TPLGX vs. ^GSPC

Last updated Apr 2, 2026

Compare and contrast key facts about T. Rowe Price Institutional Large Cap Core Growth Fund (TPLGX) and S&P 500 Index (^GSPC).

TPLGX is managed by T. Rowe Price. It was launched on Sep 30, 2003.

Performance

TPLGX vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Institutional Large Cap Core Growth Fund (TPLGX) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

TPLGX vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TPLGX T. Rowe Price Institutional Large Cap Core Growth Fund	-11.17%	18.66%	35.22%	49.63%	-38.49%	17.84%	34.70%	30.15%	2.18%	36.49%
^GSPC S&P 500 Index	-3.95%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Returns By Period

In the year-to-date period, TPLGX achieves a -11.17% return, which is significantly lower than ^GSPC's -3.95% return. Over the past 10 years, TPLGX has outperformed ^GSPC with an annualized return of 14.89%, while ^GSPC has yielded a comparatively lower 12.24% annualized return.

TPLGX

• 1D: 3.86%
• 1M: -5.45%
• YTD: -11.17%
• 6M: -10.20%
• 1Y: 14.88%
• 3Y*: 22.35%
• 5Y*: 8.55%
• 10Y*: 14.89%

^GSPC

• 1D: 0.72%
• 1M: -4.45%
• YTD: -3.95%
• 6M: -2.02%
• 1Y: 16.73%
• 3Y*: 16.96%
• 5Y*: 10.34%
• 10Y*: 12.24%

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

Return for Risk

TPLGX vs. ^GSPC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TPLGX

TPLGX Risk / Return Rank: 30
TPLGX Sharpe Ratio Rank: 27
TPLGX Sortino Ratio Rank: 33
TPLGX Omega Ratio Rank: 30
TPLGX Calmar Ratio Rank: 32
TPLGX Martin Ratio Rank: 28

^GSPC

^GSPC Risk / Return Rank: 67
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 64
^GSPC Omega Ratio Rank: 69
^GSPC Calmar Ratio Rank: 60
^GSPC Martin Ratio Rank: 77

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.

TPLGX vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Institutional Large Cap Core Growth Fund (TPLGX) and S&P 500 Index (^GSPC). 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.

	TPLGX	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	0.70	0.92	-0.21
Sortino ratio Return per unit of downside risk	1.18	1.41	-0.23
Omega ratio Gain probability vs. loss probability	1.16	1.21	-0.05
Calmar ratio Return relative to maximum drawdown	0.93	1.41	-0.48
Martin ratio Return relative to average drawdown	3.22	6.61	-3.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TPLGX vs. ^GSPC - Sharpe Ratio Comparison

The current TPLGX Sharpe Ratio is 0.70, which is comparable to the ^GSPC Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of TPLGX and ^GSPC, 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

	TPLGX	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.70	0.92	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.61	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.68	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.46	+0.07

Correlation

The correlation between TPLGX and ^GSPC is 0.92, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

TPLGX vs. ^GSPC - Drawdown Comparison

The maximum TPLGX drawdown since its inception was -54.57%, roughly equal to the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for TPLGX and ^GSPC.

Drawdown Indicators

	TPLGX	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-54.57%	-56.78%	+2.21%
Max Drawdown (1Y) Largest decline over 1 year	-17.15%	-12.14%	-5.01%
Max Drawdown (5Y) Largest decline over 5 years	-43.45%	-25.43%	-18.02%
Max Drawdown (10Y) Largest decline over 10 years	-43.45%	-33.92%	-9.53%
Current Drawdown Current decline from peak	-13.95%	-5.78%	-8.17%
Average Drawdown Average peak-to-trough decline	-8.71%	-10.75%	+2.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.96%	2.60%	+2.36%

Volatility

TPLGX vs. ^GSPC - Volatility Comparison

T. Rowe Price Institutional Large Cap Core Growth Fund (TPLGX) has a higher volatility of 6.97% compared to S&P 500 Index (^GSPC) at 5.37%. This indicates that TPLGX's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TPLGX	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.97%	5.37%	+1.60%
Volatility (6M) Calculated over the trailing 6-month period	12.37%	9.55%	+2.82%
Volatility (1Y) Calculated over the trailing 1-year period	22.65%	18.33%	+4.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.32%	16.90%	+7.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.87%	18.05%	+4.82%