TSPX vs. CLSM

Last updated Jun 4, 2026

TSPX (Twin Oak Active Opportunities ETF) and CLSM (Cabana Target Leading Sector Moderate ETF) are both exchange-traded funds - TSPX is a Diversified Portfolio fund actively managed by Twin Oak, while CLSM is a Tactical Allocation fund tracking the Actively Managed. TSPX is actively managed, while CLSM is passively managed. Over the past year, TSPX returned 21.31% vs 34.21% for CLSM. Their correlation of 0.87 suggests significant overlap in exposure. TSPX charges 1.01%/yr vs 0.82%/yr for CLSM.

Performance

TSPX vs. CLSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Twin Oak Active Opportunities ETF (TSPX) and Cabana Target Leading Sector Moderate ETF (CLSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSPX achieves a 8.22% return, which is significantly lower than CLSM's 20.45% return.

TSPX

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

CLSM

• 1D: -0.38%
• 1M: 9.23%
• YTD: 20.45%
• 6M: 20.19%
• 1Y: 34.21%
• 3Y*: 13.75%
• 5Y*: —
• 10Y*: —

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

TSPX vs. CLSM - Yearly Performance Comparison

	2026 (YTD)	2025
TSPX Twin Oak Active Opportunities ETF	8.22%	15.46%
CLSM Cabana Target Leading Sector Moderate ETF	20.45%	12.22%

Correlation

The correlation between TSPX and CLSM is 0.89, 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	0.89
Correlation (All Time) Calculated using the full available price history since Feb 24, 2025	0.87

The correlation between TSPX and CLSM has been stable across timeframes, ranging from 0.87 to 0.89 - a consistent structural relationship.

Return for Risk

TSPX vs. CLSM — 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

CLSM

CLSM Risk / Return Rank: 82
CLSM Sharpe Ratio Rank: 83
CLSM Sortino Ratio Rank: 80
CLSM Omega Ratio Rank: 83
CLSM Calmar Ratio Rank: 80
CLSM Martin Ratio Rank: 83

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.

TSPX vs. CLSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Twin Oak Active Opportunities ETF (TSPX) and Cabana Target Leading Sector Moderate ETF (CLSM). 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.

	TSPX	CLSM	Difference
Sharpe ratio: Return per unit of total volatility	2.35	2.71	-0.36
Sortino ratio: Return per unit of downside risk	3.29	3.58	-0.30
Omega ratio: Gain probability vs. loss probability	1.43	1.50	-0.07
Calmar ratio: Return relative to maximum drawdown	3.14	4.04	-0.90
Martin ratio: Return relative to average drawdown	14.68	16.72	-2.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSPX vs. CLSM - Sharpe Ratio Comparison

The current TSPX Sharpe Ratio is 2.35, which is comparable to the CLSM Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of TSPX and CLSM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TSPX	CLSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.35	2.71	-0.36
Sharpe Ratio (All Time) Calculated using the full available price history	1.77	0.35	+1.42

Drawdowns

TSPX vs. CLSM - Drawdown Comparison

The maximum TSPX drawdown since its inception was -7.80%, smaller than the maximum CLSM drawdown of -27.77%. Use the drawdown chart below to compare losses from any high point for TSPX and CLSM.

Drawdown Indicators

	TSPX	CLSM	Difference
Max Drawdown Largest peak-to-trough decline	-7.80%	-27.77%	+19.97%
Max Drawdown (1Y) Largest decline over 1 year	-6.81%	-8.50%	+1.69%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.60%	—
Current Drawdown Current decline from peak	-0.51%	-0.38%	-0.13%
Average Drawdown Average peak-to-trough decline	-1.18%	-16.49%	+15.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.46%	2.05%	-0.59%

Volatility

TSPX vs. CLSM - Volatility Comparison

The current volatility for Twin Oak Active Opportunities ETF (TSPX) is 2.29%, while Cabana Target Leading Sector Moderate ETF (CLSM) has a volatility of 3.58%. This indicates that TSPX experiences smaller price fluctuations and is considered to be less risky than CLSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSPX	CLSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.29%	3.58%	-1.29%
Volatility (6M) Calculated over the trailing 6-month period	7.08%	10.54%	-3.46%
Volatility (1Y) Calculated over the trailing 1-year period	9.13%	12.70%	-3.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.80%	12.47%	-1.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.80%	12.47%	-1.67%

TSPX vs. CLSM - Expense Ratio Comparison

TSPX has a 1.01% expense ratio, which is higher than CLSM's 0.82% expense ratio.

Dividends

TSPX vs. CLSM - Dividend Comparison

TSPX's dividend yield for the trailing twelve months is around 1.99%, more than CLSM's 0.75% yield.

Position	TTM	2025	2024	2023	2022	2021
CLSM Cabana Target Leading Sector Moderate ETF	0.75%	0.90%	2.13%	2.58%	3.17%	0.59%
TSPX Twin Oak Active Opportunities ETF	1.99%	2.15%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSPX and CLSM in my portfolio?

TSPX and CLSM have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSPX or CLSM?

CLSM has higher volatility (3.58%) compared to TSPX (2.29%). In terms of maximum drawdown, TSPX dropped -7.80% vs CLSM's -27.77%.

Which ETF is better, TSPX or CLSM?

On 1-year performance, CLSM leads with 34.21% vs 21.31% for TSPX. On fees, CLSM is cheaper at 0.82% per year. On volatility, TSPX has been the lower-risk option at 2.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSPX or CLSM?

Over the 1-year period, CLSM has performed better with a 34.21% return vs 21.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSPX or CLSM?

CLSM is cheaper with a 0.82% expense ratio, compared with 1.01% for TSPX.

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

TSPX has the higher dividend yield at 1.99%, compared with 0.75% for CLSM.

What is the main difference between TSPX and CLSM?

TSPX is categorized as Diversified Portfolio, while CLSM is Tactical Allocation. They also come from different issuers: Twin Oak and Cabana. Their fees differ too: 1.01% for TSPX and 0.82% for CLSM.

Which has better risk-adjusted returns?

CLSM currently has the higher Sharpe Ratio (2.71 vs 2.35), 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.