TMSL vs. TGRW

Last updated Apr 1, 2026

Compare and contrast key facts about T. Rowe Price Small-Mid Cap ETF (TMSL) and T. Rowe Price Growth Stock ETF (TGRW).

TMSL and TGRW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TMSL is an actively managed fund by T. Rowe Price. It was launched on Jun 14, 2023. TGRW is an actively managed fund by T. Rowe Price. It was launched on Aug 4, 2020.

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.

TMSL vs. TGRW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TMSL T. Rowe Price Small-Mid Cap ETF	2.14%	11.95%	15.81%	11.22%
TGRW T. Rowe Price Growth Stock ETF	-11.99%	15.62%	29.94%	11.91%

Returns By Period

In the year-to-date period, TMSL achieves a 2.14% return, which is significantly higher than TGRW's -11.99% return.

TMSL

• 1D: 4.09%
• 1M: -6.41%
• YTD: 2.14%
• 6M: 4.84%
• 1Y: 20.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TGRW

• 1D: 3.89%
• 1M: -5.72%
• YTD: -11.99%
• 6M: -11.09%
• 1Y: 13.20%
• 3Y*: 18.97%
• 5Y*: 6.43%
• 10Y*: —

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

TMSL vs. TGRW - Expense Ratio Comparison

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

TMSL

T. Rowe Price Small-Mid Cap ETF

TGRW

T. Rowe Price Growth Stock ETF

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: 56
TMSL Sharpe Ratio Rank: 53
TMSL Sortino Ratio Rank: 56
TMSL Omega Ratio Rank: 55
TMSL Calmar Ratio Rank: 56
TMSL Martin Ratio Rank: 60

TGRW

TGRW Risk / Return Rank: 32
TGRW Sharpe Ratio Rank: 32
TGRW Sortino Ratio Rank: 36
TGRW Omega Ratio Rank: 35
TGRW Calmar Ratio Rank: 30
TGRW Martin Ratio Rank: 28

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.

	TMSL	TGRW	Difference
Sharpe ratio Return per unit of total volatility	0.95	0.58	+0.37
Sortino ratio Return per unit of downside risk	1.46	1.00	+0.46
Omega ratio Gain probability vs. loss probability	1.20	1.14	+0.07
Calmar ratio Return relative to maximum drawdown	1.43	0.68	+0.75
Martin ratio Return relative to average drawdown	5.92	2.28	+3.63
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. TGRW - Sharpe Ratio Comparison

The current TMSL Sharpe Ratio is 0.95, which is higher than the TGRW Sharpe Ratio of 0.58. The chart below compares the historical Sharpe Ratios of TMSL and TGRW, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TMSL	TGRW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.95	0.58	+0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.28	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.38	+0.43

Correlation

The correlation between TMSL and TGRW is 0.60, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

TMSL vs. TGRW - Dividend Comparison

TMSL's dividend yield for the trailing twelve months is around 0.55%, while TGRW has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020
TMSL T. Rowe Price Small-Mid Cap ETF	0.55%	0.57%	0.44%	0.34%	0.00%	0.00%	0.00%
TGRW T. Rowe Price Growth Stock ETF	0.00%	0.00%	0.00%	0.01%	0.00%	0.40%	0.21%

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	-14.61%	-18.84%	+4.23%
Max Drawdown (5Y) Largest decline over 5 years	—	-43.33%	—
Current Drawdown Current decline from peak	-7.56%	-15.68%	+8.12%
Average Drawdown Average peak-to-trough decline	-4.09%	-12.72%	+8.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.53%	5.61%	-2.08%

Volatility

TMSL vs. TGRW - Volatility Comparison

T. Rowe Price Small-Mid Cap ETF (TMSL) has a higher volatility of 8.15% compared to T. Rowe Price Growth Stock ETF (TGRW) at 7.09%. 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	8.15%	7.09%	+1.06%
Volatility (6M) Calculated over the trailing 6-month period	13.33%	13.18%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	22.16%	23.00%	-0.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.37%	23.28%	-4.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.37%	23.20%	-4.83%