TXS vs. LSAF

Last updated Aug 4, 2026

TXS (Texas Capital Texas Equity Index ETF) and LSAF (LeaderShares AlphaFactor US Core Equity ETF) are both Mid Cap Blend Equities funds - TXS tracks the Texas Capital Texas Equity Index - Benchmark TR Gross while LSAF tracks the AlphaFactor US Core Equity Index. Both are passively managed. Over the past 3 years, TXS returned 19.48%/yr vs 19.37%/yr for LSAF. Their correlation of 0.81 means they have usually moved in the same direction. TXS charges 0.49%/yr vs 0.75%/yr for LSAF.

Performance

TXS vs. LSAF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Texas Capital Texas Equity Index ETF (TXS) and LeaderShares AlphaFactor US Core Equity ETF (LSAF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TXS achieves a 17.07% return, which is significantly lower than LSAF's 21.44% return.

TXS

• 1D: 0.71%
• 1M: 3.19%
• 6M: 11.43%
• YTD: 17.07%
• 1Y: 21.67%
• 3Y*: 19.48%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.90%

LSAF

• 1D: 1.24%
• 1M: 3.75%
• 6M: 17.38%
• YTD: 21.44%
• 1Y: 31.64%
• 3Y*: 19.37%
• 5Y*: 11.15%
• 10Y*: —
• ALL TIME*: 11.18%

*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)
LSAF LeaderShares AlphaFactor US Core Equity ETF	$285.75K	$222.00K	$207.69K
TXS Texas Capital Texas Equity Index ETF	$149.70K	$174.94K	$126.67K

TXS vs. LSAF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TXS Texas Capital Texas Equity Index ETF	17.07%	10.31%	24.29%	5.77%
LSAF LeaderShares AlphaFactor US Core Equity ETF	21.44%	12.01%	18.09%	7.47%

Correlation

The correlation between TXS and LSAF is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.70
Correlation (3Y) Balances recent behavior with more history.	0.81
Correlation (All Time) Calculated using the full available price history since Jul 13, 2023	0.81

The correlation between TXS and LSAF shifts across timeframes, from 0.70 (1 year) to 0.81 (3 years), reflecting how their relationship changes across market environments.

TXS vs. LSAF - Sectors Allocation Comparison

Sectors	TXS	LSAF
Energy	18.1%	3.3%
Consumer Cyclical	17.6%	19.9%
Industrials	14.1%	10.7%
Real Estate	12.2%	2.1%
Technology	12.1%	15.4%
Healthcare	11.7%	7.8%
Financial Services	7.5%	16.2%
Consumer Defensive	2.3%	4.1%
Communication Services	2.1%	4.7%
Utilities	2.0%	0.9%
Basic Materials	0.3%	5.8%

Return for Risk

TXS vs. LSAF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TXS

TXS Risk / Return Rank: 79
TXS Sharpe Ratio Rank: 77
TXS Sortino Ratio Rank: 78
TXS Omega Ratio Rank: 75
TXS Calmar Ratio Rank: 83
TXS Martin Ratio Rank: 80

LSAF

LSAF Risk / Return Rank: 89
LSAF Sharpe Ratio Rank: 87
LSAF Sortino Ratio Rank: 89
LSAF Omega Ratio Rank: 84
LSAF Calmar Ratio Rank: 93
LSAF Martin Ratio Rank: 91

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.

TXS vs. LSAF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Texas Capital Texas Equity Index ETF (TXS) and LeaderShares AlphaFactor US Core Equity ETF (LSAF). 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.

	TXS	LSAF	Difference
Sharpe ratio: Return per unit of total volatility	1.90	2.22	-0.32
Sortino ratio: Return per unit of downside risk	2.70	3.23	-0.53
Omega ratio: Gain probability vs. loss probability	1.34	1.38	-0.05
Calmar ratio: Return relative to maximum drawdown	3.33	4.83	-1.50
Martin ratio: Return relative to average drawdown	11.42	16.27	-4.84

TXS vs. LSAF - Sharpe Ratio Comparison

The current TXS Sharpe Ratio is 1.90, which is comparable to the LSAF Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of TXS and LSAF, 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

TXS vs. LSAF - Drawdown Comparison

The maximum TXS drawdown since its inception was -19.69%, smaller than the maximum LSAF drawdown of -41.67%. Use the drawdown chart below to compare losses from any high point for TXS and LSAF.

Drawdown Indicators

	TXS	LSAF	Difference
Max Drawdown Largest peak-to-trough decline	-19.69%	-41.67%	+21.98%
Max Drawdown (1Y) Largest decline over 1 year	-6.54%	-6.58%	+0.04%
Max Drawdown (3Y) Largest decline over 3 years	-19.69%	-20.26%	+0.57%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.94%	—
Current Drawdown Current decline from peak	0.00%	-0.26%	+0.26%
Average Drawdown Average peak-to-trough decline	-2.72%	-6.20%	+3.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	1.95%	-0.05%

Volatility

TXS vs. LSAF - Volatility Comparison

The current volatility for Texas Capital Texas Equity Index ETF (TXS) is 2.69%, while LeaderShares AlphaFactor US Core Equity ETF (LSAF) has a volatility of 4.27%. This indicates that TXS experiences smaller price fluctuations and is considered to be less risky than LSAF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TXS	LSAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.69%	4.27%	-1.58%
Volatility (6M) Calculated over the trailing 6-month period	7.83%	10.52%	-2.69%
Volatility (1Y) Calculated over the trailing 1-year period	11.49%	14.37%	-2.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.63%	18.39%	-2.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.63%	21.73%	-6.10%

TXS vs. LSAF - Expense Ratio Comparison

TXS has a 0.49% expense ratio, which is lower than LSAF's 0.75% expense ratio.

Dividends

TXS vs. LSAF - Dividend Comparison

TXS's dividend yield for the trailing twelve months is around 0.77%, more than LSAF's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
LSAF LeaderShares AlphaFactor US Core Equity ETF	0.56%	0.69%	0.42%	0.84%	0.96%	0.37%	0.53%	0.71%	0.20%
TXS Texas Capital Texas Equity Index ETF	0.77%	0.82%	0.86%	0.53%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TXS and LSAF in my portfolio?

TXS and LSAF have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TXS or LSAF?

LSAF has higher volatility (4.27%) compared to TXS (2.69%). In terms of maximum drawdown, TXS dropped -19.69% vs LSAF's -41.67%.

Which ETF is better, TXS or LSAF?

On 3-year performance, TXS leads with 19.48% vs 19.37% for LSAF. On fees, TXS is cheaper at 0.49% per year. On volatility, TXS has been the lower-risk option at 2.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TXS or LSAF?

Over the 3-year period, TXS has performed better with a 19.48% return vs 19.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TXS or LSAF?

TXS is cheaper with a 0.49% expense ratio, compared with 0.75% for LSAF.

Which ETF pays a higher dividend yield, TXS or LSAF?

TXS has the higher dividend yield at 0.77%, compared with 0.56% for LSAF.

What is the main difference between TXS and LSAF?

TXS tracks Texas Capital Texas Equity Index - Benchmark TR Gross, while LSAF tracks AlphaFactor US Core Equity Index. They also come from different issuers: Texas Capital and Redwood. Their fees differ too: 0.49% for TXS and 0.75% for LSAF.

Which has better risk-adjusted returns?

LSAF currently has the higher Sharpe Ratio (2.22 vs 1.90), 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.