TSPX vs. CTAP

Last updated Jul 11, 2026

TSPX (Twin Oak Active Opportunities ETF) and CTAP (Simplify US Equity PLUS Managed Futures Strategy ETF) are both Diversified Portfolio funds. Both are actively managed. At a 0.30 correlation, their price movements are largely independent. TSPX charges 1.01%/yr vs 0.10%/yr for CTAP.

Performance

TSPX vs. CTAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Twin Oak Active Opportunities ETF (TSPX) and Simplify US Equity PLUS Managed Futures Strategy ETF (CTAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSPX achieves a 8.51% return, which is significantly higher than CTAP's 5.69% return.

TSPX

• 1D: 0.37%
• 1M: 1.61%
• 6M: 7.33%
• YTD: 8.51%
• 1Y: 17.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CTAP

• 1D: 0.11%
• 1M: -6.46%
• 6M: 1.62%
• YTD: 5.69%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSPX vs. CTAP - Yearly Performance Comparison

	2026 (YTD)	2025
TSPX Twin Oak Active Opportunities ETF	8.51%	0.50%
CTAP Simplify US Equity PLUS Managed Futures Strategy ETF	5.69%	2.22%

Correlation

The correlation between TSPX and CTAP is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 9, 2025	0.30

Return for Risk

TSPX vs. CTAP — Risk / Return Rank

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

TSPX

TSPX Risk / Return Rank: 69
TSPX Sharpe Ratio Rank: 69
TSPX Sortino Ratio Rank: 68
TSPX Omega Ratio Rank: 68
TSPX Calmar Ratio Rank: 63
TSPX Martin Ratio Rank: 75

CTAP

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

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. CTAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Twin Oak Active Opportunities ETF (TSPX) and Simplify US Equity PLUS Managed Futures Strategy ETF (CTAP). 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.

	TSPX	CTAP	Difference
Sharpe ratio: Return per unit of total volatility	1.78	—	—
Sortino ratio: Return per unit of downside risk	2.50	—	—
Omega ratio: Gain probability vs. loss probability	1.32	—	—
Calmar ratio: Return relative to maximum drawdown	2.51	—	—
Martin ratio: Return relative to average drawdown	10.99	—	—

Drawdowns

TSPX vs. CTAP - Drawdown Comparison

The maximum TSPX drawdown since its inception was -7.80%, smaller than the maximum CTAP drawdown of -20.48%. Use the drawdown chart below to compare losses from any high point for TSPX and CTAP.

Drawdown Indicators

	TSPX	CTAP	Difference
Max Drawdown Largest peak-to-trough decline	-7.80%	-20.48%	+12.68%
Max Drawdown (1Y) Largest decline over 1 year	-6.81%	—	—
Current Drawdown Current decline from peak	-0.24%	-17.21%	+16.97%
Average Drawdown Average peak-to-trough decline	-1.21%	-4.33%	+3.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.55%	—	—

Volatility

Volatility by Period

	TSPX	CTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.17%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.63%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.59%	24.40%	-14.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.86%	24.40%	-13.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.86%	24.40%	-13.54%

TSPX vs. CTAP - Expense Ratio Comparison

TSPX has a 1.01% expense ratio, which is higher than CTAP's 0.10% expense ratio.

Dividends

TSPX vs. CTAP - Dividend Comparison

TSPX's dividend yield for the trailing twelve months is around 1.98%, more than CTAP's 1.88% yield.

Position	TTM	2025
CTAP Simplify US Equity PLUS Managed Futures Strategy ETF	1.88%	0.00%
TSPX Twin Oak Active Opportunities ETF	1.98%	2.15%

Frequently Asked Questions

Can I hold both TSPX and CTAP in my portfolio?

TSPX and CTAP have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TSPX or CTAP?

On fees, CTAP is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TSPX or CTAP?

CTAP is cheaper with a 0.10% expense ratio, compared with 1.01% for TSPX.

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

TSPX has the higher dividend yield at 1.98%, compared with 1.88% for CTAP.

What is the main difference between TSPX and CTAP?

They also come from different issuers: Twin Oak and Simplify. Their fees differ too: 1.01% for TSPX and 0.10% for CTAP.