TMSL vs. VO
TMSL (T. Rowe Price Small-Mid Cap ETF) and VO (Vanguard Mid-Cap ETF) are both Mid Cap Blend Equities funds. TMSL is actively managed, while VO is passively managed. Over the past 3 years, TMSL returned 17.77%/yr vs 14.32%/yr for VO. Their correlation of 0.92 means they have usually moved in the same direction. TMSL charges 0.55%/yr vs 0.03%/yr for VO.
Performance
TMSL vs. VO - Performance Comparison
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Returns By Period
In the year-to-date period, TMSL achieves a 19.11% return, which is significantly higher than VO's 12.35% return.
TMSL
- 1D
- -0.33%
- 1M
- -1.41%
- 6M
- 13.24%
- YTD
- 19.11%
- 1Y
- 31.13%
- 3Y*
- 17.77%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 19.08%
VO
- 1D
- -0.05%
- 1M
- 0.55%
- 6M
- 10.12%
- YTD
- 12.35%
- 1Y
- 16.51%
- 3Y*
- 14.32%
- 5Y*
- 7.77%
- 10Y*
- 11.50%
- ALL TIME*
- 10.33%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $17.24M | $15.88M | $18.32M | |
| $194.51M | $293.72M | $235.90M |
TMSL vs. VO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
TMSL T. Rowe Price Small-Mid Cap ETF | 19.11% | 11.95% | 15.81% | 11.79% |
VO Vanguard Mid-Cap ETF | 12.35% | 11.62% | 15.31% | 9.25% |
Correlation
The correlation between TMSL and VO is 0.89, 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. | 0.89 |
Correlation (3Y) Balances recent behavior with more history. | 0.92 |
Correlation (All Time) Calculated using the full available price history since Jun 15, 2023 | 0.92 |
The correlation between TMSL and VO has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.
TMSL vs. VO - Sectors Allocation Comparison
Sectors
TMSL
VO
Technology
Healthcare
Industrials
Financial Services
Consumer Cyclical
Energy
Real Estate
Basic Materials
Consumer Defensive
Utilities
Communication Services
Technology
TMSL
VO
Healthcare
TMSL
VO
Industrials
TMSL
VO
Financial Services
TMSL
VO
Consumer Cyclical
TMSL
VO
Energy
TMSL
VO
Real Estate
TMSL
VO
Basic Materials
TMSL
VO
Consumer Defensive
TMSL
VO
Utilities
TMSL
VO
Communication Services
TMSL
VO
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Return for Risk
TMSL vs. VO — Risk / Return Rank
TMSL
VO
TMSL vs. VO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Small-Mid Cap ETF (TMSL) and Vanguard Mid-Cap ETF (VO). 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 | VO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.60 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.21 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.63 | 1.83 | +0.80 |
| Martin ratioReturn relative to average drawdown | 10.51 | 6.99 | +3.51 |
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Drawdowns
TMSL vs. VO - Drawdown Comparison
The maximum TMSL drawdown since its inception was -24.39%, smaller than the maximum VO drawdown of -58.87%. Use the drawdown chart below to compare losses from any high point for TMSL and VO.
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Drawdown Indicators
| TMSL | VO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.39% | -58.87% | +34.48% |
Max Drawdown (1Y)Largest decline over 1 year | -11.19% | -8.17% | -3.02% |
Max Drawdown (3Y)Largest decline over 3 years | -24.39% | -19.02% | -5.37% |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.57% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -39.37% | — |
Current DrawdownCurrent decline from peak | -2.49% | -0.49% | -2.00% |
Average DrawdownAverage peak-to-trough decline | -3.82% | -7.81% | +3.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.80% | 2.13% | +0.67% |
Volatility
TMSL vs. VO - Volatility Comparison
T. Rowe Price Small-Mid Cap ETF (TMSL) has a higher volatility of 4.36% compared to Vanguard Mid-Cap ETF (VO) at 2.09%. This indicates that TMSL's price experiences larger fluctuations and is considered to be riskier than VO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMSL | VO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.36% | 2.09% | +2.27% |
Volatility (6M)Calculated over the trailing 6-month period | 14.96% | 9.44% | +5.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.45% | 12.61% | +5.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.49% | 17.59% | +0.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.49% | 18.86% | -0.37% |
TMSL vs. VO - Expense Ratio Comparison
TMSL has a 0.55% expense ratio, which is higher than VO's 0.03% expense ratio.
Dividends
TMSL vs. VO - Dividend Comparison
TMSL's dividend yield for the trailing twelve months is around 0.48%, less than VO's 1.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TMSL T. Rowe Price Small-Mid Cap ETF | 0.48% | 0.57% | 0.44% | 0.34% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VO Vanguard Mid-Cap ETF | 1.32% | 1.52% | 1.49% | 1.52% | 1.60% | 1.12% | 1.45% | 1.48% | 1.82% | 1.35% | 1.45% | 1.47% |
Frequently Asked Questions
TMSL and VO have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMSL has higher volatility (4.36%) compared to VO (2.09%). In terms of maximum drawdown, TMSL dropped -24.39% vs VO's -58.87%.
On 3-year performance, TMSL leads with 17.77% vs 14.32% for VO. On fees, VO is cheaper at 0.03% per year. On volatility, VO has been the lower-risk option at 2.09%. 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 17.77% return vs 14.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VO is cheaper with a 0.03% expense ratio, compared with 0.55% for TMSL.
VO has the higher dividend yield at 1.32%, compared with 0.48% for TMSL.
They also come from different issuers: T. Rowe Price and Vanguard. Their fees differ too: 0.55% for TMSL and 0.03% for VO.
TMSL currently has the higher Sharpe Ratio (1.60 vs 1.18), 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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