TQSIX vs. IWM
TQSIX (T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund) and IWM (iShares Russell 2000 ETF) are both funds - TQSIX is a Mid Cap Blend Equities fund managed by T. Rowe Price, while IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index. Over the past 10 years, TQSIX returned 13.62%/yr vs 11.58%/yr for IWM. With a 0.96 correlation, they move nearly in lockstep. TQSIX charges 0.68%/yr vs 0.19%/yr for IWM.
Performance
TQSIX vs. IWM - Performance Comparison
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Returns By Period
In the year-to-date period, TQSIX achieves a 19.48% return, which is significantly lower than IWM's 20.47% return. Over the past 10 years, TQSIX has outperformed IWM with an annualized return of 13.62%, while IWM has yielded a comparatively lower 11.58% annualized return.
TQSIX
- 1D
- 1.20%
- 1M
- 5.55%
- YTD
- 19.48%
- 6M
- 17.12%
- 1Y
- 34.18%
- 3Y*
- 21.62%
- 5Y*
- 12.59%
- 10Y*
- 13.62%
IWM
- 1D
- -0.96%
- 1M
- 3.82%
- YTD
- 20.47%
- 6M
- 17.64%
- 1Y
- 40.90%
- 3Y*
- 19.22%
- 5Y*
- 6.27%
- 10Y*
- 11.58%
TQSIX vs. IWM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TQSIX T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund | 19.48% | 12.94% | 16.54% | 21.99% | -12.97% | 22.12% | 11.92% | 30.43% | -10.78% | 15.52% |
IWM iShares Russell 2000 ETF | 20.47% | 12.66% | 11.38% | 16.83% | -20.48% | 14.54% | 20.03% | 25.39% | -11.12% | 14.58% |
Correlation
The correlation between TQSIX and IWM is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Feb 29, 2016 | 0.96 |
The correlation between TQSIX and IWM has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.
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Return for Risk
TQSIX vs. IWM — Risk / Return Rank
TQSIX
IWM
TQSIX vs. IWM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund (TQSIX) and iShares Russell 2000 ETF (IWM). 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.
| TQSIX | IWM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.34 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.41 | 3.73 | -0.32 |
| Martin ratioReturn relative to average drawdown | 13.62 | 13.18 | +0.44 |
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Drawdowns
TQSIX vs. IWM - Drawdown Comparison
The maximum TQSIX drawdown since its inception was -40.65%, smaller than the maximum IWM drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for TQSIX and IWM.
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Drawdown Indicators
| TQSIX | IWM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.65% | -59.05% | +18.40% |
Max Drawdown (1Y)Largest decline over 1 year | -10.41% | -11.03% | +0.62% |
Max Drawdown (3Y)Largest decline over 3 years | -23.76% | -27.50% | +3.74% |
Max Drawdown (5Y)Largest decline over 5 years | -23.76% | -31.91% | +8.15% |
Max Drawdown (10Y)Largest decline over 10 years | -40.65% | -41.13% | +0.48% |
Current DrawdownCurrent decline from peak | 0.00% | -0.96% | +0.96% |
Average DrawdownAverage peak-to-trough decline | -5.09% | -10.75% | +5.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.60% | 3.11% | -0.51% |
Volatility
TQSIX vs. IWM - Volatility Comparison
The current volatility for T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund (TQSIX) is 6.04%, while iShares Russell 2000 ETF (IWM) has a volatility of 6.56%. This indicates that TQSIX experiences smaller price fluctuations and is considered to be less risky than IWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TQSIX | IWM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.04% | 6.56% | -0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 13.43% | 14.31% | -0.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.06% | 19.74% | -2.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.62% | 22.61% | -2.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.39% | 23.06% | -2.67% |
TQSIX vs. IWM - Expense Ratio Comparison
TQSIX has a 0.68% expense ratio, which is higher than IWM's 0.19% expense ratio.
Dividends
TQSIX vs. IWM - Dividend Comparison
TQSIX's dividend yield for the trailing twelve months is around 1.10%, more than IWM's 0.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWM iShares Russell 2000 ETF | 0.90% | 1.04% | 1.15% | 1.35% | 1.48% | 0.94% | 1.04% | 1.26% | 1.40% | 1.26% | 1.38% | 1.54% |
TQSIX T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund | 1.10% | 1.32% | 6.61% | 3.55% | 6.35% | 1.58% | 0.81% | 1.24% | 2.28% | 0.42% | 0.88% | 0.00% |
Frequently Asked Questions
With a correlation of 0.95, TQSIX and IWM 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.
IWM has higher volatility (6.56%) compared to TQSIX (6.04%). In terms of maximum drawdown, TQSIX dropped -40.65% vs IWM's -59.05%.
IWM currently has the higher Sharpe Ratio (2.08 vs 2.08), 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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