TIER vs. ENFR

Last updated Jul 12, 2026

TIER (T. Rowe Price International Equity Research ETF) and ENFR (Alerian Energy Infrastructure ETF) are both exchange-traded funds - TIER is a Foreign Large Cap Equities fund actively managed by T. Rowe Price, while ENFR is a Energy Equities fund tracking the Alerian Midstream Energy Select Index. TIER is actively managed, while ENFR is passively managed. Over the past year, TIER returned 28.04% vs 28.68% for ENFR. At a correlation of -0.08, they often move in opposite directions. TIER charges 0.38%/yr vs 0.35%/yr for ENFR.

Performance

TIER vs. ENFR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price International Equity Research ETF (TIER) and Alerian Energy Infrastructure ETF (ENFR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TIER achieves a 14.16% return, which is significantly lower than ENFR's 26.07% return.

TIER

• 1D: 0.13%
• 1M: 0.33%
• 6M: 10.39%
• YTD: 14.16%
• 1Y: 28.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ENFR

• 1D: -0.77%
• 1M: 0.08%
• 6M: 27.71%
• YTD: 26.07%
• 1Y: 28.68%
• 3Y*: 27.13%
• 5Y*: 20.42%
• 10Y*: 11.57%

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

TIER vs. ENFR - Yearly Performance Comparison

	2026 (YTD)	2025
TIER T. Rowe Price International Equity Research ETF	14.16%	12.72%
ENFR Alerian Energy Infrastructure ETF	26.07%	2.24%

Correlation

The correlation between TIER and ENFR is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	-0.08

Return for Risk

TIER vs. ENFR — Risk / Return Rank

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

TIER

TIER Risk / Return Rank: 61
TIER Sharpe Ratio Rank: 61
TIER Sortino Ratio Rank: 61
TIER Omega Ratio Rank: 63
TIER Calmar Ratio Rank: 56
TIER Martin Ratio Rank: 62

ENFR

ENFR Risk / Return Rank: 73
ENFR Sharpe Ratio Rank: 77
ENFR Sortino Ratio Rank: 75
ENFR Omega Ratio Rank: 70
ENFR Calmar Ratio Rank: 81
ENFR Martin Ratio Rank: 59

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.

TIER vs. ENFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price International Equity Research ETF (TIER) and Alerian Energy Infrastructure ETF (ENFR). 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.

	TIER	ENFR	Difference
Sharpe ratio: Return per unit of total volatility	1.63	1.95	-0.32
Sortino ratio: Return per unit of downside risk	2.29	2.71	-0.42
Omega ratio: Gain probability vs. loss probability	1.31	1.33	-0.03
Calmar ratio: Return relative to maximum drawdown	2.25	3.39	-1.14
Martin ratio: Return relative to average drawdown	8.71	8.36	+0.36

TIER vs. ENFR - Sharpe Ratio Comparison

The current TIER Sharpe Ratio is 1.63, which is comparable to the ENFR Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of TIER and ENFR, 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

TIER vs. ENFR - Drawdown Comparison

The maximum TIER drawdown since its inception was -12.07%, smaller than the maximum ENFR drawdown of -68.28%. Use the drawdown chart below to compare losses from any high point for TIER and ENFR.

Drawdown Indicators

	TIER	ENFR	Difference
Max Drawdown Largest peak-to-trough decline	-12.07%	-68.28%	+56.21%
Max Drawdown (1Y) Largest decline over 1 year	-12.07%	-8.64%	-3.43%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.58%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-20.29%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-62.64%	—
Current Drawdown Current decline from peak	-2.02%	-3.84%	+1.82%
Average Drawdown Average peak-to-trough decline	-1.81%	-15.89%	+14.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.11%	3.50%	-0.39%

Volatility

TIER vs. ENFR - Volatility Comparison

T. Rowe Price International Equity Research ETF (TIER) has a higher volatility of 6.14% compared to Alerian Energy Infrastructure ETF (ENFR) at 5.61%. This indicates that TIER's price experiences larger fluctuations and is considered to be riskier than ENFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TIER	ENFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.14%	5.61%	+0.53%
Volatility (6M) Calculated over the trailing 6-month period	14.72%	11.96%	+2.76%
Volatility (1Y) Calculated over the trailing 1-year period	16.67%	15.06%	+1.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.43%	19.27%	-2.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.43%	24.65%	-8.22%

TIER vs. ENFR - Expense Ratio Comparison

TIER has a 0.38% expense ratio, which is higher than ENFR's 0.35% expense ratio.

Dividends

TIER vs. ENFR - Dividend Comparison

TIER's dividend yield for the trailing twelve months is around 0.65%, less than ENFR's 3.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ENFR Alerian Energy Infrastructure ETF	3.98%	4.77%	4.41%	5.48%	5.23%	7.86%	7.57%	5.81%	3.98%	2.98%	3.31%	3.34%
TIER T. Rowe Price International Equity Research ETF	0.65%	0.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TIER and ENFR in my portfolio?

TIER and ENFR have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TIER or ENFR?

TIER has higher volatility (6.14%) compared to ENFR (5.61%). In terms of maximum drawdown, TIER dropped -12.07% vs ENFR's -68.28%.

Which ETF is better, TIER or ENFR?

On 1-year performance, ENFR leads with 28.68% vs 28.04% for TIER. On fees, ENFR is cheaper at 0.35% per year. On volatility, ENFR has been the lower-risk option at 5.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TIER or ENFR?

Over the 1-year period, ENFR has performed better with a 28.68% return vs 28.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TIER or ENFR?

ENFR is cheaper with a 0.35% expense ratio, compared with 0.38% for TIER.

Which ETF pays a higher dividend yield, TIER or ENFR?

ENFR has the higher dividend yield at 3.98%, compared with 0.65% for TIER.

What is the main difference between TIER and ENFR?

TIER is categorized as Foreign Large Cap Equities, while ENFR is Energy Equities. They also come from different issuers: T. Rowe Price and SS&C. Their fees differ too: 0.38% for TIER and 0.35% for ENFR.

Which has better risk-adjusted returns?

ENFR currently has the higher Sharpe Ratio (1.95 vs 1.63), 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.