TSPA vs. TVAL

Last updated Jun 4, 2026

TSPA (T. Rowe Price US Equity Research ETF) and TVAL (T. Rowe Price Value ETF) are both exchange-traded funds - TSPA is a Large Cap Blend Equities fund actively managed by T. Rowe Price, while TVAL is a Large Cap Value Equities fund actively managed by T. Rowe Price. Both are actively managed. Over the past year, TSPA returned 27.74% vs 28.49% for TVAL. A 0.77 correlation means they provide meaningful diversification when combined. TSPA charges 0.34%/yr vs 0.33%/yr for TVAL.

Performance

TSPA vs. TVAL - 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 Value ETF (TVAL). 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 TVAL's 15.42% return.

TSPA

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

TVAL

• 1D: -0.05%
• 1M: 3.86%
• YTD: 15.42%
• 6M: 16.79%
• 1Y: 28.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSPA vs. TVAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TSPA T. Rowe Price US Equity Research ETF	11.31%	16.44%	26.37%	10.14%
TVAL T. Rowe Price Value ETF	15.42%	15.59%	14.54%	8.28%

Correlation

The correlation between TSPA and TVAL is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jun 16, 2023	0.77

The correlation between TSPA and TVAL has been stable across timeframes, ranging from 0.77 to 0.77 - a consistent structural relationship.

TSPA vs. TVAL - Sectors Allocation Comparison

Sectors	TSPA	TVAL
Technology	33.6%	16.7%
Financial Services	12.8%	18.9%
Communication Services	10.7%	7.7%
Consumer Cyclical	9.9%	7.1%
Healthcare	9.5%	11.4%
Industrials	8.0%	12.2%
Consumer Defensive	5.0%	6.1%
Energy	4.1%	8.5%
Utilities	2.6%	4.8%
Basic Materials	1.9%	3.6%
Real Estate	1.8%	3.0%

Return for Risk

TSPA vs. TVAL — 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

TVAL

TVAL Risk / Return Rank: 82
TVAL Sharpe Ratio Rank: 82
TVAL Sortino Ratio Rank: 84
TVAL Omega Ratio Rank: 81
TVAL Calmar Ratio Rank: 78
TVAL Martin Ratio Rank: 83

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. TVAL - 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 Value ETF (TVAL). 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	TVAL	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.69	-0.41
Sortino ratio: Return per unit of downside risk	3.12	3.78	-0.66
Omega ratio: Gain probability vs. loss probability	1.41	1.49	-0.07
Calmar ratio: Return relative to maximum drawdown	3.02	4.00	-0.99
Martin ratio: Return relative to average drawdown	14.04	16.80	-2.76
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. TVAL - Sharpe Ratio Comparison

The current TSPA Sharpe Ratio is 2.28, which is comparable to the TVAL Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of TSPA and TVAL, 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	TVAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.28	2.69	-0.41
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	1.48	-0.62

Drawdowns

TSPA vs. TVAL - Drawdown Comparison

The maximum TSPA drawdown since its inception was -24.72%, which is greater than TVAL's maximum drawdown of -14.84%. Use the drawdown chart below to compare losses from any high point for TSPA and TVAL.

Drawdown Indicators

	TSPA	TVAL	Difference
Max Drawdown Largest peak-to-trough decline	-24.72%	-14.84%	-9.88%
Max Drawdown (1Y) Largest decline over 1 year	-9.24%	-7.15%	-2.09%
Max Drawdown (3Y) Largest decline over 3 years	-19.04%	—	—
Current Drawdown Current decline from peak	-0.67%	-0.39%	-0.28%
Average Drawdown Average peak-to-trough decline	-5.49%	-2.06%	-3.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	1.70%	+0.28%

Volatility

TSPA vs. TVAL - Volatility Comparison

The current volatility for T. Rowe Price US Equity Research ETF (TSPA) is 2.98%, while T. Rowe Price Value ETF (TVAL) has a volatility of 3.18%. This indicates that TSPA experiences smaller price fluctuations and is considered to be less risky than TVAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSPA	TVAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.98%	3.18%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	9.44%	8.22%	+1.22%
Volatility (1Y) Calculated over the trailing 1-year period	12.26%	10.65%	+1.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.00%	12.59%	+4.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.00%	12.59%	+4.41%

TSPA vs. TVAL - Expense Ratio Comparison

TSPA has a 0.34% expense ratio, which is higher than TVAL's 0.33% expense ratio.

Dividends

TSPA vs. TVAL - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021
TSPA T. Rowe Price US Equity Research ETF	0.56%	0.62%	0.50%	0.41%	1.16%	0.43%
TVAL T. Rowe Price Value ETF	1.00%	1.15%	1.16%	0.64%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSPA and TVAL in my portfolio?

TSPA and TVAL have a correlation of 0.77, 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 TVAL?

TVAL has higher volatility (3.18%) compared to TSPA (2.98%). In terms of maximum drawdown, TSPA dropped -24.72% vs TVAL's -14.84%.

Which ETF is better, TSPA or TVAL?

On 1-year performance, TVAL leads with 28.49% vs 27.74% for TSPA. On fees, TVAL is cheaper at 0.33% per year. On volatility, TSPA has been the lower-risk option at 2.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSPA or TVAL?

Over the 1-year period, TVAL has performed better with a 28.49% return vs 27.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSPA or TVAL?

TVAL is cheaper with a 0.33% expense ratio, compared with 0.34% for TSPA.

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

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

What is the main difference between TSPA and TVAL?

TSPA is categorized as Large Cap Blend Equities, while TVAL is Large Cap Value Equities. Their fees differ too: 0.34% for TSPA and 0.33% for TVAL.

Which has better risk-adjusted returns?

TVAL currently has the higher Sharpe Ratio (2.69 vs 2.28), 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.