SMMD vs. TPLGX

Last updated Jun 5, 2026

SMMD (iShares Russell 2500 ETF) and TPLGX (T. Rowe Price Institutional Large Cap Core Growth Fund) are both funds - SMMD is a Small Cap Growth Equities fund tracking the Russell 2500 Index, while TPLGX is a Large Cap Growth Equities fund managed by T. Rowe Price. Over the past 5 years, SMMD returned 7.75%/yr vs 11.17%/yr for TPLGX. A 0.66 correlation means they provide meaningful diversification when combined. SMMD charges 0.15%/yr vs 0.57%/yr for TPLGX.

Performance

SMMD vs. TPLGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 2500 ETF (SMMD) and T. Rowe Price Institutional Large Cap Core Growth Fund (TPLGX). 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 TPLGX's 4.02% return.

SMMD

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

TPLGX

• 1D: -1.40%
• 1M: 3.35%
• YTD: 4.02%
• 6M: 3.53%
• 1Y: 19.45%
• 3Y*: 24.28%
• 5Y*: 11.17%
• 10Y*: 16.52%

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

SMMD vs. TPLGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMMD iShares Russell 2500 ETF	18.99%	11.72%	11.87%	17.71%	-18.53%	18.30%	19.98%	28.01%	-10.58%	10.82%
TPLGX T. Rowe Price Institutional Large Cap Core Growth Fund	4.02%	18.66%	35.22%	49.63%	-38.49%	17.84%	34.70%	30.15%	2.18%	13.64%

Correlation

The correlation between SMMD and TPLGX is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jul 10, 2017	0.66

The correlation between SMMD and TPLGX shifts across timeframes, from 0.54 (1 year) to 0.68 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

SMMD vs. TPLGX — 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

TPLGX

TPLGX Risk / Return Rank: 17
TPLGX Sharpe Ratio Rank: 20
TPLGX Sortino Ratio Rank: 19
TPLGX Omega Ratio Rank: 19
TPLGX Calmar Ratio Rank: 13
TPLGX Martin Ratio Rank: 14

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. TPLGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2500 ETF (SMMD) and T. Rowe Price Institutional Large Cap Core Growth Fund (TPLGX). 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	TPLGX	Difference
Sharpe ratio: Return per unit of total volatility	2.16	1.29	+0.87
Sortino ratio: Return per unit of downside risk	3.02	1.83	+1.19
Omega ratio: Gain probability vs. loss probability	1.37	1.23	+0.14
Calmar ratio: Return relative to maximum drawdown	3.84	1.18	+2.66
Martin ratio: Return relative to average drawdown	14.65	3.92	+10.72
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. TPLGX - Sharpe Ratio Comparison

The current SMMD Sharpe Ratio is 2.16, which is higher than the TPLGX Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of SMMD and TPLGX, 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	TPLGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.16	1.29	+0.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.46	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.72	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.56	-0.06

Drawdowns

SMMD vs. TPLGX - Drawdown Comparison

The maximum SMMD drawdown since its inception was -41.06%, smaller than the maximum TPLGX drawdown of -54.57%. Use the drawdown chart below to compare losses from any high point for SMMD and TPLGX.

Drawdown Indicators

	SMMD	TPLGX	Difference
Max Drawdown Largest peak-to-trough decline	-41.06%	-54.57%	+13.51%
Max Drawdown (1Y) Largest decline over 1 year	-9.66%	-17.15%	+7.49%
Max Drawdown (3Y) Largest decline over 3 years	-25.50%	-28.23%	+2.73%
Max Drawdown (5Y) Largest decline over 5 years	-28.26%	-43.45%	+15.19%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.45%	—
Current Drawdown Current decline from peak	-0.11%	-2.07%	+1.96%
Average Drawdown Average peak-to-trough decline	-8.37%	-8.67%	+0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	5.14%	-2.61%

Volatility

SMMD vs. TPLGX - Volatility Comparison

iShares Russell 2500 ETF (SMMD) has a higher volatility of 5.01% compared to T. Rowe Price Institutional Large Cap Core Growth Fund (TPLGX) at 3.88%. This indicates that SMMD's price experiences larger fluctuations and is considered to be riskier than TPLGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMMD	TPLGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.01%	3.88%	+1.13%
Volatility (6M) Calculated over the trailing 6-month period	12.58%	12.09%	+0.49%
Volatility (1Y) Calculated over the trailing 1-year period	17.16%	15.64%	+1.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.82%	24.30%	-3.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.36%	22.90%	-0.54%

SMMD vs. TPLGX - Expense Ratio Comparison

SMMD has a 0.15% expense ratio, which is lower than TPLGX's 0.57% expense ratio.

Dividends

SMMD vs. TPLGX - Dividend Comparison

SMMD's dividend yield for the trailing twelve months is around 1.05%, less than TPLGX's 19.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
TPLGX T. Rowe Price Institutional Large Cap Core Growth Fund	19.52%	20.30%	12.87%	3.70%	4.39%	8.81%	0.59%	0.60%	1.65%	1.39%	0.25%	0.44%

Frequently Asked Questions

Can I hold both SMMD and TPLGX in my portfolio?

SMMD and TPLGX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMMD or TPLGX?

SMMD has higher volatility (5.01%) compared to TPLGX (3.88%). In terms of maximum drawdown, SMMD dropped -41.06% vs TPLGX's -54.57%.

Which has better risk-adjusted returns?

SMMD currently has the higher Sharpe Ratio (2.16 vs 1.29), 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.