TSPA vs. TIER

Last updated Jun 4, 2026

TSPA (T. Rowe Price US Equity Research ETF) and TIER (T. Rowe Price International Equity Research ETF) are both exchange-traded funds - TSPA is a Large Cap Blend Equities fund actively managed by T. Rowe Price, while TIER is a Foreign Large Cap Equities fund actively managed by T. Rowe Price. Both are actively managed. A 0.79 correlation means they provide meaningful diversification when combined. TSPA charges 0.34%/yr vs 0.38%/yr for TIER.

Performance

TSPA vs. TIER - Performance Comparison

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

Returns By Period

In the year-to-date period, TSPA achieves a 11.31% return, which is significantly lower than TIER's 14.25% return.

TSPA

• 1D: -0.67%
• 1M: 4.87%
• YTD: 11.31%
• 6M: 11.41%
• 1Y: 27.74%
• 3Y*: 22.97%
• 5Y*: —
• 10Y*: —

TIER

• 1D: -1.12%
• 1M: 4.48%
• YTD: 14.25%
• 6M: 16.88%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSPA vs. TIER - Yearly Performance Comparison

	2026 (YTD)	2025
TSPA T. Rowe Price US Equity Research ETF	11.31%	11.84%
TIER T. Rowe Price International Equity Research ETF	14.25%	12.37%

Correlation

The correlation between TSPA and TIER is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 27, 2025	0.79

TSPA vs. TIER - Sectors Allocation Comparison

Sectors	TSPA	TIER
Technology	33.6%	20.2%
Financial Services	12.8%	24.5%
Communication Services	10.7%	5.4%
Consumer Cyclical	9.9%	7.9%
Healthcare	9.5%	6.3%
Industrials	8.0%	13.5%
Consumer Defensive	5.0%	4.9%
Energy	4.1%	5.8%
Utilities	2.6%	2.7%
Basic Materials	1.9%	7.5%
Real Estate	1.8%	1.3%

Return for Risk

TSPA vs. TIER — 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: 68
TSPA Sortino Ratio Rank: 67
TSPA Omega Ratio Rank: 68
TSPA Calmar Ratio Rank: 61
TSPA Martin Ratio Rank: 74

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. TIER - 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 International Equity Research ETF (TIER). 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	TIER	Difference
Sharpe ratio: Return per unit of total volatility	2.28	—	—
Sortino ratio: Return per unit of downside risk	3.12	—	—
Omega ratio: Gain probability vs. loss probability	1.41	—	—
Calmar ratio: Return relative to maximum drawdown	3.02	—	—
Martin ratio: Return relative to average drawdown	14.04	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	TSPA	TIER	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.28	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	1.97	-1.11

Drawdowns

TSPA vs. TIER - Drawdown Comparison

The maximum TSPA drawdown since its inception was -24.72%, which is greater than TIER's maximum drawdown of -12.07%. Use the drawdown chart below to compare losses from any high point for TSPA and TIER.

Drawdown Indicators

	TSPA	TIER	Difference
Max Drawdown Largest peak-to-trough decline	-24.72%	-12.07%	-12.65%
Max Drawdown (1Y) Largest decline over 1 year	-9.24%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-19.04%	—	—
Current Drawdown Current decline from peak	-0.67%	-1.12%	+0.45%
Average Drawdown Average peak-to-trough decline	-5.49%	-1.78%	-3.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	—	—

Volatility

Volatility by Period

	TSPA	TIER	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.98%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.44%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.26%	15.62%	-3.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.00%	15.62%	+1.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.00%	15.62%	+1.38%

TSPA vs. TIER - Expense Ratio Comparison

TSPA has a 0.34% expense ratio, which is lower than TIER's 0.38% expense ratio.

Dividends

TSPA vs. TIER - Dividend Comparison

TSPA's dividend yield for the trailing twelve months is around 0.56%, less than TIER's 0.65% yield.

Position	TTM	2025	2024	2023	2022	2021
TIER T. Rowe Price International Equity Research ETF	0.65%	0.74%	0.00%	0.00%	0.00%	0.00%
TSPA T. Rowe Price US Equity Research ETF	0.56%	0.62%	0.50%	0.41%	1.16%	0.43%

Frequently Asked Questions

Can I hold both TSPA and TIER in my portfolio?

TSPA and TIER have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TSPA or TIER?

On fees, TSPA is cheaper at 0.34% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TSPA or TIER?

TSPA is cheaper with a 0.34% expense ratio, compared with 0.38% for TIER.

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

TIER has the higher dividend yield at 0.65%, compared with 0.56% for TSPA.

What is the main difference between TSPA and TIER?

TSPA is categorized as Large Cap Blend Equities, while TIER is Foreign Large Cap Equities. Their fees differ too: 0.34% for TSPA and 0.38% for TIER.