MKAM vs. TSPX

Last updated Jun 24, 2026

MKAM (MKAM ETF) and TSPX (Twin Oak Active Opportunities ETF) are both Diversified Portfolio funds. Both are actively managed. Over the past year, MKAM returned 12.35% vs 18.17% for TSPX. Their correlation of 0.88 suggests significant overlap in exposure. MKAM charges 0.96%/yr vs 1.01%/yr for TSPX.

Performance

MKAM vs. TSPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MKAM ETF (MKAM) 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, MKAM achieves a 3.90% return, which is significantly lower than TSPX's 6.22% return.

MKAM

• 1D: -0.67%
• 1M: -0.58%
• YTD: 3.90%
• 6M: 3.53%
• 1Y: 12.35%
• 3Y*: 9.64%
• 5Y*: —
• 10Y*: —

TSPX

• 1D: -0.99%
• 1M: -0.93%
• YTD: 6.22%
• 6M: 5.87%
• 1Y: 18.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MKAM vs. TSPX - Yearly Performance Comparison

	2026 (YTD)	2025
MKAM MKAM ETF	3.90%	5.64%
TSPX Twin Oak Active Opportunities ETF	6.22%	15.46%

Correlation

The correlation between MKAM and TSPX is 0.95, 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	0.95
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	0.88

The correlation between MKAM and TSPX has been stable across timeframes, ranging from 0.88 to 0.95 - a consistent structural relationship.

Return for Risk

MKAM vs. TSPX — Risk / Return Rank

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

MKAM

MKAM Risk / Return Rank: 67
MKAM Sharpe Ratio Rank: 64
MKAM Sortino Ratio Rank: 62
MKAM Omega Ratio Rank: 65
MKAM Calmar Ratio Rank: 71
MKAM Martin Ratio Rank: 71

TSPX

TSPX Risk / Return Rank: 63
TSPX Sharpe Ratio Rank: 63
TSPX Sortino Ratio Rank: 62
TSPX Omega Ratio Rank: 62
TSPX Calmar Ratio Rank: 58
TSPX Martin Ratio Rank: 71

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.

MKAM vs. TSPX - Risk-Adjusted Trends Comparison

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

	MKAM	TSPX	Difference
Sharpe ratio: Return per unit of total volatility	1.94	1.90	+0.04
Sortino ratio: Return per unit of downside risk	2.67	2.64	+0.03
Omega ratio: Gain probability vs. loss probability	1.36	1.35	+0.01
Calmar ratio: Return relative to maximum drawdown	3.33	2.68	+0.65
Martin ratio: Return relative to average drawdown	12.19	12.02	+0.17

MKAM vs. TSPX - Sharpe Ratio Comparison

The current MKAM Sharpe Ratio is 1.94, which is comparable to the TSPX Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of MKAM 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

MKAM vs. TSPX - Drawdown Comparison

The maximum MKAM drawdown since its inception was -5.01%, smaller than the maximum TSPX drawdown of -7.80%. Use the drawdown chart below to compare losses from any high point for MKAM and TSPX.

Drawdown Indicators

	MKAM	TSPX	Difference
Max Drawdown Largest peak-to-trough decline	-5.01%	-7.80%	+2.79%
Max Drawdown (1Y) Largest decline over 1 year	-3.72%	-6.81%	+3.09%
Max Drawdown (3Y) Largest decline over 3 years	-5.01%	—	—
Current Drawdown Current decline from peak	-1.52%	-2.35%	+0.83%
Average Drawdown Average peak-to-trough decline	-1.13%	-1.20%	+0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	1.52%	-0.50%

Volatility

MKAM vs. TSPX - Volatility Comparison

The current volatility for MKAM ETF (MKAM) is 2.40%, while Twin Oak Active Opportunities ETF (TSPX) has a volatility of 3.61%. This indicates that MKAM 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

	MKAM	TSPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.40%	3.61%	-1.21%
Volatility (6M) Calculated over the trailing 6-month period	4.94%	7.72%	-2.78%
Volatility (1Y) Calculated over the trailing 1-year period	6.41%	9.61%	-3.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.31%	10.98%	-4.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.31%	10.98%	-4.67%

MKAM vs. TSPX - Expense Ratio Comparison

MKAM has a 0.96% expense ratio, which is lower than TSPX's 1.01% expense ratio.

Dividends

MKAM vs. TSPX - Dividend Comparison

MKAM's dividend yield for the trailing twelve months is around 2.94%, more than TSPX's 2.02% yield.

Position	TTM	2025	2024	2023
MKAM MKAM ETF	2.94%	2.56%	1.88%	1.70%
TSPX Twin Oak Active Opportunities ETF	2.02%	2.15%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MKAM and TSPX in my portfolio?

With a correlation of 0.95, MKAM and TSPX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MKAM or TSPX?

TSPX has higher volatility (3.61%) compared to MKAM (2.40%). In terms of maximum drawdown, MKAM dropped -5.01% vs TSPX's -7.80%.

Which ETF is better, MKAM or TSPX?

On 1-year performance, TSPX leads with 18.17% vs 12.35% for MKAM. On fees, MKAM is cheaper at 0.96% per year. On volatility, MKAM has been the lower-risk option at 2.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MKAM or TSPX?

Over the 1-year period, TSPX has performed better with a 18.17% return vs 12.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MKAM or TSPX?

MKAM is cheaper with a 0.96% expense ratio, compared with 1.01% for TSPX.

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

MKAM has the higher dividend yield at 2.94%, compared with 2.02% for TSPX.

What is the main difference between MKAM and TSPX?

They also come from different issuers: MKAM and Twin Oak. Their fees differ too: 0.96% for MKAM and 1.01% for TSPX.

Which has better risk-adjusted returns?

MKAM currently has the higher Sharpe Ratio (1.94 vs 1.90), 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.