TPLGX vs. SMMD
TPLGX (T. Rowe Price Institutional Large Cap Core Growth Fund) and SMMD (iShares Russell 2500 ETF) are both funds - TPLGX is a Large Cap Growth Equities fund managed by T. Rowe Price, while SMMD is a Small Cap Growth Equities fund tracking the Russell 2500 Index. Over the past 5 years, TPLGX returned 8.81%/yr vs 7.64%/yr for SMMD. A 0.66 correlation means they provide meaningful diversification when combined. TPLGX charges 0.57%/yr vs 0.15%/yr for SMMD.
Performance
TPLGX vs. SMMD - Performance Comparison
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Returns By Period
In the year-to-date period, TPLGX achieves a -1.63% return, which is significantly lower than SMMD's 20.43% return.
TPLGX
- 1D
- -1.92%
- 1M
- -5.04%
- YTD
- -1.63%
- 6M
- -2.94%
- 1Y
- 11.29%
- 3Y*
- 21.25%
- 5Y*
- 8.81%
- 10Y*
- 16.48%
SMMD
- 1D
- 0.30%
- 1M
- 3.50%
- YTD
- 20.43%
- 6M
- 17.74%
- 1Y
- 35.27%
- 3Y*
- 19.14%
- 5Y*
- 7.64%
- 10Y*
- —
TPLGX vs. SMMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TPLGX T. Rowe Price Institutional Large Cap Core Growth Fund | -1.63% | 18.66% | 35.22% | 49.63% | -38.49% | 17.84% | 34.70% | 30.15% | 2.18% | 14.84% |
SMMD iShares Russell 2500 ETF | 20.43% | 11.72% | 11.87% | 17.71% | -18.53% | 18.30% | 19.98% | 28.01% | -10.58% | 11.27% |
Correlation
The correlation between TPLGX and SMMD 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 | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Jul 7, 2017 | 0.66 |
The correlation between TPLGX and SMMD shifts across timeframes, from 0.53 (1 year) to 0.69 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
TPLGX vs. SMMD — Risk / Return Rank
TPLGX
SMMD
TPLGX vs. SMMD - 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 iShares Russell 2500 ETF (SMMD). 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.
| TPLGX | SMMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.22 | ||
| Sortino ratioReturn per unit of downside risk | -1.65 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.34 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 0.75 | 3.67 | -2.92 |
| Martin ratioReturn relative to average drawdown | 2.44 | 13.89 | -11.45 |
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Drawdowns
TPLGX vs. SMMD - Drawdown Comparison
The maximum TPLGX drawdown since its inception was -54.57%, which is greater than SMMD's maximum drawdown of -41.06%. Use the drawdown chart below to compare losses from any high point for TPLGX and SMMD.
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Drawdown Indicators
| TPLGX | SMMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.57% | -41.06% | -13.51% |
Max Drawdown (1Y)Largest decline over 1 year | -17.15% | -9.66% | -7.49% |
Max Drawdown (3Y)Largest decline over 3 years | -28.23% | -25.50% | -2.73% |
Max Drawdown (5Y)Largest decline over 5 years | -43.45% | -28.26% | -15.19% |
Max Drawdown (10Y)Largest decline over 10 years | -43.45% | — | — |
Current DrawdownCurrent decline from peak | -7.39% | -1.13% | -6.26% |
Average DrawdownAverage peak-to-trough decline | -8.66% | -8.32% | -0.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.27% | 2.55% | +2.72% |
Volatility
TPLGX vs. SMMD - Volatility Comparison
T. Rowe Price Institutional Large Cap Core Growth Fund (TPLGX) has a higher volatility of 6.69% compared to iShares Russell 2500 ETF (SMMD) at 5.93%. This indicates that TPLGX's price experiences larger fluctuations and is considered to be riskier than SMMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TPLGX | SMMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.69% | 5.93% | +0.76% |
Volatility (6M)Calculated over the trailing 6-month period | 13.24% | 13.36% | -0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.68% | 17.75% | -1.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.44% | 20.91% | +3.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.95% | 22.37% | +0.58% |
TPLGX vs. SMMD - Expense Ratio Comparison
TPLGX has a 0.57% expense ratio, which is higher than SMMD's 0.15% expense ratio.
Dividends
TPLGX vs. SMMD - Dividend Comparison
TPLGX's dividend yield for the trailing twelve months is around 20.64%, more than SMMD's 1.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMMD iShares Russell 2500 ETF | 1.07% | 1.28% | 1.27% | 1.44% | 1.79% | 1.12% | 1.31% | 1.50% | 2.45% | 0.68% | 0.00% | 0.00% |
TPLGX T. Rowe Price Institutional Large Cap Core Growth Fund | 20.64% | 20.30% | 12.87% | 3.70% | 4.39% | 8.81% | 0.59% | 0.60% | 1.65% | 1.39% | 0.25% | 0.44% |
Frequently Asked Questions
TPLGX and SMMD 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.
TPLGX has higher volatility (6.69%) compared to SMMD (5.93%). In terms of maximum drawdown, TPLGX dropped -54.57% vs SMMD's -41.06%.
SMMD currently has the higher Sharpe Ratio (2.00 vs 0.78), 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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