MKAM vs. TSPX

Last updated Apr 1, 2026

Compare and contrast key facts about MKAM ETF (MKAM) and Twin Oak Active Opportunities ETF (TSPX).

MKAM and TSPX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MKAM is an actively managed fund by MKAM. It was launched on Apr 11, 2023. TSPX is an actively managed fund by Twin Oak. It was launched on Feb 20, 2025.

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.

MKAM vs. TSPX - Yearly Performance Comparison

	2026 (YTD)	2025
MKAM MKAM ETF	-1.48%	6.57%
TSPX Twin Oak Active Opportunities ETF	-3.60%	15.46%

Returns By Period

In the year-to-date period, MKAM achieves a -1.48% return, which is significantly higher than TSPX's -3.60% return.

MKAM

• 1D: 0.94%
• 1M: -1.85%
• YTD: -1.48%
• 6M: 0.34%
• 1Y: 7.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSPX

• 1D: 2.12%
• 1M: -3.82%
• YTD: -3.60%
• 6M: -1.19%
• 1Y: 14.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MKAM vs. TSPX - Expense Ratio Comparison

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

TSPX

Twin Oak Active Opportunities ETF

MKAM

MKAM ETF

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: 68
MKAM Sharpe Ratio Rank: 69
MKAM Sortino Ratio Rank: 66
MKAM Omega Ratio Rank: 62
MKAM Calmar Ratio Rank: 75
MKAM Martin Ratio Rank: 68

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.

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.

	MKAM	TSPX	Difference
Sharpe ratio Return per unit of total volatility	1.23	1.32	-0.09
Sortino ratio Return per unit of downside risk	1.71	1.92	-0.21
Omega ratio Gain probability vs. loss probability	1.24	1.26	-0.02
Calmar ratio Return relative to maximum drawdown	2.02	2.19	-0.17
Martin ratio Return relative to average drawdown	7.08	9.38	-2.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MKAM vs. TSPX - Sharpe Ratio Comparison

The current MKAM Sharpe Ratio is 1.23, which is comparable to the TSPX Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of MKAM 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

	MKAM	TSPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.23	1.32	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	1.45	0.93	+0.52

Correlation

The correlation between MKAM and TSPX is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

MKAM vs. TSPX - Dividend Comparison

MKAM's dividend yield for the trailing twelve months is around 3.10%, more than TSPX's 2.23% yield.

	TTM	2025	2024	2023
MKAM MKAM ETF	3.10%	2.56%	1.88%	1.70%
TSPX Twin Oak Active Opportunities ETF	2.23%	2.15%	0.00%	0.00%

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%
Current Drawdown Current decline from peak	-2.82%	-4.83%	+2.01%
Average Drawdown Average peak-to-trough decline	-1.17%	-1.26%	+0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	1.59%	-0.53%

Volatility

MKAM vs. TSPX - Volatility Comparison

The current volatility for MKAM ETF (MKAM) is 1.96%, while Twin Oak Active Opportunities ETF (TSPX) has a volatility of 3.98%. 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	1.96%	3.98%	-2.02%
Volatility (6M) Calculated over the trailing 6-month period	5.05%	7.35%	-2.30%
Volatility (1Y) Calculated over the trailing 1-year period	6.06%	11.09%	-5.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.28%	11.05%	-4.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.28%	11.05%	-4.77%