LKSMX vs. PMEGX

Last updated Aug 5, 2026

LKSMX (LKCM Small-Mid Cap Equity Fund) and PMEGX (T. Rowe Price Institutional Mid Cap Equity Growth Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, LKSMX returned 11.05%/yr vs 9.86%/yr for PMEGX. Their correlation of 0.92 means they have usually moved in the same direction. LKSMX charges 1.00%/yr vs 0.61%/yr for PMEGX.

Performance

LKSMX vs. PMEGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LKCM Small-Mid Cap Equity Fund (LKSMX) and T. Rowe Price Institutional Mid Cap Equity Growth Fund (PMEGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LKSMX achieves a 5.90% return, which is significantly higher than PMEGX's 4.05% return. Over the past 10 years, LKSMX has outperformed PMEGX with an annualized return of 11.05%, while PMEGX has yielded a comparatively lower 9.86% annualized return.

LKSMX

• 1D: 2.30%
• 1M: -1.48%
• 6M: 2.39%
• YTD: 5.90%
• 1Y: 9.57%
• 3Y*: 12.30%
• 5Y*: 5.38%
• 10Y*: 11.05%
• ALL TIME*: 8.53%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
LKSMX LKCM Small-Mid Cap Equity Fund	$0.00	$0.00	$0.00
PMEGX T. Rowe Price Institutional Mid Cap Equity Growth Fund	$0.00	$0.00	$0.00

LKSMX vs. PMEGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LKSMX LKCM Small-Mid Cap Equity Fund	5.90%	5.27%	15.64%	25.76%	-22.23%	15.44%	30.55%	31.02%	-8.91%	24.18%
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 LKSMX and PMEGX is 0.84, 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.	0.84
Correlation (3Y) Balances recent behavior with more history.	0.86
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (10Y) Provides a long-term view across more market conditions.	0.90
Correlation (All Time) Calculated using the full available price history since May 2, 2011	0.92

The correlation between LKSMX and PMEGX has been stable across timeframes, ranging from 0.84 to 0.92 - a consistent structural relationship.

Return for Risk

LKSMX vs. PMEGX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

LKSMX

LKSMX Risk / Return Rank: 16
LKSMX Sharpe Ratio Rank: 15
LKSMX Sortino Ratio Rank: 16
LKSMX Omega Ratio Rank: 14
LKSMX Calmar Ratio Rank: 16
LKSMX Martin Ratio Rank: 18

PMEGX

PMEGX Risk / Return Rank: 13
PMEGX Sharpe Ratio Rank: 12
PMEGX Sortino Ratio Rank: 13
PMEGX Omega Ratio Rank: 11
PMEGX Calmar Ratio Rank: 13
PMEGX Martin Ratio Rank: 16

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

LKSMX vs. PMEGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LKCM Small-Mid Cap Equity Fund (LKSMX) 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.

	LKSMX	PMEGX	Difference
Sharpe ratio: Return per unit of total volatility	0.65	0.53	+0.11
Sortino ratio: Return per unit of downside risk	1.05	0.89	+0.16
Omega ratio: Gain probability vs. loss probability	1.12	1.10	+0.02
Calmar ratio: Return relative to maximum drawdown	0.86	0.71	+0.15
Martin ratio: Return relative to average drawdown	2.70	2.39	+0.31

LKSMX vs. PMEGX - Sharpe Ratio Comparison

The current LKSMX Sharpe Ratio is 0.65, which is comparable to the PMEGX Sharpe Ratio of 0.53. The chart below compares the historical Sharpe Ratios of LKSMX and PMEGX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

LKSMX vs. PMEGX - Drawdown Comparison

The maximum LKSMX drawdown since its inception was -39.56%, smaller than the maximum PMEGX drawdown of -55.88%. Use the drawdown chart below to compare losses from any high point for LKSMX and PMEGX.

Drawdown Indicators

	LKSMX	PMEGX	Difference
Max Drawdown Largest peak-to-trough decline	-39.56%	-55.88%	+16.32%
Max Drawdown (1Y) Largest decline over 1 year	-13.08%	-10.21%	-2.87%
Max Drawdown (3Y) Largest decline over 3 years	-21.23%	-27.99%	+6.76%
Max Drawdown (5Y) Largest decline over 5 years	-27.51%	-32.87%	+5.36%
Max Drawdown (10Y) Largest decline over 10 years	-39.56%	-37.16%	-2.40%
Current Drawdown Current decline from peak	-2.20%	-5.27%	+3.07%
Average Drawdown Average peak-to-trough decline	-7.67%	-8.99%	+1.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	3.03%	+1.13%

Volatility

LKSMX vs. PMEGX - Volatility Comparison

LKCM Small-Mid Cap Equity Fund (LKSMX) has a higher volatility of 4.64% compared to T. Rowe Price Institutional Mid Cap Equity Growth Fund (PMEGX) at 2.86%. This indicates that LKSMX'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.

Volatility by Period

	LKSMX	PMEGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.64%	2.86%	+1.78%
Volatility (6M) Calculated over the trailing 6-month period	13.50%	10.51%	+2.99%
Volatility (1Y) Calculated over the trailing 1-year period	17.46%	13.66%	+3.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.83%	20.12%	-0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.35%	19.76%	+1.59%

LKSMX vs. PMEGX - Expense Ratio Comparison

LKSMX has a 1.00% expense ratio, which is higher than PMEGX's 0.61% expense ratio.

Dividends

LKSMX vs. PMEGX - Dividend Comparison

LKSMX's dividend yield for the trailing twelve months is around 6.02%, less than PMEGX's 20.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LKSMX LKCM Small-Mid Cap Equity Fund	6.02%	6.38%	0.00%	0.00%	8.27%	17.23%	6.48%	14.23%	21.66%	12.01%	18.07%	7.12%
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

Can I hold both LKSMX and PMEGX in my portfolio?

LKSMX and PMEGX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LKSMX or PMEGX?

LKSMX has higher volatility (4.64%) compared to PMEGX (2.86%). In terms of maximum drawdown, LKSMX dropped -39.56% vs PMEGX's -55.88%.

Which has better risk-adjusted returns?

LKSMX currently has the higher Sharpe Ratio (0.65 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.