QSMLX vs. PRSVX

Last updated Jun 24, 2026

QSMLX (AQR Small Cap Multi-Style Fund) and PRSVX (T. Rowe Price Small-Cap Value Fund) are both Small Cap Blend Equities funds. Over the past 10 years, QSMLX returned 13.05%/yr vs 11.16%/yr for PRSVX. Their correlation of 0.95 suggests significant overlap in exposure. QSMLX charges 0.72%/yr vs 0.78%/yr for PRSVX.

Performance

QSMLX vs. PRSVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Small Cap Multi-Style Fund (QSMLX) and T. Rowe Price Small-Cap Value Fund (PRSVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QSMLX achieves a 25.28% return, which is significantly higher than PRSVX's 20.14% return. Over the past 10 years, QSMLX has outperformed PRSVX with an annualized return of 13.05%, while PRSVX has yielded a comparatively lower 11.16% annualized return.

QSMLX

• 1D: 1.20%
• 1M: 4.65%
• YTD: 25.28%
• 6M: 22.18%
• 1Y: 45.12%
• 3Y*: 24.20%
• 5Y*: 11.72%
• 10Y*: 13.05%

PRSVX

• 1D: 0.51%
• 1M: 4.62%
• YTD: 20.14%
• 6M: 18.20%
• 1Y: 34.42%
• 3Y*: 17.29%
• 5Y*: 7.05%
• 10Y*: 11.16%

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

QSMLX vs. PRSVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QSMLX AQR Small Cap Multi-Style Fund	25.28%	17.41%	11.02%	24.01%	-18.31%	26.54%	17.99%	20.42%	-14.26%	9.33%
PRSVX T. Rowe Price Small-Cap Value Fund	20.14%	8.31%	10.84%	12.34%	-18.53%	25.47%	12.49%	25.82%	-11.58%	12.84%

Correlation

The correlation between QSMLX and PRSVX is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014	0.95

The correlation between QSMLX and PRSVX has been stable across timeframes, ranging from 0.89 to 0.95 - a consistent structural relationship.

Return for Risk

QSMLX vs. PRSVX — Risk / Return Rank

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

QSMLX

QSMLX Risk / Return Rank: 79
QSMLX Sharpe Ratio Rank: 78
QSMLX Sortino Ratio Rank: 71
QSMLX Omega Ratio Rank: 60
QSMLX Calmar Ratio Rank: 94
QSMLX Martin Ratio Rank: 92

PRSVX

PRSVX Risk / Return Rank: 73
PRSVX Sharpe Ratio Rank: 65
PRSVX Sortino Ratio Rank: 67
PRSVX Omega Ratio Rank: 55
PRSVX Calmar Ratio Rank: 88
PRSVX Martin Ratio Rank: 87

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.

QSMLX vs. PRSVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Small Cap Multi-Style Fund (QSMLX) and T. Rowe Price Small-Cap Value Fund (PRSVX). 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.

	QSMLX	PRSVX	Difference
Sharpe ratio: Return per unit of total volatility	2.38	2.17	+0.21
Sortino ratio: Return per unit of downside risk	3.20	3.09	+0.10
Omega ratio: Gain probability vs. loss probability	1.39	1.37	+0.02
Calmar ratio: Return relative to maximum drawdown	5.09	4.15	+0.94
Martin ratio: Return relative to average drawdown	17.26	15.51	+1.75

QSMLX vs. PRSVX - Sharpe Ratio Comparison

The current QSMLX Sharpe Ratio is 2.38, which is comparable to the PRSVX Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of QSMLX and PRSVX, 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

QSMLX vs. PRSVX - Drawdown Comparison

The maximum QSMLX drawdown since its inception was -44.38%, smaller than the maximum PRSVX drawdown of -55.37%. Use the drawdown chart below to compare losses from any high point for QSMLX and PRSVX.

Drawdown Indicators

	QSMLX	PRSVX	Difference
Max Drawdown Largest peak-to-trough decline	-44.38%	-55.37%	+10.99%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-8.93%	-0.40%
Max Drawdown (3Y) Largest decline over 3 years	-23.69%	-24.60%	+0.91%
Max Drawdown (5Y) Largest decline over 5 years	-30.21%	-28.17%	-2.04%
Max Drawdown (10Y) Largest decline over 10 years	-44.38%	-40.97%	-3.41%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.15%	-7.48%	-0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	2.37%	+0.38%

Volatility

QSMLX vs. PRSVX - Volatility Comparison

AQR Small Cap Multi-Style Fund (QSMLX) has a higher volatility of 6.00% compared to T. Rowe Price Small-Cap Value Fund (PRSVX) at 5.19%. This indicates that QSMLX's price experiences larger fluctuations and is considered to be riskier than PRSVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QSMLX	PRSVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.00%	5.19%	+0.81%
Volatility (6M) Calculated over the trailing 6-month period	14.15%	12.48%	+1.67%
Volatility (1Y) Calculated over the trailing 1-year period	20.03%	17.13%	+2.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.54%	19.83%	+2.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.24%	21.07%	+2.17%

QSMLX vs. PRSVX - Expense Ratio Comparison

QSMLX has a 0.72% expense ratio, which is lower than PRSVX's 0.78% expense ratio.

Dividends

QSMLX vs. PRSVX - Dividend Comparison

QSMLX's dividend yield for the trailing twelve months is around 8.23%, less than PRSVX's 9.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRSVX T. Rowe Price Small-Cap Value Fund	9.85%	11.83%	9.77%	3.27%	5.28%	6.98%	2.03%	4.59%	9.46%	3.79%	3.77%	22.55%
QSMLX AQR Small Cap Multi-Style Fund	8.23%	10.31%	13.88%	6.74%	0.87%	6.13%	1.77%	0.97%	13.57%	10.71%	2.53%	0.22%

Frequently Asked Questions

Can I hold both QSMLX and PRSVX in my portfolio?

QSMLX and PRSVX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QSMLX or PRSVX?

QSMLX has higher volatility (6.00%) compared to PRSVX (5.19%). In terms of maximum drawdown, QSMLX dropped -44.38% vs PRSVX's -55.37%.

Which has better risk-adjusted returns?

QSMLX currently has the higher Sharpe Ratio (2.38 vs 2.17), 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.