TSPX vs. SPLS

Last updated Aug 1, 2026

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. Their 0.99 correlation means they have historically moved very closely together. TSPX charges 1.01%/yr vs 0.18%/yr for SPLS.

Performance

TSPX vs. SPLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Twin Oak Active Opportunities ETF (TSPX) and PIMCO U.S. Stocks PLUS Active Bond ETF (SPLS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TSPX

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

SPLS

• 1D: 0.90%
• 1M: 0.64%
• 6M: 9.21%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	$87.41K	$186.29K	$302.92K
TSPX Twin Oak Active Opportunities ETF	$393.88	$1.58M	$538.56K

TSPX vs. SPLS - Yearly Performance Comparison

	2026 (YTD)
TSPX Twin Oak Active Opportunities ETF	6.92%
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	9.06%

Correlation

The correlation between TSPX and SPLS is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 16, 2026	0.99

Return for Risk

TSPX vs. SPLS — 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

SPLS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. 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 ratio: Return per unit of total volatility	1.55	—	—
Sortino ratio: Return per unit of downside risk	2.18	—	—
Omega ratio: Gain probability vs. loss probability	1.28	—	—
Calmar ratio: Return relative to maximum drawdown	2.26	—	—
Martin ratio: Return relative to average drawdown	9.67	—	—

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.

Drawdown Indicators

	TSPX	SPLS	Difference
Max Drawdown Largest peak-to-trough decline	-7.80%	-9.24%	+1.44%
Max Drawdown (1Y) Largest decline over 1 year	-6.81%	—	—
Current Drawdown Current decline from peak	-0.90%	-0.95%	+0.05%
Average Drawdown Average peak-to-trough decline	-1.21%	-1.83%	+0.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	—	—

Volatility

Volatility by Period

	TSPX	SPLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.79%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.90%	15.02%	-5.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.86%	15.02%	-4.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.86%	15.02%	-4.16%

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

Can I hold both TSPX and SPLS in my portfolio?

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.

Which ETF is better, TSPX or SPLS?

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.

Which ETF is cheaper, TSPX or SPLS?

SPLS is cheaper with a 0.18% expense ratio, compared with 1.01% for TSPX.

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

TSPX has the higher dividend yield at 1.99%, compared with 0.55% for SPLS.

What is the main difference between TSPX and SPLS?

They also come from different issuers: Twin Oak and PIMCO. Their fees differ too: 1.01% for TSPX and 0.18% for SPLS.