TIER vs. PATN

Last updated Jul 12, 2026

TIER (T. Rowe Price International Equity Research ETF) and PATN (Pacer Nasdaq International Patent Leaders ETF) are both Foreign Large Cap Equities funds. TIER is actively managed, while PATN is passively managed. Over the past year, TIER returned 28.04% vs 58.61% for PATN. Their correlation of 0.90 suggests significant overlap in exposure. TIER charges 0.38%/yr vs 0.65%/yr for PATN.

Performance

TIER vs. PATN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price International Equity Research ETF (TIER) and Pacer Nasdaq International Patent Leaders ETF (PATN). 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 PATN's 34.37% return.

TIER

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

PATN

• 1D: 0.00%
• 1M: -0.26%
• 6M: 27.41%
• YTD: 34.37%
• 1Y: 58.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TIER vs. PATN - Yearly Performance Comparison

	2026 (YTD)	2025
TIER T. Rowe Price International Equity Research ETF	14.16%	12.72%
PATN Pacer Nasdaq International Patent Leaders ETF	34.37%	20.58%

Correlation

The correlation between TIER and PATN is 0.91, 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	0.91
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.90

The correlation between TIER and PATN has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

TIER vs. PATN - Sectors Allocation Comparison

Sectors	TIER	PATN
Technology	23.7%	52.5%
Financial Services	23.6%	0.5%
Industrials	13.7%	14.8%
Consumer Cyclical	7.4%	7.0%
Basic Materials	7.3%	2.4%
Healthcare	5.9%	9.4%
Communication Services	5.2%	6.1%
Energy	5.1%	2.1%
Consumer Defensive	4.6%	5.2%
Utilities	2.5%	-
Real Estate	1.1%	-

Return for Risk

TIER vs. PATN — 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

PATN

PATN Risk / Return Rank: 87
PATN Sharpe Ratio Rank: 90
PATN Sortino Ratio Rank: 84
PATN Omega Ratio Rank: 88
PATN Calmar Ratio Rank: 88
PATN Martin Ratio Rank: 88

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. PATN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price International Equity Research ETF (TIER) and Pacer Nasdaq International Patent Leaders ETF (PATN). 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	PATN	Difference
Sharpe ratio: Return per unit of total volatility	1.63	2.38	-0.75
Sortino ratio: Return per unit of downside risk	2.29	2.98	-0.69
Omega ratio: Gain probability vs. loss probability	1.31	1.43	-0.12
Calmar ratio: Return relative to maximum drawdown	2.25	4.02	-1.77
Martin ratio: Return relative to average drawdown	8.71	15.01	-6.29

TIER vs. PATN - Sharpe Ratio Comparison

The current TIER Sharpe Ratio is 1.63, which is lower than the PATN Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of TIER and PATN, 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. PATN - Drawdown Comparison

The maximum TIER drawdown since its inception was -12.07%, smaller than the maximum PATN drawdown of -16.77%. Use the drawdown chart below to compare losses from any high point for TIER and PATN.

Drawdown Indicators

	TIER	PATN	Difference
Max Drawdown Largest peak-to-trough decline	-12.07%	-16.77%	+4.70%
Max Drawdown (1Y) Largest decline over 1 year	-12.07%	-14.40%	+2.33%
Current Drawdown Current decline from peak	-2.02%	-5.38%	+3.36%
Average Drawdown Average peak-to-trough decline	-1.81%	-3.21%	+1.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.11%	3.85%	-0.74%

Volatility

TIER vs. PATN - Volatility Comparison

The current volatility for T. Rowe Price International Equity Research ETF (TIER) is 6.14%, while Pacer Nasdaq International Patent Leaders ETF (PATN) has a volatility of 10.84%. This indicates that TIER experiences smaller price fluctuations and is considered to be less risky than PATN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TIER	PATN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.14%	10.84%	-4.70%
Volatility (6M) Calculated over the trailing 6-month period	14.72%	21.92%	-7.20%
Volatility (1Y) Calculated over the trailing 1-year period	16.67%	24.37%	-7.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.43%	22.37%	-5.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.43%	22.37%	-5.94%

TIER vs. PATN - Expense Ratio Comparison

TIER has a 0.38% expense ratio, which is lower than PATN's 0.65% expense ratio.

Dividends

TIER vs. PATN - Dividend Comparison

TIER's dividend yield for the trailing twelve months is around 0.65%, less than PATN's 1.62% yield.

Position	TTM	2025	2024
PATN Pacer Nasdaq International Patent Leaders ETF	1.62%	2.25%	0.30%
TIER T. Rowe Price International Equity Research ETF	0.65%	0.74%	0.00%

Frequently Asked Questions

Can I hold both TIER and PATN in my portfolio?

With a correlation of 0.91, TIER and PATN 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, TIER or PATN?

PATN has higher volatility (10.84%) compared to TIER (6.14%). In terms of maximum drawdown, TIER dropped -12.07% vs PATN's -16.77%.

Which ETF is better, TIER or PATN?

On 1-year performance, PATN leads with 58.61% vs 28.04% for TIER. On fees, TIER is cheaper at 0.38% per year. On volatility, TIER has been the lower-risk option at 6.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TIER or PATN?

Over the 1-year period, PATN has performed better with a 58.61% 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 PATN?

TIER is cheaper with a 0.38% expense ratio, compared with 0.65% for PATN.

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

PATN has the higher dividend yield at 1.62%, compared with 0.65% for TIER.

What is the main difference between TIER and PATN?

They also come from different issuers: T. Rowe Price and Pacer. Their fees differ too: 0.38% for TIER and 0.65% for PATN.

Which has better risk-adjusted returns?

PATN currently has the higher Sharpe Ratio (2.38 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.