SPYA vs. TSPX

Last updated Jun 4, 2026

SPYA (Twin Oak Endure ETF) and TSPX (Twin Oak Active Opportunities ETF) are both exchange-traded funds - SPYA is a Equity Hedged fund actively managed by Twin Oak, while TSPX is a Diversified Portfolio fund actively managed by Twin Oak. Both are actively managed. Over the past year, SPYA returned 20.68% vs 21.31% for TSPX. Their correlation of 0.92 suggests significant overlap in exposure. SPYA charges 0.49%/yr vs 1.01%/yr for TSPX.

Performance

SPYA vs. TSPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Twin Oak Endure ETF (SPYA) 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 investments are quite close, with SPYA having a 8.05% return and TSPX slightly higher at 8.22%.

SPYA

• 1D: -0.66%
• 1M: 5.09%
• YTD: 8.05%
• 6M: 7.32%
• 1Y: 20.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSPX

• 1D: -0.51%
• 1M: 4.02%
• YTD: 8.22%
• 6M: 8.64%
• 1Y: 21.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYA vs. TSPX - Yearly Performance Comparison

	2026 (YTD)	2025
SPYA Twin Oak Endure ETF	8.05%	11.69%
TSPX Twin Oak Active Opportunities ETF	8.22%	12.10%

Correlation

The correlation between SPYA and TSPX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 4, 2025	0.92

Return for Risk

SPYA vs. TSPX — Risk / Return Rank

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

TSPX

TSPX Risk / Return Rank: 72
TSPX Sharpe Ratio Rank: 72
TSPX Sortino Ratio Rank: 73
TSPX Omega Ratio Rank: 73
TSPX Calmar Ratio Rank: 64
TSPX Martin Ratio Rank: 77

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.

SPYA vs. TSPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Twin Oak Endure ETF (SPYA) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SPYA	TSPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.35	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.87	1.77	+0.09

Drawdowns

SPYA vs. TSPX - Drawdown Comparison

The maximum SPYA drawdown since its inception was -9.51%, which is greater than TSPX's maximum drawdown of -7.80%. Use the drawdown chart below to compare losses from any high point for SPYA and TSPX.

Drawdown Indicators

	SPYA	TSPX	Difference
Max Drawdown Largest peak-to-trough decline	-9.51%	-7.80%	-1.71%
Max Drawdown (1Y) Largest decline over 1 year	-9.51%	-6.81%	-2.70%
Current Drawdown Current decline from peak	-0.66%	-0.51%	-0.15%
Average Drawdown Average peak-to-trough decline	-1.45%	-1.18%	-0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.46%	—

Volatility

Volatility by Period

	SPYA	TSPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.29%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.08%	—
Volatility (1Y) Calculated over the trailing 1-year period	11.15%	9.13%	+2.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.15%	10.80%	+0.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.15%	10.80%	+0.35%

SPYA vs. TSPX - Expense Ratio Comparison

SPYA has a 0.49% expense ratio, which is lower than TSPX's 1.01% expense ratio.

Dividends

SPYA vs. TSPX - Dividend Comparison

SPYA's dividend yield for the trailing twelve months is around 0.35%, less than TSPX's 1.99% yield.

Position	TTM	2025
SPYA Twin Oak Endure ETF	0.35%	0.37%
TSPX Twin Oak Active Opportunities ETF	1.99%	2.15%

Frequently Asked Questions

Can I hold both SPYA and TSPX in my portfolio?

With a correlation of 0.92, SPYA 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 ETF is better, SPYA or TSPX?

On 1-year performance, TSPX leads with 21.31% vs 20.68% for SPYA. On fees, SPYA is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYA or TSPX?

Over the 1-year period, TSPX has performed better with a 21.31% return vs 20.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYA or TSPX?

SPYA is cheaper with a 0.49% expense ratio, compared with 1.01% for TSPX.

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

TSPX has the higher dividend yield at 1.99%, compared with 0.35% for SPYA.

What is the main difference between SPYA and TSPX?

SPYA is categorized as Equity Hedged, while TSPX is Diversified Portfolio. Their fees differ too: 0.49% for SPYA and 1.01% for TSPX.