TSPX vs. TOAK

Last updated Jun 24, 2026

TSPX (Twin Oak Active Opportunities ETF) and TOAK (Twin Oak Short Horizon Absolute Return ETF) are both exchange-traded funds - TSPX is a Diversified Portfolio fund actively managed by Twin Oak, while TOAK is a Multistrategy fund actively managed by Twin Oak. Both are actively managed. Over the past year, TSPX returned 18.17% vs 3.67% for TOAK. At a correlation of -0.03, they often move in opposite directions. TSPX charges 1.01%/yr vs 0.25%/yr for TOAK.

Performance

TSPX vs. TOAK - Performance Comparison

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

Returns By Period

In the year-to-date period, TSPX achieves a 6.22% return, which is significantly higher than TOAK's 1.51% return.

TSPX

• 1D: -0.99%
• 1M: -0.93%
• YTD: 6.22%
• 6M: 5.87%
• 1Y: 18.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TOAK

• 1D: 0.02%
• 1M: 0.24%
• YTD: 1.51%
• 6M: 1.57%
• 1Y: 3.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSPX vs. TOAK - Yearly Performance Comparison

	2026 (YTD)	2025
TSPX Twin Oak Active Opportunities ETF	6.22%	15.46%
TOAK Twin Oak Short Horizon Absolute Return ETF	1.51%	3.66%

Correlation

The correlation between TSPX and TOAK is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	-0.03

Return for Risk

TSPX vs. TOAK — Risk / Return Rank

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

TSPX

TSPX Risk / Return Rank: 63
TSPX Sharpe Ratio Rank: 63
TSPX Sortino Ratio Rank: 62
TSPX Omega Ratio Rank: 62
TSPX Calmar Ratio Rank: 58
TSPX Martin Ratio Rank: 71

TOAK

TOAK Risk / Return Rank: 52
TOAK Sharpe Ratio Rank: 38
TOAK Sortino Ratio Rank: 39
TOAK Omega Ratio Rank: 96
TOAK Calmar Ratio Rank: 45
TOAK Martin Ratio Rank: 42

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. TOAK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Twin Oak Active Opportunities ETF (TSPX) and Twin Oak Short Horizon Absolute Return ETF (TOAK). 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	TOAK	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.26	+0.64
Sortino ratio: Return per unit of downside risk	2.64	1.87	+0.77
Omega ratio: Gain probability vs. loss probability	1.35	1.77	-0.43
Calmar ratio: Return relative to maximum drawdown	2.68	2.04	+0.64
Martin ratio: Return relative to average drawdown	12.02	6.27	+5.74

TSPX vs. TOAK - Sharpe Ratio Comparison

The current TSPX Sharpe Ratio is 1.90, which is higher than the TOAK Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of TSPX and TOAK, 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. TOAK - Drawdown Comparison

The maximum TSPX drawdown since its inception was -7.80%, which is greater than TOAK's maximum drawdown of -1.81%. Use the drawdown chart below to compare losses from any high point for TSPX and TOAK.

Drawdown Indicators

	TSPX	TOAK	Difference
Max Drawdown Largest peak-to-trough decline	-7.80%	-1.81%	-5.99%
Max Drawdown (1Y) Largest decline over 1 year	-6.81%	-1.81%	-5.00%
Current Drawdown Current decline from peak	-2.35%	-1.53%	-0.82%
Average Drawdown Average peak-to-trough decline	-1.20%	-0.15%	-1.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.52%	0.59%	+0.93%

Volatility

TSPX vs. TOAK - Volatility Comparison

Twin Oak Active Opportunities ETF (TSPX) has a higher volatility of 3.61% compared to Twin Oak Short Horizon Absolute Return ETF (TOAK) at 0.11%. This indicates that TSPX's price experiences larger fluctuations and is considered to be riskier than TOAK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSPX	TOAK	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.61%	0.11%	+3.50%
Volatility (6M) Calculated over the trailing 6-month period	7.72%	2.74%	+4.98%
Volatility (1Y) Calculated over the trailing 1-year period	9.61%	2.91%	+6.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.98%	2.19%	+8.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.98%	2.19%	+8.79%

TSPX vs. TOAK - Expense Ratio Comparison

TSPX has a 1.01% expense ratio, which is higher than TOAK's 0.25% expense ratio.

Dividends

TSPX vs. TOAK - Dividend Comparison

TSPX's dividend yield for the trailing twelve months is around 2.02%, while TOAK has not paid dividends to shareholders.

Position	TTM	2025
TOAK Twin Oak Short Horizon Absolute Return ETF	0.00%	0.00%
TSPX Twin Oak Active Opportunities ETF	2.02%	2.15%

Frequently Asked Questions

Can I hold both TSPX and TOAK in my portfolio?

TSPX and TOAK have a correlation of 0.07, 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 TOAK?

TSPX has higher volatility (3.61%) compared to TOAK (0.11%). In terms of maximum drawdown, TSPX dropped -7.80% vs TOAK's -1.81%.

Which ETF is better, TSPX or TOAK?

On 1-year performance, TSPX leads with 18.17% vs 3.67% for TOAK. On fees, TOAK is cheaper at 0.25% per year. On volatility, TOAK has been the lower-risk option at 0.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSPX or TOAK?

Over the 1-year period, TSPX has performed better with a 18.17% return vs 3.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSPX or TOAK?

TOAK is cheaper with a 0.25% expense ratio, compared with 1.01% for TSPX.

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

TSPX has the higher dividend yield at 2.02%, compared with 0.00% for TOAK.

What is the main difference between TSPX and TOAK?

TSPX is categorized as Diversified Portfolio, while TOAK is Multistrategy. Their fees differ too: 1.01% for TSPX and 0.25% for TOAK.

Which has better risk-adjusted returns?

TSPX currently has the higher Sharpe Ratio (1.90 vs 1.26), 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.