 14.68 | -2.88 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IYLD | TSPX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.46 | 2.35 | +0.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.43 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.42 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 1.77 | -1.27 |
Drawdowns
IYLD vs. TSPX - Drawdown Comparison
The maximum IYLD drawdown since its inception was -30.23%, which is greater than TSPX's maximum drawdown of -7.80%. Use the drawdown chart below to compare losses from any high point for IYLD and TSPX.
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Drawdown Indicators
| IYLD | TSPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.23% | -7.80% | -22.43% |
Max Drawdown (1Y)Largest decline over 1 year | -4.63% | -6.81% | +2.18% |
Max Drawdown (3Y)Largest decline over 3 years | -5.20% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -22.57% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -30.23% | — | — |
Current DrawdownCurrent decline from peak | -0.55% | -0.51% | -0.04% |
Average DrawdownAverage peak-to-trough decline | -4.53% | -1.18% | -3.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.19% | 1.46% | -0.27% |
Volatility
IYLD vs. TSPX - Volatility Comparison
The current volatility for iShares Morningstar Multi-Asset Income ETF (IYLD) is 1.53%, while Twin Oak Active Opportunities ETF (TSPX) has a volatility of 2.29%. This indicates that IYLD experiences smaller price fluctuations and is considered to be less risky than TSPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IYLD | TSPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.53% | 2.29% | -0.76% |
Volatility (6M)Calculated over the trailing 6-month period | 4.72% | 7.08% | -2.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.73% | 9.13% | -3.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.86% | 10.80% | -2.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.58% | 10.80% | -1.22% |
IYLD vs. TSPX - Expense Ratio Comparison
IYLD has a 0.60% expense ratio, which is lower than TSPX's 1.01% expense ratio.
Dividends
IYLD vs. TSPX - Dividend Comparison
IYLD's dividend yield for the trailing twelve months is around 4.61%, more than TSPX's 1.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IYLD iShares Morningstar Multi-Asset Income ETF | 4.61% | 4.72% | 5.32% | 5.76% | 5.45% | 3.47% | 4.38% | 5.25% | 5.78% | 4.22% | 4.84% | 5.26% |
TSPX Twin Oak Active Opportunities ETF | 1.99% | 2.15% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IYLD and TSPX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSPX has higher volatility (2.29%) compared to IYLD (1.53%). In terms of maximum drawdown, IYLD dropped -30.23% vs TSPX's -7.80%.
On 1-year performance, TSPX leads with 21.31% vs 14.02% for IYLD. On fees, IYLD is cheaper at 0.60% per year. On volatility, IYLD has been the lower-risk option at 1.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TSPX has performed better with a 21.31% return vs 14.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IYLD is cheaper with a 0.60% expense ratio, compared with 1.01% for TSPX.
IYLD has the higher dividend yield at 4.61%, compared with 1.99% for TSPX.
They also come from different issuers: iShares and Twin Oak. Their fees differ too: 0.60% for IYLD and 1.01% for TSPX.
IYLD currently has the higher Sharpe Ratio (2.46 vs 2.35), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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