TNXT vs. QWLD
TNXT (T. Rowe Price Innovation Leaders ETF) and QWLD (SPDR MSCI World StrategicFactors ETF) are both Large Cap Growth Equities funds. TNXT is actively managed, while QWLD is passively managed. A 0.75 correlation means they provide meaningful diversification when combined. TNXT charges 0.49%/yr vs 0.30%/yr for QWLD.
Performance
TNXT vs. QWLD - Performance Comparison
Loading charts...
Returns By Period
TNXT
- 1D
- -0.21%
- 1M
- 5.31%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
QWLD
- 1D
- 0.49%
- 1M
- 1.68%
- 6M
- 6.43%
- YTD
- 8.25%
- 1Y
- 16.41%
- 3Y*
- 16.14%
- 5Y*
- 9.99%
- 10Y*
- 11.61%
TNXT vs. QWLD - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
TNXT T. Rowe Price Innovation Leaders ETF | 12.47% |
QWLD SPDR MSCI World StrategicFactors ETF | 5.45% |
Correlation
The correlation between TNXT and QWLD is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jan 29, 2026 | 0.75 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TNXT vs. QWLD — Risk / Return Rank
TNXT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
QWLD
TNXT vs. QWLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Innovation Leaders ETF (TNXT) and SPDR MSCI World StrategicFactors ETF (QWLD). 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 | QWLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.29 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.04 | — |
| Martin ratioReturn relative to average drawdown | — | 8.78 | — |
Loading charts...
Drawdowns
TNXT vs. QWLD - Drawdown Comparison
The maximum TNXT drawdown since its inception was -13.11%, smaller than the maximum QWLD drawdown of -31.89%. Use the drawdown chart below to compare losses from any high point for TNXT and QWLD.
Loading charts...
Drawdown Indicators
| TNXT | QWLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.11% | -31.89% | +18.78% |
Max Drawdown (1Y)Largest decline over 1 year | — | -7.66% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -12.40% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -22.84% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -31.89% | — |
Current DrawdownCurrent decline from peak | -0.21% | 0.00% | -0.21% |
Average DrawdownAverage peak-to-trough decline | -3.28% | -3.68% | +0.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 1.78% | — |
Volatility
TNXT vs. QWLD - Volatility Comparison
Loading charts...
Volatility by Period
| TNXT | QWLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 2.58% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 7.81% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 21.23% | 9.73% | +11.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.23% | 13.52% | +7.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.23% | 15.13% | +6.10% |
TNXT vs. QWLD - Expense Ratio Comparison
TNXT has a 0.49% expense ratio, which is higher than QWLD's 0.30% expense ratio.
Dividends
TNXT vs. QWLD - Dividend Comparison
TNXT has not paid dividends to shareholders, while QWLD's dividend yield for the trailing twelve months is around 1.81%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QWLD SPDR MSCI World StrategicFactors ETF | 1.81% | 1.85% | 1.74% | 1.78% | 2.02% | 1.77% | 1.77% | 2.13% | 2.33% | 2.73% | 2.22% | 3.42% |
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 QWLD have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, QWLD is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
QWLD is cheaper with a 0.30% expense ratio, compared with 0.49% for TNXT.
QWLD has the higher dividend yield at 1.81%, compared with 0.00% for TNXT.
They also come from different issuers: T. Rowe Price and State Street. Their fees differ too: 0.49% for TNXT and 0.30% for QWLD.
Find the right allocation for TNXT and QWLD
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer