TSPX vs. SPLS
TSPX (Twin Oak Active Opportunities ETF) and SPLS (PIMCO U.S. Stocks PLUS Active Bond ETF) are both Diversified Portfolio funds. Both are actively managed. With a 0.99 correlation, they move nearly in lockstep. TSPX charges 1.01%/yr vs 0.18%/yr for SPLS.
Performance
TSPX vs. SPLS - Performance Comparison
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Returns By Period
TSPX
- 1D
- -0.59%
- 1M
- 1.01%
- 6M
- 6.59%
- YTD
- 7.87%
- 1Y
- 16.61%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPLS
- 1D
- -0.91%
- 1M
- 1.26%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TSPX vs. SPLS - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
TSPX Twin Oak Active Opportunities ETF | 7.00% |
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF | 9.04% |
Correlation
The correlation between TSPX and SPLS is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jan 16, 2026 | 0.99 |
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Return for Risk
TSPX vs. SPLS — Risk / Return Rank
TSPX
SPLS
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
TSPX vs. SPLS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Twin Oak Active Opportunities ETF (TSPX) and PIMCO U.S. Stocks PLUS Active Bond ETF (SPLS). 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 | SPLS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.32 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.45 | — | — |
| Martin ratioReturn relative to average drawdown | 10.71 | — | — |
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Drawdowns
TSPX vs. SPLS - Drawdown Comparison
The maximum TSPX drawdown since its inception was -7.80%, smaller than the maximum SPLS drawdown of -9.24%. Use the drawdown chart below to compare losses from any high point for TSPX and SPLS.
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Drawdown Indicators
| TSPX | SPLS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.80% | -9.24% | +1.44% |
Max Drawdown (1Y)Largest decline over 1 year | -6.81% | — | — |
Current DrawdownCurrent decline from peak | -0.83% | -0.97% | +0.14% |
Average DrawdownAverage peak-to-trough decline | -1.21% | -1.84% | +0.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.55% | — | — |
Volatility
TSPX vs. SPLS - Volatility Comparison
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Volatility by Period
| TSPX | SPLS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.02% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 7.65% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 9.62% | 15.09% | -5.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.86% | 15.09% | -4.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.86% | 15.09% | -4.23% |
TSPX vs. SPLS - Expense Ratio Comparison
TSPX has a 1.01% expense ratio, which is higher than SPLS's 0.18% expense ratio.
Dividends
TSPX vs. SPLS - Dividend Comparison
TSPX's dividend yield for the trailing twelve months is around 1.99%, more than SPLS's 0.55% yield.
| Position | TTM | 2025 |
|---|---|---|
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF | 0.55% | 0.00% |
TSPX Twin Oak Active Opportunities ETF | 1.99% | 2.15% |
Frequently Asked Questions
With a correlation of 0.99, TSPX and SPLS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, SPLS is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPLS is cheaper with a 0.18% expense ratio, compared with 1.01% for TSPX.
TSPX has the higher dividend yield at 1.99%, compared with 0.55% for SPLS.
They also come from different issuers: Twin Oak and PIMCO. Their fees differ too: 1.01% for TSPX and 0.18% for SPLS.
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