TMSL vs. TGRW

Last updated Jun 24, 2026

TMSL (T. Rowe Price Small-Mid Cap ETF) and TGRW (T. Rowe Price Growth Stock ETF) are both exchange-traded funds - TMSL is a Mid Cap Blend Equities fund actively managed by T. Rowe Price, while TGRW is a Large Cap Growth Equities fund actively managed by T. Rowe Price. Both are actively managed. Over the past 3 years, TMSL returned 20.67%/yr vs 19.72%/yr for TGRW. A 0.60 correlation means they provide meaningful diversification when combined. TMSL charges 0.55%/yr vs 0.52%/yr for TGRW.

Performance

TMSL vs. TGRW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Small-Mid Cap ETF (TMSL) and T. Rowe Price Growth Stock ETF (TGRW). 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 higher than TGRW's 0.74% return.

TMSL

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

TGRW

• 1D: -1.34%
• 1M: -3.27%
• YTD: 0.74%
• 6M: -0.34%
• 1Y: 15.30%
• 3Y*: 19.72%
• 5Y*: 7.54%
• 10Y*: —

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

TMSL vs. TGRW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TMSL T. Rowe Price Small-Mid Cap ETF	18.75%	11.95%	15.81%	11.79%
TGRW T. Rowe Price Growth Stock ETF	0.74%	15.62%	29.94%	13.40%

Correlation

The correlation between TMSL and TGRW is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (All Time) Calculated using the full available price history since Jun 15, 2023	0.60

The correlation between TMSL and TGRW has been stable across timeframes, ranging from 0.53 to 0.60 - a consistent structural relationship.

TMSL vs. TGRW - Sectors Allocation Comparison

Sectors	TMSL	TGRW
Technology	25.8%	52.6%
Industrials	19.3%	4.1%
Healthcare	13.8%	6.6%
Financial Services	13.6%	5.2%
Consumer Cyclical	9.0%	13.1%
Energy	5.9%	-
Real Estate	4.3%	0.6%
Basic Materials	4.1%	0.6%
Consumer Defensive	1.6%	0.8%
Utilities	1.5%	-
Communication Services	1.0%	16.5%

Return for Risk

TMSL vs. TGRW — 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

TGRW

TGRW Risk / Return Rank: 23
TGRW Sharpe Ratio Rank: 26
TGRW Sortino Ratio Rank: 25
TGRW Omega Ratio Rank: 24
TGRW Calmar Ratio Rank: 19
TGRW Martin Ratio Rank: 22

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. TGRW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Small-Mid Cap ETF (TMSL) and T. Rowe Price Growth Stock ETF (TGRW). 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	TGRW	Difference
Sharpe ratio: Return per unit of total volatility	1.80	0.88	+0.92
Sortino ratio: Return per unit of downside risk	2.57	1.30	+1.27
Omega ratio: Gain probability vs. loss probability	1.32	1.16	+0.16
Calmar ratio: Return relative to maximum drawdown	2.93	0.82	+2.12
Martin ratio: Return relative to average drawdown	11.92	2.53	+9.39

TMSL vs. TGRW - Sharpe Ratio Comparison

The current TMSL Sharpe Ratio is 1.80, which is higher than the TGRW Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of TMSL and TGRW, 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. TGRW - Drawdown Comparison

The maximum TMSL drawdown since its inception was -24.39%, smaller than the maximum TGRW drawdown of -43.33%. Use the drawdown chart below to compare losses from any high point for TMSL and TGRW.

Drawdown Indicators

	TMSL	TGRW	Difference
Max Drawdown Largest peak-to-trough decline	-24.39%	-43.33%	+18.94%
Max Drawdown (1Y) Largest decline over 1 year	-11.19%	-18.84%	+7.65%
Max Drawdown (3Y) Largest decline over 3 years	-24.39%	-23.18%	-1.21%
Max Drawdown (5Y) Largest decline over 5 years	—	-43.33%	—
Current Drawdown Current decline from peak	-2.05%	-6.51%	+4.46%
Average Drawdown Average peak-to-trough decline	-3.89%	-12.40%	+8.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	6.05%	-3.30%

Volatility

TMSL vs. TGRW - Volatility Comparison

T. Rowe Price Small-Mid Cap ETF (TMSL) has a higher volatility of 7.03% compared to T. Rowe Price Growth Stock ETF (TGRW) at 6.40%. This indicates that TMSL's price experiences larger fluctuations and is considered to be riskier than TGRW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMSL	TGRW	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.03%	6.40%	+0.63%
Volatility (6M) Calculated over the trailing 6-month period	14.84%	13.54%	+1.30%
Volatility (1Y) Calculated over the trailing 1-year period	18.26%	17.40%	+0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.60%	23.40%	-4.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.60%	23.04%	-4.44%

TMSL vs. TGRW - Expense Ratio Comparison

TMSL has a 0.55% expense ratio, which is higher than TGRW's 0.52% expense ratio.

Dividends

TMSL vs. TGRW - Dividend Comparison

TMSL's dividend yield for the trailing twelve months is around 0.48%, while TGRW has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
TGRW T. Rowe Price Growth Stock ETF	0.00%	0.00%	0.00%	0.01%	0.00%	0.40%	0.21%
TMSL T. Rowe Price Small-Mid Cap ETF	0.48%	0.57%	0.44%	0.34%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TMSL and TGRW in my portfolio?

TMSL and TGRW have a correlation of 0.53, 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 TGRW?

TMSL has higher volatility (7.03%) compared to TGRW (6.40%). In terms of maximum drawdown, TMSL dropped -24.39% vs TGRW's -43.33%.

Which ETF is better, TMSL or TGRW?

On 3-year performance, TMSL leads with 20.67% vs 19.72% for TGRW. On fees, TGRW is cheaper at 0.52% per year. On volatility, TGRW has been the lower-risk option at 6.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TMSL or TGRW?

Over the 3-year period, TMSL has performed better with a 20.67% return vs 19.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMSL or TGRW?

TGRW is cheaper with a 0.52% expense ratio, compared with 0.55% for TMSL.

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

TMSL has the higher dividend yield at 0.48%, compared with 0.00% for TGRW.

What is the main difference between TMSL and TGRW?

TMSL is categorized as Mid Cap Blend Equities, while TGRW is Large Cap Growth Equities. Their fees differ too: 0.55% for TMSL and 0.52% for TGRW.

Which has better risk-adjusted returns?

TMSL currently has the higher Sharpe Ratio (1.80 vs 0.88), 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.