TSPA vs. ^GSPC
TSPA (T. Rowe Price US Equity Research ETF) is Large Cap Blend Equities fund actively managed by T. Rowe Price, while ^GSPC (S&P 500 Index) is an index. Over the past 3 years, TSPA returned 22.97%/yr vs 20.83%/yr for ^GSPC. With a 0.99 correlation, they move nearly in lockstep.
Performance
TSPA vs. ^GSPC - Performance Comparison
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Returns By Period
In the year-to-date period, TSPA achieves a 11.31% return, which is significantly higher than ^GSPC's 10.35% return.
TSPA
- 1D
- -0.67%
- 1M
- 4.87%
- YTD
- 11.31%
- 6M
- 11.41%
- 1Y
- 27.74%
- 3Y*
- 22.97%
- 5Y*
- —
- 10Y*
- —
^GSPC
- 1D
- -0.74%
- 1M
- 4.90%
- YTD
- 10.35%
- 6M
- 10.28%
- 1Y
- 26.52%
- 3Y*
- 20.83%
- 5Y*
- 12.30%
- 10Y*
- 13.66%
TSPA vs. ^GSPC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TSPA T. Rowe Price US Equity Research ETF | 11.31% | 16.44% | 26.37% | 29.95% | -18.70% | 13.72% |
^GSPC S&P 500 Index | 10.35% | 16.39% | 23.31% | 24.23% | -19.44% | 12.95% |
Correlation
The correlation between TSPA and ^GSPC is 0.99 - 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 | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Jun 10, 2021 | 0.99 |
The correlation between TSPA and ^GSPC has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.
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Return for Risk
TSPA vs. ^GSPC — Risk / Return Rank
TSPA
^GSPC
TSPA vs. ^GSPC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price US Equity Research ETF (TSPA) and S&P 500 Index (^GSPC). 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.
| TSPA | ^GSPC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.41 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.02 | 2.93 | +0.09 |
| Martin ratioReturn relative to average drawdown | 14.04 | 13.52 | +0.52 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TSPA | ^GSPC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.28 | 2.24 | +0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.73 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.76 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.86 | 0.47 | +0.39 |
Drawdowns
TSPA vs. ^GSPC - Drawdown Comparison
The maximum TSPA drawdown since its inception was -24.72%, smaller than the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for TSPA and ^GSPC.
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Drawdown Indicators
| TSPA | ^GSPC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.72% | -56.78% | +32.06% |
Max Drawdown (1Y)Largest decline over 1 year | -9.24% | -9.10% | -0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -19.04% | -18.90% | -0.14% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.67% | -0.74% | +0.07% |
Average DrawdownAverage peak-to-trough decline | -5.49% | -10.72% | +5.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 1.97% | +0.01% |
Volatility
TSPA vs. ^GSPC - Volatility Comparison
T. Rowe Price US Equity Research ETF (TSPA) and S&P 500 Index (^GSPC) have volatilities of 2.98% and 2.93%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSPA | ^GSPC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.98% | 2.93% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 9.44% | 8.99% | +0.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.26% | 11.89% | +0.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.00% | 16.90% | +0.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.00% | 18.06% | -1.06% |
Frequently Asked Questions
With a correlation of 0.99, TSPA and ^GSPC 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.
TSPA has higher volatility (2.98%) compared to ^GSPC (2.93%). In terms of maximum drawdown, TSPA dropped -24.72% vs ^GSPC's -56.78%.
TSPA currently has the higher Sharpe Ratio (2.28 vs 2.24), 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.
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