TPLGX vs. SWLGX

Last updated Jun 5, 2026

TPLGX (T. Rowe Price Institutional Large Cap Core Growth Fund) and SWLGX (Schwab U.S. Large-Cap Growth Index Fund) are both Large Cap Growth Equities funds. Over the past 5 years, TPLGX returned 11.17%/yr vs 15.39%/yr for SWLGX. With a 0.97 correlation, they move nearly in lockstep. TPLGX charges 0.57%/yr vs 0.04%/yr for SWLGX.

Performance

TPLGX vs. SWLGX - 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 Schwab U.S. Large-Cap Growth Index Fund (SWLGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TPLGX achieves a 4.02% return, which is significantly lower than SWLGX's 7.13% return.

TPLGX

• 1D: -1.40%
• 1M: 3.35%
• YTD: 4.02%
• 6M: 3.53%
• 1Y: 19.45%
• 3Y*: 24.28%
• 5Y*: 11.17%
• 10Y*: 16.52%

SWLGX

• 1D: -1.37%
• 1M: 5.09%
• YTD: 7.13%
• 6M: 6.28%
• 1Y: 25.25%
• 3Y*: 24.97%
• 5Y*: 15.39%
• 10Y*: —

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

TPLGX vs. SWLGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TPLGX T. Rowe Price Institutional Large Cap Core Growth Fund	4.02%	18.66%	35.22%	49.63%	-38.49%	17.84%	34.70%	30.15%	2.18%	-0.80%
SWLGX Schwab U.S. Large-Cap Growth Index Fund	7.13%	18.55%	33.30%	42.67%	-29.17%	27.55%	38.43%	36.30%	-1.59%	-0.60%

Correlation

The correlation between TPLGX and SWLGX is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Dec 20, 2017	0.97

The correlation between TPLGX and SWLGX has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

Return for Risk

TPLGX vs. SWLGX — Risk / Return Rank

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

TPLGX

TPLGX Risk / Return Rank: 17
TPLGX Sharpe Ratio Rank: 20
TPLGX Sortino Ratio Rank: 19
TPLGX Omega Ratio Rank: 19
TPLGX Calmar Ratio Rank: 13
TPLGX Martin Ratio Rank: 14

SWLGX

SWLGX Risk / Return Rank: 27
SWLGX Sharpe Ratio Rank: 33
SWLGX Sortino Ratio Rank: 30
SWLGX Omega Ratio Rank: 30
SWLGX Calmar Ratio Rank: 19
SWLGX Martin Ratio Rank: 21

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. SWLGX - 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 Schwab U.S. Large-Cap Growth Index Fund (SWLGX). 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	SWLGX	Difference
Sharpe ratio: Return per unit of total volatility	1.29	1.67	-0.38
Sortino ratio: Return per unit of downside risk	1.83	2.29	-0.46
Omega ratio: Gain probability vs. loss probability	1.23	1.29	-0.06
Calmar ratio: Return relative to maximum drawdown	1.18	1.60	-0.42
Martin ratio: Return relative to average drawdown	3.92	5.38	-1.45
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. SWLGX - Sharpe Ratio Comparison

The current TPLGX Sharpe Ratio is 1.29, which is comparable to the SWLGX Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of TPLGX and SWLGX, 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

	TPLGX	SWLGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.29	1.67	-0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.72	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.72	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.79	-0.23

Drawdowns

TPLGX vs. SWLGX - Drawdown Comparison

The maximum TPLGX drawdown since its inception was -54.57%, which is greater than SWLGX's maximum drawdown of -32.69%. Use the drawdown chart below to compare losses from any high point for TPLGX and SWLGX.

Drawdown Indicators

	TPLGX	SWLGX	Difference
Max Drawdown Largest peak-to-trough decline	-54.57%	-32.69%	-21.88%
Max Drawdown (1Y) Largest decline over 1 year	-17.15%	-16.16%	-0.99%
Max Drawdown (3Y) Largest decline over 3 years	-28.23%	-23.30%	-4.93%
Max Drawdown (5Y) Largest decline over 5 years	-43.45%	-32.69%	-10.76%
Max Drawdown (10Y) Largest decline over 10 years	-43.45%	—	—
Current Drawdown Current decline from peak	-2.07%	-1.73%	-0.34%
Average Drawdown Average peak-to-trough decline	-8.67%	-7.05%	-1.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.14%	4.80%	+0.34%

Volatility

TPLGX vs. SWLGX - Volatility Comparison

T. Rowe Price Institutional Large Cap Core Growth Fund (TPLGX) has a higher volatility of 3.88% compared to Schwab U.S. Large-Cap Growth Index Fund (SWLGX) at 3.67%. This indicates that TPLGX's price experiences larger fluctuations and is considered to be riskier than SWLGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TPLGX	SWLGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.88%	3.67%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	12.09%	11.67%	+0.42%
Volatility (1Y) Calculated over the trailing 1-year period	15.64%	15.46%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.30%	21.50%	+2.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.90%	22.68%	+0.22%

TPLGX vs. SWLGX - Expense Ratio Comparison

TPLGX has a 0.57% expense ratio, which is higher than SWLGX's 0.04% expense ratio.

Dividends

TPLGX vs. SWLGX - Dividend Comparison

TPLGX's dividend yield for the trailing twelve months is around 19.52%, more than SWLGX's 0.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SWLGX Schwab U.S. Large-Cap Growth Index Fund	0.43%	0.46%	0.52%	0.67%	0.93%	1.76%	0.67%	0.96%	1.03%	0.00%	0.00%	0.00%
TPLGX T. Rowe Price Institutional Large Cap Core Growth Fund	19.52%	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

Can I hold both TPLGX and SWLGX in my portfolio?

With a correlation of 0.94, TPLGX and SWLGX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TPLGX or SWLGX?

TPLGX has higher volatility (3.88%) compared to SWLGX (3.67%). In terms of maximum drawdown, TPLGX dropped -54.57% vs SWLGX's -32.69%.

Which has better risk-adjusted returns?

SWLGX currently has the higher Sharpe Ratio (1.67 vs 1.29), 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.