IAT vs. TFNS

Last updated Aug 4, 2026

IAT (iShares U.S. Regional Banks ETF) and TFNS (T. Rowe Price Financials ETF) are both Financials Equities funds. IAT is passively managed, while TFNS is actively managed. Over the past year, IAT returned 34.96% vs 17.41% for TFNS. Their 0.76 correlation means they have sometimes moved together and sometimes differently. IAT charges 0.42%/yr vs 0.44%/yr for TFNS.

Performance

IAT vs. TFNS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Regional Banks ETF (IAT) and T. Rowe Price Financials ETF (TFNS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IAT achieves a 17.93% return, which is significantly higher than TFNS's 7.45% return.

IAT

• 1D: 1.19%
• 1M: 2.49%
• 6M: 9.97%
• YTD: 17.93%
• 1Y: 34.96%
• 3Y*: 22.54%
• 5Y*: 6.16%
• 10Y*: 9.38%
• ALL TIME*: 3.84%

TFNS

• 1D: 0.86%
• 1M: 3.71%
• 6M: 8.21%
• YTD: 7.45%
• 1Y: 17.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.74%

*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)
IAT iShares U.S. Regional Banks ETF	$7.95M	$9.88M	$9.64M
TFNS T. Rowe Price Financials ETF	$544.23K	$291.36K	$115.25K

IAT vs. TFNS - Yearly Performance Comparison

	2026 (YTD)	2025
IAT iShares U.S. Regional Banks ETF	17.93%	18.54%
TFNS T. Rowe Price Financials ETF	7.45%	11.06%

Correlation

The correlation between IAT and TFNS is 0.76, 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.	0.76
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	0.76

The correlation between IAT and TFNS has been stable across timeframes, ranging from 0.76 to 0.76 - a consistent structural relationship.

IAT vs. TFNS - Sectors Allocation Comparison

Sectors	IAT	TFNS
Financial Services	100.0%	95.1%
Basic Materials	-	1.6%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	0.1%
Real Estate	-	-
Technology	-	1.9%
Utilities	-	-

Return for Risk

IAT vs. TFNS — Risk / Return Rank

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

IAT

IAT Risk / Return Rank: 59
IAT Sharpe Ratio Rank: 67
IAT Sortino Ratio Rank: 62
IAT Omega Ratio Rank: 65
IAT Calmar Ratio Rank: 54
IAT Martin Ratio Rank: 45

TFNS

TFNS Risk / Return Rank: 38
TFNS Sharpe Ratio Rank: 43
TFNS Sortino Ratio Rank: 41
TFNS Omega Ratio Rank: 40
TFNS Calmar Ratio Rank: 34
TFNS Martin Ratio Rank: 33

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.

IAT vs. TFNS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Regional Banks ETF (IAT) and T. Rowe Price Financials ETF (TFNS). 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.

	IAT	TFNS	Difference
Sharpe ratio: Return per unit of total volatility	1.61	1.16	+0.45
Sortino ratio: Return per unit of downside risk	2.17	1.63	+0.54
Omega ratio: Gain probability vs. loss probability	1.29	1.21	+0.08
Calmar ratio: Return relative to maximum drawdown	2.01	1.25	+0.76
Martin ratio: Return relative to average drawdown	5.18	3.37	+1.81

IAT vs. TFNS - Sharpe Ratio Comparison

The current IAT Sharpe Ratio is 1.61, which is higher than the TFNS Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of IAT and TFNS, 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

IAT vs. TFNS - Drawdown Comparison

The maximum IAT drawdown since its inception was -77.22%, which is greater than TFNS's maximum drawdown of -14.00%. Use the drawdown chart below to compare losses from any high point for IAT and TFNS.

Drawdown Indicators

	IAT	TFNS	Difference
Max Drawdown Largest peak-to-trough decline	-77.22%	-14.00%	-63.22%
Max Drawdown (1Y) Largest decline over 1 year	-17.49%	-14.00%	-3.49%
Max Drawdown (3Y) Largest decline over 3 years	-29.29%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-55.55%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-55.55%	—	—
Current Drawdown Current decline from peak	-1.37%	0.00%	-1.37%
Average Drawdown Average peak-to-trough decline	-26.77%	-3.54%	-23.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.77%	5.18%	+1.59%

Volatility

IAT vs. TFNS - Volatility Comparison

iShares U.S. Regional Banks ETF (IAT) has a higher volatility of 5.50% compared to T. Rowe Price Financials ETF (TFNS) at 3.82%. This indicates that IAT's price experiences larger fluctuations and is considered to be riskier than TFNS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IAT	TFNS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.50%	3.82%	+1.68%
Volatility (6M) Calculated over the trailing 6-month period	16.05%	11.26%	+4.79%
Volatility (1Y) Calculated over the trailing 1-year period	21.84%	15.05%	+6.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.76%	14.93%	+13.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.68%	14.93%	+15.75%

IAT vs. TFNS - Expense Ratio Comparison

IAT has a 0.42% expense ratio, which is lower than TFNS's 0.44% expense ratio.

Dividends

IAT vs. TFNS - Dividend Comparison

IAT's dividend yield for the trailing twelve months is around 2.51%, more than TFNS's 0.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IAT iShares U.S. Regional Banks ETF	2.51%	2.94%	2.95%	3.56%	3.12%	1.88%	2.87%	2.49%	2.48%	1.55%	1.52%	1.78%
TFNS T. Rowe Price Financials ETF	0.46%	0.49%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IAT and TFNS in my portfolio?

IAT and TFNS have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IAT or TFNS?

IAT has higher volatility (5.50%) compared to TFNS (3.82%). In terms of maximum drawdown, IAT dropped -77.22% vs TFNS's -14.00%.

Which ETF is better, IAT or TFNS?

On 1-year performance, IAT leads with 34.96% vs 17.41% for TFNS. On fees, IAT is cheaper at 0.42% per year. On volatility, TFNS has been the lower-risk option at 3.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IAT or TFNS?

Over the 1-year period, IAT has performed better with a 34.96% return vs 17.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IAT or TFNS?

IAT is cheaper with a 0.42% expense ratio, compared with 0.44% for TFNS.

Which ETF pays a higher dividend yield, IAT or TFNS?

IAT has the higher dividend yield at 2.51%, compared with 0.46% for TFNS.

What is the main difference between IAT and TFNS?

They also come from different issuers: iShares and T. Rowe Price. Their fees differ too: 0.42% for IAT and 0.44% for TFNS.

Which has better risk-adjusted returns?

IAT currently has the higher Sharpe Ratio (1.61 vs 1.16), 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.