MFUL vs. TSPX

Last updated Jun 23, 2026

MFUL (Mindful Conservative ETF) and TSPX (Twin Oak Active Opportunities ETF) are both Diversified Portfolio funds. Both are actively managed. Over the past year, MFUL returned 6.78% vs 20.22% for TSPX. Their correlation of 0.84 suggests significant overlap in exposure. MFUL charges 1.10%/yr vs 1.01%/yr for TSPX.

Performance

MFUL vs. TSPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Mindful Conservative ETF (MFUL) 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, MFUL achieves a 2.96% return, which is significantly lower than TSPX's 7.28% return.

MFUL

• 1D: 0.06%
• 1M: 0.19%
• YTD: 2.96%
• 6M: 2.87%
• 1Y: 6.78%
• 3Y*: 4.73%
• 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)

MFUL vs. TSPX - Yearly Performance Comparison

	2026 (YTD)	2025
MFUL Mindful Conservative ETF	2.96%	3.20%
TSPX Twin Oak Active Opportunities ETF	7.28%	15.46%

Correlation

The correlation between MFUL and TSPX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	0.84

The correlation between MFUL and TSPX has been stable across timeframes, ranging from 0.84 to 0.86 - a consistent structural relationship.

Return for Risk

MFUL vs. TSPX — Risk / Return Rank

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

MFUL

MFUL Risk / Return Rank: 47
MFUL Sharpe Ratio Rank: 48
MFUL Sortino Ratio Rank: 46
MFUL Omega Ratio Rank: 51
MFUL Calmar Ratio Rank: 42
MFUL Martin Ratio Rank: 47

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.

MFUL vs. TSPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mindful Conservative ETF (MFUL) 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.

	MFUL	TSPX	Difference
Sharpe ratio: Return per unit of total volatility	1.61	2.13	-0.51
Sortino ratio: Return per unit of downside risk	2.24	2.94	-0.70
Omega ratio: Gain probability vs. loss probability	1.31	1.39	-0.08
Calmar ratio: Return relative to maximum drawdown	2.02	2.98	-0.96
Martin ratio: Return relative to average drawdown	7.65	13.44	-5.79

MFUL vs. TSPX - Sharpe Ratio Comparison

The current MFUL Sharpe Ratio is 1.61, which is comparable to the TSPX Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of MFUL and TSPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MFUL vs. TSPX - Drawdown Comparison

The maximum MFUL drawdown since its inception was -16.41%, which is greater than TSPX's maximum drawdown of -7.80%. Use the drawdown chart below to compare losses from any high point for MFUL and TSPX.

Drawdown Indicators

	MFUL	TSPX	Difference
Max Drawdown Largest peak-to-trough decline	-16.41%	-7.80%	-8.61%
Max Drawdown (1Y) Largest decline over 1 year	-3.36%	-6.81%	+3.45%
Max Drawdown (3Y) Largest decline over 3 years	-4.74%	—	—
Current Drawdown Current decline from peak	-0.77%	-1.37%	+0.60%
Average Drawdown Average peak-to-trough decline	-9.40%	-1.20%	-8.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	1.51%	-0.62%

Volatility

MFUL vs. TSPX - Volatility Comparison

The current volatility for Mindful Conservative ETF (MFUL) is 1.82%, while Twin Oak Active Opportunities ETF (TSPX) has a volatility of 3.47%. This indicates that MFUL 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

	MFUL	TSPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.82%	3.47%	-1.65%
Volatility (6M) Calculated over the trailing 6-month period	3.57%	7.67%	-4.10%
Volatility (1Y) Calculated over the trailing 1-year period	4.23%	9.57%	-5.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.29%	10.96%	-6.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.29%	10.96%	-6.67%

MFUL vs. TSPX - Expense Ratio Comparison

MFUL has a 1.10% expense ratio, which is higher than TSPX's 1.01% expense ratio.

Dividends

MFUL vs. TSPX - Dividend Comparison

MFUL's dividend yield for the trailing twelve months is around 3.02%, more than TSPX's 2.00% yield.

Position	TTM	2025	2024	2023	2022
MFUL Mindful Conservative ETF	3.02%	3.31%	2.59%	5.00%	0.29%
TSPX Twin Oak Active Opportunities ETF	2.00%	2.15%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MFUL and TSPX in my portfolio?

MFUL and TSPX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MFUL or TSPX?

TSPX has higher volatility (3.47%) compared to MFUL (1.82%). In terms of maximum drawdown, MFUL dropped -16.41% vs TSPX's -7.80%.

Which ETF is better, MFUL or TSPX?

On 1-year performance, TSPX leads with 20.22% vs 6.78% for MFUL. On fees, TSPX is cheaper at 1.01% per year. On volatility, MFUL has been the lower-risk option at 1.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MFUL or TSPX?

Over the 1-year period, TSPX has performed better with a 20.22% return vs 6.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MFUL or TSPX?

TSPX is cheaper with a 1.01% expense ratio, compared with 1.10% for MFUL.

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

MFUL has the higher dividend yield at 3.02%, compared with 2.00% for TSPX.

What is the main difference between MFUL and TSPX?

They also come from different issuers: Mohr Funds and Twin Oak. Their fees differ too: 1.10% for MFUL and 1.01% for TSPX.

Which has better risk-adjusted returns?

TSPX currently has the higher Sharpe Ratio (2.13 vs 1.61), 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.