TSPA vs. ITOT

Last updated Jul 17, 2026

TSPA (T. Rowe Price US Equity Research ETF) and ITOT (iShares Core S&P Total U.S. Stock Market ETF) are both Large Cap Blend Equities funds. TSPA is actively managed, while ITOT is passively managed. Over the past 5 years, TSPA returned 13.85%/yr vs 12.32%/yr for ITOT. With a 0.98 correlation, they move nearly in lockstep. TSPA charges 0.34%/yr vs 0.03%/yr for ITOT.

Performance

TSPA vs. ITOT - 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 Core S&P Total U.S. Stock Market ETF (ITOT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with TSPA having a 11.06% return and ITOT slightly higher at 11.25%.

TSPA

• 1D: -0.50%
• 1M: 0.21%
• 6M: 9.52%
• YTD: 11.06%
• 1Y: 21.70%
• 3Y*: 20.58%
• 5Y*: 13.85%
• 10Y*: —

ITOT

• 1D: -0.50%
• 1M: 0.35%
• 6M: 9.08%
• YTD: 11.25%
• 1Y: 21.93%
• 3Y*: 19.69%
• 5Y*: 12.32%
• 10Y*: 14.63%

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

TSPA vs. ITOT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TSPA T. Rowe Price US Equity Research ETF	11.06%	16.44%	26.37%	29.95%	-18.70%	13.26%
ITOT iShares Core S&P Total U.S. Stock Market ETF	11.25%	17.00%	23.80%	26.12%	-19.47%	10.80%

Correlation

The correlation between TSPA and ITOT 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	0.98
Correlation (All Time) Calculated using the full available price history since Jun 9, 2021	0.98

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

TSPA vs. ITOT - Sectors Allocation Comparison

Sectors	TSPA	ITOT
Technology	35.9%	37.2%
Financial Services	12.2%	11.4%
Communication Services	11.3%	9.8%
Consumer Cyclical	10.0%	9.8%
Healthcare	8.6%	8.8%
Industrials	8.0%	9.1%
Consumer Defensive	4.7%	4.3%
Energy	3.6%	3.3%
Utilities	2.4%	2.1%
Basic Materials	1.8%	2.0%
Real Estate	1.7%	2.3%

Return for Risk

TSPA vs. ITOT — Risk / Return Rank

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

TSPA

TSPA Risk / Return Rank: 63
TSPA Sharpe Ratio Rank: 62
TSPA Sortino Ratio Rank: 61
TSPA Omega Ratio Rank: 62
TSPA Calmar Ratio Rank: 59
TSPA Martin Ratio Rank: 72

ITOT

ITOT Risk / Return Rank: 65
ITOT Sharpe Ratio Rank: 65
ITOT Sortino Ratio Rank: 63
ITOT Omega Ratio Rank: 64
ITOT Calmar Ratio Rank: 61
ITOT Martin Ratio Rank: 73

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. ITOT - 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 Core S&P Total U.S. Stock Market ETF (ITOT). 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	ITOT	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.71	-0.06
Sortino ratio: Return per unit of downside risk	2.30	2.37	-0.07
Omega ratio: Gain probability vs. loss probability	1.30	1.31	-0.01
Calmar ratio: Return relative to maximum drawdown	2.36	2.48	-0.12
Martin ratio: Return relative to average drawdown	10.39	10.79	-0.40

TSPA vs. ITOT - Sharpe Ratio Comparison

The current TSPA Sharpe Ratio is 1.65, which is comparable to the ITOT Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of TSPA and ITOT, 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. ITOT - Drawdown Comparison

The maximum TSPA drawdown since its inception was -24.72%, smaller than the maximum ITOT drawdown of -55.20%. Use the drawdown chart below to compare losses from any high point for TSPA and ITOT.

Drawdown Indicators

	TSPA	ITOT	Difference
Max Drawdown Largest peak-to-trough decline	-24.72%	-55.20%	+30.48%
Max Drawdown (1Y) Largest decline over 1 year	-9.24%	-8.90%	-0.34%
Max Drawdown (3Y) Largest decline over 3 years	-19.04%	-19.44%	+0.40%
Max Drawdown (5Y) Largest decline over 5 years	-24.72%	-25.36%	+0.64%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.00%	—
Current Drawdown Current decline from peak	-0.90%	-0.73%	-0.17%
Average Drawdown Average peak-to-trough decline	-5.40%	-6.94%	+1.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	2.04%	+0.05%

Volatility

TSPA vs. ITOT - Volatility Comparison

T. Rowe Price US Equity Research ETF (TSPA) has a higher volatility of 4.04% compared to iShares Core S&P Total U.S. Stock Market ETF (ITOT) at 3.31%. This indicates that TSPA's price experiences larger fluctuations and is considered to be riskier than ITOT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSPA	ITOT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.04%	3.31%	+0.73%
Volatility (6M) Calculated over the trailing 6-month period	10.68%	10.15%	+0.53%
Volatility (1Y) Calculated over the trailing 1-year period	13.18%	12.85%	+0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.12%	17.46%	-0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.99%	18.24%	-1.25%

TSPA vs. ITOT - Expense Ratio Comparison

TSPA has a 0.34% expense ratio, which is higher than ITOT's 0.03% expense ratio.

Dividends

TSPA vs. ITOT - Dividend Comparison

TSPA's dividend yield for the trailing twelve months is around 0.56%, less than ITOT's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ITOT iShares Core S&P Total U.S. Stock Market ETF	1.00%	1.11%	1.23%	1.47%	1.66%	1.18%	1.41%	1.88%	2.14%	1.69%	1.83%	2.01%
TSPA T. Rowe Price US Equity Research ETF	0.56%	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 ITOT in my portfolio?

With a correlation of 0.99, TSPA and ITOT 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 ITOT?

TSPA has higher volatility (4.04%) compared to ITOT (3.31%). In terms of maximum drawdown, TSPA dropped -24.72% vs ITOT's -55.20%.

Which ETF is better, TSPA or ITOT?

On 5-year performance, TSPA leads with 13.85% vs 12.32% for ITOT. On fees, ITOT is cheaper at 0.03% per year. On volatility, ITOT has been the lower-risk option at 3.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSPA or ITOT?

Over the 5-year period, TSPA has performed better with a 13.85% return vs 12.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSPA or ITOT?

ITOT is cheaper with a 0.03% expense ratio, compared with 0.34% for TSPA.

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

ITOT has the higher dividend yield at 1.00%, compared with 0.56% for TSPA.

What is the main difference between TSPA and ITOT?

They also come from different issuers: T. Rowe Price and iShares. Their fees differ too: 0.34% for TSPA and 0.03% for ITOT.

Which has better risk-adjusted returns?

ITOT currently has the higher Sharpe Ratio (1.71 vs 1.65), 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.