PRCOX vs. TSPA
PRCOX (T. Rowe Price U.S. Equity Research Fund) and TSPA (T. Rowe Price US Equity Research ETF) are both Large Cap Blend Equities funds from T. Rowe Price. Both are actively managed. Over the past 5 years, PRCOX returned 13.21%/yr vs 13.64%/yr for TSPA. Their 0.98 correlation means they have historically moved very closely together. PRCOX charges 0.42%/yr vs 0.34%/yr for TSPA.
Performance
PRCOX vs. TSPA - Performance Comparison
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Returns By Period
In the year-to-date period, PRCOX achieves a 9.93% return, which is significantly lower than TSPA's 11.76% return.
PRCOX
- 1D
- 0.68%
- 1M
- -0.31%
- 6M
- 7.49%
- YTD
- 9.93%
- 1Y
- 20.62%
- 3Y*
- 19.61%
- 5Y*
- 13.21%
- 10Y*
- 15.63%
- ALL TIME*
- 10.55%
TSPA
- 1D
- 1.46%
- 1M
- 1.98%
- 6M
- 9.39%
- YTD
- 11.76%
- 1Y
- 22.91%
- 3Y*
- 21.16%
- 5Y*
- 13.64%
- 10Y*
- —
- ALL TIME*
- 14.05%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $18.94M | $19.84M | $25.30M |
PRCOX vs. TSPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PRCOX T. Rowe Price U.S. Equity Research Fund | 9.93% | 16.34% | 26.41% | 29.82% | -18.80% | 13.49% |
TSPA T. Rowe Price US Equity Research ETF | 11.76% | 16.44% | 26.37% | 29.95% | -18.70% | 13.26% |
Correlation
The correlation between PRCOX and TSPA is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.96 |
Correlation (3Y) Balances recent behavior with more history. | 0.96 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.98 |
Correlation (All Time) Calculated using the full available price history since Jun 9, 2021 | 0.98 |
The correlation between PRCOX and TSPA has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.
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Return for Risk
PRCOX vs. TSPA — Risk / Return Rank
PRCOX
TSPA
PRCOX vs. TSPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price U.S. Equity Research Fund (PRCOX) and T. Rowe Price US Equity Research ETF (TSPA). 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.
| PRCOX | TSPA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.31 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.02 | 2.49 | -0.47 |
| Martin ratioReturn relative to average drawdown | 8.67 | 10.71 | -2.04 |
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Drawdowns
PRCOX vs. TSPA - Drawdown Comparison
The maximum PRCOX drawdown since its inception was -53.96%, which is greater than TSPA's maximum drawdown of -24.72%. Use the drawdown chart below to compare losses from any high point for PRCOX and TSPA.
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Drawdown Indicators
| PRCOX | TSPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.96% | -24.72% | -29.24% |
Max Drawdown (1Y)Largest decline over 1 year | -9.32% | -9.24% | -0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -19.39% | -19.04% | -0.35% |
Max Drawdown (5Y)Largest decline over 5 years | -24.94% | -24.72% | -0.22% |
Max Drawdown (10Y)Largest decline over 10 years | -34.42% | — | — |
Current DrawdownCurrent decline from peak | -1.91% | -0.27% | -1.64% |
Average DrawdownAverage peak-to-trough decline | -9.14% | -5.37% | -3.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.17% | 2.15% | +0.02% |
Volatility
PRCOX vs. TSPA - Volatility Comparison
The current volatility for T. Rowe Price U.S. Equity Research Fund (PRCOX) is 3.67%, while T. Rowe Price US Equity Research ETF (TSPA) has a volatility of 4.09%. This indicates that PRCOX experiences smaller price fluctuations and is considered to be less risky than TSPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRCOX | TSPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.67% | 4.09% | -0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 10.67% | 10.83% | -0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.11% | 13.46% | -0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.48% | 17.14% | +0.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.36% | 16.97% | +1.39% |
PRCOX vs. TSPA - Expense Ratio Comparison
PRCOX has a 0.42% expense ratio, which is higher than TSPA's 0.34% expense ratio.
Dividends
PRCOX vs. TSPA - Dividend Comparison
PRCOX's dividend yield for the trailing twelve months is around 1.07%, more than TSPA's 0.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRCOX T. Rowe Price U.S. Equity Research Fund | 1.07% | 1.17% | 0.64% | 1.17% | 1.28% | 3.71% | 1.04% | 1.39% | 5.60% | 7.02% | 7.28% | 8.76% |
TSPA T. Rowe Price US Equity Research ETF | 0.56% | 0.62% | 0.50% | 0.41% | 1.16% | 0.43% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.96, PRCOX and TSPA 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.
TSPA has higher volatility (4.09%) compared to PRCOX (3.67%). In terms of maximum drawdown, PRCOX dropped -53.96% vs TSPA's -24.72%.
TSPA currently has the higher Sharpe Ratio (1.71 vs 1.44), 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.
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