PCCOX vs. VSMPX

Last updated Jun 24, 2026

PCCOX (T. Rowe Price U.S. Equity Research Fund I Class) and VSMPX (Vanguard Total Stock Market Index Fund Institutional Plus Shares) are both Large Cap Blend Equities funds - PCCOX tracks the S&P 500 Index while VSMPX tracks the CRSP US Total Market Index. Both are passively managed. Over the past 5 years, PCCOX returned 14.28%/yr vs 12.38%/yr for VSMPX. With a 0.98 correlation, they move nearly in lockstep. PCCOX charges 0.34%/yr vs 0.02%/yr for VSMPX.

Performance

PCCOX vs. VSMPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price U.S. Equity Research Fund I Class (PCCOX) and Vanguard Total Stock Market Index Fund Institutional Plus Shares (VSMPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with PCCOX having a 10.60% return and VSMPX slightly lower at 10.35%.

PCCOX

• 1D: -0.33%
• 1M: 0.46%
• YTD: 10.60%
• 6M: 9.51%
• 1Y: 25.91%
• 3Y*: 22.18%
• 5Y*: 14.28%
• 10Y*: —

VSMPX

• 1D: -0.34%
• 1M: 0.56%
• YTD: 10.35%
• 6M: 9.20%
• 1Y: 25.96%
• 3Y*: 21.19%
• 5Y*: 12.38%
• 10Y*: 15.31%

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

PCCOX vs. VSMPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PCCOX T. Rowe Price U.S. Equity Research Fund I Class	10.60%	16.49%	26.56%	29.93%	-18.71%	28.17%	19.96%	33.13%	-4.55%	23.01%
VSMPX Vanguard Total Stock Market Index Fund Institutional Plus Shares	10.35%	17.15%	23.26%	26.53%	-19.50%	25.74%	21.01%	30.79%	-5.16%	21.19%

Correlation

The correlation between PCCOX and VSMPX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.98

The correlation between PCCOX and VSMPX has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

PCCOX vs. VSMPX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PCCOX

PCCOX Risk / Return Rank: 65
PCCOX Sharpe Ratio Rank: 65
PCCOX Sortino Ratio Rank: 60
PCCOX Omega Ratio Rank: 59
PCCOX Calmar Ratio Rank: 64
PCCOX Martin Ratio Rank: 75

VSMPX

VSMPX Risk / Return Rank: 65
VSMPX Sharpe Ratio Rank: 62
VSMPX Sortino Ratio Rank: 56
VSMPX Omega Ratio Rank: 57
VSMPX Calmar Ratio Rank: 70
VSMPX Martin Ratio Rank: 79

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PCCOX vs. VSMPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price U.S. Equity Research Fund I Class (PCCOX) and Vanguard Total Stock Market Index Fund Institutional Plus Shares (VSMPX). 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.

	PCCOX	VSMPX	Difference
Sharpe ratio: Return per unit of total volatility	2.17	2.13	+0.04
Sortino ratio: Return per unit of downside risk	2.97	2.89	+0.09
Omega ratio: Gain probability vs. loss probability	1.39	1.38	+0.01
Calmar ratio: Return relative to maximum drawdown	2.94	3.06	-0.11
Martin ratio: Return relative to average drawdown	13.34	13.69	-0.36

PCCOX vs. VSMPX - Sharpe Ratio Comparison

The current PCCOX Sharpe Ratio is 2.17, which is comparable to the VSMPX Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of PCCOX and VSMPX, 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

PCCOX vs. VSMPX - Drawdown Comparison

The maximum PCCOX drawdown since its inception was -34.42%, roughly equal to the maximum VSMPX drawdown of -34.97%. Use the drawdown chart below to compare losses from any high point for PCCOX and VSMPX.

Drawdown Indicators

	PCCOX	VSMPX	Difference
Max Drawdown Largest peak-to-trough decline	-34.42%	-34.97%	+0.55%
Max Drawdown (1Y) Largest decline over 1 year	-9.30%	-8.92%	-0.38%
Max Drawdown (3Y) Largest decline over 3 years	-19.37%	-19.36%	-0.01%
Max Drawdown (5Y) Largest decline over 5 years	-24.90%	-25.35%	+0.45%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.97%	—
Current Drawdown Current decline from peak	-1.36%	-1.47%	+0.11%
Average Drawdown Average peak-to-trough decline	-4.49%	-4.58%	+0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	1.99%	+0.05%

Volatility

PCCOX vs. VSMPX - Volatility Comparison

T. Rowe Price U.S. Equity Research Fund I Class (PCCOX) and Vanguard Total Stock Market Index Fund Institutional Plus Shares (VSMPX) have volatilities of 4.93% and 4.77%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCCOX	VSMPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.93%	4.77%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	10.31%	10.04%	+0.27%
Volatility (1Y) Calculated over the trailing 1-year period	12.66%	12.83%	-0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.44%	17.45%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.72%	18.46%	+0.26%

PCCOX vs. VSMPX - Expense Ratio Comparison

PCCOX has a 0.34% expense ratio, which is higher than VSMPX's 0.02% expense ratio.

Dividends

PCCOX vs. VSMPX - Dividend Comparison

PCCOX's dividend yield for the trailing twelve months is around 1.11%, more than VSMPX's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
PCCOX T. Rowe Price U.S. Equity Research Fund I Class	1.11%	1.23%	0.71%	1.22%	1.38%	3.78%	1.12%	1.45%	5.77%	7.18%	0.00%
VSMPX Vanguard Total Stock Market Index Fund Institutional Plus Shares	1.03%	1.13%	1.27%	1.43%	1.67%	1.22%	1.43%	1.78%	2.05%	1.73%	1.95%

Frequently Asked Questions

Can I hold both PCCOX and VSMPX in my portfolio?

With a correlation of 0.97, PCCOX and VSMPX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PCCOX or VSMPX?

PCCOX has higher volatility (4.93%) compared to VSMPX (4.77%). In terms of maximum drawdown, PCCOX dropped -34.42% vs VSMPX's -34.97%.

Which has better risk-adjusted returns?

PCCOX currently has the higher Sharpe Ratio (2.17 vs 2.13), 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.