TCHP vs. SPY

Last updated Jun 4, 2026

TCHP (T. Rowe Price Blue Chip Growth ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - TCHP is a Large Cap Growth Equities fund actively managed by T. Rowe Price, while SPY is a S&P 500 fund tracking the S&P 500 Index. TCHP is actively managed, while SPY is passively managed. Over the past 5 years, TCHP returned 11.66%/yr vs 13.83%/yr for SPY. Their correlation of 0.90 suggests significant overlap in exposure. TCHP charges 0.57%/yr vs 0.09%/yr for SPY.

Performance

TCHP vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Blue Chip Growth ETF (TCHP) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TCHP achieves a 3.99% return, which is significantly lower than SPY's 10.91% return.

TCHP

• 1D: -1.29%
• 1M: 3.68%
• YTD: 3.99%
• 6M: 4.18%
• 1Y: 20.05%
• 3Y*: 24.50%
• 5Y*: 11.66%
• 10Y*: —

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

TCHP vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TCHP T. Rowe Price Blue Chip Growth ETF	3.99%	18.40%	36.06%	50.10%	-37.81%	18.08%	11.37%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	13.51%

Correlation

The correlation between TCHP and SPY is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Aug 6, 2020	0.90

The correlation between TCHP and SPY has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

TCHP vs. SPY - Sectors Allocation Comparison

Sectors	TCHP	SPY
Technology	47.9%	35.9%
Consumer Cyclical	16.2%	10.3%
Communication Services	15.7%	11.3%
Financial Services	8.0%	11.8%
Healthcare	6.6%	8.4%
Industrials	3.6%	7.8%
Consumer Defensive	0.8%	4.8%
Basic Materials	0.8%	1.8%
Utilities	0.5%	2.4%
Energy	-	3.6%
Real Estate	-	1.9%

Return for Risk

TCHP vs. SPY — Risk / Return Rank

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

TCHP

TCHP Risk / Return Rank: 30
TCHP Sharpe Ratio Rank: 34
TCHP Sortino Ratio Rank: 32
TCHP Omega Ratio Rank: 32
TCHP Calmar Ratio Rank: 24
TCHP Martin Ratio Rank: 27

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

TCHP vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Blue Chip Growth ETF (TCHP) and State Street SPDR S&P 500 ETF (SPY). 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.

	TCHP	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.25	2.38	-1.13
Sortino ratio: Return per unit of downside risk	1.76	3.24	-1.48
Omega ratio: Gain probability vs. loss probability	1.22	1.43	-0.21
Calmar ratio: Return relative to maximum drawdown	1.15	3.16	-2.01
Martin ratio: Return relative to average drawdown	3.84	14.72	-10.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TCHP vs. SPY - Sharpe Ratio Comparison

The current TCHP Sharpe Ratio is 1.25, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of TCHP and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TCHP	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.25	2.38	-1.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.82	-0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.59	-0.02

Drawdowns

TCHP vs. SPY - Drawdown Comparison

The maximum TCHP drawdown since its inception was -42.34%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TCHP and SPY.

Drawdown Indicators

	TCHP	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-42.34%	-55.19%	+12.85%
Max Drawdown (1Y) Largest decline over 1 year	-17.50%	-8.88%	-8.62%
Max Drawdown (3Y) Largest decline over 3 years	-22.92%	-18.76%	-4.16%
Max Drawdown (5Y) Largest decline over 5 years	-42.34%	-24.50%	-17.84%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-2.21%	-0.70%	-1.51%
Average Drawdown Average peak-to-trough decline	-11.47%	-9.05%	-2.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.23%	1.91%	+3.32%

Volatility

TCHP vs. SPY - Volatility Comparison

T. Rowe Price Blue Chip Growth ETF (TCHP) has a higher volatility of 3.84% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that TCHP's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TCHP	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.84%	2.84%	+1.00%
Volatility (6M) Calculated over the trailing 6-month period	12.20%	8.90%	+3.30%
Volatility (1Y) Calculated over the trailing 1-year period	16.12%	11.83%	+4.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.43%	17.05%	+6.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.18%	17.94%	+5.24%

TCHP vs. SPY - Expense Ratio Comparison

TCHP has a 0.57% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

TCHP vs. SPY - Dividend Comparison

TCHP has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.98%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
TCHP T. Rowe Price Blue Chip Growth ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TCHP and SPY in my portfolio?

TCHP and SPY have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TCHP or SPY?

TCHP has higher volatility (3.84%) compared to SPY (2.84%). In terms of maximum drawdown, TCHP dropped -42.34% vs SPY's -55.19%.

Which ETF is better, TCHP or SPY?

On 5-year performance, SPY leads with 13.83% vs 11.66% for TCHP. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TCHP or SPY?

Over the 5-year period, SPY has performed better with a 13.83% return vs 11.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TCHP or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.57% for TCHP.

Which ETF pays a higher dividend yield, TCHP or SPY?

SPY has the higher dividend yield at 0.98%, compared with 0.00% for TCHP.

What is the main difference between TCHP and SPY?

TCHP is categorized as Large Cap Growth Equities, while SPY is S&P 500. They also come from different issuers: T. Rowe Price and State Street. Their fees differ too: 0.57% for TCHP and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 1.25), 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.