TMSL vs. OPTZ

Last updated Jun 4, 2026

TMSL (T. Rowe Price Small-Mid Cap ETF) and OPTZ (Optimize Strategy Index ETF) are both Mid Cap Blend Equities funds. TMSL is actively managed, while OPTZ is passively managed. Over the past year, TMSL returned 31.37% vs 61.30% for OPTZ. Their correlation of 0.89 suggests significant overlap in exposure. TMSL charges 0.55%/yr vs 0.25%/yr for OPTZ.

Performance

TMSL vs. OPTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Small-Mid Cap ETF (TMSL) and Optimize Strategy Index ETF (OPTZ). 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 OPTZ's 31.51% return.

TMSL

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

OPTZ

• 1D: 0.36%
• 1M: 12.33%
• YTD: 31.51%
• 6M: 32.28%
• 1Y: 61.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TMSL vs. OPTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TMSL T. Rowe Price Small-Mid Cap ETF	16.49%	11.95%	8.97%
OPTZ Optimize Strategy Index ETF	31.51%	22.83%	16.81%

Correlation

The correlation between TMSL and OPTZ is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (All Time) Calculated using the full available price history since Apr 24, 2024	0.89

The correlation between TMSL and OPTZ has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.

TMSL vs. OPTZ - Sectors Allocation Comparison

Sectors	TMSL	OPTZ
Technology	24.3%	50.6%
Industrials	19.7%	8.9%
Financial Services	14.4%	9.1%
Healthcare	13.4%	10.5%
Consumer Cyclical	8.7%	9.5%
Energy	6.8%	1.5%
Real Estate	4.6%	1.5%
Basic Materials	3.9%	1.3%
Consumer Defensive	1.6%	4.0%
Utilities	1.6%	0.7%
Communication Services	1.0%	2.6%

Return for Risk

TMSL vs. OPTZ — 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

OPTZ

OPTZ Risk / Return Rank: 92
OPTZ Sharpe Ratio Rank: 93
OPTZ Sortino Ratio Rank: 92
OPTZ Omega Ratio Rank: 89
OPTZ Calmar Ratio Rank: 91
OPTZ Martin Ratio Rank: 94

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. OPTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Small-Mid Cap ETF (TMSL) and Optimize Strategy Index ETF (OPTZ). 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	OPTZ	Difference
Sharpe ratio: Return per unit of total volatility	1.83	3.41	-1.59
Sortino ratio: Return per unit of downside risk	2.63	4.49	-1.86
Omega ratio: Gain probability vs. loss probability	1.33	1.57	-0.24
Calmar ratio: Return relative to maximum drawdown	2.82	5.80	-2.98
Martin ratio: Return relative to average drawdown	11.55	26.36	-14.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TMSL vs. OPTZ - Sharpe Ratio Comparison

The current TMSL Sharpe Ratio is 1.83, which is lower than the OPTZ Sharpe Ratio of 3.41. The chart below compares the historical Sharpe Ratios of TMSL and OPTZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TMSL	OPTZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	3.41	-1.59
Sharpe Ratio (All Time) Calculated using the full available price history	1.05	1.71	-0.66

Drawdowns

TMSL vs. OPTZ - Drawdown Comparison

The maximum TMSL drawdown since its inception was -24.39%, smaller than the maximum OPTZ drawdown of -25.75%. Use the drawdown chart below to compare losses from any high point for TMSL and OPTZ.

Drawdown Indicators

	TMSL	OPTZ	Difference
Max Drawdown Largest peak-to-trough decline	-24.39%	-25.75%	+1.36%
Max Drawdown (1Y) Largest decline over 1 year	-11.19%	-10.63%	-0.56%
Current Drawdown Current decline from peak	-0.50%	0.00%	-0.50%
Average Drawdown Average peak-to-trough decline	-3.94%	-3.39%	-0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.72%	2.33%	+0.39%

Volatility

TMSL vs. OPTZ - Volatility Comparison

The current volatility for T. Rowe Price Small-Mid Cap ETF (TMSL) is 5.40%, while Optimize Strategy Index ETF (OPTZ) has a volatility of 6.09%. This indicates that TMSL experiences smaller price fluctuations and is considered to be less risky than OPTZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMSL	OPTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.40%	6.09%	-0.69%
Volatility (6M) Calculated over the trailing 6-month period	13.66%	13.52%	+0.14%
Volatility (1Y) Calculated over the trailing 1-year period	17.27%	18.09%	-0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.39%	20.66%	-2.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.39%	20.66%	-2.27%

TMSL vs. OPTZ - Expense Ratio Comparison

TMSL has a 0.55% expense ratio, which is higher than OPTZ's 0.25% expense ratio.

Dividends

TMSL vs. OPTZ - Dividend Comparison

TMSL's dividend yield for the trailing twelve months is around 0.49%, more than OPTZ's 0.44% yield.

Position	TTM	2025	2024	2023
OPTZ Optimize Strategy Index ETF	0.44%	0.58%	0.32%	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 OPTZ in my portfolio?

TMSL and OPTZ have a correlation of 0.86, 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 OPTZ?

OPTZ has higher volatility (6.09%) compared to TMSL (5.40%). In terms of maximum drawdown, TMSL dropped -24.39% vs OPTZ's -25.75%.

Which ETF is better, TMSL or OPTZ?

On 1-year performance, OPTZ leads with 61.30% vs 31.37% for TMSL. On fees, OPTZ is cheaper at 0.25% per year. On volatility, TMSL has been the lower-risk option at 5.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TMSL or OPTZ?

Over the 1-year period, OPTZ has performed better with a 61.30% return vs 31.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMSL or OPTZ?

OPTZ is cheaper with a 0.25% expense ratio, compared with 0.55% for TMSL.

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

TMSL has the higher dividend yield at 0.49%, compared with 0.44% for OPTZ.

What is the main difference between TMSL and OPTZ?

They also come from different issuers: T. Rowe Price and Optimize. Their fees differ too: 0.55% for TMSL and 0.25% for OPTZ.

Which has better risk-adjusted returns?

OPTZ currently has the higher Sharpe Ratio (3.41 vs 1.83), 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.