TMSL vs. DCMT

Last updated Aug 6, 2026

TMSL (T. Rowe Price Small-Mid Cap ETF) and DCMT (DoubleLine Commodity Strategy ETF) are both exchange-traded funds - TMSL is a Mid Cap Blend Equities fund actively managed by T. Rowe Price, while DCMT is a Commodities fund actively managed by DoubleLine. Both are actively managed. Over the past year, TMSL returned 33.06% vs 30.59% for DCMT. Their 0.02 correlation means their historical movements had little consistent relationship. TMSL charges 0.55%/yr vs 0.66%/yr for DCMT.

Performance

TMSL vs. DCMT - Performance Comparison

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

Returns By Period

In the year-to-date period, TMSL achieves a 22.59% return, which is significantly lower than DCMT's 25.34% return.

TMSL

• 1D: -0.29%
• 1M: 1.06%
• 6M: 15.45%
• YTD: 22.59%
• 1Y: 33.06%
• 3Y*: 19.71%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.09%

DCMT

• 1D: 0.48%
• 1M: 4.45%
• 6M: 17.24%
• YTD: 25.34%
• 1Y: 30.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.62%

*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)
DCMT DoubleLine Commodity Strategy ETF	$320.34K	$275.59K	$200.42K
TMSL T. Rowe Price Small-Mid Cap ETF	$19.04M	$16.80M	$16.16M

TMSL vs. DCMT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TMSL T. Rowe Price Small-Mid Cap ETF	22.59%	11.95%	15.41%
DCMT DoubleLine Commodity Strategy ETF	25.34%	6.04%	3.65%

Correlation

The correlation between TMSL and DCMT is -0.16, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.16
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024	0.02

The correlation between TMSL and DCMT shifts across timeframes, from -0.16 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TMSL vs. DCMT — Risk / Return Rank

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

TMSL

TMSL Risk / Return Rank: 72
TMSL Sharpe Ratio Rank: 68
TMSL Sortino Ratio Rank: 70
TMSL Omega Ratio Rank: 67
TMSL Calmar Ratio Rank: 75
TMSL Martin Ratio Rank: 80

DCMT

DCMT Risk / Return Rank: 53
DCMT Sharpe Ratio Rank: 59
DCMT Sortino Ratio Rank: 56
DCMT Omega Ratio Rank: 54
DCMT Calmar Ratio Rank: 47
DCMT Martin Ratio Rank: 48

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. DCMT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Small-Mid Cap ETF (TMSL) and DoubleLine Commodity Strategy ETF (DCMT). 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	DCMT	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.61	+0.18
Sortino ratio: Return per unit of downside risk	2.58	2.22	+0.37
Omega ratio: Gain probability vs. loss probability	1.32	1.28	+0.04
Calmar ratio: Return relative to maximum drawdown	2.97	1.93	+1.04
Martin ratio: Return relative to average drawdown	11.84	6.31	+5.54

TMSL vs. DCMT - Sharpe Ratio Comparison

The current TMSL Sharpe Ratio is 1.80, which is comparable to the DCMT Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of TMSL and DCMT, 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. DCMT - Drawdown Comparison

The maximum TMSL drawdown since its inception was -24.39%, which is greater than DCMT's maximum drawdown of -15.96%. Use the drawdown chart below to compare losses from any high point for TMSL and DCMT.

Drawdown Indicators

	TMSL	DCMT	Difference
Max Drawdown Largest peak-to-trough decline	-24.39%	-15.96%	-8.43%
Max Drawdown (1Y) Largest decline over 1 year	-11.19%	-15.96%	+4.77%
Max Drawdown (3Y) Largest decline over 3 years	-24.39%	—	—
Current Drawdown Current decline from peak	-0.29%	-10.03%	+9.74%
Average Drawdown Average peak-to-trough decline	-3.81%	-3.64%	-0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	4.86%	-2.06%

Volatility

TMSL vs. DCMT - Volatility Comparison

The current volatility for T. Rowe Price Small-Mid Cap ETF (TMSL) is 4.77%, while DoubleLine Commodity Strategy ETF (DCMT) has a volatility of 5.48%. This indicates that TMSL experiences smaller price fluctuations and is considered to be less risky than DCMT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMSL	DCMT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.77%	5.48%	-0.71%
Volatility (6M) Calculated over the trailing 6-month period	15.03%	16.57%	-1.54%
Volatility (1Y) Calculated over the trailing 1-year period	18.50%	19.04%	-0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.50%	16.05%	+2.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.50%	16.05%	+2.45%

TMSL vs. DCMT - Expense Ratio Comparison

TMSL has a 0.55% expense ratio, which is lower than DCMT's 0.66% expense ratio.

Dividends

TMSL vs. DCMT - Dividend Comparison

TMSL's dividend yield for the trailing twelve months is around 0.46%, less than DCMT's 2.93% yield.

Position	TTM	2025	2024	2023
DCMT DoubleLine Commodity Strategy ETF	2.93%	3.67%	1.59%	0.00%
TMSL T. Rowe Price Small-Mid Cap ETF	0.46%	0.57%	0.44%	0.34%

Frequently Asked Questions

Can I hold both TMSL and DCMT in my portfolio?

TMSL and DCMT have a correlation of -0.16, 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 DCMT?

DCMT has higher volatility (5.48%) compared to TMSL (4.77%). In terms of maximum drawdown, TMSL dropped -24.39% vs DCMT's -15.96%.

Which ETF is better, TMSL or DCMT?

On 1-year performance, TMSL leads with 33.06% vs 30.59% for DCMT. On fees, TMSL is cheaper at 0.55% per year. On volatility, TMSL has been the lower-risk option at 4.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TMSL or DCMT?

Over the 1-year period, TMSL has performed better with a 33.06% return vs 30.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMSL or DCMT?

TMSL is cheaper with a 0.55% expense ratio, compared with 0.66% for DCMT.

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

DCMT has the higher dividend yield at 2.93%, compared with 0.46% for TMSL.

What is the main difference between TMSL and DCMT?

TMSL is categorized as Mid Cap Blend Equities, while DCMT is Commodities. They also come from different issuers: T. Rowe Price and DoubleLine. Their fees differ too: 0.55% for TMSL and 0.66% for DCMT.

Which has better risk-adjusted returns?

TMSL currently has the higher Sharpe Ratio (1.80 vs 1.61), 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.