TMSL vs. CGMM

Last updated Aug 2, 2026

TMSL (T. Rowe Price Small-Mid Cap ETF) and CGMM (Capital Group U.S. Small and Mid Cap ETF) are both Mid Cap Blend Equities funds. Both are actively managed. Over the past year, TMSL returned 31.13% vs 18.91% for CGMM. Their correlation of 0.92 means they have usually moved in the same direction. TMSL charges 0.55%/yr vs 0.51%/yr for CGMM.

Performance

TMSL vs. CGMM - Performance Comparison

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

Returns By Period

In the year-to-date period, TMSL achieves a 19.11% return, which is significantly higher than CGMM's 10.85% return.

TMSL

• 1D: -0.33%
• 1M: -1.41%
• 6M: 13.24%
• YTD: 19.11%
• 1Y: 31.13%
• 3Y*: 17.77%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.08%

CGMM

• 1D: -0.68%
• 1M: -2.41%
• 6M: 6.78%
• YTD: 10.85%
• 1Y: 18.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.22%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CGMM Capital Group U.S. Small and Mid Cap ETF	$22.37M	$23.07M	$30.55M
TMSL T. Rowe Price Small-Mid Cap ETF	$17.24M	$15.88M	$18.32M

TMSL vs. CGMM - Yearly Performance Comparison

	2026 (YTD)	2025
TMSL T. Rowe Price Small-Mid Cap ETF	19.11%	8.93%
CGMM Capital Group U.S. Small and Mid Cap ETF	10.85%	12.15%

Correlation

The correlation between TMSL and CGMM is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.90
Correlation (All Time) Calculated using the full available price history since Jan 16, 2025	0.92

The correlation between TMSL and CGMM has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

TMSL vs. CGMM - Sectors Allocation Comparison

Sectors	TMSL	CGMM
Technology	17.5%	18.7%
Healthcare	16.9%	11.7%
Industrials	16.7%	21.7%
Financial Services	15.9%	16.2%
Consumer Cyclical	9.6%	12.7%
Energy	6.1%	2.7%
Real Estate	6.0%	2.6%
Basic Materials	5.7%	3.0%
Consumer Defensive	2.2%	5.3%
Utilities	1.9%	3.0%
Communication Services	1.0%	2.4%

Return for Risk

TMSL vs. CGMM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TMSL

TMSL Risk / Return Rank: 73
TMSL Sharpe Ratio Rank: 70
TMSL Sortino Ratio Rank: 72
TMSL Omega Ratio Rank: 68
TMSL Calmar Ratio Rank: 75
TMSL Martin Ratio Rank: 80

CGMM

CGMM Risk / Return Rank: 44
CGMM Sharpe Ratio Rank: 41
CGMM Sortino Ratio Rank: 42
CGMM Omega Ratio Rank: 38
CGMM Calmar Ratio Rank: 45
CGMM Martin Ratio Rank: 53

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TMSL vs. CGMM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Small-Mid Cap ETF (TMSL) and Capital Group U.S. Small and Mid Cap ETF (CGMM). 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.

	TMSL	CGMM	Difference
Sharpe ratio: Return per unit of total volatility	1.60	1.03	+0.57
Sortino ratio: Return per unit of downside risk	2.32	1.57	+0.75
Omega ratio: Gain probability vs. loss probability	1.29	1.18	+0.10
Calmar ratio: Return relative to maximum drawdown	2.63	1.63	+1.00
Martin ratio: Return relative to average drawdown	10.51	6.14	+4.37

TMSL vs. CGMM - Sharpe Ratio Comparison

The current TMSL Sharpe Ratio is 1.60, which is higher than the CGMM Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of TMSL and CGMM, 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

TMSL vs. CGMM - Drawdown Comparison

The maximum TMSL drawdown since its inception was -24.39%, which is greater than CGMM's maximum drawdown of -21.04%. Use the drawdown chart below to compare losses from any high point for TMSL and CGMM.

Drawdown Indicators

	TMSL	CGMM	Difference
Max Drawdown Largest peak-to-trough decline	-24.39%	-21.04%	-3.35%
Max Drawdown (1Y) Largest decline over 1 year	-11.19%	-10.09%	-1.10%
Max Drawdown (3Y) Largest decline over 3 years	-24.39%	—	—
Current Drawdown Current decline from peak	-2.49%	-3.15%	+0.66%
Average Drawdown Average peak-to-trough decline	-3.82%	-3.08%	-0.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	2.69%	+0.11%

Volatility

TMSL vs. CGMM - Volatility Comparison

T. Rowe Price Small-Mid Cap ETF (TMSL) has a higher volatility of 4.36% compared to Capital Group U.S. Small and Mid Cap ETF (CGMM) at 3.60%. This indicates that TMSL's price experiences larger fluctuations and is considered to be riskier than CGMM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMSL	CGMM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.36%	3.60%	+0.76%
Volatility (6M) Calculated over the trailing 6-month period	14.96%	11.97%	+2.99%
Volatility (1Y) Calculated over the trailing 1-year period	18.45%	16.13%	+2.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.49%	19.76%	-1.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.49%	19.76%	-1.27%

TMSL vs. CGMM - Expense Ratio Comparison

TMSL has a 0.55% expense ratio, which is higher than CGMM's 0.51% expense ratio.

Dividends

TMSL vs. CGMM - Dividend Comparison

TMSL's dividend yield for the trailing twelve months is around 0.48%, more than CGMM's 0.38% yield.

Position	TTM	2025	2024	2023
CGMM Capital Group U.S. Small and Mid Cap ETF	0.38%	0.40%	0.00%	0.00%
TMSL T. Rowe Price Small-Mid Cap ETF	0.48%	0.57%	0.44%	0.34%

Frequently Asked Questions

Can I hold both TMSL and CGMM in my portfolio?

With a correlation of 0.90, TMSL and CGMM 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, TMSL or CGMM?

TMSL has higher volatility (4.36%) compared to CGMM (3.60%). In terms of maximum drawdown, TMSL dropped -24.39% vs CGMM's -21.04%.

Which ETF is better, TMSL or CGMM?

On 1-year performance, TMSL leads with 31.13% vs 18.91% for CGMM. On fees, CGMM is cheaper at 0.51% per year. On volatility, CGMM has been the lower-risk option at 3.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TMSL or CGMM?

Over the 1-year period, TMSL has performed better with a 31.13% return vs 18.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMSL or CGMM?

CGMM is cheaper with a 0.51% expense ratio, compared with 0.55% for TMSL.

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

TMSL has the higher dividend yield at 0.48%, compared with 0.38% for CGMM.

What is the main difference between TMSL and CGMM?

They also come from different issuers: T. Rowe Price and Capital Group. Their fees differ too: 0.55% for TMSL and 0.51% for CGMM.

Which has better risk-adjusted returns?

TMSL currently has the higher Sharpe Ratio (1.60 vs 1.03), 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.