THOPX vs. SPSB

Last updated Aug 5, 2026

THOPX (Thompson Bond Fund) and SPSB (SPDR Portfolio Short Term Corporate Bond ETF) are both funds - THOPX is a Short-Term Bond fund managed by Thompson IM, while SPSB is a Corporate Bonds fund tracking the Bloomberg U.S. 1-3 Year Corporate Bond Index. Over the past 10 years, THOPX returned 3.82%/yr vs 2.63%/yr for SPSB. Their 0.36 correlation means their historical movements had little consistent relationship. THOPX charges 0.71%/yr vs 0.07%/yr for SPSB.

Performance

THOPX vs. SPSB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thompson Bond Fund (THOPX) and SPDR Portfolio Short Term Corporate Bond ETF (SPSB). 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 THOPX having a 1.43% return and SPSB slightly higher at 1.49%. Over the past 10 years, THOPX has outperformed SPSB with an annualized return of 3.82%, while SPSB has yielded a comparatively lower 2.63% annualized return.

THOPX

• 1D: 0.19%
• 1M: 0.09%
• 6M: 0.95%
• YTD: 1.43%
• 1Y: 4.34%
• 3Y*: 8.47%
• 5Y*: 3.92%
• 10Y*: 3.82%
• ALL TIME*: 4.35%

SPSB

• 1D: 0.13%
• 1M: 0.26%
• 6M: 1.13%
• YTD: 1.49%
• 1Y: 3.59%
• 3Y*: 5.28%
• 5Y*: 2.83%
• 10Y*: 2.63%
• ALL TIME*: 2.30%

*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)
SPSB SPDR Portfolio Short Term Corporate Bond ETF	$112.51M	$100.06M	$93.08M
THOPX Thompson Bond Fund	$0.00	$0.00	$0.00

THOPX vs. SPSB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
THOPX Thompson Bond Fund	1.43%	7.98%	11.54%	6.98%	-7.28%	5.75%	-1.71%	5.56%	1.80%	4.75%
SPSB SPDR Portfolio Short Term Corporate Bond ETF	1.49%	5.86%	5.25%	5.60%	-3.31%	-0.20%	3.83%	5.21%	1.45%	1.58%

Correlation

The correlation between THOPX and SPSB is 0.62, 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.	0.62
Correlation (3Y) Balances recent behavior with more history.	0.59
Correlation (5Y) Shows whether the relationship held over a longer period.	0.61
Correlation (10Y) Provides a long-term view across more market conditions.	0.46
Correlation (All Time) Calculated using the full available price history since Dec 17, 2009	0.36

Over the past year, THOPX and SPSB have become more correlated (0.62) than their long-term average of 0.36, meaning their price movements have been converging.

Return for Risk

THOPX vs. SPSB — Risk / Return Rank

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

THOPX

THOPX Risk / Return Rank: 88
THOPX Sharpe Ratio Rank: 90
THOPX Sortino Ratio Rank: 91
THOPX Omega Ratio Rank: 90
THOPX Calmar Ratio Rank: 83
THOPX Martin Ratio Rank: 85

SPSB

SPSB Risk / Return Rank: 93
SPSB Sharpe Ratio Rank: 94
SPSB Sortino Ratio Rank: 95
SPSB Omega Ratio Rank: 95
SPSB Calmar Ratio Rank: 90
SPSB Martin Ratio Rank: 93

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.

THOPX vs. SPSB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thompson Bond Fund (THOPX) and SPDR Portfolio Short Term Corporate Bond ETF (SPSB). 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.

	THOPX	SPSB	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.75	-0.46
Sortino ratio: Return per unit of downside risk	3.40	4.13	-0.73
Omega ratio: Gain probability vs. loss probability	1.47	1.56	-0.09
Calmar ratio: Return relative to maximum drawdown	3.01	4.13	-1.12
Martin ratio: Return relative to average drawdown	11.60	18.68	-7.09

THOPX vs. SPSB - Sharpe Ratio Comparison

The current THOPX Sharpe Ratio is 2.30, which is comparable to the SPSB Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of THOPX and SPSB, 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

THOPX vs. SPSB - Drawdown Comparison

The maximum THOPX drawdown since its inception was -19.45%, which is greater than SPSB's maximum drawdown of -11.75%. Use the drawdown chart below to compare losses from any high point for THOPX and SPSB.

Drawdown Indicators

	THOPX	SPSB	Difference
Max Drawdown Largest peak-to-trough decline	-19.45%	-11.75%	-7.70%
Max Drawdown (1Y) Largest decline over 1 year	-1.48%	-0.87%	-0.61%
Max Drawdown (3Y) Largest decline over 3 years	-1.61%	-0.87%	-0.74%
Max Drawdown (5Y) Largest decline over 5 years	-8.00%	-5.96%	-2.04%
Max Drawdown (10Y) Largest decline over 10 years	-11.74%	-11.75%	+0.01%
Current Drawdown Current decline from peak	-0.09%	0.00%	-0.09%
Average Drawdown Average peak-to-trough decline	-1.85%	-0.54%	-1.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.38%	0.19%	+0.19%

Volatility

THOPX vs. SPSB - Volatility Comparison

Thompson Bond Fund (THOPX) has a higher volatility of 0.58% compared to SPDR Portfolio Short Term Corporate Bond ETF (SPSB) at 0.41%. This indicates that THOPX's price experiences larger fluctuations and is considered to be riskier than SPSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	THOPX	SPSB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.58%	0.41%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	1.59%	1.08%	+0.51%
Volatility (1Y) Calculated over the trailing 1-year period	1.95%	1.31%	+0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.19%	2.00%	+0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.20%	3.06%	-0.86%

THOPX vs. SPSB - Expense Ratio Comparison

THOPX has a 0.71% expense ratio, which is higher than SPSB's 0.07% expense ratio.

Dividends

THOPX vs. SPSB - Dividend Comparison

THOPX's dividend yield for the trailing twelve months is around 5.15%, more than SPSB's 4.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPSB SPDR Portfolio Short Term Corporate Bond ETF	4.36%	4.55%	4.85%	4.05%	1.92%	1.19%	1.94%	2.77%	2.36%	1.94%	1.65%	1.43%
THOPX Thompson Bond Fund	5.15%	4.90%	5.34%	5.88%	3.93%	3.59%	5.16%	3.48%	3.07%	3.06%	4.24%	4.58%

Frequently Asked Questions

Can I hold both THOPX and SPSB in my portfolio?

THOPX and SPSB have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, THOPX or SPSB?

THOPX has higher volatility (0.58%) compared to SPSB (0.41%). In terms of maximum drawdown, THOPX dropped -19.45% vs SPSB's -11.75%.

Which has better risk-adjusted returns?

SPSB currently has the higher Sharpe Ratio (2.75 vs 2.30), 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.