TSPA vs. FXAIX

Last updated Jun 13, 2026

TSPA (T. Rowe Price US Equity Research ETF) and FXAIX (Fidelity 500 Index Fund) are both funds - TSPA is a Large Cap Blend Equities fund actively managed by T. Rowe Price, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. TSPA is actively managed, while FXAIX is passively managed. Over the past 5 years, TSPA returned 14.00%/yr vs 13.34%/yr for FXAIX. With a 0.99 correlation, they move nearly in lockstep. TSPA charges 0.34%/yr vs 0.02%/yr for FXAIX.

Performance

TSPA vs. FXAIX - Performance Comparison

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

Returns By Period

In the year-to-date period, TSPA achieves a 9.54% return, which is significantly higher than FXAIX's 8.59% return.

TSPA

• 1D: 0.47%
• 1M: -0.45%
• YTD: 9.54%
• 6M: 10.14%
• 1Y: 24.31%
• 3Y*: 21.63%
• 5Y*: 14.00%
• 10Y*: —

FXAIX

• 1D: 1.76%
• 1M: -0.55%
• YTD: 8.59%
• 6M: 8.94%
• 1Y: 23.79%
• 3Y*: 21.06%
• 5Y*: 13.34%
• 10Y*: 15.44%

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

TSPA vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TSPA T. Rowe Price US Equity Research ETF	9.54%	16.44%	26.37%	29.95%	-18.70%	13.26%
FXAIX Fidelity 500 Index Fund	8.59%	17.84%	25.01%	26.29%	-18.14%	13.62%

Correlation

The correlation between TSPA and FXAIX 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	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jun 9, 2021	0.99

The correlation between TSPA and FXAIX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

TSPA vs. FXAIX — Risk / Return Rank

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

TSPA

TSPA Risk / Return Rank: 67
TSPA Sharpe Ratio Rank: 67
TSPA Sortino Ratio Rank: 64
TSPA Omega Ratio Rank: 68
TSPA Calmar Ratio Rank: 60
TSPA Martin Ratio Rank: 73

FXAIX

FXAIX Risk / Return Rank: 73
FXAIX Sharpe Ratio Rank: 72
FXAIX Sortino Ratio Rank: 68
FXAIX Omega Ratio Rank: 69
FXAIX Calmar Ratio Rank: 73
FXAIX Martin Ratio Rank: 84

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. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price US Equity Research ETF (TSPA) and Fidelity 500 Index Fund (FXAIX). 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	FXAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.91	1.97	-0.06
Sortino ratio: Return per unit of downside risk	2.60	2.67	-0.07
Omega ratio: Gain probability vs. loss probability	1.35	1.36	-0.01
Calmar ratio: Return relative to maximum drawdown	2.64	2.74	-0.10
Martin ratio: Return relative to average drawdown	11.98	12.46	-0.48

TSPA vs. FXAIX - Sharpe Ratio Comparison

The current TSPA Sharpe Ratio is 1.91, which is comparable to the FXAIX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of TSPA and FXAIX, 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. FXAIX - Drawdown Comparison

The maximum TSPA drawdown since its inception was -24.72%, smaller than the maximum FXAIX drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for TSPA and FXAIX.

Drawdown Indicators

	TSPA	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-24.72%	-33.79%	+9.07%
Max Drawdown (1Y) Largest decline over 1 year	-9.24%	-8.89%	-0.35%
Max Drawdown (3Y) Largest decline over 3 years	-19.04%	-18.76%	-0.28%
Max Drawdown (5Y) Largest decline over 5 years	-24.72%	-24.50%	-0.22%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.79%	—
Current Drawdown Current decline from peak	-2.25%	-2.79%	+0.54%
Average Drawdown Average peak-to-trough decline	-5.47%	-3.79%	-1.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	1.95%	+0.09%

Volatility

TSPA vs. FXAIX - Volatility Comparison

T. Rowe Price US Equity Research ETF (TSPA) and Fidelity 500 Index Fund (FXAIX) have volatilities of 4.52% and 4.44%, 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.

Volatility by Period

	TSPA	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	4.44%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	10.15%	9.70%	+0.45%
Volatility (1Y) Calculated over the trailing 1-year period	12.76%	12.37%	+0.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.05%	16.99%	+0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.03%	18.10%	-1.07%

TSPA vs. FXAIX - Expense Ratio Comparison

TSPA has a 0.34% expense ratio, which is higher than FXAIX's 0.02% expense ratio.

Dividends

TSPA vs. FXAIX - Dividend Comparison

TSPA's dividend yield for the trailing twelve months is around 0.57%, less than FXAIX's 1.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXAIX Fidelity 500 Index Fund	1.06%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%
TSPA T. Rowe Price US Equity Research ETF	0.57%	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 FXAIX in my portfolio?

With a correlation of 0.99, TSPA and FXAIX 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, TSPA or FXAIX?

TSPA has higher volatility (4.52%) compared to FXAIX (4.44%). In terms of maximum drawdown, TSPA dropped -24.72% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

FXAIX currently has the higher Sharpe Ratio (1.97 vs 1.91), 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.