TMSL vs. IWM
TMSL (T. Rowe Price Small-Mid Cap ETF) and IWM (iShares Russell 2000 ETF) are both exchange-traded funds - TMSL is a Mid Cap Blend Equities fund actively managed by T. Rowe Price, while IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index. TMSL is actively managed, while IWM is passively managed. Over the past 3 years, TMSL returned 19.71%/yr vs 16.95%/yr for IWM. Their correlation of 0.93 means they have usually moved in the same direction. TMSL charges 0.55%/yr vs 0.19%/yr for IWM.
Performance
TMSL vs. IWM - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with TMSL having a 22.59% return and IWM slightly lower at 22.29%.
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%
IWM
- 1D
- -0.64%
- 1M
- 0.29%
- 6M
- 15.54%
- YTD
- 22.29%
- 1Y
- 37.14%
- 3Y*
- 16.95%
- 5Y*
- 7.39%
- 10Y*
- 10.76%
- ALL TIME*
- 8.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.83B | $6.34B | $7.39B | |
| $19.04M | $16.80M | $16.16M |
TMSL vs. IWM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
TMSL T. Rowe Price Small-Mid Cap ETF | 22.59% | 11.95% | 15.81% | 11.79% |
IWM iShares Russell 2000 ETF | 22.29% | 12.66% | 11.38% | 8.87% |
Correlation
The correlation between TMSL and IWM is 0.91, 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. | 0.91 |
Correlation (3Y) Balances recent behavior with more history. | 0.93 |
Correlation (All Time) Calculated using the full available price history since Jun 15, 2023 | 0.93 |
The correlation between TMSL and IWM has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.
TMSL vs. IWM - Sectors Allocation Comparison
Sectors
TMSL
IWM
Technology
Healthcare
Industrials
Financial Services
Consumer Cyclical
Energy
Real Estate
Basic Materials
Consumer Defensive
Utilities
Communication Services
Technology
TMSL
IWM
Healthcare
TMSL
IWM
Industrials
TMSL
IWM
Financial Services
TMSL
IWM
Consumer Cyclical
TMSL
IWM
Energy
TMSL
IWM
Real Estate
TMSL
IWM
Basic Materials
TMSL
IWM
Consumer Defensive
TMSL
IWM
Utilities
TMSL
IWM
Communication Services
TMSL
IWM
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Return for Risk
TMSL vs. IWM — Risk / Return Rank
TMSL
IWM
TMSL vs. IWM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Small-Mid Cap ETF (TMSL) and iShares Russell 2000 ETF (IWM). 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 | IWM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.32 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.97 | 3.38 | -0.42 |
| Martin ratioReturn relative to average drawdown | 11.84 | 11.99 | -0.15 |
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Drawdowns
TMSL vs. IWM - Drawdown Comparison
The maximum TMSL drawdown since its inception was -24.39%, smaller than the maximum IWM drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for TMSL and IWM.
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Drawdown Indicators
| TMSL | IWM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.39% | -59.05% | +34.66% |
Max Drawdown (1Y)Largest decline over 1 year | -11.19% | -11.03% | -0.16% |
Max Drawdown (3Y)Largest decline over 3 years | -24.39% | -27.50% | +3.11% |
Max Drawdown (5Y)Largest decline over 5 years | — | -31.91% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.13% | — |
Current DrawdownCurrent decline from peak | -0.29% | -0.64% | +0.35% |
Average DrawdownAverage peak-to-trough decline | -3.81% | -10.70% | +6.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.80% | 3.11% | -0.31% |
Volatility
TMSL vs. IWM - Volatility Comparison
T. Rowe Price Small-Mid Cap ETF (TMSL) has a higher volatility of 4.77% compared to iShares Russell 2000 ETF (IWM) at 4.53%. This indicates that TMSL's price experiences larger fluctuations and is considered to be riskier than IWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMSL | IWM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.77% | 4.53% | +0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 15.03% | 14.23% | +0.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.50% | 19.30% | -0.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.50% | 22.49% | -3.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.50% | 23.02% | -4.52% |
TMSL vs. IWM - Expense Ratio Comparison
TMSL has a 0.55% expense ratio, which is higher than IWM's 0.19% expense ratio.
Dividends
TMSL vs. IWM - Dividend Comparison
TMSL's dividend yield for the trailing twelve months is around 0.46%, less than IWM's 0.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWM iShares Russell 2000 ETF | 0.89% | 1.04% | 1.15% | 1.35% | 1.48% | 0.94% | 1.04% | 1.26% | 1.40% | 1.26% | 1.38% | 1.54% |
TMSL T. Rowe Price Small-Mid Cap ETF | 0.46% | 0.57% | 0.44% | 0.34% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.91, TMSL and IWM 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.
TMSL has higher volatility (4.77%) compared to IWM (4.53%). In terms of maximum drawdown, TMSL dropped -24.39% vs IWM's -59.05%.
On 3-year performance, TMSL leads with 19.71% vs 16.95% for IWM. On fees, IWM is cheaper at 0.19% per year. On volatility, IWM has been the lower-risk option at 4.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TMSL has performed better with a 19.71% return vs 16.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IWM is cheaper with a 0.19% expense ratio, compared with 0.55% for TMSL.
IWM has the higher dividend yield at 0.89%, compared with 0.46% for TMSL.
TMSL is categorized as Mid Cap Blend Equities, while IWM is Small Cap Blend Equities. They also come from different issuers: T. Rowe Price and iShares. Their fees differ too: 0.55% for TMSL and 0.19% for IWM.
IWM currently has the higher Sharpe Ratio (1.93 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.
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