TSPA vs. TRAIX

Last updated Jun 13, 2026

TSPA (T. Rowe Price US Equity Research ETF) and TRAIX (T. Rowe Price Capital Appreciation Fund - I Class) are both funds - TSPA is a Large Cap Blend Equities fund actively managed by T. Rowe Price, while TRAIX is a Diversified Portfolio fund actively managed by T. Rowe Price. Both are actively managed. Over the past 5 years, TSPA returned 14.00%/yr vs 8.41%/yr for TRAIX. Their correlation of 0.92 suggests significant overlap in exposure. TSPA charges 0.34%/yr vs 0.59%/yr for TRAIX.

Performance

TSPA vs. TRAIX - 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 Capital Appreciation Fund - I Class (TRAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSPA achieves a 9.54% return, which is significantly higher than TRAIX's 3.78% return.

TSPA

• 1D: 0.47%
• 1M: -0.45%
• YTD: 9.54%
• 6M: 10.14%
• 1Y: 24.31%
• 3Y*: 21.63%
• 5Y*: 14.00%
• 10Y*: —

TRAIX

• 1D: 0.60%
• 1M: -1.15%
• YTD: 3.78%
• 6M: 4.18%
• 1Y: 11.26%
• 3Y*: 12.69%
• 5Y*: 8.41%
• 10Y*: 11.25%

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

TSPA vs. TRAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TSPA T. Rowe Price US Equity Research ETF	9.54%	16.44%	26.37%	29.95%	-18.70%	13.26%
TRAIX T. Rowe Price Capital Appreciation Fund - I Class	3.78%	12.57%	12.64%	19.01%	-11.89%	9.30%

Correlation

The correlation between TSPA and TRAIX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jun 9, 2021	0.92

The correlation between TSPA and TRAIX has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

Return for Risk

TSPA vs. TRAIX — 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: 67
TSPA Sortino Ratio Rank: 64
TSPA Omega Ratio Rank: 68
TSPA Calmar Ratio Rank: 60
TSPA Martin Ratio Rank: 73

TRAIX

TRAIX Risk / Return Rank: 42
TRAIX Sharpe Ratio Rank: 43
TRAIX Sortino Ratio Rank: 42
TRAIX Omega Ratio Rank: 44
TRAIX Calmar Ratio Rank: 36
TRAIX Martin Ratio Rank: 45

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. TRAIX - 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 Fund - I Class (TRAIX). 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	TRAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.91	1.51	+0.40
Sortino ratio: Return per unit of downside risk	2.60	2.14	+0.46
Omega ratio: Gain probability vs. loss probability	1.35	1.28	+0.07
Calmar ratio: Return relative to maximum drawdown	2.64	1.84	+0.80
Martin ratio: Return relative to average drawdown	11.98	7.83	+4.15

TSPA vs. TRAIX - Sharpe Ratio Comparison

The current TSPA Sharpe Ratio is 1.91, which is comparable to the TRAIX Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of TSPA and TRAIX, 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. TRAIX - Drawdown Comparison

The maximum TSPA drawdown since its inception was -24.72%, smaller than the maximum TRAIX drawdown of -26.84%. Use the drawdown chart below to compare losses from any high point for TSPA and TRAIX.

Drawdown Indicators

	TSPA	TRAIX	Difference
Max Drawdown Largest peak-to-trough decline	-24.72%	-26.84%	+2.12%
Max Drawdown (1Y) Largest decline over 1 year	-9.24%	-6.30%	-2.94%
Max Drawdown (3Y) Largest decline over 3 years	-19.04%	-16.02%	-3.02%
Max Drawdown (5Y) Largest decline over 5 years	-24.72%	-17.00%	-7.72%
Max Drawdown (10Y) Largest decline over 10 years	—	-26.84%	—
Current Drawdown Current decline from peak	-2.25%	-2.37%	+0.12%
Average Drawdown Average peak-to-trough decline	-5.47%	-2.82%	-2.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	1.48%	+0.56%

Volatility

TSPA vs. TRAIX - Volatility Comparison

T. Rowe Price US Equity Research ETF (TSPA) has a higher volatility of 4.52% compared to T. Rowe Price Capital Appreciation Fund - I Class (TRAIX) at 2.68%. This indicates that TSPA's price experiences larger fluctuations and is considered to be riskier than TRAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSPA	TRAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	2.68%	+1.84%
Volatility (6M) Calculated over the trailing 6-month period	10.15%	6.15%	+4.00%
Volatility (1Y) Calculated over the trailing 1-year period	12.76%	7.67%	+5.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.05%	12.79%	+4.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.03%	12.76%	+4.27%

TSPA vs. TRAIX - Expense Ratio Comparison

TSPA has a 0.34% expense ratio, which is lower than TRAIX's 0.59% expense ratio.

Dividends

TSPA vs. TRAIX - Dividend Comparison

TSPA's dividend yield for the trailing twelve months is around 0.57%, less than TRAIX's 8.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
TRAIX T. Rowe Price Capital Appreciation Fund - I Class	8.63%	8.96%	10.52%	4.28%	9.70%	9.35%	8.08%	5.92%	7.57%	6.96%	3.59%
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%

Frequently Asked Questions

Can I hold both TSPA and TRAIX in my portfolio?

TSPA and TRAIX have a correlation of 0.90, 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 TRAIX?

TSPA has higher volatility (4.52%) compared to TRAIX (2.68%). In terms of maximum drawdown, TSPA dropped -24.72% vs TRAIX's -26.84%.

Which has better risk-adjusted returns?

TSPA currently has the higher Sharpe Ratio (1.91 vs 1.51), 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.