TNXT vs. PFM
TNXT (T. Rowe Price Innovation Leaders ETF) and PFM (Invesco Dividend Achievers™ ETF) are both Large Cap Growth Equities funds. TNXT is actively managed, while PFM is passively managed. Their 0.56 correlation means they have sometimes moved together and sometimes differently. TNXT charges 0.49%/yr vs 0.53%/yr for PFM.
Performance
TNXT vs. PFM - Performance Comparison
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Returns By Period
TNXT
- 1D
- 0.05%
- 1M
- -1.91%
- 6M
- 10.67%
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
PFM
- 1D
- -0.21%
- 1M
- 0.84%
- 6M
- 7.70%
- YTD
- 10.31%
- 1Y
- 19.09%
- 3Y*
- 14.88%
- 5Y*
- 10.64%
- 10Y*
- 11.60%
- ALL TIME*
- 8.77%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $817.02K | $841.17K | $978.32K | |
| $19.23K | $12.64K | $54.16K |
TNXT vs. PFM - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
TNXT T. Rowe Price Innovation Leaders ETF | 8.98% |
PFM Invesco Dividend Achievers™ ETF | 8.00% |
Correlation
The correlation between TNXT and PFM is 0.56, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jan 29, 2026 | 0.56 |
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Return for Risk
TNXT vs. PFM — Risk / Return Rank
TNXT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
PFM
TNXT vs. PFM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Innovation Leaders ETF (TNXT) and Invesco Dividend Achievers™ ETF (PFM). 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.
| TNXT | PFM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.35 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.57 | — |
| Martin ratioReturn relative to average drawdown | — | 10.53 | — |
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Drawdowns
TNXT vs. PFM - Drawdown Comparison
The maximum TNXT drawdown since its inception was -13.11%, smaller than the maximum PFM drawdown of -53.21%. Use the drawdown chart below to compare losses from any high point for TNXT and PFM.
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Drawdown Indicators
| TNXT | PFM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.11% | -53.21% | +40.10% |
Max Drawdown (1Y)Largest decline over 1 year | — | -7.09% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -14.50% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.81% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -32.22% | — |
Current DrawdownCurrent decline from peak | -3.31% | -1.00% | -2.31% |
Average DrawdownAverage peak-to-trough decline | -3.24% | -6.89% | +3.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 1.73% | — |
Volatility
TNXT vs. PFM - Volatility Comparison
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Volatility by Period
| TNXT | PFM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 2.60% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 7.11% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 20.96% | 9.52% | +11.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.96% | 13.47% | +7.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.96% | 15.18% | +5.78% |
TNXT vs. PFM - Expense Ratio Comparison
TNXT has a 0.49% expense ratio, which is lower than PFM's 0.53% expense ratio.
Dividends
TNXT vs. PFM - Dividend Comparison
TNXT has not paid dividends to shareholders, while PFM's dividend yield for the trailing twelve months is around 1.32%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFM Invesco Dividend Achievers™ ETF | 1.32% | 1.41% | 1.58% | 1.86% | 1.95% | 1.69% | 1.92% | 1.94% | 2.27% | 1.70% | 2.56% | 2.36% |
TNXT T. Rowe Price Innovation Leaders ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TNXT and PFM have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TNXT is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TNXT is cheaper with a 0.49% expense ratio, compared with 0.53% for PFM.
PFM has the higher dividend yield at 1.32%, compared with 0.00% for TNXT.
They also come from different issuers: T. Rowe Price and Invesco. Their fees differ too: 0.49% for TNXT and 0.53% for PFM.
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