T. Rowe Price International Equity Research ETF (TIER) Performance
TIER total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +9.9% since Dec 31, 2025
- 1 year
- +13.1% total return
- 5 years
- +1.6% a year
- 10 years
- +7.8% a year
- Since first price
- +7.9% a year since 2014
TIER trailing returns vs SPY, QQQ, AGG
| Period | TIER total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −4.5% | −4.5% | −1.0% | −5.0% | +0.9% |
| 3 months | −1.7% | −1.7% | +3.2% | +1.9% | −0.4% |
| 6 months | +2.4% | +2.4% | +7.8% | +8.4% | −1.5% |
| YTD | +9.9% | +9.9% | +12.3% | +15.1% | −1.0% |
| 1 year | +13.1% | +12.3% | +14.4% | +15.9% | −1.1% |
| 3 years | +8.3%+2.7%/yr | +7.5% | — | — | — |
| 5 years | +8.3%+1.6%/yr | +7.5% | — | — | — |
| 10 years | +112.8%+7.8%/yr | +111.2% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| Since inceptionFeb 27, 2014 | +160.7%+7.9%/yr | +158.7% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: TIER vs SPY
From Feb 27, 2014: TIER grew to $26,067, SPY to $50,606.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
TIER returns by calendar year
5 of 6 full years positive. Best 2019 (+40.0%), worst 2025 (−1.5%). 2026 is year to date.
TIER annual returns table
| Year | TIER | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +9.9% | −12.1% | +12.3% | +15.1% | −1.0% |
| 2025 | −1.5% | −4.9% | +17.7% | +20.8% | +7.2% |
| 2019 | +40.0% | −7.1% | +31.2% | +39.0% | +8.5% |
| 2018 | +1.2% | −19.6% | −4.6% | −0.1% | +0.1% |
| 2017 | +17.3% | −13.0% | +21.7% | +32.7% | +3.6% |
| 2016 | +17.9% | −19.7% | +12.0% | +7.1% | +2.4% |
| 2015 | +0.5% | −24.5% | +1.2% | +9.4% | +0.5% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
TIER largest drawdowns
Now 6.6% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jun 4, 2014 | −37.5% | Jun 18, 2014 | Dec 4, 2014 | 14 days | 6 months |
| Jul 22, 2015 | −30.2% | Mar 1, 2016 | Jan 12, 2017 | 7 months | 1.5 years |
| Sep 6, 2018 | −19.6% | Dec 24, 2018 | Feb 11, 2019 | 4 months | 5 months |
| Dec 28, 2017 | −16.2% | Feb 8, 2018 | May 9, 2018 | 42 days | 4 months |
| May 15, 2015 | −13.8% | Jun 5, 2015 | Jul 8, 2015 | 21 days | 54 days |
| Dec 11, 2019 | −13.1% | Aug 1, 2025 | Jan 5, 2026 | 5.6 years | 6.1 years |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
TIER risk statistics
| Statistic | 3 years | 5 years | Since 2014 |
|---|---|---|---|
| Annualized return | +19.4% | +16.5% | +14.9% |
| Volatility (annualized) | 23.3% | 21.9% | 30.4% |
| Sharpe ratio | 0.76 | 0.72 | 0.57 |
| Sortino ratio | 1.31 | 1.29 | 0.86 |
| Best month | +18.2% | +18.2% | +23.9% |
| Worst month | −12.4% | −12.4% | −37.5% |
| Best 12 months | +51.7% | +55.1% | +66.7% |
| Worst 12 months | −8.4% | −8.4% | −17.3% |
| Positive months | 58% | 53% | 55% |
| Beta vs S&P 500 | 1.00 | 0.99 | — |
| Correlation with S&P 500 | 0.58 | 0.51 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
TIER rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 76 | −17.3% | +16.1% | +66.7% | 86% |
| 3-year (a year) | 52 | +3.6% | +16.0% | +28.7% | 100% |
| 5-year (a year) | 28 | +9.7% | +15.6% | +26.3% | 100% |
Every holding period starting at a month-end since 2014. Returns for 3 years and longer are annualized.
TIER performance overview
T. Rowe Price International Equity Research ETF (TIER) returned +13.1% over the past year and +7.8% a year over ten years, with distributions reinvested. Since its first recorded price in 2014 it has returned +7.9% a year, turning $10,000 into about $26,067. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −37.5%, from Jun 4, 2014 to Jun 18, 2014, and it took 6 months to get back to the old high. TIER finished 5 of its 6 full calendar years with a gain; the best year was 2019 (+40.0%) and the worst 2025 (−1.5%). Volatility has been 30.4% a year.
Related: TIER chart, TIER holdings, TIER dividends. See the TIER overview for the latest quote and fund facts.
TIER performance FAQ
What is the TIER return over the past year?
TIER returned +13.1% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 12.3%.
What is the average annual return of TIER?
TIER has returned +1.6% a year over 5 years, +7.8% a year over 10 years, +7.9% a year since February 27, 2014 (total return, distributions reinvested).
How much would $10,000 invested in TIER be worth?
$10,000 invested in TIER at its first recorded close on February 27, 2014 would be worth about $26,067 on October 23, 2026 with distributions reinvested.
What was the worst year for TIER?
The worst calendar year was 2025, with a total return of −1.5%. The best was 2019 at +40.0%.
What is the biggest drawdown of TIER?
The largest peak-to-trough decline was −37.5% between June 4, 2014 and June 18, 2014. It recovered to the old high on December 4, 2014, 6 months after the bottom.
How volatile is TIER?
Over the past 3 years TIER had an annualized volatility of 23.3% and a Sharpe ratio of 0.76 (excess return over 1–3 month T-bills per unit of risk).