TRULX vs. SPY

Last updated Aug 1, 2026

TRULX (T. Rowe Price US Large-Cap Core) and SPY (State Street SPDR S&P 500 ETF) are both funds - TRULX is a Large Cap Blend Equities fund actively managed by T. Rowe Price, while SPY is a S&P 500 fund tracking the S&P 500 Index. TRULX is actively managed, while SPY is passively managed. Over the past 10 years, TRULX returned 13.30%/yr vs 15.07%/yr for SPY. Their 0.97 correlation means they have historically moved very closely together. TRULX charges 0.64%/yr vs 0.09%/yr for SPY.

Performance

TRULX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price US Large-Cap Core (TRULX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with TRULX having a 10.16% return and SPY slightly lower at 10.13%. Over the past 10 years, TRULX has underperformed SPY with an annualized return of 13.30%, while SPY has yielded a comparatively higher 15.07% annualized return.

TRULX

• 1D: 0.98%
• 1M: 1.19%
• 6M: 8.84%
• YTD: 10.16%
• 1Y: 18.36%
• 3Y*: 17.56%
• 5Y*: 11.11%
• 10Y*: 13.30%
• ALL TIME*: 14.14%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B
TRULX T. Rowe Price US Large-Cap Core	$0.00	$0.00	$0.00

TRULX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRULX T. Rowe Price US Large-Cap Core	10.16%	12.80%	22.97%	22.61%	-15.14%	25.57%	15.57%	29.51%	-3.38%	19.85%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between TRULX and SPY is 0.94, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.94
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.96
Correlation (10Y) Provides a long-term view across more market conditions.	0.97
Correlation (All Time) Calculated using the full available price history since Jun 26, 2009	0.97

The correlation between TRULX and SPY has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

Return for Risk

TRULX vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TRULX

TRULX Risk / Return Rank: 56
TRULX Sharpe Ratio Rank: 56
TRULX Sortino Ratio Rank: 53
TRULX Omega Ratio Rank: 53
TRULX Calmar Ratio Rank: 52
TRULX Martin Ratio Rank: 66

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TRULX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price US Large-Cap Core (TRULX) and State Street SPDR S&P 500 ETF (SPY). 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.

	TRULX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.52	-0.13
Sortino ratio: Return per unit of downside risk	1.96	2.11	-0.16
Omega ratio: Gain probability vs. loss probability	1.25	1.27	-0.02
Calmar ratio: Return relative to maximum drawdown	1.87	2.20	-0.34
Martin ratio: Return relative to average drawdown	8.19	9.40	-1.21

TRULX vs. SPY - Sharpe Ratio Comparison

The current TRULX Sharpe Ratio is 1.39, which is comparable to the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of TRULX and SPY, 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

TRULX vs. SPY - Drawdown Comparison

The maximum TRULX drawdown since its inception was -33.68%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TRULX and SPY.

Drawdown Indicators

	TRULX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-33.68%	-55.19%	+21.51%
Max Drawdown (1Y) Largest decline over 1 year	-8.57%	-8.88%	+0.31%
Max Drawdown (3Y) Largest decline over 3 years	-17.23%	-18.76%	+1.53%
Max Drawdown (5Y) Largest decline over 5 years	-22.91%	-24.50%	+1.59%
Max Drawdown (10Y) Largest decline over 10 years	-33.68%	-33.72%	+0.04%
Current Drawdown Current decline from peak	-0.27%	-1.40%	+1.13%
Average Drawdown Average peak-to-trough decline	-3.62%	-9.01%	+5.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	2.08%	-0.13%

Volatility

TRULX vs. SPY - Volatility Comparison

The current volatility for T. Rowe Price US Large-Cap Core (TRULX) is 2.75%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 3.58%. This indicates that TRULX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRULX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.75%	3.58%	-0.83%
Volatility (6M) Calculated over the trailing 6-month period	8.93%	10.14%	-1.21%
Volatility (1Y) Calculated over the trailing 1-year period	11.51%	12.89%	-1.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.01%	17.18%	-1.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.97%	17.95%	-0.98%

TRULX vs. SPY - Expense Ratio Comparison

TRULX has a 0.64% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

TRULX vs. SPY - Dividend Comparison

TRULX's dividend yield for the trailing twelve months is around 7.06%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
TRULX T. Rowe Price US Large-Cap Core	7.06%	7.77%	6.66%	0.45%	4.27%	7.28%	0.85%	3.55%	7.89%	2.10%	0.94%	5.23%

Frequently Asked Questions

Can I hold both TRULX and SPY in my portfolio?

With a correlation of 0.94, TRULX and SPY 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, TRULX or SPY?

SPY has higher volatility (3.58%) compared to TRULX (2.75%). In terms of maximum drawdown, TRULX dropped -33.68% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.52 vs 1.39), 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.