TSPX vs. IYLD
TSPX (Twin Oak Active Opportunities ETF) and IYLD (iShares Morningstar Multi-Asset Income ETF) are both Diversified Portfolio funds. TSPX is actively managed, while IYLD is passively managed. Over the past year, TSPX returned 20.22% vs 14.00% for IYLD. A 0.65 correlation means they provide meaningful diversification when combined. TSPX charges 1.01%/yr vs 0.60%/yr for IYLD.
Performance
TSPX vs. IYLD - Performance Comparison
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Returns By Period
In the year-to-date period, TSPX achieves a 7.28% return, which is significantly higher than IYLD's 5.27% return.
TSPX
- 1D
- -0.36%
- 1M
- 0.06%
- YTD
- 7.28%
- 6M
- 7.29%
- 1Y
- 20.22%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IYLD
- 1D
- -0.06%
- 1M
- 0.56%
- YTD
- 5.27%
- 6M
- 5.48%
- 1Y
- 14.00%
- 3Y*
- 10.68%
- 5Y*
- 3.38%
- 10Y*
- 4.10%
TSPX vs. IYLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TSPX Twin Oak Active Opportunities ETF | 7.28% | 15.46% |
IYLD iShares Morningstar Multi-Asset Income ETF | 5.27% | 11.05% |
Correlation
The correlation between TSPX and IYLD is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025 | 0.65 |
The correlation between TSPX and IYLD has been stable across timeframes, ranging from 0.65 to 0.68 - a consistent structural relationship.
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Return for Risk
TSPX vs. IYLD — Risk / Return Rank
TSPX
IYLD
TSPX vs. IYLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Twin Oak Active Opportunities ETF (TSPX) and iShares Morningstar Multi-Asset Income ETF (IYLD). 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 | IYLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.46 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.98 | 3.03 | -0.05 |
| Martin ratioReturn relative to average drawdown | 13.44 | 11.69 | +1.75 |
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Drawdowns
TSPX vs. IYLD - Drawdown Comparison
The maximum TSPX drawdown since its inception was -7.80%, smaller than the maximum IYLD drawdown of -30.23%. Use the drawdown chart below to compare losses from any high point for TSPX and IYLD.
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Drawdown Indicators
| TSPX | IYLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.80% | -30.23% | +22.43% |
Max Drawdown (1Y)Largest decline over 1 year | -6.81% | -4.63% | -2.18% |
Max Drawdown (3Y)Largest decline over 3 years | — | -5.20% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -22.57% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -30.23% | — |
Current DrawdownCurrent decline from peak | -1.37% | -0.25% | -1.12% |
Average DrawdownAverage peak-to-trough decline | -1.20% | -4.52% | +3.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.51% | 1.20% | +0.31% |
Volatility
TSPX vs. IYLD - Volatility Comparison
Twin Oak Active Opportunities ETF (TSPX) has a higher volatility of 3.47% compared to iShares Morningstar Multi-Asset Income ETF (IYLD) at 1.41%. This indicates that TSPX's price experiences larger fluctuations and is considered to be riskier than IYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSPX | IYLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.47% | 1.41% | +2.06% |
Volatility (6M)Calculated over the trailing 6-month period | 7.67% | 4.75% | +2.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.57% | 5.83% | +3.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.96% | 7.87% | +3.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.96% | 9.58% | +1.38% |
TSPX vs. IYLD - Expense Ratio Comparison
TSPX has a 1.01% expense ratio, which is higher than IYLD's 0.60% expense ratio.
Dividends
TSPX vs. IYLD - Dividend Comparison
TSPX's dividend yield for the trailing twelve months is around 2.00%, less than IYLD's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IYLD iShares Morningstar Multi-Asset Income ETF | 4.59% | 4.72% | 5.32% | 5.76% | 5.45% | 3.47% | 4.38% | 5.25% | 5.78% | 4.22% | 4.84% | 5.26% |
TSPX Twin Oak Active Opportunities ETF | 2.00% | 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
TSPX and IYLD have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSPX has higher volatility (3.47%) compared to IYLD (1.41%). In terms of maximum drawdown, TSPX dropped -7.80% vs IYLD's -30.23%.
On 1-year performance, TSPX leads with 20.22% vs 14.00% for IYLD. On fees, IYLD is cheaper at 0.60% per year. On volatility, IYLD has been the lower-risk option at 1.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TSPX has performed better with a 20.22% return vs 14.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IYLD is cheaper with a 0.60% expense ratio, compared with 1.01% for TSPX.
IYLD has the higher dividend yield at 4.59%, compared with 2.00% for TSPX.
They also come from different issuers: Twin Oak and iShares. Their fees differ too: 1.01% for TSPX and 0.60% for IYLD.
IYLD currently has the higher Sharpe Ratio (2.42 vs 2.13), 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.
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