T. Rowe Price US Equity Research ETF (TSPA) Performance
TSPA total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +11.8% since Dec 31, 2025
- 1 year
- +13.8% total return
- 5 years
- +12.7% a year
- Since first price
- +13.5% a year since 2021
TSPA trailing returns vs SPY, QQQ, AGG
| Period | TSPA total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −1.5% | −1.5% | −1.0% | −5.0% | +0.9% |
| 3 months | +2.5% | +2.5% | +3.2% | +1.9% | −0.4% |
| 6 months | +6.7% | +6.7% | +7.8% | +8.4% | −1.5% |
| YTD | +11.8% | +11.8% | +12.3% | +15.1% | −1.0% |
| 1 year | +13.8% | +13.0% | +14.4% | +15.9% | −1.1% |
| 3 years | +87.3%+23.3%/yr | +84.5% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +82.1%+12.7%/yr | +76.5% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionJun 9, 2021 | +97.6%+13.5%/yr | +91.5% | — | — | — |
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: TSPA vs SPY
From Jun 9, 2021: TSPA grew to $19,762, SPY to $19,396.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
TSPA returns by calendar year
3 of 4 full years positive. Best 2023 (+30.0%), worst 2022 (−18.7%). 2026 is year to date.
TSPA annual returns table
| Year | TSPA | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +11.8% | −9.2% | +12.3% | +15.1% | −1.0% |
| 2025 | +16.4% | −19.0% | +17.7% | +20.8% | +7.2% |
| 2024 | +26.4% | −8.9% | +24.9% | +25.6% | +1.3% |
| 2023 | +30.0% | −9.2% | +26.2% | +54.9% | +5.7% |
| 2022 | −18.7% | −24.7% | −18.2% | −32.6% | −13.0% |
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.
TSPA largest drawdowns
Now 3.2% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Dec 29, 2021 | −24.7% | Oct 12, 2022 | Nov 22, 2023 | 9 months | 1.9 years |
| Feb 19, 2025 | −19.0% | Apr 8, 2025 | Jun 27, 2025 | 48 days | 4 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
TSPA risk statistics
| Statistic | 3 years | 5 years | Since 2021 |
|---|---|---|---|
| Annualized return | +23.0% | +14.2% | +13.7% |
| Volatility (annualized) | 12.7% | 15.8% | 15.6% |
| Sharpe ratio | 1.37 | 0.70 | 0.69 |
| Sortino ratio | 2.86 | 1.12 | 1.10 |
| Best month | +11.1% | +11.1% | +11.1% |
| Worst month | −5.9% | −9.5% | −9.5% |
| Best 12 months | +39.5% | +39.5% | +39.5% |
| Worst 12 months | +7.7% | −18.7% | −18.7% |
| Positive months | 64% | 58% | 59% |
| Beta vs S&P 500 | 1.02 | 1.01 | — |
| Correlation with S&P 500 | 1.00 | 1.00 | — |
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.
TSPA rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 53 | −18.7% | +16.6% | +39.5% | 81% |
| 3-year (a year) | 29 | +9.9% | +19.7% | +25.8% | 100% |
| 5-year (a year) | 5 | +12.5% | +13.3% | +14.2% | 100% |
Every holding period starting at a month-end since 2021. Returns for 3 years and longer are annualized.
TSPA performance overview
T. Rowe Price US Equity Research ETF (TSPA) returned +13.8% over the past year and +12.7% a year over five years, with distributions reinvested. Since its first recorded price in 2021 it has returned +13.5% a year, turning $10,000 into about $19,762. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −24.7%, from Dec 29, 2021 to Oct 12, 2022, and it took 1.1 years to get back to the old high. TSPA finished 3 of its 4 full calendar years with a gain; the best year was 2023 (+30.0%) and the worst 2022 (−18.7%). Volatility has been 15.6% a year.
Related: TSPA chart, TSPA holdings, TSPA dividends, TSPA valuation. See the TSPA overview for the latest quote and fund facts.
TSPA performance FAQ
What is the TSPA return over the past year?
TSPA returned +13.8% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 13.0%.
What is the average annual return of TSPA?
TSPA has returned +12.7% a year over 5 years, +13.5% a year since June 9, 2021 (total return, distributions reinvested).
How much would $10,000 invested in TSPA be worth?
$10,000 invested in TSPA at its first recorded close on June 9, 2021 would be worth about $19,762 on October 23, 2026 with distributions reinvested.
What was the worst year for TSPA?
The worst calendar year was 2022, with a total return of −18.7%. The best was 2023 at +30.0%.
What is the biggest drawdown of TSPA?
The largest peak-to-trough decline was −24.7% between December 29, 2021 and October 12, 2022. It recovered to the old high on November 22, 2023, 1.1 years after the bottom.
How volatile is TSPA?
Over the past 3 years TSPA had an annualized volatility of 12.7% and a Sharpe ratio of 1.37 (excess return over 1–3 month T-bills per unit of risk).