TSPA vs. ^GSPC

Last updated Apr 2, 2026

Compare and contrast key facts about T. Rowe Price US Equity Research ETF (TSPA) and S&P 500 Index (^GSPC).

TSPA is an actively managed fund by T. Rowe Price. It was launched on Jun 8, 2021.

Performance

TSPA vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price US Equity Research ETF (TSPA) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

TSPA vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TSPA T. Rowe Price US Equity Research ETF	-3.53%	16.44%	26.37%	29.95%	-18.70%	13.72%
^GSPC S&P 500 Index	-3.95%	16.39%	23.31%	24.23%	-19.44%	12.95%

Returns By Period

In the year-to-date period, TSPA achieves a -3.53% return, which is significantly higher than ^GSPC's -3.95% return.

TSPA

• 1D: 0.90%
• 1M: -4.45%
• YTD: -3.53%
• 6M: -1.20%
• 1Y: 17.67%
• 3Y*: 19.50%
• 5Y*: —
• 10Y*: —

^GSPC

• 1D: 0.72%
• 1M: -4.45%
• YTD: -3.95%
• 6M: -2.02%
• 1Y: 16.73%
• 3Y*: 16.96%
• 5Y*: 10.34%
• 10Y*: 12.24%

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

Return for Risk

TSPA vs. ^GSPC — Risk / Return Rank

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

TSPA

TSPA Risk / Return Rank: 57
TSPA Sharpe Ratio Rank: 52
TSPA Sortino Ratio Rank: 55
TSPA Omega Ratio Rank: 57
TSPA Calmar Ratio Rank: 55
TSPA Martin Ratio Rank: 65

^GSPC

^GSPC Risk / Return Rank: 67
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 64
^GSPC Omega Ratio Rank: 69
^GSPC Calmar Ratio Rank: 60
^GSPC Martin Ratio Rank: 77

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.

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 ratio Return per unit of total volatility	0.98	0.92	+0.06
Sortino ratio Return per unit of downside risk	1.49	1.41	+0.08
Omega ratio Gain probability vs. loss probability	1.22	1.21	+0.01
Calmar ratio Return relative to maximum drawdown	1.50	1.41	+0.09
Martin ratio Return relative to average drawdown	6.91	6.61	+0.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSPA vs. ^GSPC - Sharpe Ratio Comparison

The current TSPA Sharpe Ratio is 0.98, which is comparable to the ^GSPC Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of TSPA and ^GSPC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TSPA	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.98	0.92	+0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.46	+0.23

Correlation

The correlation between TSPA and ^GSPC is 0.99, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

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.

Drawdown Indicators

	TSPA	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-24.72%	-56.78%	+32.06%
Max Drawdown (1Y) Largest decline over 1 year	-12.06%	-12.14%	+0.08%
Max Drawdown (5Y) Largest decline over 5 years	—	-25.43%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.92%	—
Current Drawdown Current decline from peak	-5.65%	-5.78%	+0.13%
Average Drawdown Average peak-to-trough decline	-5.66%	-10.75%	+5.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	2.60%	+0.02%

Volatility

TSPA vs. ^GSPC - Volatility Comparison

T. Rowe Price US Equity Research ETF (TSPA) has a higher volatility of 5.70% compared to S&P 500 Index (^GSPC) at 5.37%. This indicates that TSPA's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSPA	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.70%	5.37%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	9.90%	9.55%	+0.35%
Volatility (1Y) Calculated over the trailing 1-year period	18.10%	18.33%	-0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.14%	16.90%	+0.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.14%	18.05%	-0.91%