QVOY vs. TSPX

Last updated Aug 4, 2026

QVOY (Q3 All-Season Active Rotation ETF) and TSPX (Twin Oak Active Opportunities ETF) are both Diversified Portfolio funds. Both are actively managed. Over the past year, QVOY returned 22.55% vs 17.92% for TSPX. Their 0.65 correlation means they have sometimes moved together and sometimes differently. QVOY charges 1.30%/yr vs 1.01%/yr for TSPX.

Performance

QVOY vs. TSPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Q3 All-Season Active Rotation ETF (QVOY) and Twin Oak Active Opportunities ETF (TSPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with QVOY having a 9.27% return and TSPX slightly lower at 8.94%.

QVOY

• 1D: 0.77%
• 1M: -1.15%
• 6M: 4.71%
• YTD: 9.27%
• 1Y: 22.55%
• 3Y*: 10.20%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.72%

TSPX

• 1D: 1.07%
• 1M: 1.45%
• 6M: 7.57%
• YTD: 8.94%
• 1Y: 17.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.20%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QVOY Q3 All-Season Active Rotation ETF	$184.98K	$162.64K	$225.35K
TSPX Twin Oak Active Opportunities ETF	$409.13	$1.58M	$547.39K

QVOY vs. TSPX - Yearly Performance Comparison

	2026 (YTD)	2025
QVOY Q3 All-Season Active Rotation ETF	9.27%	13.66%
TSPX Twin Oak Active Opportunities ETF	8.94%	15.46%

Correlation

The correlation between QVOY and TSPX is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.67
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	0.65

The correlation between QVOY and TSPX has been stable across timeframes, ranging from 0.65 to 0.67 - a consistent structural relationship.

Return for Risk

QVOY vs. TSPX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QVOY

QVOY Risk / Return Rank: 49
QVOY Sharpe Ratio Rank: 47
QVOY Sortino Ratio Rank: 42
QVOY Omega Ratio Rank: 46
QVOY Calmar Ratio Rank: 63
QVOY Martin Ratio Rank: 47

TSPX

TSPX Risk / Return Rank: 74
TSPX Sharpe Ratio Rank: 74
TSPX Sortino Ratio Rank: 73
TSPX Omega Ratio Rank: 72
TSPX Calmar Ratio Rank: 70
TSPX Martin Ratio Rank: 80

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

QVOY vs. TSPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Q3 All-Season Active Rotation ETF (QVOY) 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.

	QVOY	TSPX	Difference
Sharpe ratio: Return per unit of total volatility	1.26	1.82	-0.56
Sortino ratio: Return per unit of downside risk	1.66	2.55	-0.89
Omega ratio: Gain probability vs. loss probability	1.23	1.33	-0.10
Calmar ratio: Return relative to maximum drawdown	2.41	2.64	-0.23
Martin ratio: Return relative to average drawdown	5.83	11.31	-5.48

QVOY vs. TSPX - Sharpe Ratio Comparison

The current QVOY Sharpe Ratio is 1.26, which is lower than the TSPX Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of QVOY 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

QVOY vs. TSPX - Drawdown Comparison

The maximum QVOY drawdown since its inception was -17.05%, which is greater than TSPX's maximum drawdown of -7.80%. Use the drawdown chart below to compare losses from any high point for QVOY and TSPX.

Drawdown Indicators

	QVOY	TSPX	Difference
Max Drawdown Largest peak-to-trough decline	-17.05%	-7.80%	-9.25%
Max Drawdown (1Y) Largest decline over 1 year	-9.39%	-6.81%	-2.58%
Max Drawdown (3Y) Largest decline over 3 years	-17.05%	—	—
Current Drawdown Current decline from peak	-7.67%	0.00%	-7.67%
Average Drawdown Average peak-to-trough decline	-3.82%	-1.21%	-2.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.88%	1.59%	+2.29%

Volatility

QVOY vs. TSPX - Volatility Comparison

Q3 All-Season Active Rotation ETF (QVOY) has a higher volatility of 3.92% compared to Twin Oak Active Opportunities ETF (TSPX) at 3.06%. This indicates that QVOY's price experiences larger fluctuations and is considered to be riskier than TSPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QVOY	TSPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.92%	3.06%	+0.86%
Volatility (6M) Calculated over the trailing 6-month period	14.30%	7.85%	+6.45%
Volatility (1Y) Calculated over the trailing 1-year period	18.00%	9.90%	+8.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.36%	10.88%	+4.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.36%	10.88%	+4.48%

QVOY vs. TSPX - Expense Ratio Comparison

QVOY has a 1.30% expense ratio, which is higher than TSPX's 1.01% expense ratio.

Dividends

QVOY vs. TSPX - Dividend Comparison

QVOY's dividend yield for the trailing twelve months is around 8.52%, more than TSPX's 1.97% yield.

Position	TTM	2025	2024	2023	2022
QVOY Q3 All-Season Active Rotation ETF	8.52%	9.30%	10.88%	6.03%	0.46%
TSPX Twin Oak Active Opportunities ETF	1.97%	2.15%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QVOY and TSPX in my portfolio?

QVOY 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.

Which is riskier, QVOY or TSPX?

QVOY has higher volatility (3.92%) compared to TSPX (3.06%). In terms of maximum drawdown, QVOY dropped -17.05% vs TSPX's -7.80%.

Which ETF is better, QVOY or TSPX?

On 1-year performance, QVOY leads with 22.55% vs 17.92% for TSPX. On fees, TSPX is cheaper at 1.01% per year. On volatility, TSPX has been the lower-risk option at 3.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QVOY or TSPX?

Over the 1-year period, QVOY has performed better with a 22.55% return vs 17.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QVOY or TSPX?

TSPX is cheaper with a 1.01% expense ratio, compared with 1.30% for QVOY.

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

QVOY has the higher dividend yield at 8.52%, compared with 1.97% for TSPX.

What is the main difference between QVOY and TSPX?

They also come from different issuers: Q3 and Twin Oak. Their fees differ too: 1.30% for QVOY and 1.01% for TSPX.

Which has better risk-adjusted returns?

TSPX currently has the higher Sharpe Ratio (1.82 vs 1.26), 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.