TNXT vs. TSPA
TNXT (T. Rowe Price Innovation Leaders ETF) and TSPA (T. Rowe Price US Equity Research ETF) are both exchange-traded funds - TNXT is a Large Cap Growth Equities fund actively managed by T. Rowe Price, while TSPA is a Large Cap Blend Equities fund actively managed by T. Rowe Price. Both are actively managed. Their correlation of 0.94 suggests significant overlap in exposure. TNXT charges 0.49%/yr vs 0.34%/yr for TSPA.
Performance
TNXT vs. TSPA - Performance Comparison
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Returns By Period
TNXT
- 1D
- -0.21%
- 1M
- 5.31%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TSPA
- 1D
- 0.38%
- 1M
- 2.34%
- 6M
- 9.65%
- YTD
- 11.57%
- 1Y
- 22.46%
- 3Y*
- 21.63%
- 5Y*
- 13.76%
- 10Y*
- —
TNXT vs. TSPA - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
TNXT T. Rowe Price Innovation Leaders ETF | 12.47% |
TSPA T. Rowe Price US Equity Research ETF | 9.22% |
Correlation
The correlation between TNXT and TSPA is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jan 29, 2026 | 0.94 |
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Return for Risk
TNXT vs. TSPA — Risk / Return Rank
TNXT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
TSPA
TNXT vs. TSPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Innovation Leaders ETF (TNXT) and T. Rowe Price US Equity Research ETF (TSPA). 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 | TSPA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.31 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.40 | — |
| Martin ratioReturn relative to average drawdown | — | 10.57 | — |
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Drawdowns
TNXT vs. TSPA - Drawdown Comparison
The maximum TNXT drawdown since its inception was -13.11%, smaller than the maximum TSPA drawdown of -24.72%. Use the drawdown chart below to compare losses from any high point for TNXT and TSPA.
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Drawdown Indicators
| TNXT | TSPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.11% | -24.72% | +11.61% |
Max Drawdown (1Y)Largest decline over 1 year | — | -9.24% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -19.04% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.72% | — |
Current DrawdownCurrent decline from peak | -0.21% | -0.44% | +0.23% |
Average DrawdownAverage peak-to-trough decline | -3.28% | -5.42% | +2.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.09% | — |
Volatility
TNXT vs. TSPA - Volatility Comparison
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Volatility by Period
| TNXT | TSPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 4.90% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 10.63% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 21.23% | 13.13% | +8.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.23% | 17.11% | +4.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.23% | 17.01% | +4.22% |
TNXT vs. TSPA - Expense Ratio Comparison
TNXT has a 0.49% expense ratio, which is higher than TSPA's 0.34% expense ratio.
Dividends
TNXT vs. TSPA - Dividend Comparison
TNXT has not paid dividends to shareholders, while TSPA's dividend yield for the trailing twelve months is around 0.56%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
TNXT T. Rowe Price Innovation Leaders ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TSPA T. Rowe Price US Equity Research ETF | 0.56% | 0.62% | 0.50% | 0.41% | 1.16% | 0.43% |
Frequently Asked Questions
With a correlation of 0.94, TNXT and TSPA 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.
On fees, TSPA is cheaper at 0.34% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TSPA is cheaper with a 0.34% expense ratio, compared with 0.49% for TNXT.
TSPA has the higher dividend yield at 0.56%, compared with 0.00% for TNXT.
TNXT is categorized as Large Cap Growth Equities, while TSPA is Large Cap Blend Equities. Their fees differ too: 0.49% for TNXT and 0.34% for TSPA.
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