PRCOX vs. TSPA

Last updated Jun 25, 2026

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 13.64%/yr vs 13.62%/yr for TSPA. With a 0.98 correlation, they move nearly in lockstep. PRCOX charges 0.42%/yr vs 0.34%/yr for TSPA.

Performance

PRCOX vs. TSPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price U.S. Equity Research Fund (PRCOX) and T. Rowe Price US Equity Research ETF (TSPA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with PRCOX having a 8.76% return and TSPA slightly lower at 8.72%.

PRCOX

• 1D: -1.60%
• 1M: -1.18%
• YTD: 8.76%
• 6M: 7.37%
• 1Y: 22.33%
• 3Y*: 21.39%
• 5Y*: 13.64%
• 10Y*: 16.24%

TSPA

• 1D: -0.06%
• 1M: -1.27%
• YTD: 8.72%
• 6M: 7.36%
• 1Y: 22.54%
• 3Y*: 21.43%
• 5Y*: 13.62%
• 10Y*: —

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

PRCOX vs. TSPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PRCOX T. Rowe Price U.S. Equity Research Fund	8.76%	16.34%	26.41%	29.82%	-18.80%	13.49%
TSPA T. Rowe Price US Equity Research ETF	8.72%	16.44%	26.37%	29.95%	-18.70%	13.26%

Correlation

The correlation between PRCOX and TSPA 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 (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year 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.

Return for Risk

PRCOX vs. TSPA — Risk / Return Rank

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

PRCOX

PRCOX Risk / Return Rank: 50
PRCOX Sharpe Ratio Rank: 48
PRCOX Sortino Ratio Rank: 45
PRCOX Omega Ratio Rank: 45
PRCOX Calmar Ratio Rank: 50
PRCOX Martin Ratio Rank: 63

TSPA

TSPA Risk / Return Rank: 59
TSPA Sharpe Ratio Rank: 59
TSPA Sortino Ratio Rank: 56
TSPA Omega Ratio Rank: 59
TSPA Calmar Ratio Rank: 55
TSPA Martin Ratio Rank: 67

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.

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 ratio: Return per unit of total volatility	1.88	1.75	+0.13
Sortino ratio: Return per unit of downside risk	2.60	2.41	+0.19
Omega ratio: Gain probability vs. loss probability	1.34	1.32	+0.02
Calmar ratio: Return relative to maximum drawdown	2.57	2.45	+0.12
Martin ratio: Return relative to average drawdown	11.57	10.98	+0.59

PRCOX vs. TSPA - Sharpe Ratio Comparison

The current PRCOX Sharpe Ratio is 1.88, which is comparable to the TSPA Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of PRCOX and TSPA, 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

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.

Drawdown Indicators

	PRCOX	TSPA	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-2.96%	-2.98%	+0.02%
Average Drawdown Average peak-to-trough decline	-9.17%	-5.45%	-3.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	2.06%	0.00%

Volatility

PRCOX vs. TSPA - Volatility Comparison

T. Rowe Price U.S. Equity Research Fund (PRCOX) and T. Rowe Price US Equity Research ETF (TSPA) have volatilities of 5.20% and 5.06%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRCOX	TSPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.20%	5.06%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	10.43%	10.34%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	12.75%	12.94%	-0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.46%	17.09%	+0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.37%	17.03%	+1.34%

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 1.08%, more than TSPA's 0.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRCOX T. Rowe Price U.S. Equity Research Fund	1.08%	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	0.57%	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

Can I hold both PRCOX and TSPA in my portfolio?

With a correlation of 0.97, 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.

Which is riskier, PRCOX or TSPA?

PRCOX has higher volatility (5.20%) compared to TSPA (5.06%). In terms of maximum drawdown, PRCOX dropped -53.96% vs TSPA's -24.72%.

Which has better risk-adjusted returns?

PRCOX currently has the higher Sharpe Ratio (1.88 vs 1.75), 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.