PMEGX vs. SPY
Compare and contrast key facts about T. Rowe Price Institutional Mid Cap Equity Growth Fund (PMEGX) and State Street SPDR S&P 500 ETF (SPY).
PMEGX is managed by T. Rowe Price. It was launched on Jul 31, 1996. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
PMEGX vs. SPY - Performance Comparison
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PMEGX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PMEGX T. Rowe Price Institutional Mid Cap Equity Growth Fund | -4.03% | 3.73% | 9.15% | 20.69% | -23.19% | 15.50% | 23.95% | 33.08% | -2.23% | 26.02% |
SPY State Street SPDR S&P 500 ETF | -3.65% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, PMEGX achieves a -4.03% return, which is significantly lower than SPY's -3.65% return. Over the past 10 years, PMEGX has underperformed SPY with an annualized return of 9.68%, while SPY has yielded a comparatively higher 14.06% annualized return.
PMEGX
- 1D
- 2.77%
- 1M
- -6.49%
- YTD
- -4.03%
- 6M
- -3.03%
- 1Y
- 7.08%
- 3Y*
- 6.88%
- 5Y*
- 2.14%
- 10Y*
- 9.68%
SPY
- 1D
- 0.75%
- 1M
- -4.28%
- YTD
- -3.65%
- 6M
- -1.42%
- 1Y
- 18.14%
- 3Y*
- 18.48%
- 5Y*
- 11.86%
- 10Y*
- 14.06%
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PMEGX vs. SPY - Expense Ratio Comparison
PMEGX has a 0.61% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
PMEGX vs. SPY — Risk / Return Rank
PMEGX
SPY
PMEGX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Institutional Mid Cap Equity Growth Fund (PMEGX) and State Street SPDR S&P 500 ETF (SPY). 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.
| PMEGX | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.39 | 0.96 | -0.57 |
Sortino ratioReturn per unit of downside risk | 0.69 | 1.49 | -0.80 |
Omega ratioGain probability vs. loss probability | 1.09 | 1.23 | -0.14 |
Calmar ratioReturn relative to maximum drawdown | 0.57 | 1.53 | -0.96 |
Martin ratioReturn relative to average drawdown | 2.27 | 7.27 | -4.99 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PMEGX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.39 | 0.96 | -0.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.11 | 0.70 | -0.59 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.49 | 0.79 | -0.30 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.51 | 0.56 | -0.05 |
Correlation
The correlation between PMEGX and SPY is 0.87, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
PMEGX vs. SPY - Dividend Comparison
PMEGX's dividend yield for the trailing twelve months is around 21.98%, more than SPY's 1.13% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PMEGX T. Rowe Price Institutional Mid Cap Equity Growth Fund | 21.98% | 21.10% | 14.15% | 7.07% | 1.65% | 12.80% | 4.44% | 5.11% | 10.42% | 6.30% | 1.04% | 6.18% |
SPY State Street SPDR S&P 500 ETF | 1.13% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
PMEGX vs. SPY - Drawdown Comparison
The maximum PMEGX drawdown since its inception was -55.88%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for PMEGX and SPY.
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Drawdown Indicators
| PMEGX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.88% | -55.19% | -0.69% |
Max Drawdown (1Y)Largest decline over 1 year | -12.70% | -12.05% | -0.65% |
Max Drawdown (5Y)Largest decline over 5 years | -32.87% | -24.50% | -8.37% |
Max Drawdown (10Y)Largest decline over 10 years | -37.16% | -33.72% | -3.44% |
Current DrawdownCurrent decline from peak | -12.63% | -5.53% | -7.10% |
Average DrawdownAverage peak-to-trough decline | -9.01% | -9.09% | +0.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.18% | 2.54% | +0.64% |
Volatility
PMEGX vs. SPY - Volatility Comparison
T. Rowe Price Institutional Mid Cap Equity Growth Fund (PMEGX) has a higher volatility of 5.71% compared to State Street SPDR S&P 500 ETF (SPY) at 5.35%. This indicates that PMEGX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PMEGX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.71% | 5.35% | +0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 10.07% | 9.50% | +0.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.01% | 19.06% | -0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.06% | 17.06% | +3.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.79% | 17.92% | +1.87% |