TGRW vs. IQM

Last updated Jun 24, 2026

TGRW (T. Rowe Price Growth Stock ETF) and IQM (Franklin Intelligent Machines ETF) are both Large Cap Growth Equities funds. Both are actively managed. Over the past 5 years, TGRW returned 7.54%/yr vs 20.13%/yr for IQM. Their correlation of 0.88 suggests significant overlap in exposure. TGRW charges 0.52%/yr vs 0.50%/yr for IQM.

Performance

TGRW vs. IQM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Growth Stock ETF (TGRW) and Franklin Intelligent Machines ETF (IQM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TGRW achieves a 0.74% return, which is significantly lower than IQM's 35.15% return.

TGRW

• 1D: -1.34%
• 1M: -3.27%
• YTD: 0.74%
• 6M: -0.34%
• 1Y: 15.30%
• 3Y*: 19.72%
• 5Y*: 7.54%
• 10Y*: —

IQM

• 1D: -6.20%
• 1M: 3.59%
• YTD: 35.15%
• 6M: 31.71%
• 1Y: 66.07%
• 3Y*: 35.52%
• 5Y*: 20.13%
• 10Y*: —

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

TGRW vs. IQM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TGRW T. Rowe Price Growth Stock ETF	0.74%	15.62%	29.94%	48.87%	-38.42%	14.97%	16.40%
IQM Franklin Intelligent Machines ETF	35.15%	30.76%	31.03%	41.06%	-33.36%	25.18%	34.71%

Correlation

The correlation between TGRW and IQM is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Aug 5, 2020	0.88

The correlation between TGRW and IQM shifts across timeframes, from 0.78 (1 year) to 0.88 (5 years), reflecting how their relationship changes across market environments.

TGRW vs. IQM - Sectors Allocation Comparison

Sectors	TGRW	IQM
Technology	52.6%	68.4%
Communication Services	16.5%	2.3%
Consumer Cyclical	13.1%	2.9%
Healthcare	6.6%	1.0%
Financial Services	5.2%	-
Industrials	4.1%	17.1%
Consumer Defensive	0.8%	-
Basic Materials	0.6%	-
Real Estate	0.6%	-
Energy	-	2.3%
Utilities	-	3.2%

Return for Risk

TGRW vs. IQM — Risk / Return Rank

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

TGRW

TGRW Risk / Return Rank: 23
TGRW Sharpe Ratio Rank: 26
TGRW Sortino Ratio Rank: 25
TGRW Omega Ratio Rank: 24
TGRW Calmar Ratio Rank: 19
TGRW Martin Ratio Rank: 22

IQM

IQM Risk / Return Rank: 70
IQM Sharpe Ratio Rank: 69
IQM Sortino Ratio Rank: 55
IQM Omega Ratio Rank: 61
IQM Calmar Ratio Rank: 86
IQM Martin Ratio Rank: 77

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.

TGRW vs. IQM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Growth Stock ETF (TGRW) and Franklin Intelligent Machines ETF (IQM). 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.

	TGRW	IQM	Difference
Sharpe ratio: Return per unit of total volatility	0.88	2.11	-1.23
Sortino ratio: Return per unit of downside risk	1.30	2.52	-1.22
Omega ratio: Gain probability vs. loss probability	1.16	1.35	-0.19
Calmar ratio: Return relative to maximum drawdown	0.82	4.52	-3.70
Martin ratio: Return relative to average drawdown	2.53	14.13	-11.59

TGRW vs. IQM - Sharpe Ratio Comparison

The current TGRW Sharpe Ratio is 0.88, which is lower than the IQM Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of TGRW and IQM, 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

TGRW vs. IQM - Drawdown Comparison

The maximum TGRW drawdown since its inception was -43.33%, roughly equal to the maximum IQM drawdown of -44.91%. Use the drawdown chart below to compare losses from any high point for TGRW and IQM.

Drawdown Indicators

	TGRW	IQM	Difference
Max Drawdown Largest peak-to-trough decline	-43.33%	-44.91%	+1.58%
Max Drawdown (1Y) Largest decline over 1 year	-18.84%	-14.71%	-4.13%
Max Drawdown (3Y) Largest decline over 3 years	-23.18%	-30.42%	+7.24%
Max Drawdown (5Y) Largest decline over 5 years	-43.33%	-44.91%	+1.58%
Current Drawdown Current decline from peak	-6.51%	-6.20%	-0.31%
Average Drawdown Average peak-to-trough decline	-12.40%	-12.18%	-0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.05%	4.69%	+1.36%

Volatility

TGRW vs. IQM - Volatility Comparison

The current volatility for T. Rowe Price Growth Stock ETF (TGRW) is 6.40%, while Franklin Intelligent Machines ETF (IQM) has a volatility of 15.34%. This indicates that TGRW experiences smaller price fluctuations and is considered to be less risky than IQM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TGRW	IQM	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.40%	15.34%	-8.94%
Volatility (6M) Calculated over the trailing 6-month period	13.54%	26.16%	-12.62%
Volatility (1Y) Calculated over the trailing 1-year period	17.40%	31.47%	-14.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.40%	29.56%	-6.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.04%	31.10%	-8.06%

TGRW vs. IQM - Expense Ratio Comparison

TGRW has a 0.52% expense ratio, which is higher than IQM's 0.50% expense ratio.

Dividends

TGRW vs. IQM - Dividend Comparison

Neither TGRW nor IQM has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
IQM Franklin Intelligent Machines ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.17%	0.01%
TGRW T. Rowe Price Growth Stock ETF	0.00%	0.00%	0.00%	0.01%	0.00%	0.40%	0.21%

Frequently Asked Questions

Can I hold both TGRW and IQM in my portfolio?

TGRW and IQM have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TGRW or IQM?

IQM has higher volatility (15.34%) compared to TGRW (6.40%). In terms of maximum drawdown, TGRW dropped -43.33% vs IQM's -44.91%.

Which ETF is better, TGRW or IQM?

On 5-year performance, IQM leads with 20.13% vs 7.54% for TGRW. On fees, IQM is cheaper at 0.50% per year. On volatility, TGRW has been the lower-risk option at 6.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TGRW or IQM?

Over the 5-year period, IQM has performed better with a 20.13% return vs 7.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TGRW or IQM?

IQM is cheaper with a 0.50% expense ratio, compared with 0.52% for TGRW.

Which ETF pays a higher dividend yield, TGRW or IQM?

TGRW and IQM have nearly identical dividend yields, around 0.00%.

What is the main difference between TGRW and IQM?

They also come from different issuers: T. Rowe Price and Franklin Templeton. Their fees differ too: 0.52% for TGRW and 0.50% for IQM.

Which has better risk-adjusted returns?

IQM currently has the higher Sharpe Ratio (2.11 vs 0.88), 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.