SMMD vs. TMSL

Last updated Jun 5, 2026

SMMD (iShares Russell 2500 ETF) and TMSL (T. Rowe Price Small-Mid Cap ETF) are both exchange-traded funds - SMMD is a Small Cap Growth Equities fund tracking the Russell 2500 Index, while TMSL is a Mid Cap Blend Equities fund actively managed by T. Rowe Price. SMMD is passively managed, while TMSL is actively managed. Over the past year, SMMD returned 36.93% vs 31.78% for TMSL. With a 0.96 correlation, they move nearly in lockstep. SMMD charges 0.15%/yr vs 0.55%/yr for TMSL.

Performance

SMMD vs. TMSL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 2500 ETF (SMMD) and T. Rowe Price Small-Mid Cap ETF (TMSL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMMD achieves a 18.99% return, which is significantly higher than TMSL's 16.74% return.

SMMD

• 1D: 0.52%
• 1M: 3.44%
• YTD: 18.99%
• 6M: 17.98%
• 1Y: 36.93%
• 3Y*: 19.07%
• 5Y*: 7.75%
• 10Y*: —

TMSL

• 1D: 0.22%
• 1M: 2.70%
• YTD: 16.74%
• 6M: 16.19%
• 1Y: 31.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMMD vs. TMSL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SMMD iShares Russell 2500 ETF	18.99%	11.72%	11.87%	8.81%
TMSL T. Rowe Price Small-Mid Cap ETF	16.74%	11.95%	15.81%	11.22%

Correlation

The correlation between SMMD and TMSL is 0.95, 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	0.95
Correlation (All Time) Calculated using the full available price history since Jun 16, 2023	0.96

The correlation between SMMD and TMSL has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

SMMD vs. TMSL - Sectors Allocation Comparison

Sectors	SMMD	TMSL
Industrials	21.0%	19.7%
Technology	18.8%	24.3%
Financial Services	13.8%	14.4%
Healthcare	11.8%	13.4%
Consumer Cyclical	10.6%	8.7%
Real Estate	6.7%	4.6%
Energy	4.9%	6.8%
Basic Materials	4.4%	3.9%
Consumer Defensive	2.8%	1.6%
Utilities	2.7%	1.6%
Communication Services	2.5%	1.0%

Return for Risk

SMMD vs. TMSL — Risk / Return Rank

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

SMMD

SMMD Risk / Return Rank: 70
SMMD Sharpe Ratio Rank: 66
SMMD Sortino Ratio Rank: 67
SMMD Omega Ratio Rank: 61
SMMD Calmar Ratio Rank: 77
SMMD Martin Ratio Rank: 77

TMSL

TMSL Risk / Return Rank: 58
TMSL Sharpe Ratio Rank: 55
TMSL Sortino Ratio Rank: 56
TMSL Omega Ratio Rank: 54
TMSL Calmar Ratio Rank: 58
TMSL Martin Ratio Rank: 65

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.

SMMD vs. TMSL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2500 ETF (SMMD) and T. Rowe Price Small-Mid Cap ETF (TMSL). 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.

	SMMD	TMSL	Difference
Sharpe ratio: Return per unit of total volatility	2.16	1.85	+0.31
Sortino ratio: Return per unit of downside risk	3.02	2.66	+0.36
Omega ratio: Gain probability vs. loss probability	1.37	1.33	+0.03
Calmar ratio: Return relative to maximum drawdown	3.84	2.85	+0.99
Martin ratio: Return relative to average drawdown	14.65	11.70	+2.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMMD vs. TMSL - Sharpe Ratio Comparison

The current SMMD Sharpe Ratio is 2.16, which is comparable to the TMSL Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of SMMD and TMSL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SMMD	TMSL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.16	1.85	+0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	1.05	-0.55

Drawdowns

SMMD vs. TMSL - Drawdown Comparison

The maximum SMMD drawdown since its inception was -41.06%, which is greater than TMSL's maximum drawdown of -24.39%. Use the drawdown chart below to compare losses from any high point for SMMD and TMSL.

Drawdown Indicators

	SMMD	TMSL	Difference
Max Drawdown Largest peak-to-trough decline	-41.06%	-24.39%	-16.67%
Max Drawdown (1Y) Largest decline over 1 year	-9.66%	-11.19%	+1.53%
Max Drawdown (3Y) Largest decline over 3 years	-25.50%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.26%	—	—
Current Drawdown Current decline from peak	-0.11%	-0.29%	+0.18%
Average Drawdown Average peak-to-trough decline	-8.37%	-3.93%	-4.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	2.72%	-0.19%

Volatility

SMMD vs. TMSL - Volatility Comparison

iShares Russell 2500 ETF (SMMD) and T. Rowe Price Small-Mid Cap ETF (TMSL) have volatilities of 5.01% and 5.27%, 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

	SMMD	TMSL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.01%	5.27%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	12.58%	13.66%	-1.08%
Volatility (1Y) Calculated over the trailing 1-year period	17.16%	17.25%	-0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.82%	18.38%	+2.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.36%	18.38%	+3.98%

SMMD vs. TMSL - Expense Ratio Comparison

SMMD has a 0.15% expense ratio, which is lower than TMSL's 0.55% expense ratio.

Dividends

SMMD vs. TMSL - Dividend Comparison

SMMD's dividend yield for the trailing twelve months is around 1.05%, more than TMSL's 0.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMMD iShares Russell 2500 ETF	1.05%	1.28%	1.27%	1.44%	1.79%	1.12%	1.31%	1.50%	2.45%	0.68%
TMSL T. Rowe Price Small-Mid Cap ETF	0.48%	0.57%	0.44%	0.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMMD and TMSL in my portfolio?

With a correlation of 0.95, SMMD and TMSL 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, SMMD or TMSL?

TMSL has higher volatility (5.27%) compared to SMMD (5.01%). In terms of maximum drawdown, SMMD dropped -41.06% vs TMSL's -24.39%.

Which ETF is better, SMMD or TMSL?

On 1-year performance, SMMD leads with 36.93% vs 31.78% for TMSL. On fees, SMMD is cheaper at 0.15% per year. On volatility, SMMD has been the lower-risk option at 5.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMMD or TMSL?

Over the 1-year period, SMMD has performed better with a 36.93% return vs 31.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMMD or TMSL?

SMMD is cheaper with a 0.15% expense ratio, compared with 0.55% for TMSL.

Which ETF pays a higher dividend yield, SMMD or TMSL?

SMMD has the higher dividend yield at 1.05%, compared with 0.48% for TMSL.

What is the main difference between SMMD and TMSL?

SMMD is categorized as Small Cap Growth Equities, while TMSL is Mid Cap Blend Equities. They also come from different issuers: iShares and T. Rowe Price. Their fees differ too: 0.15% for SMMD and 0.55% for TMSL.

Which has better risk-adjusted returns?

SMMD currently has the higher Sharpe Ratio (2.16 vs 1.85), 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.