APSGX vs. PMEGX
APSGX (Fiera Capital Small/Mid-Cap Growth Fund) and PMEGX (T. Rowe Price Institutional Mid Cap Equity Growth Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, APSGX returned 10.91%/yr vs 9.86%/yr for PMEGX. Their correlation of 0.92 means they have usually moved in the same direction. APSGX charges 1.05%/yr vs 0.61%/yr for PMEGX.
Performance
APSGX vs. PMEGX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with APSGX having a 3.92% return and PMEGX slightly higher at 4.05%. Over the past 10 years, APSGX has outperformed PMEGX with an annualized return of 10.91%, while PMEGX has yielded a comparatively lower 9.86% annualized return.
APSGX
- 1D
- 1.50%
- 1M
- -1.40%
- 6M
- 4.57%
- YTD
- 3.92%
- 1Y
- 11.65%
- 3Y*
- 8.15%
- 5Y*
- 3.35%
- 10Y*
- 10.91%
- ALL TIME*
- 11.36%
PMEGX
- 1D
- 1.32%
- 1M
- -0.55%
- 6M
- 4.15%
- YTD
- 4.05%
- 1Y
- 5.48%
- 3Y*
- 7.54%
- 5Y*
- 2.30%
- 10Y*
- 9.86%
- ALL TIME*
- 10.84%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
APSGX vs. PMEGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
APSGX Fiera Capital Small/Mid-Cap Growth Fund | 3.92% | 5.74% | 4.69% | 26.12% | -23.71% | 17.09% | 44.67% | 31.20% | -10.38% | 26.60% |
PMEGX T. Rowe Price Institutional Mid Cap Equity Growth Fund | 4.05% | 3.73% | 9.15% | 20.69% | -23.19% | 15.50% | 23.95% | 33.08% | -2.23% | 26.02% |
Correlation
The correlation between APSGX and PMEGX is 0.86, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.86 |
Correlation (3Y) Balances recent behavior with more history. | 0.88 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.91 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.92 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2012 | 0.92 |
The correlation between APSGX and PMEGX has been stable across timeframes, ranging from 0.86 to 0.92 - a consistent structural relationship.
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Return for Risk
APSGX vs. PMEGX — Risk / Return Rank
APSGX
PMEGX
APSGX vs. PMEGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fiera Capital Small/Mid-Cap Growth Fund (APSGX) and T. Rowe Price Institutional Mid Cap Equity Growth Fund (PMEGX). 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.
| APSGX | PMEGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.10 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.01 | 0.71 | +0.29 |
| Martin ratioReturn relative to average drawdown | 3.18 | 2.39 | +0.79 |
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Drawdowns
APSGX vs. PMEGX - Drawdown Comparison
The maximum APSGX drawdown since its inception was -35.77%, smaller than the maximum PMEGX drawdown of -55.88%. Use the drawdown chart below to compare losses from any high point for APSGX and PMEGX.
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Drawdown Indicators
| APSGX | PMEGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.77% | -55.88% | +20.11% |
Max Drawdown (1Y)Largest decline over 1 year | -13.30% | -10.21% | -3.09% |
Max Drawdown (3Y)Largest decline over 3 years | -28.15% | -27.99% | -0.16% |
Max Drawdown (5Y)Largest decline over 5 years | -33.52% | -32.87% | -0.65% |
Max Drawdown (10Y)Largest decline over 10 years | -35.77% | -37.16% | +1.39% |
Current DrawdownCurrent decline from peak | -2.87% | -5.27% | +2.40% |
Average DrawdownAverage peak-to-trough decline | -7.50% | -8.99% | +1.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.19% | 3.03% | +1.16% |
Volatility
APSGX vs. PMEGX - Volatility Comparison
Fiera Capital Small/Mid-Cap Growth Fund (APSGX) has a higher volatility of 4.21% compared to T. Rowe Price Institutional Mid Cap Equity Growth Fund (PMEGX) at 2.86%. This indicates that APSGX's price experiences larger fluctuations and is considered to be riskier than PMEGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| APSGX | PMEGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.21% | 2.86% | +1.35% |
Volatility (6M)Calculated over the trailing 6-month period | 13.03% | 10.51% | +2.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.47% | 13.66% | +3.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.32% | 20.12% | +2.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.49% | 19.76% | +2.73% |
APSGX vs. PMEGX - Expense Ratio Comparison
APSGX has a 1.05% expense ratio, which is higher than PMEGX's 0.61% expense ratio.
Dividends
APSGX vs. PMEGX - Dividend Comparison
APSGX's dividend yield for the trailing twelve months is around 2.34%, less than PMEGX's 20.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
APSGX Fiera Capital Small/Mid-Cap Growth Fund | 2.34% | 2.43% | 2.91% | 2.48% | 16.83% | 11.57% | 21.15% | 11.48% | 28.25% | 0.00% | 0.28% | 1.03% |
PMEGX T. Rowe Price Institutional Mid Cap Equity Growth Fund | 20.28% | 21.10% | 14.15% | 7.07% | 1.65% | 12.80% | 4.44% | 5.11% | 10.42% | 6.30% | 1.04% | 6.18% |
Frequently Asked Questions
APSGX and PMEGX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
APSGX has higher volatility (4.21%) compared to PMEGX (2.86%). In terms of maximum drawdown, APSGX dropped -35.77% vs PMEGX's -55.88%.
APSGX currently has the higher Sharpe Ratio (0.77 vs 0.53), 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.
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