TSPX vs. RAA

Last updated Aug 1, 2026

TSPX (Twin Oak Active Opportunities ETF) and RAA (SMI 3Fourteen REAL Asset Allocation ETF) are both Diversified Portfolio funds. Both are actively managed. Over the past year, TSPX returned 16.67% vs 17.11% for RAA. Their correlation of 0.87 means they have usually moved in the same direction. TSPX charges 1.01%/yr vs 0.85%/yr for RAA.

Performance

TSPX vs. RAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Twin Oak Active Opportunities ETF (TSPX) and SMI 3Fourteen REAL Asset Allocation ETF (RAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with TSPX having a 7.79% return and RAA slightly lower at 7.64%.

TSPX

• 1D: 0.71%
• 1M: 0.38%
• 6M: 6.90%
• YTD: 7.79%
• 1Y: 16.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.44%

RAA

• 1D: 0.00%
• 1M: 0.27%
• 6M: 4.74%
• YTD: 7.64%
• 1Y: 17.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.97%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
RAA SMI 3Fourteen REAL Asset Allocation ETF	$1.35M	$1.42M	$1.60M
TSPX Twin Oak Active Opportunities ETF	$393.88	$1.58M	$538.56K

TSPX vs. RAA - Yearly Performance Comparison

	2026 (YTD)	2025
TSPX Twin Oak Active Opportunities ETF	7.79%	18.46%
RAA SMI 3Fourteen REAL Asset Allocation ETF	7.64%	11.92%

Correlation

The correlation between TSPX and RAA is 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.88
Correlation (All Time) Calculated using the full available price history since Feb 26, 2025	0.87

The correlation between TSPX and RAA has been stable across timeframes, ranging from 0.87 to 0.88 - a consistent structural relationship.

Return for Risk

TSPX vs. RAA — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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: 65
TSPX Calmar Ratio Rank: 64
TSPX Martin Ratio Rank: 76

RAA

RAA Risk / Return Rank: 68
RAA Sharpe Ratio Rank: 68
RAA Sortino Ratio Rank: 65
RAA Omega Ratio Rank: 65
RAA Calmar Ratio Rank: 77
RAA Martin Ratio Rank: 67

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TSPX vs. RAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Twin Oak Active Opportunities ETF (TSPX) and SMI 3Fourteen REAL Asset Allocation ETF (RAA). 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	RAA	Difference
Sharpe ratio: Return per unit of total volatility	1.55	1.55	0.00
Sortino ratio: Return per unit of downside risk	2.18	2.14	+0.04
Omega ratio: Gain probability vs. loss probability	1.28	1.28	0.00
Calmar ratio: Return relative to maximum drawdown	2.26	2.74	-0.48
Martin ratio: Return relative to average drawdown	9.67	8.21	+1.46

TSPX vs. RAA - Sharpe Ratio Comparison

The current TSPX Sharpe Ratio is 1.55, which is comparable to the RAA Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of TSPX and RAA, 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. RAA - Drawdown Comparison

The maximum TSPX drawdown since its inception was -7.80%, smaller than the maximum RAA drawdown of -11.96%. Use the drawdown chart below to compare losses from any high point for TSPX and RAA.

Drawdown Indicators

	TSPX	RAA	Difference
Max Drawdown Largest peak-to-trough decline	-7.80%	-11.96%	+4.16%
Max Drawdown (1Y) Largest decline over 1 year	-6.81%	-5.91%	-0.90%
Current Drawdown Current decline from peak	-0.90%	-3.46%	+2.56%
Average Drawdown Average peak-to-trough decline	-1.21%	-1.64%	+0.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	1.97%	-0.38%

Volatility

TSPX vs. RAA - Volatility Comparison

Twin Oak Active Opportunities ETF (TSPX) has a higher volatility of 2.87% compared to SMI 3Fourteen REAL Asset Allocation ETF (RAA) at 2.57%. This indicates that TSPX's price experiences larger fluctuations and is considered to be riskier than RAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSPX	RAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	2.57%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	7.79%	8.37%	-0.58%
Volatility (1Y) Calculated over the trailing 1-year period	9.90%	10.47%	-0.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.86%	12.64%	-1.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.86%	12.64%	-1.78%

TSPX vs. RAA - Expense Ratio Comparison

TSPX has a 1.01% expense ratio, which is higher than RAA's 0.85% expense ratio.

Dividends

TSPX vs. RAA - Dividend Comparison

TSPX's dividend yield for the trailing twelve months is around 1.99%, less than RAA's 2.13% yield.

Position	TTM	2025
RAA SMI 3Fourteen REAL Asset Allocation ETF	2.13%	2.14%
TSPX Twin Oak Active Opportunities ETF	1.99%	2.15%

Frequently Asked Questions

Can I hold both TSPX and RAA in my portfolio?

TSPX and RAA have a correlation of 0.88, 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 RAA?

TSPX has higher volatility (2.87%) compared to RAA (2.57%). In terms of maximum drawdown, TSPX dropped -7.80% vs RAA's -11.96%.

Which ETF is better, TSPX or RAA?

On 1-year performance, RAA leads with 17.11% vs 16.67% for TSPX. On fees, RAA is cheaper at 0.85% per year. On volatility, RAA has been the lower-risk option at 2.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSPX or RAA?

Over the 1-year period, RAA has performed better with a 17.11% return vs 16.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSPX or RAA?

RAA is cheaper with a 0.85% expense ratio, compared with 1.01% for TSPX.

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

RAA has the higher dividend yield at 2.13%, compared with 1.99% for TSPX.

What is the main difference between TSPX and RAA?

They also come from different issuers: Twin Oak and SMI 3Fourteen. Their fees differ too: 1.01% for TSPX and 0.85% for RAA.

Which has better risk-adjusted returns?

TSPX currently has the higher Sharpe Ratio (1.55 vs 1.55), 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.