TSPX vs. VOO

Last updated Jun 23, 2026

TSPX (Twin Oak Active Opportunities ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - TSPX is a Diversified Portfolio fund actively managed by Twin Oak, while VOO is a S&P 500 fund tracking the S&P 500 Index. TSPX is actively managed, while VOO is passively managed. Over the past year, TSPX returned 20.22% vs 26.77% for VOO. With a 0.96 correlation, they move nearly in lockstep. TSPX charges 1.01%/yr vs 0.03%/yr for VOO.

Performance

TSPX vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Twin Oak Active Opportunities ETF (TSPX) and Vanguard S&P 500 ETF (VOO). 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 lower than VOO's 9.75% return.

TSPX

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

VOO

• 1D: -0.29%
• 1M: 0.08%
• YTD: 9.75%
• 6M: 9.30%
• 1Y: 26.77%
• 3Y*: 21.36%
• 5Y*: 13.58%
• 10Y*: 15.77%

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

TSPX vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025
TSPX Twin Oak Active Opportunities ETF	7.28%	15.46%
VOO Vanguard S&P 500 ETF	9.75%	13.10%

Correlation

The correlation between TSPX and VOO is 0.97 - 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 (1Y) Calculated over the trailing 1-year period	0.97
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	0.96

The correlation between TSPX and VOO has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

TSPX vs. VOO — 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

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 70
VOO Sortino Ratio Rank: 67
VOO Omega Ratio Rank: 69
VOO Calmar Ratio Rank: 63
VOO Martin Ratio Rank: 74

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Twin Oak Active Opportunities ETF (TSPX) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.17	-0.05
Sortino ratio: Return per unit of downside risk	2.94	2.93	+0.01
Omega ratio: Gain probability vs. loss probability	1.39	1.39	-0.01
Calmar ratio: Return relative to maximum drawdown	2.98	3.02	-0.04
Martin ratio: Return relative to average drawdown	13.44	13.58	-0.14

TSPX vs. VOO - Sharpe Ratio Comparison

The current TSPX Sharpe Ratio is 2.13, which is comparable to the VOO Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of TSPX and VOO, 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. VOO - Drawdown Comparison

The maximum TSPX drawdown since its inception was -7.80%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for TSPX and VOO.

Drawdown Indicators

	TSPX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-7.80%	-33.99%	+26.19%
Max Drawdown (1Y) Largest decline over 1 year	-6.81%	-8.90%	+2.09%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.69%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-1.37%	-1.74%	+0.37%
Average Drawdown Average peak-to-trough decline	-1.20%	-3.68%	+2.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.51%	1.98%	-0.47%

Volatility

TSPX vs. VOO - Volatility Comparison

The current volatility for Twin Oak Active Opportunities ETF (TSPX) is 3.47%, while Vanguard S&P 500 ETF (VOO) has a volatility of 4.60%. This indicates that TSPX experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSPX	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.47%	4.60%	-1.13%
Volatility (6M) Calculated over the trailing 6-month period	7.67%	9.73%	-2.06%
Volatility (1Y) Calculated over the trailing 1-year period	9.57%	12.39%	-2.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.96%	16.90%	-5.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.96%	18.05%	-7.09%

TSPX vs. VOO - Expense Ratio Comparison

TSPX has a 1.01% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

TSPX vs. VOO - Dividend Comparison

TSPX's dividend yield for the trailing twelve months is around 2.00%, more than VOO's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TSPX Twin Oak Active Opportunities ETF	2.00%	2.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.04%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both TSPX and VOO in my portfolio?

With a correlation of 0.97, TSPX and VOO 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 is riskier, TSPX or VOO?

VOO has higher volatility (4.60%) compared to TSPX (3.47%). In terms of maximum drawdown, TSPX dropped -7.80% vs VOO's -33.99%.

Which ETF is better, TSPX or VOO?

On 1-year performance, VOO leads with 26.77% vs 20.22% for TSPX. On fees, VOO is cheaper at 0.03% per year. On volatility, TSPX has been the lower-risk option at 3.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSPX or VOO?

Over the 1-year period, VOO has performed better with a 26.77% return vs 20.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSPX or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 1.01% for TSPX.

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

TSPX has the higher dividend yield at 2.00%, compared with 1.04% for VOO.

What is the main difference between TSPX and VOO?

TSPX is categorized as Diversified Portfolio, while VOO is S&P 500. They also come from different issuers: Twin Oak and Vanguard. Their fees differ too: 1.01% for TSPX and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.17 vs 2.13), 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.