- Issuer
- T. Rowe Price
- Inception Date
- Jun 14, 2023
- Category
- Mid Cap Blend Equities
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Mid-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $2B
Share Price Chart
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Performance
TMSL Performance Chart
T. Rowe Price Small-Mid Cap ETF (TMSL) is up 12.8% since the beginning of the year. TMSL is currently trading at $41 per share.
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Returns By Period
T. Rowe Price Small-Mid Cap ETF (TMSL) has returned 12.84% so far this year and 27.82% over the past 12 months.
T. Rowe Price Small-Mid Cap ETF
- 1D
- -3.34%
- 1M
- -2.27%
- YTD
- 12.84%
- 6M
- 12.06%
- 1Y
- 27.82%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -2.64%
- 1M
- 0.25%
- YTD
- 7.86%
- 6M
- 7.47%
- 1Y
- 24.32%
- 3Y*
- 19.90%
- 5Y*
- 11.79%
- 10Y*
- 13.33%
TMSL Monthly Returns History
Based on dividend-adjusted daily data since Jun 15, 2023, TMSL's average daily return is +0.07%, while the average monthly return is +1.44%. At this rate, an investment would double in approximately 4.0 years.
Historically, 65% of months were positive and 35% were negative. The best month was Nov 2023 with a return of +9.5%, while the worst month was Dec 2024 at -7.5%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 3 months.
On a daily basis, TMSL closed higher 54% of trading days. The best single day was Apr 9, 2025 with a return of +9.7%, while the worst single day was Apr 3, 2025 at -6.8%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 5.18% | 3.76% | -6.41% | 9.35% | 3.89% | -2.76% | 12.84% | ||||||
| 2025 | 5.41% | -4.06% | -6.53% | -2.49% | 6.12% | 3.99% | 1.37% | 4.27% | 1.44% | 0.54% | 1.67% | 0.42% | 11.95% |
| 2024 | 0.34% | 6.01% | 5.50% | -6.18% | 4.45% | -1.72% | 6.02% | -0.04% | 1.34% | -1.08% | 9.06% | -7.52% | 15.81% |
| 2023 | 1.54% | 3.96% | -3.04% | -4.30% | -4.96% | 9.53% | 9.08% | 11.22% |
Benchmark Metrics
T. Rowe Price Small-Mid Cap ETF has an annualized alpha of -1.49%, beta of 1.07, and R2 of 0.75 versus S&P 500 Index. Calculated based on daily prices since June 16, 2023.
- This ETF participated in 130.83% of S&P 500 Index downside but only 115.46% of its upside - more exposed to losses than it benefited from rallies.
- With beta of 1.07 and R2 of 0.75, this ETF moves broadly in line with S&P 500 Index - much of its variation is explained by market exposure rather than independent behavior.
- Alpha
- -1.49%
- Beta
- 1.07
- R²
- 0.75
- Upside Capture
- 115.46%
- Downside Capture
- 130.83%
Expense Ratio
TMSL has an expense ratio of 0.55%, placing it in the medium range.
Return for Risk
Risk / Return Rank
TMSL ranks 54 for risk / return — on par with similar ETFs. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for T. Rowe Price Small-Mid Cap ETF (TMSL) and compare them to S&P 500 Index.
| TMSL | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.42 | ||
| Sortino ratioReturn per unit of downside risk | -0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.36 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.50 | 2.69 | -0.19 |
| Martin ratioReturn relative to average drawdown | 10.21 | 12.34 | -2.14 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
T. Rowe Price Small-Mid Cap ETF provided a 0.50% dividend yield over the last twelve months, with an annual payout of $0.20 per share. The fund has been increasing its distributions for 2 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Dividend | $0.20 | $0.20 | $0.14 | $0.09 |
Dividend yield | 0.50% | 0.57% | 0.44% | 0.34% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price Small-Mid Cap ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.20 | $0.20 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.14 | $0.14 |
| 2023 | $0.09 | $0.09 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the T. Rowe Price Small-Mid Cap ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the T. Rowe Price Small-Mid Cap ETF was 24.39%, occurring on Apr 8, 2025. Recovery took 103 trading sessions.
The current T. Rowe Price Small-Mid Cap ETF drawdown is 3.62%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2025 selloff2025 | -24.39%Apr 2025 | 4mo 13d | 5mo | 9mo 13dNov 2024 - Sep 2025 |
2023 correction2023 | -13.22%Oct 2023 | 2mo 27d | 1mo 17d | 4mo 14dAug 2023 - Dec 2023 |
2026 correction2026 | -11.19%Mar 2026 | 1mo 1d | 18d | 1mo 19dFeb 2026 - Apr 2026 |
2024 pullback2024 | -8.33%Aug 2024 | 21d | 1mo 13d | 2mo 4dJul 2024 - Sep 2024 |
2024 pullback2024 | -7.68%Apr 2024 | 17d | 2mo 28d | 3mo 15dApr 2024 - Jul 2024 |
Drawdown Indicators
| TMSL | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.39% | -56.78% | +32.39% |
Max Drawdown (1Y)Largest decline over 1 year | -11.19% | -9.10% | -2.09% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -3.62% | -2.97% | -0.65% |
Average DrawdownAverage peak-to-trough decline | -3.93% | -10.72% | +6.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.73% | 1.97% | +0.76% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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