IYLD vs. TSPX

Last updated Apr 2, 2026

Compare and contrast key facts about iShares Morningstar Multi-Asset Income ETF (IYLD) and Twin Oak Active Opportunities ETF (TSPX).

IYLD and TSPX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IYLD is a passively managed fund by iShares that tracks the performance of the Morningstar Multi-Asset High Income Index. It was launched on Apr 5, 2012. TSPX is an actively managed fund by Twin Oak. It was launched on Feb 20, 2025.

Performance

IYLD vs. TSPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Multi-Asset Income ETF (IYLD) and Twin Oak Active Opportunities ETF (TSPX). The values are adjusted to include any dividend payments, if applicable.

IYLD vs. TSPX - Yearly Performance Comparison

	2026 (YTD)	2025
IYLD iShares Morningstar Multi-Asset Income ETF	2.45%	11.48%
TSPX Twin Oak Active Opportunities ETF	-3.60%	15.46%

Returns By Period

In the year-to-date period, IYLD achieves a 2.45% return, which is significantly higher than TSPX's -3.60% return.

IYLD

• 1D: 0.46%
• 1M: -1.92%
• YTD: 2.45%
• 6M: 5.08%
• 1Y: 13.61%
• 3Y*: 10.00%
• 5Y*: 3.49%
• 10Y*: 4.04%

TSPX

• 1D: 2.12%
• 1M: -3.94%
• YTD: -3.60%
• 6M: -1.41%
• 1Y: 14.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IYLD vs. TSPX - Expense Ratio Comparison

IYLD has a 0.60% expense ratio, which is lower than TSPX's 1.01% expense ratio.

TSPX

Twin Oak Active Opportunities ETF

IYLD

iShares Morningstar Multi-Asset Income ETF

Return for Risk

IYLD vs. TSPX — Risk / Return Rank

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

IYLD

IYLD Risk / Return Rank: 90
IYLD Sharpe Ratio Rank: 90
IYLD Sortino Ratio Rank: 91
IYLD Omega Ratio Rank: 92
IYLD Calmar Ratio Rank: 89
IYLD Martin Ratio Rank: 88

TSPX

TSPX Risk / Return Rank: 75
TSPX Sharpe Ratio Rank: 72
TSPX Sortino Ratio Rank: 73
TSPX Omega Ratio Rank: 68
TSPX Calmar Ratio Rank: 78
TSPX Martin Ratio Rank: 82

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.

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 ratio Return per unit of total volatility	2.01	1.32	+0.69
Sortino ratio Return per unit of downside risk	2.75	1.92	+0.83
Omega ratio Gain probability vs. loss probability	1.42	1.26	+0.16
Calmar ratio Return relative to maximum drawdown	3.02	2.19	+0.83
Martin ratio Return relative to average drawdown	11.37	9.38	+2.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IYLD vs. TSPX - Sharpe Ratio Comparison

The current IYLD Sharpe Ratio is 2.01, which is higher than the TSPX Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of IYLD and TSPX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IYLD	TSPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	1.32	+0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.93	-0.45

Correlation

The correlation between IYLD and TSPX is 0.63, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

IYLD vs. TSPX - Dividend Comparison

IYLD's dividend yield for the trailing twelve months is around 4.58%, more than TSPX's 2.23% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IYLD iShares Morningstar Multi-Asset Income ETF	4.58%	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	2.23%	2.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

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.

Drawdown Indicators

	IYLD	TSPX	Difference
Max Drawdown Largest 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 (5Y) Largest decline over 5 years	-22.57%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-30.23%	—	—
Current Drawdown Current decline from peak	-2.92%	-4.83%	+1.91%
Average Drawdown Average peak-to-trough decline	-4.58%	-1.26%	-3.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.23%	1.59%	-0.36%

Volatility

IYLD vs. TSPX - Volatility Comparison

The current volatility for iShares Morningstar Multi-Asset Income ETF (IYLD) is 2.75%, while Twin Oak Active Opportunities ETF (TSPX) has a volatility of 3.98%. 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.

Volatility by Period

	IYLD	TSPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.75%	3.98%	-1.23%
Volatility (6M) Calculated over the trailing 6-month period	4.54%	7.35%	-2.81%
Volatility (1Y) Calculated over the trailing 1-year period	6.80%	11.09%	-4.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.83%	11.05%	-3.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.56%	11.05%	-1.49%