THYF vs. TGRW

Last updated Jun 4, 2026

THYF (T. Rowe Price U.S. High Yield ETF) and TGRW (T. Rowe Price Growth Stock ETF) are both exchange-traded funds - THYF is a High Yield Bonds fund actively managed by T. Rowe Price, while TGRW is a Large Cap Growth Equities fund actively managed by T. Rowe Price. Both are actively managed. Over the past 3 years, THYF returned 8.57%/yr vs 22.38%/yr for TGRW. A 0.55 correlation means they provide meaningful diversification when combined. THYF charges 0.56%/yr vs 0.52%/yr for TGRW.

Performance

THYF vs. TGRW - Performance Comparison

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

Returns By Period

In the year-to-date period, THYF achieves a 1.50% return, which is significantly lower than TGRW's 5.83% return.

THYF

• 1D: -0.35%
• 1M: 0.61%
• YTD: 1.50%
• 6M: 1.90%
• 1Y: 7.02%
• 3Y*: 8.57%
• 5Y*: —
• 10Y*: —

TGRW

• 1D: -1.25%
• 1M: 6.14%
• YTD: 5.83%
• 6M: 5.32%
• 1Y: 21.56%
• 3Y*: 22.38%
• 5Y*: 9.69%
• 10Y*: —

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

THYF vs. TGRW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
THYF T. Rowe Price U.S. High Yield ETF	1.50%	7.77%	8.51%	11.32%	1.53%
TGRW T. Rowe Price Growth Stock ETF	5.83%	15.62%	29.94%	48.87%	-5.28%

Correlation

The correlation between THYF and TGRW is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (All Time) Calculated using the full available price history since Oct 27, 2022	0.55

The correlation between THYF and TGRW has been stable across timeframes, ranging from 0.51 to 0.55 - a consistent structural relationship.

THYF vs. TGRW - Sectors Allocation Comparison

Sectors	THYF	TGRW
Financial Services	34.0%	5.6%
Basic Materials	18.3%	0.7%
Healthcare	9.8%	7.4%
Consumer Cyclical	8.1%	12.5%
Real Estate	6.8%	0.6%
Industrials	6.1%	4.6%
Energy	4.3%	-
Consumer Defensive	3.9%	0.9%
Technology	3.7%	52.0%
Communication Services	3.7%	15.6%
Utilities	1.4%	-

Return for Risk

THYF vs. TGRW — Risk / Return Rank

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

THYF

THYF Risk / Return Rank: 61
THYF Sharpe Ratio Rank: 59
THYF Sortino Ratio Rank: 66
THYF Omega Ratio Rank: 64
THYF Calmar Ratio Rank: 51
THYF Martin Ratio Rank: 63

TGRW

TGRW Risk / Return Rank: 31
TGRW Sharpe Ratio Rank: 36
TGRW Sortino Ratio Rank: 34
TGRW Omega Ratio Rank: 34
TGRW Calmar Ratio Rank: 24
TGRW Martin Ratio Rank: 26

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.

THYF vs. TGRW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price U.S. High Yield ETF (THYF) and T. Rowe Price Growth Stock ETF (TGRW). 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.

	THYF	TGRW	Difference
Sharpe ratio Return per unit of total volatility	2.01	1.31	+0.70
Sortino ratio Return per unit of downside risk	3.08	1.84	+1.24
Omega ratio Gain probability vs. loss probability	1.39	1.23	+0.16
Calmar ratio Return relative to maximum drawdown	2.51	1.15	+1.36
Martin ratio Return relative to average drawdown	11.49	3.64	+7.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

THYF vs. TGRW - Sharpe Ratio Comparison

The current THYF Sharpe Ratio is 2.01, which is higher than the TGRW Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of THYF and TGRW, 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

	THYF	TGRW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	1.31	+0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.42	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.47	0.53	+0.95

Drawdowns

THYF vs. TGRW - Drawdown Comparison

The maximum THYF drawdown since its inception was -5.24%, smaller than the maximum TGRW drawdown of -43.33%. Use the drawdown chart below to compare losses from any high point for THYF and TGRW.

Drawdown Indicators

	THYF	TGRW	Difference
Max Drawdown Largest peak-to-trough decline	-5.24%	-43.33%	+38.09%
Max Drawdown (1Y) Largest decline over 1 year	-2.80%	-18.84%	+16.04%
Max Drawdown (3Y) Largest decline over 3 years	-5.07%	-23.18%	+18.11%
Max Drawdown (5Y) Largest decline over 5 years	—	-43.33%	—
Current Drawdown Current decline from peak	-0.35%	-1.79%	+1.44%
Average Drawdown Average peak-to-trough decline	-0.82%	-12.48%	+11.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.61%	5.94%	-5.33%

Volatility

THYF vs. TGRW - Volatility Comparison

The current volatility for T. Rowe Price U.S. High Yield ETF (THYF) is 1.12%, while T. Rowe Price Growth Stock ETF (TGRW) has a volatility of 3.91%. This indicates that THYF experiences smaller price fluctuations and is considered to be less risky than TGRW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	THYF	TGRW	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.12%	3.91%	-2.79%
Volatility (6M) Calculated over the trailing 6-month period	2.72%	12.54%	-9.82%
Volatility (1Y) Calculated over the trailing 1-year period	3.52%	16.57%	-13.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.82%	23.27%	-17.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.82%	23.02%	-17.20%

THYF vs. TGRW - Expense Ratio Comparison

THYF has a 0.56% expense ratio, which is higher than TGRW's 0.52% expense ratio.

Dividends

THYF vs. TGRW - Dividend Comparison

THYF's dividend yield for the trailing twelve months is around 7.02%, while TGRW has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
TGRW T. Rowe Price Growth Stock ETF	0.00%	0.00%	0.00%	0.01%	0.00%	0.40%	0.21%
THYF T. Rowe Price U.S. High Yield ETF	7.02%	7.17%	7.30%	8.02%	1.50%	0.00%	0.00%

Frequently Asked Questions

Can I hold both THYF and TGRW in my portfolio?

THYF and TGRW have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, THYF or TGRW?

TGRW has higher volatility (3.91%) compared to THYF (1.12%). In terms of maximum drawdown, THYF dropped -5.24% vs TGRW's -43.33%.

Which ETF is better, THYF or TGRW?

On 3-year performance, TGRW leads with 22.38% vs 8.57% for THYF. On fees, TGRW is cheaper at 0.52% per year. On volatility, THYF has been the lower-risk option at 1.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, THYF or TGRW?

Over the 3-year period, TGRW has performed better with a 22.38% return vs 8.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, THYF or TGRW?

TGRW is cheaper with a 0.52% expense ratio, compared with 0.56% for THYF.

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

THYF has the higher dividend yield at 7.02%, compared with 0.00% for TGRW.

What is the main difference between THYF and TGRW?

THYF is categorized as High Yield Bonds, while TGRW is Large Cap Growth Equities. Their fees differ too: 0.56% for THYF and 0.52% for TGRW.

Which has better risk-adjusted returns?

THYF currently has the higher Sharpe Ratio (2.01 vs 1.31), 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.