TSPA vs. PRCHX
TSPA (T. Rowe Price US Equity Research ETF) and PRCHX (T. Rowe Price Capital Appreciation and Income Fund Class I) are both funds - TSPA is a Large Cap Blend Equities fund actively managed by T. Rowe Price, while PRCHX is a Diversified Portfolio fund actively managed by T. Rowe Price. Both are actively managed. Over the past year, TSPA returned 24.31% vs 11.41% for PRCHX. Their correlation of 0.85 suggests significant overlap in exposure. TSPA charges 0.34%/yr vs 0.49%/yr for PRCHX.
Performance
TSPA vs. PRCHX - Performance Comparison
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Returns By Period
In the year-to-date period, TSPA achieves a 9.54% return, which is significantly higher than PRCHX's 2.61% return.
TSPA
- 1D
- 0.47%
- 1M
- -0.45%
- YTD
- 9.54%
- 6M
- 10.14%
- 1Y
- 24.31%
- 3Y*
- 21.63%
- 5Y*
- 14.00%
- 10Y*
- —
PRCHX
- 1D
- 0.68%
- 1M
- -0.41%
- YTD
- 2.61%
- 6M
- 3.48%
- 1Y
- 11.41%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TSPA vs. PRCHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
TSPA T. Rowe Price US Equity Research ETF | 9.54% | 16.44% | 26.37% | 5.19% |
PRCHX T. Rowe Price Capital Appreciation and Income Fund Class I | 2.61% | 13.68% | 8.92% | 3.12% |
Correlation
The correlation between TSPA and PRCHX is 0.88, 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 | 0.88 |
Correlation (All Time) Calculated using the full available price history since Nov 30, 2023 | 0.85 |
The correlation between TSPA and PRCHX has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.
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Return for Risk
TSPA vs. PRCHX — Risk / Return Rank
TSPA
PRCHX
TSPA vs. PRCHX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price US Equity Research ETF (TSPA) and T. Rowe Price Capital Appreciation and Income Fund Class I (PRCHX). 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 | PRCHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.41 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.64 | 2.63 | +0.02 |
| Martin ratioReturn relative to average drawdown | 11.98 | 12.99 | -1.02 |
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Drawdowns
TSPA vs. PRCHX - Drawdown Comparison
The maximum TSPA drawdown since its inception was -24.72%, which is greater than PRCHX's maximum drawdown of -6.10%. Use the drawdown chart below to compare losses from any high point for TSPA and PRCHX.
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Drawdown Indicators
| TSPA | PRCHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.72% | -6.10% | -18.62% |
Max Drawdown (1Y)Largest decline over 1 year | -9.24% | -4.50% | -4.74% |
Max Drawdown (3Y)Largest decline over 3 years | -19.04% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -24.72% | — | — |
Current DrawdownCurrent decline from peak | -2.25% | -1.37% | -0.88% |
Average DrawdownAverage peak-to-trough decline | -5.47% | -0.65% | -4.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.04% | 0.91% | +1.13% |
Volatility
TSPA vs. PRCHX - Volatility Comparison
T. Rowe Price US Equity Research ETF (TSPA) has a higher volatility of 4.52% compared to T. Rowe Price Capital Appreciation and Income Fund Class I (PRCHX) at 2.18%. This indicates that TSPA's price experiences larger fluctuations and is considered to be riskier than PRCHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSPA | PRCHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.52% | 2.18% | +2.34% |
Volatility (6M)Calculated over the trailing 6-month period | 10.15% | 4.44% | +5.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.76% | 5.46% | +7.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.05% | 6.56% | +10.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.03% | 6.56% | +10.47% |
TSPA vs. PRCHX - Expense Ratio Comparison
TSPA has a 0.34% expense ratio, which is lower than PRCHX's 0.49% expense ratio.
Dividends
TSPA vs. PRCHX - Dividend Comparison
TSPA's dividend yield for the trailing twelve months is around 0.57%, less than PRCHX's 5.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
PRCHX T. Rowe Price Capital Appreciation and Income Fund Class I | 5.20% | 5.08% | 3.22% | 0.27% | 0.00% | 0.00% |
TSPA T. Rowe Price US Equity Research ETF | 0.57% | 0.62% | 0.50% | 0.41% | 1.16% | 0.43% |
Frequently Asked Questions
TSPA and PRCHX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSPA has higher volatility (4.52%) compared to PRCHX (2.18%). In terms of maximum drawdown, TSPA dropped -24.72% vs PRCHX's -6.10%.
PRCHX currently has the higher Sharpe Ratio (2.16 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.
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