TSPX vs. GYLD

Last updated Jun 25, 2026

TSPX (Twin Oak Active Opportunities ETF) and GYLD (Arrow Dow Jones Global Yield ETF) are both Diversified Portfolio funds. TSPX is actively managed, while GYLD is passively managed. Over the past year, TSPX returned 16.93% vs 16.20% for GYLD. At a 0.25 correlation, their price movements are largely independent. TSPX charges 1.01%/yr vs 0.75%/yr for GYLD.

Performance

TSPX vs. GYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Twin Oak Active Opportunities ETF (TSPX) and Arrow Dow Jones Global Yield ETF (GYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSPX achieves a 5.99% return, which is significantly lower than GYLD's 6.71% return.

TSPX

• 1D: -0.22%
• 1M: -1.15%
• YTD: 5.99%
• 6M: 5.37%
• 1Y: 16.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GYLD

• 1D: -0.54%
• 1M: -1.94%
• YTD: 6.71%
• 6M: 7.01%
• 1Y: 16.20%
• 3Y*: 14.88%
• 5Y*: 5.92%
• 10Y*: 4.67%

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

TSPX vs. GYLD - Yearly Performance Comparison

	2026 (YTD)	2025
TSPX Twin Oak Active Opportunities ETF	5.99%	15.46%
GYLD Arrow Dow Jones Global Yield ETF	6.71%	11.99%

Correlation

The correlation between TSPX and GYLD is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	0.25

Return for Risk

TSPX vs. GYLD — Risk / Return Rank

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

TSPX

TSPX Risk / Return Rank: 62
TSPX Sharpe Ratio Rank: 61
TSPX Sortino Ratio Rank: 60
TSPX Omega Ratio Rank: 61
TSPX Calmar Ratio Rank: 57
TSPX Martin Ratio Rank: 69

GYLD

GYLD Risk / Return Rank: 52
GYLD Sharpe Ratio Rank: 41
GYLD Sortino Ratio Rank: 43
GYLD Omega Ratio Rank: 42
GYLD Calmar Ratio Rank: 74
GYLD Martin Ratio Rank: 59

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. GYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Twin Oak Active Opportunities ETF (TSPX) and Arrow Dow Jones Global Yield ETF (GYLD). 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	GYLD	Difference
Sharpe ratio: Return per unit of total volatility	1.78	1.32	+0.46
Sortino ratio: Return per unit of downside risk	2.48	1.98	+0.50
Omega ratio: Gain probability vs. loss probability	1.32	1.25	+0.08
Calmar ratio: Return relative to maximum drawdown	2.50	3.35	-0.85
Martin ratio: Return relative to average drawdown	11.13	9.45	+1.68

TSPX vs. GYLD - Sharpe Ratio Comparison

The current TSPX Sharpe Ratio is 1.78, which is higher than the GYLD Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of TSPX and GYLD, 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

TSPX vs. GYLD - Drawdown Comparison

The maximum TSPX drawdown since its inception was -7.80%, smaller than the maximum GYLD drawdown of -55.03%. Use the drawdown chart below to compare losses from any high point for TSPX and GYLD.

Drawdown Indicators

	TSPX	GYLD	Difference
Max Drawdown Largest peak-to-trough decline	-7.80%	-55.03%	+47.23%
Max Drawdown (1Y) Largest decline over 1 year	-6.81%	-4.86%	-1.95%
Max Drawdown (3Y) Largest decline over 3 years	—	-8.37%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.37%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-47.89%	—
Current Drawdown Current decline from peak	-2.56%	-2.80%	+0.24%
Average Drawdown Average peak-to-trough decline	-1.21%	-14.36%	+13.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.52%	1.72%	-0.20%

Volatility

TSPX vs. GYLD - Volatility Comparison

Twin Oak Active Opportunities ETF (TSPX) has a higher volatility of 3.60% compared to Arrow Dow Jones Global Yield ETF (GYLD) at 3.18%. This indicates that TSPX's price experiences larger fluctuations and is considered to be riskier than GYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSPX	GYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.60%	3.18%	+0.42%
Volatility (6M) Calculated over the trailing 6-month period	7.71%	9.36%	-1.65%
Volatility (1Y) Calculated over the trailing 1-year period	9.59%	12.34%	-2.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.97%	13.80%	-2.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.97%	16.51%	-5.54%

TSPX vs. GYLD - Expense Ratio Comparison

TSPX has a 1.01% expense ratio, which is higher than GYLD's 0.75% expense ratio.

Dividends

TSPX vs. GYLD - Dividend Comparison

TSPX's dividend yield for the trailing twelve months is around 2.03%, less than GYLD's 7.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GYLD Arrow Dow Jones Global Yield ETF	7.59%	8.43%	12.90%	7.13%	4.64%	5.50%	7.42%	5.83%	8.17%	6.78%	7.29%	10.35%
TSPX Twin Oak Active Opportunities ETF	2.03%	2.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSPX and GYLD in my portfolio?

TSPX and GYLD have a correlation of 0.24, 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 GYLD?

TSPX has higher volatility (3.60%) compared to GYLD (3.18%). In terms of maximum drawdown, TSPX dropped -7.80% vs GYLD's -55.03%.

Which ETF is better, TSPX or GYLD?

On 1-year performance, TSPX leads with 16.93% vs 16.20% for GYLD. On fees, GYLD is cheaper at 0.75% per year. On volatility, GYLD has been the lower-risk option at 3.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSPX or GYLD?

Over the 1-year period, TSPX has performed better with a 16.93% return vs 16.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSPX or GYLD?

GYLD is cheaper with a 0.75% expense ratio, compared with 1.01% for TSPX.

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

GYLD has the higher dividend yield at 7.59%, compared with 2.03% for TSPX.

What is the main difference between TSPX and GYLD?

They also come from different issuers: Twin Oak and Arrow Funds. Their fees differ too: 1.01% for TSPX and 0.75% for GYLD.

Which has better risk-adjusted returns?

TSPX currently has the higher Sharpe Ratio (1.78 vs 1.32), 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.