TMSL vs. CPAI

Last updated Jun 24, 2026

TMSL (T. Rowe Price Small-Mid Cap ETF) and CPAI (Counterpoint Quantitative Equity ETF) are both Mid Cap Blend Equities funds. Both are actively managed. Over the past year, TMSL returned 32.67% vs 38.76% for CPAI. A 0.80 correlation means they provide meaningful diversification when combined. TMSL charges 0.55%/yr vs 0.75%/yr for CPAI.

Performance

TMSL vs. CPAI - Performance Comparison

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

Returns By Period

In the year-to-date period, TMSL achieves a 18.75% return, which is significantly lower than CPAI's 25.76% return.

TMSL

• 1D: -2.05%
• 1M: 3.45%
• YTD: 18.75%
• 6M: 16.51%
• 1Y: 32.67%
• 3Y*: 20.67%
• 5Y*: —
• 10Y*: —

CPAI

• 1D: -0.02%
• 1M: 2.38%
• YTD: 25.76%
• 6M: 24.09%
• 1Y: 38.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TMSL vs. CPAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TMSL T. Rowe Price Small-Mid Cap ETF	18.75%	11.95%	15.81%	10.35%
CPAI Counterpoint Quantitative Equity ETF	25.76%	17.79%	28.37%	5.67%

Correlation

The correlation between TMSL and CPAI is 0.73, 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	0.73
Correlation (All Time) Calculated using the full available price history since Nov 29, 2023	0.80

The correlation between TMSL and CPAI has been stable across timeframes, ranging from 0.73 to 0.80 - a consistent structural relationship.

TMSL vs. CPAI - Sectors Allocation Comparison

Sectors	TMSL	CPAI
Technology	25.8%	48.5%
Industrials	19.3%	7.4%
Healthcare	13.8%	15.4%
Financial Services	13.6%	3.8%
Consumer Cyclical	9.0%	3.6%
Energy	5.9%	3.1%
Real Estate	4.3%	-
Basic Materials	4.1%	3.1%
Consumer Defensive	1.6%	8.0%
Utilities	1.5%	-
Communication Services	1.0%	7.2%

Return for Risk

TMSL vs. CPAI — Risk / Return Rank

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

TMSL

TMSL Risk / Return Rank: 61
TMSL Sharpe Ratio Rank: 58
TMSL Sortino Ratio Rank: 59
TMSL Omega Ratio Rank: 56
TMSL Calmar Ratio Rank: 64
TMSL Martin Ratio Rank: 69

CPAI

CPAI Risk / Return Rank: 72
CPAI Sharpe Ratio Rank: 72
CPAI Sortino Ratio Rank: 67
CPAI Omega Ratio Rank: 66
CPAI Calmar Ratio Rank: 80
CPAI Martin Ratio Rank: 77

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.

TMSL vs. CPAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Small-Mid Cap ETF (TMSL) and Counterpoint Quantitative Equity ETF (CPAI). 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	CPAI	Difference
Sharpe ratio: Return per unit of total volatility	1.80	2.04	-0.24
Sortino ratio: Return per unit of downside risk	2.57	2.69	-0.12
Omega ratio: Gain probability vs. loss probability	1.32	1.35	-0.03
Calmar ratio: Return relative to maximum drawdown	2.93	3.72	-0.78
Martin ratio: Return relative to average drawdown	11.92	13.04	-1.12

TMSL vs. CPAI - Sharpe Ratio Comparison

The current TMSL Sharpe Ratio is 1.80, which is comparable to the CPAI Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of TMSL and CPAI, 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. CPAI - Drawdown Comparison

The maximum TMSL drawdown since its inception was -24.39%, which is greater than CPAI's maximum drawdown of -21.46%. Use the drawdown chart below to compare losses from any high point for TMSL and CPAI.

Drawdown Indicators

	TMSL	CPAI	Difference
Max Drawdown Largest peak-to-trough decline	-24.39%	-21.46%	-2.93%
Max Drawdown (1Y) Largest decline over 1 year	-11.19%	-10.48%	-0.71%
Max Drawdown (3Y) Largest decline over 3 years	-24.39%	—	—
Current Drawdown Current decline from peak	-2.05%	-3.11%	+1.06%
Average Drawdown Average peak-to-trough decline	-3.89%	-2.98%	-0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	2.98%	-0.23%

Volatility

TMSL vs. CPAI - Volatility Comparison

The current volatility for T. Rowe Price Small-Mid Cap ETF (TMSL) is 7.03%, while Counterpoint Quantitative Equity ETF (CPAI) has a volatility of 7.86%. This indicates that TMSL experiences smaller price fluctuations and is considered to be less risky than CPAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMSL	CPAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.03%	7.86%	-0.83%
Volatility (6M) Calculated over the trailing 6-month period	14.84%	15.79%	-0.95%
Volatility (1Y) Calculated over the trailing 1-year period	18.26%	19.17%	-0.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.60%	19.46%	-0.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.60%	19.46%	-0.86%

TMSL vs. CPAI - Expense Ratio Comparison

TMSL has a 0.55% expense ratio, which is lower than CPAI's 0.75% expense ratio.

Dividends

TMSL vs. CPAI - Dividend Comparison

TMSL's dividend yield for the trailing twelve months is around 0.48%, less than CPAI's 0.71% yield.

Position	TTM	2025	2024	2023
CPAI Counterpoint Quantitative Equity ETF	0.71%	0.89%	0.41%	0.06%
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 CPAI in my portfolio?

TMSL and CPAI have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TMSL or CPAI?

CPAI has higher volatility (7.86%) compared to TMSL (7.03%). In terms of maximum drawdown, TMSL dropped -24.39% vs CPAI's -21.46%.

Which ETF is better, TMSL or CPAI?

On 1-year performance, CPAI leads with 38.76% vs 32.67% for TMSL. On fees, TMSL is cheaper at 0.55% per year. On volatility, TMSL has been the lower-risk option at 7.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TMSL or CPAI?

Over the 1-year period, CPAI has performed better with a 38.76% return vs 32.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMSL or CPAI?

TMSL is cheaper with a 0.55% expense ratio, compared with 0.75% for CPAI.

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

CPAI has the higher dividend yield at 0.71%, compared with 0.48% for TMSL.

What is the main difference between TMSL and CPAI?

They also come from different issuers: T. Rowe Price and Counterpoint Funds. Their fees differ too: 0.55% for TMSL and 0.75% for CPAI.

Which has better risk-adjusted returns?

CPAI currently has the higher Sharpe Ratio (2.04 vs 1.80), 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.