TMSL vs. CTEF

Last updated Jun 4, 2026

TMSL (T. Rowe Price Small-Mid Cap ETF) and CTEF (Castellan Targeted Equity ETF) are both Mid Cap Blend Equities funds. Both are actively managed. A 0.75 correlation means they provide meaningful diversification when combined. TMSL charges 0.55%/yr vs 0.45%/yr for CTEF.

Performance

TMSL vs. CTEF - Performance Comparison

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

Returns By Period

In the year-to-date period, TMSL achieves a 16.49% return, which is significantly lower than CTEF's 29.35% return.

TMSL

• 1D: 0.02%
• 1M: 3.85%
• YTD: 16.49%
• 6M: 16.75%
• 1Y: 31.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CTEF

• 1D: -0.41%
• 1M: 10.65%
• YTD: 29.35%
• 6M: 31.78%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TMSL vs. CTEF - Yearly Performance Comparison

	2026 (YTD)	2025
TMSL T. Rowe Price Small-Mid Cap ETF	16.49%	12.67%
CTEF Castellan Targeted Equity ETF	29.35%	33.22%

Correlation

The correlation between TMSL and CTEF is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 20, 2025	0.75

Return for Risk

TMSL vs. CTEF — Risk / Return Rank

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

TMSL

TMSL Risk / Return Rank: 56
TMSL Sharpe Ratio Rank: 53
TMSL Sortino Ratio Rank: 55
TMSL Omega Ratio Rank: 53
TMSL Calmar Ratio Rank: 57
TMSL Martin Ratio Rank: 64

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. CTEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Small-Mid Cap ETF (TMSL) and Castellan Targeted Equity ETF (CTEF). 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.

	TMSL	CTEF	Difference
Sharpe ratio: Return per unit of total volatility	1.83	—	—
Sortino ratio: Return per unit of downside risk	2.63	—	—
Omega ratio: Gain probability vs. loss probability	1.33	—	—
Calmar ratio: Return relative to maximum drawdown	2.82	—	—
Martin ratio: Return relative to average drawdown	11.55	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	TMSL	CTEF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.05	3.54	-2.50

Drawdowns

TMSL vs. CTEF - Drawdown Comparison

The maximum TMSL drawdown since its inception was -24.39%, which is greater than CTEF's maximum drawdown of -15.00%. Use the drawdown chart below to compare losses from any high point for TMSL and CTEF.

Drawdown Indicators

	TMSL	CTEF	Difference
Max Drawdown Largest peak-to-trough decline	-24.39%	-15.00%	-9.39%
Max Drawdown (1Y) Largest decline over 1 year	-11.19%	—	—
Current Drawdown Current decline from peak	-0.50%	-0.41%	-0.09%
Average Drawdown Average peak-to-trough decline	-3.94%	-1.80%	-2.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.72%	—	—

Volatility

Volatility by Period

	TMSL	CTEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.40%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.66%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	17.27%	21.81%	-4.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.39%	21.81%	-3.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.39%	21.81%	-3.42%

TMSL vs. CTEF - Expense Ratio Comparison

TMSL has a 0.55% expense ratio, which is higher than CTEF's 0.45% expense ratio.

Dividends

TMSL vs. CTEF - Dividend Comparison

TMSL's dividend yield for the trailing twelve months is around 0.49%, more than CTEF's 0.06% yield.

Position	TTM	2025	2024	2023
CTEF Castellan Targeted Equity ETF	0.06%	0.08%	0.00%	0.00%
TMSL T. Rowe Price Small-Mid Cap ETF	0.49%	0.57%	0.44%	0.34%

Frequently Asked Questions

Can I hold both TMSL and CTEF in my portfolio?

TMSL and CTEF have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TMSL or CTEF?

On fees, CTEF is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TMSL or CTEF?

CTEF is cheaper with a 0.45% expense ratio, compared with 0.55% for TMSL.

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

TMSL has the higher dividend yield at 0.49%, compared with 0.06% for CTEF.

What is the main difference between TMSL and CTEF?

They also come from different issuers: T. Rowe Price and Castellan. Their fees differ too: 0.55% for TMSL and 0.45% for CTEF.