TMSL vs. VSIAX

Last updated Jun 4, 2026

TMSL (T. Rowe Price Small-Mid Cap ETF) and VSIAX (Vanguard Small-Cap Value Index Fund Admiral Shares) are both funds - TMSL is a Mid Cap Blend Equities fund actively managed by T. Rowe Price, while VSIAX is a Small Cap Value Equities fund managed by Vanguard. Over the past year, TMSL returned 31.37% vs 26.25% for VSIAX. Their correlation of 0.93 suggests significant overlap in exposure. TMSL charges 0.55%/yr vs 0.07%/yr for VSIAX.

Performance

TMSL vs. VSIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Small-Mid Cap ETF (TMSL) and Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX). 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 higher than VSIAX's 12.06% return.

TMSL

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

VSIAX

• 1D: 0.86%
• 1M: 2.83%
• YTD: 12.06%
• 6M: 12.39%
• 1Y: 26.25%
• 3Y*: 16.60%
• 5Y*: 8.06%
• 10Y*: 10.56%

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

TMSL vs. VSIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TMSL T. Rowe Price Small-Mid Cap ETF	16.49%	11.95%	15.81%	11.22%
VSIAX Vanguard Small-Cap Value Index Fund Admiral Shares	12.06%	9.09%	11.34%	12.20%

Correlation

The correlation between TMSL and VSIAX is 0.90, 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	0.90
Correlation (All Time) Calculated using the full available price history since Jun 16, 2023	0.93

The correlation between TMSL and VSIAX has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

TMSL vs. VSIAX - Sectors Allocation Comparison

Sectors	TMSL	VSIAX
Technology	24.3%	10.6%
Industrials	19.7%	18.1%
Financial Services	14.4%	17.6%
Healthcare	13.4%	7.9%
Consumer Cyclical	8.7%	12.4%
Energy	6.8%	5.2%
Real Estate	4.6%	10.1%
Basic Materials	3.9%	6.3%
Consumer Defensive	1.6%	4.0%
Utilities	1.6%	4.8%
Communication Services	1.0%	2.5%

Return for Risk

TMSL vs. VSIAX — 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

VSIAX

VSIAX Risk / Return Rank: 48
VSIAX Sharpe Ratio Rank: 40
VSIAX Sortino Ratio Rank: 41
VSIAX Omega Ratio Rank: 36
VSIAX Calmar Ratio Rank: 67
VSIAX Martin Ratio Rank: 56

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. VSIAX - 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 Small-Cap Value Index Fund Admiral Shares (VSIAX). 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	VSIAX	Difference
Sharpe ratio Return per unit of total volatility	1.83	1.84	-0.02
Sortino ratio Return per unit of downside risk	2.63	2.70	-0.07
Omega ratio Gain probability vs. loss probability	1.33	1.32	+0.01
Calmar ratio Return relative to maximum drawdown	2.82	3.16	-0.34
Martin ratio Return relative to average drawdown	11.55	11.18	+0.37
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. VSIAX - Sharpe Ratio Comparison

The current TMSL Sharpe Ratio is 1.83, which is comparable to the VSIAX Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of TMSL and VSIAX, 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	VSIAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	1.84	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.41	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.05	0.59	+0.46

Drawdowns

TMSL vs. VSIAX - Drawdown Comparison

The maximum TMSL drawdown since its inception was -24.39%, smaller than the maximum VSIAX drawdown of -45.39%. Use the drawdown chart below to compare losses from any high point for TMSL and VSIAX.

Drawdown Indicators

	TMSL	VSIAX	Difference
Max Drawdown Largest peak-to-trough decline	-24.39%	-45.39%	+21.00%
Max Drawdown (1Y) Largest decline over 1 year	-11.19%	-8.87%	-2.32%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.09%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.09%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-45.39%	—
Current Drawdown Current decline from peak	-0.50%	0.00%	-0.50%
Average Drawdown Average peak-to-trough decline	-3.94%	-5.50%	+1.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.72%	2.50%	+0.22%

Volatility

TMSL vs. VSIAX - Volatility Comparison

T. Rowe Price Small-Mid Cap ETF (TMSL) has a higher volatility of 5.40% compared to Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX) at 4.09%. This indicates that TMSL's price experiences larger fluctuations and is considered to be riskier than VSIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMSL	VSIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.40%	4.09%	+1.31%
Volatility (6M) Calculated over the trailing 6-month period	13.66%	10.43%	+3.23%
Volatility (1Y) Calculated over the trailing 1-year period	17.27%	15.19%	+2.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.39%	19.77%	-1.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.39%	22.46%	-4.07%

TMSL vs. VSIAX - Expense Ratio Comparison

TMSL has a 0.55% expense ratio, which is higher than VSIAX's 0.07% expense ratio.

Dividends

TMSL vs. VSIAX - Dividend Comparison

TMSL's dividend yield for the trailing twelve months is around 0.49%, less than VSIAX's 1.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TMSL T. Rowe Price Small-Mid Cap ETF	0.49%	0.57%	0.44%	0.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VSIAX Vanguard Small-Cap Value Index Fund Admiral Shares	1.75%	1.95%	1.98%	2.10%	2.03%	1.75%	1.68%	2.06%	2.35%	1.79%	1.77%	1.99%

Frequently Asked Questions

Can I hold both TMSL and VSIAX in my portfolio?

TMSL and VSIAX have a correlation of 0.90, 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 VSIAX?

TMSL has higher volatility (5.40%) compared to VSIAX (4.09%). In terms of maximum drawdown, TMSL dropped -24.39% vs VSIAX's -45.39%.

Which has better risk-adjusted returns?

VSIAX currently has the higher Sharpe Ratio (1.84 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.