TNXT vs. TVAL
TNXT (T. Rowe Price Innovation Leaders ETF) and TVAL (T. Rowe Price Value ETF) are both exchange-traded funds - TNXT is a Large Cap Growth Equities fund actively managed by T. Rowe Price, while TVAL is a Large Cap Value Equities fund actively managed by T. Rowe Price. Both are actively managed. Their 0.66 correlation means they have sometimes moved together and sometimes differently. TNXT charges 0.49%/yr vs 0.33%/yr for TVAL.
Performance
TNXT vs. TVAL - Performance Comparison
Loading charts...
Returns By Period
TNXT
- 1D
- 0.05%
- 1M
- -1.91%
- 6M
- 10.67%
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
TVAL
- 1D
- 0.50%
- 1M
- 1.14%
- 6M
- 15.26%
- YTD
- 20.98%
- 1Y
- 32.99%
- 3Y*
- 18.55%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 19.32%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $19.23K | $12.64K | $54.16K | |
| $3.26M | $3.20M | $5.80M |
TNXT vs. TVAL - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
TNXT T. Rowe Price Innovation Leaders ETF | 8.98% |
TVAL T. Rowe Price Value ETF | 15.69% |
Correlation
The correlation between TNXT and TVAL is 0.66, 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 | 0.66 |
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. TVAL — Risk / Return Rank
TNXT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
TVAL
TNXT vs. TVAL - 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 Value ETF (TVAL). 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 | TVAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.52 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 4.44 | — |
| Martin ratioReturn relative to average drawdown | — | 19.04 | — |
Loading charts...
Drawdowns
TNXT vs. TVAL - Drawdown Comparison
The maximum TNXT drawdown since its inception was -13.11%, smaller than the maximum TVAL drawdown of -14.84%. Use the drawdown chart below to compare losses from any high point for TNXT and TVAL.
Loading charts...
Drawdown Indicators
| TNXT | TVAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.11% | -14.84% | +1.73% |
Max Drawdown (1Y)Largest decline over 1 year | — | -7.15% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -14.84% | — |
Current DrawdownCurrent decline from peak | -3.31% | -0.12% | -3.19% |
Average DrawdownAverage peak-to-trough decline | -3.24% | -1.98% | -1.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 1.67% | — |
Volatility
TNXT vs. TVAL - Volatility Comparison
Loading charts...
Volatility by Period
| TNXT | TVAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 2.57% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 8.35% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 20.96% | 10.98% | +9.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.96% | 12.49% | +8.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.96% | 12.49% | +8.47% |
TNXT vs. TVAL - Expense Ratio Comparison
TNXT has a 0.49% expense ratio, which is higher than TVAL's 0.33% expense ratio.
Dividends
TNXT vs. TVAL - Dividend Comparison
TNXT has not paid dividends to shareholders, while TVAL's dividend yield for the trailing twelve months is around 0.95%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
TNXT T. Rowe Price Innovation Leaders ETF | 0.00% | 0.00% | 0.00% | 0.00% |
TVAL T. Rowe Price Value ETF | 0.95% | 1.15% | 1.16% | 0.64% |
Frequently Asked Questions
TNXT and TVAL have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TVAL is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TVAL is cheaper with a 0.33% expense ratio, compared with 0.49% for TNXT.
TVAL has the higher dividend yield at 0.95%, compared with 0.00% for TNXT.
TNXT is categorized as Large Cap Growth Equities, while TVAL is Large Cap Value Equities. Their fees differ too: 0.49% for TNXT and 0.33% for TVAL.
Find the right allocation for TNXT and TVAL
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