TSPA vs. ILCV

Last updated Jun 9, 2026

TSPA (T. Rowe Price US Equity Research ETF) and ILCV (iShares Morningstar Value ETF) are both exchange-traded funds - TSPA is a Large Cap Blend Equities fund actively managed by T. Rowe Price, while ILCV is a Large Cap Value Equities fund tracking the Morningstar US Large-Mid Cap Broad Value Index. TSPA is actively managed, while ILCV is passively managed. Over the past 3 years, TSPA returned 22.03%/yr vs 18.09%/yr for ILCV. Their correlation of 0.86 suggests significant overlap in exposure. TSPA charges 0.34%/yr vs 0.04%/yr for ILCV.

Performance

TSPA vs. ILCV - Performance Comparison

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

Returns By Period

In the year-to-date period, TSPA achieves a 9.02% return, which is significantly higher than ILCV's 7.35% return.

TSPA

• 1D: 0.26%
• 1M: -0.15%
• YTD: 9.02%
• 6M: 9.17%
• 1Y: 24.38%
• 3Y*: 22.03%
• 5Y*: —
• 10Y*: —

ILCV

• 1D: -0.06%
• 1M: 1.03%
• YTD: 7.35%
• 6M: 7.96%
• 1Y: 25.66%
• 3Y*: 18.09%
• 5Y*: 11.47%
• 10Y*: 11.58%

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

TSPA vs. ILCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TSPA T. Rowe Price US Equity Research ETF	9.02%	16.44%	26.37%	29.95%	-18.70%	13.72%
ILCV iShares Morningstar Value ETF	7.35%	18.79%	17.03%	14.43%	-7.02%	8.40%

Correlation

The correlation between TSPA and ILCV is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jun 10, 2021	0.86

The correlation between TSPA and ILCV has been stable across timeframes, ranging from 0.80 to 0.86 - a consistent structural relationship.

TSPA vs. ILCV - Sectors Allocation Comparison

Sectors	TSPA	ILCV
Technology	36.0%	23.8%
Financial Services	12.3%	16.5%
Communication Services	11.1%	8.0%
Consumer Cyclical	10.0%	9.5%
Healthcare	8.6%	11.5%
Industrials	7.7%	8.8%
Consumer Defensive	4.7%	7.6%
Energy	3.6%	6.0%
Utilities	2.8%	3.5%
Basic Materials	1.8%	2.4%
Real Estate	1.7%	2.0%

Return for Risk

TSPA vs. ILCV — Risk / Return Rank

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

TSPA

TSPA Risk / Return Rank: 65
TSPA Sharpe Ratio Rank: 66
TSPA Sortino Ratio Rank: 64
TSPA Omega Ratio Rank: 66
TSPA Calmar Ratio Rank: 59
TSPA Martin Ratio Rank: 72

ILCV

ILCV Risk / Return Rank: 86
ILCV Sharpe Ratio Rank: 87
ILCV Sortino Ratio Rank: 88
ILCV Omega Ratio Rank: 86
ILCV Calmar Ratio Rank: 82
ILCV Martin Ratio Rank: 85

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. ILCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price US Equity Research ETF (TSPA) and iShares Morningstar Value ETF (ILCV). 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	ILCV	Difference
Sharpe ratio: Return per unit of total volatility	1.95	2.61	-0.66
Sortino ratio: Return per unit of downside risk	2.65	3.67	-1.02
Omega ratio: Gain probability vs. loss probability	1.36	1.47	-0.12
Calmar ratio: Return relative to maximum drawdown	2.65	3.93	-1.28
Martin ratio: Return relative to average drawdown	12.24	16.24	-4.00
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. ILCV - Sharpe Ratio Comparison

The current TSPA Sharpe Ratio is 1.95, which is comparable to the ILCV Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of TSPA and ILCV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TSPA	ILCV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.95	2.61	-0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.81	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.70	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.46	+0.37

Drawdowns

TSPA vs. ILCV - Drawdown Comparison

The maximum TSPA drawdown since its inception was -24.72%, smaller than the maximum ILCV drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for TSPA and ILCV.

Drawdown Indicators

	TSPA	ILCV	Difference
Max Drawdown Largest peak-to-trough decline	-24.72%	-58.63%	+33.91%
Max Drawdown (1Y) Largest decline over 1 year	-9.24%	-6.55%	-2.69%
Max Drawdown (3Y) Largest decline over 3 years	-19.04%	-14.95%	-4.09%
Max Drawdown (5Y) Largest decline over 5 years	-24.72%	-18.58%	-6.14%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.53%	—
Current Drawdown Current decline from peak	-2.71%	-1.33%	-1.38%
Average Drawdown Average peak-to-trough decline	-5.48%	-9.32%	+3.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	1.58%	+0.42%

Volatility

TSPA vs. ILCV - Volatility Comparison

T. Rowe Price US Equity Research ETF (TSPA) has a higher volatility of 3.90% compared to iShares Morningstar Value ETF (ILCV) at 2.33%. This indicates that TSPA's price experiences larger fluctuations and is considered to be riskier than ILCV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSPA	ILCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	2.33%	+1.57%
Volatility (6M) Calculated over the trailing 6-month period	9.88%	7.12%	+2.76%
Volatility (1Y) Calculated over the trailing 1-year period	12.57%	9.90%	+2.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.03%	14.23%	+2.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.03%	16.67%	+0.36%

TSPA vs. ILCV - Expense Ratio Comparison

TSPA has a 0.34% expense ratio, which is higher than ILCV's 0.04% expense ratio.

Dividends

TSPA vs. ILCV - Dividend Comparison

TSPA's dividend yield for the trailing twelve months is around 0.57%, less than ILCV's 1.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ILCV iShares Morningstar Value ETF	1.63%	1.77%	1.99%	2.27%	2.32%	2.01%	2.96%	2.70%	2.93%	2.32%	2.76%	3.01%
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 ILCV in my portfolio?

TSPA and ILCV have a correlation of 0.81, 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 ILCV?

TSPA has higher volatility (3.90%) compared to ILCV (2.33%). In terms of maximum drawdown, TSPA dropped -24.72% vs ILCV's -58.63%.

Which ETF is better, TSPA or ILCV?

On 3-year performance, TSPA leads with 22.03% vs 18.09% for ILCV. On fees, ILCV is cheaper at 0.04% per year. On volatility, ILCV has been the lower-risk option at 2.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSPA or ILCV?

Over the 3-year period, TSPA has performed better with a 22.03% return vs 18.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSPA or ILCV?

ILCV is cheaper with a 0.04% expense ratio, compared with 0.34% for TSPA.

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

ILCV has the higher dividend yield at 1.63%, compared with 0.57% for TSPA.

What is the main difference between TSPA and ILCV?

TSPA is categorized as Large Cap Blend Equities, while ILCV is Large Cap Value Equities. They also come from different issuers: T. Rowe Price and iShares. Their fees differ too: 0.34% for TSPA and 0.04% for ILCV.

Which has better risk-adjusted returns?

ILCV currently has the higher Sharpe Ratio (2.61 vs 1.95), 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.