TSPA vs. SCHD

Last updated Jun 9, 2026

TSPA (T. Rowe Price US Equity Research ETF) and SCHD (Schwab U.S. Dividend Equity ETF) are both exchange-traded funds - TSPA is a Large Cap Blend Equities fund actively managed by T. Rowe Price, while SCHD is a Dividend fund tracking the Dow Jones U.S. Dividend 100 Index. TSPA is actively managed, while SCHD is passively managed. Over the past 3 years, TSPA returned 22.03%/yr vs 14.73%/yr for SCHD. A 0.67 correlation means they provide meaningful diversification when combined. TSPA charges 0.34%/yr vs 0.06%/yr for SCHD.

Performance

TSPA vs. SCHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price US Equity Research ETF (TSPA) and Schwab U.S. Dividend Equity ETF (SCHD). 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 lower than SCHD's 18.71% return.

TSPA

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

SCHD

• 1D: -0.03%
• 1M: 2.12%
• YTD: 18.71%
• 6M: 19.28%
• 1Y: 26.37%
• 3Y*: 14.73%
• 5Y*: 8.49%
• 10Y*: 12.65%

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

TSPA vs. SCHD - 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%	13.26%
SCHD Schwab U.S. Dividend Equity ETF	18.71%	4.34%	11.66%	4.54%	-3.26%	7.10%

Correlation

The correlation between TSPA and SCHD is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (All Time) Calculated using the full available price history since Jun 9, 2021	0.67

Over the past year, the correlation between TSPA and SCHD has dropped to 0.33 - well below their long-term average of 0.67, suggesting their price drivers have been diverging.

TSPA vs. SCHD - Sectors Allocation Comparison

Sectors	TSPA	SCHD
Technology	36.0%	16.4%
Financial Services	12.3%	9.3%
Communication Services	11.1%	6.3%
Consumer Cyclical	10.0%	6.3%
Healthcare	8.6%	18.8%
Industrials	7.7%	7.5%
Consumer Defensive	4.7%	19.2%
Energy	3.6%	16.2%
Utilities	2.8%	0.0%
Basic Materials	1.8%	1.2%
Real Estate	1.7%	-

Return for Risk

TSPA vs. SCHD — 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

SCHD

SCHD Risk / Return Rank: 85
SCHD Sharpe Ratio Rank: 83
SCHD Sortino Ratio Rank: 89
SCHD Omega Ratio Rank: 81
SCHD Calmar Ratio Rank: 92
SCHD Martin Ratio Rank: 80

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. SCHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price US Equity Research ETF (TSPA) and Schwab U.S. Dividend Equity ETF (SCHD). 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	SCHD	Difference
Sharpe ratio: Return per unit of total volatility	1.95	2.43	-0.47
Sortino ratio: Return per unit of downside risk	2.65	3.75	-1.10
Omega ratio: Gain probability vs. loss probability	1.36	1.43	-0.08
Calmar ratio: Return relative to maximum drawdown	2.65	5.74	-3.09
Martin ratio: Return relative to average drawdown	12.24	14.06	-1.82
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. SCHD - Sharpe Ratio Comparison

The current TSPA Sharpe Ratio is 1.95, which is comparable to the SCHD Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of TSPA and SCHD, 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	SCHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.95	2.43	-0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.59	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.76	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.86	-0.03

Drawdowns

TSPA vs. SCHD - Drawdown Comparison

The maximum TSPA drawdown since its inception was -24.72%, smaller than the maximum SCHD drawdown of -33.37%. Use the drawdown chart below to compare losses from any high point for TSPA and SCHD.

Drawdown Indicators

	TSPA	SCHD	Difference
Max Drawdown Largest peak-to-trough decline	-24.72%	-33.37%	+8.65%
Max Drawdown (1Y) Largest decline over 1 year	-9.24%	-4.61%	-4.63%
Max Drawdown (3Y) Largest decline over 3 years	-19.04%	-16.13%	-2.91%
Max Drawdown (5Y) Largest decline over 5 years	-24.72%	-16.85%	-7.87%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.37%	—
Current Drawdown Current decline from peak	-2.71%	-1.64%	-1.07%
Average Drawdown Average peak-to-trough decline	-5.48%	-3.32%	-2.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	1.88%	+0.12%

Volatility

TSPA vs. SCHD - Volatility Comparison

T. Rowe Price US Equity Research ETF (TSPA) has a higher volatility of 3.90% compared to Schwab U.S. Dividend Equity ETF (SCHD) at 2.83%. This indicates that TSPA's price experiences larger fluctuations and is considered to be riskier than SCHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSPA	SCHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	2.83%	+1.07%
Volatility (6M) Calculated over the trailing 6-month period	9.88%	7.60%	+2.28%
Volatility (1Y) Calculated over the trailing 1-year period	12.57%	10.94%	+1.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.03%	14.38%	+2.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.03%	16.72%	+0.31%

TSPA vs. SCHD - Expense Ratio Comparison

TSPA has a 0.34% expense ratio, which is higher than SCHD's 0.06% expense ratio.

Dividends

TSPA vs. SCHD - Dividend Comparison

TSPA's dividend yield for the trailing twelve months is around 0.57%, less than SCHD's 3.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHD Schwab U.S. Dividend Equity ETF	3.27%	3.82%	3.64%	3.49%	3.39%	2.78%	3.16%	2.98%	3.06%	2.63%	2.89%	2.97%
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 SCHD in my portfolio?

TSPA and SCHD have a correlation of 0.33, 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 SCHD?

TSPA has higher volatility (3.90%) compared to SCHD (2.83%). In terms of maximum drawdown, TSPA dropped -24.72% vs SCHD's -33.37%.

Which ETF is better, TSPA or SCHD?

On 3-year performance, TSPA leads with 22.03% vs 14.73% for SCHD. On fees, SCHD is cheaper at 0.06% per year. On volatility, SCHD has been the lower-risk option at 2.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSPA or SCHD?

Over the 3-year period, TSPA has performed better with a 22.03% return vs 14.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSPA or SCHD?

SCHD is cheaper with a 0.06% expense ratio, compared with 0.34% for TSPA.

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

SCHD has the higher dividend yield at 3.27%, compared with 0.57% for TSPA.

What is the main difference between TSPA and SCHD?

TSPA is categorized as Large Cap Blend Equities, while SCHD is Dividend. They also come from different issuers: T. Rowe Price and Charles Schwab. Their fees differ too: 0.34% for TSPA and 0.06% for SCHD.

Which has better risk-adjusted returns?

SCHD currently has the higher Sharpe Ratio (2.43 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.