TSPA vs. EQL

Last updated Aug 6, 2026

TSPA (T. Rowe Price U.S. Equity Research ETF) and EQL (ALPS Equal Sector Weight ETF) are both Large Cap Blend Equities funds. TSPA is actively managed, while EQL is passively managed. Over the past 5 years, TSPA returned 13.83%/yr vs 10.78%/yr for EQL. Their correlation of 0.87 means they have usually moved in the same direction. TSPA charges 0.34%/yr vs 0.27%/yr for EQL.

Performance

TSPA vs. EQL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price U.S. Equity Research ETF (TSPA) and ALPS Equal Sector Weight ETF (EQL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSPA achieves a 13.58% return, which is significantly higher than EQL's 12.36% return.

TSPA

• 1D: -0.21%
• 1M: 2.04%
• 6M: 12.79%
• YTD: 13.58%
• 1Y: 23.65%
• 3Y*: 21.82%
• 5Y*: 13.83%
• 10Y*: —
• ALL TIME*: 14.39%

EQL

• 1D: -0.25%
• 1M: 1.57%
• 6M: 7.31%
• YTD: 12.36%
• 1Y: 19.04%
• 3Y*: 15.88%
• 5Y*: 10.78%
• 10Y*: 12.45%
• ALL TIME*: 13.57%

*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)
EQL ALPS Equal Sector Weight ETF	$3.29M	$2.86M	$2.72M
TSPA T. Rowe Price U.S. Equity Research ETF	$18.38M	$19.23M	$25.59M

TSPA vs. EQL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TSPA T. Rowe Price U.S. Equity Research ETF	13.58%	16.44%	26.37%	29.95%	-18.70%	13.26%
EQL ALPS Equal Sector Weight ETF	12.36%	13.09%	16.44%	16.87%	-10.72%	10.36%

Correlation

The correlation between TSPA and EQL is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.71
Correlation (3Y) Balances recent behavior with more history.	0.80
Correlation (5Y) Shows whether the relationship held over a longer period.	0.87
Correlation (All Time) Calculated using the full available price history since Jun 9, 2021	0.87

The correlation between TSPA and EQL shifts across timeframes, from 0.71 (1 year) to 0.87 (all time), reflecting how their relationship changes across market environments.

TSPA vs. EQL - Sectors Allocation Comparison

Sectors	TSPA	EQL
Technology	39.1%	10.2%
Financial Services	11.9%	9.1%
Communication Services	10.0%	8.9%
Consumer Cyclical	9.3%	9.6%
Healthcare	8.9%	9.4%
Industrials	8.0%	9.3%
Consumer Defensive	4.4%	8.8%
Energy	3.0%	8.7%
Utilities	2.2%	9.4%
Basic Materials	1.6%	8.0%
Real Estate	1.5%	8.7%

Return for Risk

TSPA vs. EQL — Risk / Return Rank

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

TSPA

TSPA Risk / Return Rank: 67
TSPA Sharpe Ratio Rank: 66
TSPA Sortino Ratio Rank: 65
TSPA Omega Ratio Rank: 65
TSPA Calmar Ratio Rank: 64
TSPA Martin Ratio Rank: 76

EQL

EQL Risk / Return Rank: 79
EQL Sharpe Ratio Rank: 79
EQL Sortino Ratio Rank: 78
EQL Omega Ratio Rank: 78
EQL Calmar Ratio Rank: 77
EQL Martin Ratio Rank: 81

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.

TSPA vs. EQL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price U.S. Equity Research ETF (TSPA) and ALPS Equal Sector Weight ETF (EQL). 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.

	TSPA	EQL	Difference
Sharpe ratio: Return per unit of total volatility	1.77	2.03	-0.26
Sortino ratio: Return per unit of downside risk	2.45	2.83	-0.38
Omega ratio: Gain probability vs. loss probability	1.32	1.37	-0.05
Calmar ratio: Return relative to maximum drawdown	2.57	3.09	-0.52
Martin ratio: Return relative to average drawdown	11.05	12.10	-1.04

TSPA vs. EQL - Sharpe Ratio Comparison

The current TSPA Sharpe Ratio is 1.77, which is comparable to the EQL Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of TSPA and EQL, 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

TSPA vs. EQL - Drawdown Comparison

The maximum TSPA drawdown since its inception was -24.72%, smaller than the maximum EQL drawdown of -35.65%. Use the drawdown chart below to compare losses from any high point for TSPA and EQL.

Drawdown Indicators

	TSPA	EQL	Difference
Max Drawdown Largest peak-to-trough decline	-24.72%	-35.65%	+10.93%
Max Drawdown (1Y) Largest decline over 1 year	-9.24%	-6.19%	-3.05%
Max Drawdown (3Y) Largest decline over 3 years	-19.04%	-15.07%	-3.97%
Max Drawdown (5Y) Largest decline over 5 years	-24.72%	-19.24%	-5.48%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.65%	—
Current Drawdown Current decline from peak	-0.21%	-0.25%	+0.04%
Average Drawdown Average peak-to-trough decline	-5.37%	-3.23%	-2.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.14%	1.58%	+0.56%

Volatility

TSPA vs. EQL - Volatility Comparison

T. Rowe Price U.S. Equity Research ETF (TSPA) has a higher volatility of 4.14% compared to ALPS Equal Sector Weight ETF (EQL) at 2.41%. This indicates that TSPA's price experiences larger fluctuations and is considered to be riskier than EQL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSPA	EQL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.14%	2.41%	+1.73%
Volatility (6M) Calculated over the trailing 6-month period	10.93%	7.12%	+3.81%
Volatility (1Y) Calculated over the trailing 1-year period	13.47%	9.43%	+4.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.15%	14.52%	+2.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.98%	16.49%	+0.49%

TSPA vs. EQL - Expense Ratio Comparison

TSPA has a 0.34% expense ratio, which is higher than EQL's 0.27% expense ratio.

Dividends

TSPA vs. EQL - Dividend Comparison

TSPA's dividend yield for the trailing twelve months is around 0.55%, less than EQL's 1.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EQL ALPS Equal Sector Weight ETF	1.33%	1.73%	1.78%	1.96%	2.14%	1.69%	2.29%	1.95%	2.39%	1.97%	2.89%	2.07%
TSPA T. Rowe Price U.S. Equity Research ETF	0.55%	0.62%	0.50%	0.41%	1.16%	0.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSPA and EQL in my portfolio?

TSPA and EQL have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSPA or EQL?

TSPA has higher volatility (4.14%) compared to EQL (2.41%). In terms of maximum drawdown, TSPA dropped -24.72% vs EQL's -35.65%.

Which ETF is better, TSPA or EQL?

On 5-year performance, TSPA leads with 13.83% vs 10.78% for EQL. On fees, EQL is cheaper at 0.27% per year. On volatility, EQL has been the lower-risk option at 2.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSPA or EQL?

Over the 5-year period, TSPA has performed better with a 13.83% return vs 10.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSPA or EQL?

EQL is cheaper with a 0.27% expense ratio, compared with 0.34% for TSPA.

Which ETF pays a higher dividend yield, TSPA or EQL?

EQL has the higher dividend yield at 1.33%, compared with 0.55% for TSPA.

What is the main difference between TSPA and EQL?

They also come from different issuers: T. Rowe Price and SS&C. Their fees differ too: 0.34% for TSPA and 0.27% for EQL.

Which has better risk-adjusted returns?

EQL currently has the higher Sharpe Ratio (2.03 vs 1.77), 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.