TSPX vs. MFUL

Last updated Jun 23, 2026

TSPX (Twin Oak Active Opportunities ETF) and MFUL (Mindful Conservative ETF) are both Diversified Portfolio funds. Both are actively managed. Over the past year, TSPX returned 20.22% vs 6.78% for MFUL. Their correlation of 0.84 suggests significant overlap in exposure. TSPX charges 1.01%/yr vs 1.10%/yr for MFUL.

Performance

TSPX vs. MFUL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Twin Oak Active Opportunities ETF (TSPX) and Mindful Conservative ETF (MFUL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSPX achieves a 7.28% return, which is significantly higher than MFUL's 2.96% return.

TSPX

• 1D: -0.36%
• 1M: 0.06%
• YTD: 7.28%
• 6M: 7.29%
• 1Y: 20.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MFUL

• 1D: 0.06%
• 1M: 0.19%
• YTD: 2.96%
• 6M: 2.87%
• 1Y: 6.78%
• 3Y*: 4.73%
• 5Y*: —
• 10Y*: —

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

TSPX vs. MFUL - Yearly Performance Comparison

	2026 (YTD)	2025
TSPX Twin Oak Active Opportunities ETF	7.28%	15.46%
MFUL Mindful Conservative ETF	2.96%	3.20%

Correlation

The correlation between TSPX and MFUL is 0.86, 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	0.86
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	0.84

The correlation between TSPX and MFUL has been stable across timeframes, ranging from 0.84 to 0.86 - a consistent structural relationship.

Return for Risk

TSPX vs. MFUL — Risk / Return Rank

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

TSPX

TSPX Risk / Return Rank: 67
TSPX Sharpe Ratio Rank: 67
TSPX Sortino Ratio Rank: 66
TSPX Omega Ratio Rank: 68
TSPX Calmar Ratio Rank: 62
TSPX Martin Ratio Rank: 74

MFUL

MFUL Risk / Return Rank: 47
MFUL Sharpe Ratio Rank: 48
MFUL Sortino Ratio Rank: 46
MFUL Omega Ratio Rank: 51
MFUL Calmar Ratio Rank: 42
MFUL Martin Ratio Rank: 47

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. MFUL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Twin Oak Active Opportunities ETF (TSPX) and Mindful Conservative ETF (MFUL). 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	MFUL	Difference
Sharpe ratio: Return per unit of total volatility	2.13	1.61	+0.51
Sortino ratio: Return per unit of downside risk	2.94	2.24	+0.70
Omega ratio: Gain probability vs. loss probability	1.39	1.31	+0.08
Calmar ratio: Return relative to maximum drawdown	2.98	2.02	+0.96
Martin ratio: Return relative to average drawdown	13.44	7.65	+5.79

TSPX vs. MFUL - Sharpe Ratio Comparison

The current TSPX Sharpe Ratio is 2.13, which is higher than the MFUL Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of TSPX and MFUL, 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. MFUL - Drawdown Comparison

The maximum TSPX drawdown since its inception was -7.80%, smaller than the maximum MFUL drawdown of -16.41%. Use the drawdown chart below to compare losses from any high point for TSPX and MFUL.

Drawdown Indicators

	TSPX	MFUL	Difference
Max Drawdown Largest peak-to-trough decline	-7.80%	-16.41%	+8.61%
Max Drawdown (1Y) Largest decline over 1 year	-6.81%	-3.36%	-3.45%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.74%	—
Current Drawdown Current decline from peak	-1.37%	-0.77%	-0.60%
Average Drawdown Average peak-to-trough decline	-1.20%	-9.40%	+8.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.51%	0.89%	+0.62%

Volatility

TSPX vs. MFUL - Volatility Comparison

Twin Oak Active Opportunities ETF (TSPX) has a higher volatility of 3.47% compared to Mindful Conservative ETF (MFUL) at 1.82%. This indicates that TSPX's price experiences larger fluctuations and is considered to be riskier than MFUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSPX	MFUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.47%	1.82%	+1.65%
Volatility (6M) Calculated over the trailing 6-month period	7.67%	3.57%	+4.10%
Volatility (1Y) Calculated over the trailing 1-year period	9.57%	4.23%	+5.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.96%	4.29%	+6.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.96%	4.29%	+6.67%

TSPX vs. MFUL - Expense Ratio Comparison

TSPX has a 1.01% expense ratio, which is lower than MFUL's 1.10% expense ratio.

Dividends

TSPX vs. MFUL - Dividend Comparison

TSPX's dividend yield for the trailing twelve months is around 2.00%, less than MFUL's 3.02% yield.

Position	TTM	2025	2024	2023	2022
MFUL Mindful Conservative ETF	3.02%	3.31%	2.59%	5.00%	0.29%
TSPX Twin Oak Active Opportunities ETF	2.00%	2.15%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSPX and MFUL in my portfolio?

TSPX and MFUL have a correlation of 0.86, 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 MFUL?

TSPX has higher volatility (3.47%) compared to MFUL (1.82%). In terms of maximum drawdown, TSPX dropped -7.80% vs MFUL's -16.41%.

Which ETF is better, TSPX or MFUL?

On 1-year performance, TSPX leads with 20.22% vs 6.78% for MFUL. On fees, TSPX is cheaper at 1.01% per year. On volatility, MFUL has been the lower-risk option at 1.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSPX or MFUL?

Over the 1-year period, TSPX has performed better with a 20.22% return vs 6.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSPX or MFUL?

TSPX is cheaper with a 1.01% expense ratio, compared with 1.10% for MFUL.

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

MFUL has the higher dividend yield at 3.02%, compared with 2.00% for TSPX.

What is the main difference between TSPX and MFUL?

They also come from different issuers: Twin Oak and Mohr Funds. Their fees differ too: 1.01% for TSPX and 1.10% for MFUL.

Which has better risk-adjusted returns?

TSPX currently has the higher Sharpe Ratio (2.13 vs 1.61), 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.