TOUS vs. PIEQX

Last updated Jul 14, 2026

TOUS (T. Rowe Price International Equity ETF) and PIEQX (T. Rowe Price International Equity Index Fund) are both Foreign Large Cap Equities funds from T. Rowe Price. Over the past 3 years, TOUS returned 16.36%/yr vs 16.83%/yr for PIEQX. With a 0.95 correlation, they move nearly in lockstep. TOUS charges 0.50%/yr vs 0.29%/yr for PIEQX.

Performance

TOUS vs. PIEQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price International Equity ETF (TOUS) and T. Rowe Price International Equity Index Fund (PIEQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with TOUS having a 10.29% return and PIEQX slightly higher at 10.32%.

TOUS

• 1D: -0.96%
• 1M: 0.05%
• 6M: 6.05%
• YTD: 10.29%
• 1Y: 20.09%
• 3Y*: 16.36%
• 5Y*: —
• 10Y*: —

PIEQX

• 1D: 0.27%
• 1M: 0.82%
• 6M: 6.53%
• YTD: 10.32%
• 1Y: 21.08%
• 3Y*: 16.83%
• 5Y*: 8.83%
• 10Y*: 9.17%

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

TOUS vs. PIEQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TOUS T. Rowe Price International Equity ETF	10.29%	34.00%	3.63%	3.45%
PIEQX T. Rowe Price International Equity Index Fund	10.32%	31.37%	3.40%	4.96%

Correlation

The correlation between TOUS and PIEQX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jun 15, 2023	0.95

The correlation between TOUS and PIEQX has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

TOUS vs. PIEQX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TOUS

TOUS Risk / Return Rank: 44
TOUS Sharpe Ratio Rank: 45
TOUS Sortino Ratio Rank: 45
TOUS Omega Ratio Rank: 46
TOUS Calmar Ratio Rank: 41
TOUS Martin Ratio Rank: 46

PIEQX

PIEQX Risk / Return Rank: 35
PIEQX Sharpe Ratio Rank: 34
PIEQX Sortino Ratio Rank: 33
PIEQX Omega Ratio Rank: 34
PIEQX Calmar Ratio Rank: 35
PIEQX Martin Ratio Rank: 38

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.

TOUS vs. PIEQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price International Equity ETF (TOUS) and T. Rowe Price International Equity Index Fund (PIEQX). 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.

	TOUS	PIEQX	Difference
Sharpe ratio: Return per unit of total volatility	1.26	1.27	0.00
Sortino ratio: Return per unit of downside risk	1.87	1.84	+0.03
Omega ratio: Gain probability vs. loss probability	1.23	1.23	0.00
Calmar ratio: Return relative to maximum drawdown	1.65	1.76	-0.11
Martin ratio: Return relative to average drawdown	5.98	6.56	-0.58

TOUS vs. PIEQX - Sharpe Ratio Comparison

The current TOUS Sharpe Ratio is 1.26, which is comparable to the PIEQX Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of TOUS and PIEQX, 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

TOUS vs. PIEQX - Drawdown Comparison

The maximum TOUS drawdown since its inception was -14.29%, smaller than the maximum PIEQX drawdown of -60.73%. Use the drawdown chart below to compare losses from any high point for TOUS and PIEQX.

Drawdown Indicators

	TOUS	PIEQX	Difference
Max Drawdown Largest peak-to-trough decline	-14.29%	-60.73%	+46.44%
Max Drawdown (1Y) Largest decline over 1 year	-12.23%	-11.38%	-0.85%
Max Drawdown (3Y) Largest decline over 3 years	-14.29%	-13.70%	-0.59%
Max Drawdown (5Y) Largest decline over 5 years	—	-29.56%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.19%	—
Current Drawdown Current decline from peak	-2.31%	-1.08%	-1.23%
Average Drawdown Average peak-to-trough decline	-2.77%	-13.90%	+11.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	3.06%	+0.31%

Volatility

TOUS vs. PIEQX - Volatility Comparison

The current volatility for T. Rowe Price International Equity ETF (TOUS) is 4.86%, while T. Rowe Price International Equity Index Fund (PIEQX) has a volatility of 5.26%. This indicates that TOUS experiences smaller price fluctuations and is considered to be less risky than PIEQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOUS	PIEQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.86%	5.26%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	13.89%	13.32%	+0.57%
Volatility (1Y) Calculated over the trailing 1-year period	16.00%	15.84%	+0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.27%	16.37%	-1.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.27%	16.50%	-1.23%

TOUS vs. PIEQX - Expense Ratio Comparison

TOUS has a 0.50% expense ratio, which is higher than PIEQX's 0.29% expense ratio.

Dividends

TOUS vs. PIEQX - Dividend Comparison

TOUS's dividend yield for the trailing twelve months is around 1.58%, less than PIEQX's 2.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIEQX T. Rowe Price International Equity Index Fund	2.89%	3.19%	2.89%	3.00%	2.67%	3.15%	1.71%	2.82%	2.99%	0.21%	2.90%	2.69%
TOUS T. Rowe Price International Equity ETF	1.58%	1.74%	3.01%	0.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TOUS and PIEQX in my portfolio?

With a correlation of 0.97, TOUS and PIEQX 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, TOUS or PIEQX?

PIEQX has higher volatility (5.26%) compared to TOUS (4.86%). In terms of maximum drawdown, TOUS dropped -14.29% vs PIEQX's -60.73%.

Which has better risk-adjusted returns?

PIEQX currently has the higher Sharpe Ratio (1.27 vs 1.26), 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.