TQSIX vs. PRCOX

Last updated Aug 1, 2026

TQSIX (T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund) and PRCOX (T. Rowe Price U.S. Equity Research Fund) are both mutual funds - TQSIX is a Mid Cap Blend Equities fund managed by T. Rowe Price, while PRCOX is a Large Cap Blend Equities fund actively managed by T. Rowe Price. Over the past 10 years, TQSIX returned 12.75%/yr vs 15.49%/yr for PRCOX. Their correlation of 0.85 means they have usually moved in the same direction. TQSIX charges 0.68%/yr vs 0.42%/yr for PRCOX.

Performance

TQSIX vs. PRCOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund (TQSIX) and T. Rowe Price U.S. Equity Research Fund (PRCOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TQSIX achieves a 18.73% return, which is significantly higher than PRCOX's 9.19% return. Over the past 10 years, TQSIX has underperformed PRCOX with an annualized return of 12.75%, while PRCOX has yielded a comparatively higher 15.49% annualized return.

TQSIX

• 1D: 1.18%
• 1M: -0.50%
• 6M: 12.97%
• YTD: 18.73%
• 1Y: 31.60%
• 3Y*: 18.14%
• 5Y*: 12.24%
• 10Y*: 12.75%
• ALL TIME*: 13.81%

PRCOX

• 1D: 1.65%
• 1M: -0.98%
• 6M: 7.45%
• YTD: 9.19%
• 1Y: 19.80%
• 3Y*: 19.25%
• 5Y*: 13.05%
• 10Y*: 15.49%
• ALL TIME*: 10.53%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PRCOX T. Rowe Price U.S. Equity Research Fund	$0.00	$0.00	$0.00
TQSIX T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund	$0.00	$0.00	$0.00

TQSIX vs. PRCOX - 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	18.73%	12.94%	16.54%	21.99%	-12.97%	22.12%	11.92%	30.43%	-10.78%	15.52%
PRCOX T. Rowe Price U.S. Equity Research Fund	9.19%	16.34%	26.41%	29.82%	-18.80%	28.06%	19.82%	33.04%	-4.73%	23.80%

Correlation

The correlation between TQSIX and PRCOX is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.76
Correlation (3Y) Balances recent behavior with more history.	0.78
Correlation (5Y) Shows whether the relationship held over a longer period.	0.84
Correlation (10Y) Provides a long-term view across more market conditions.	0.85
Correlation (All Time) Calculated using the full available price history since Feb 29, 2016	0.85

The correlation between TQSIX and PRCOX has been stable across timeframes, ranging from 0.76 to 0.85 - a consistent structural relationship.

Return for Risk

TQSIX vs. PRCOX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TQSIX

TQSIX Risk / Return Rank: 76
TQSIX Sharpe Ratio Rank: 72
TQSIX Sortino Ratio Rank: 72
TQSIX Omega Ratio Rank: 68
TQSIX Calmar Ratio Rank: 83
TQSIX Martin Ratio Rank: 86

PRCOX

PRCOX Risk / Return Rank: 56
PRCOX Sharpe Ratio Rank: 54
PRCOX Sortino Ratio Rank: 53
PRCOX Omega Ratio Rank: 50
PRCOX Calmar Ratio Rank: 56
PRCOX Martin Ratio Rank: 67

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TQSIX vs. PRCOX - 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 T. Rowe Price U.S. Equity Research Fund (PRCOX). 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	PRCOX	Difference
Sharpe ratio: Return per unit of total volatility	1.68	1.35	+0.33
Sortino ratio: Return per unit of downside risk	2.44	1.92	+0.52
Omega ratio: Gain probability vs. loss probability	1.30	1.24	+0.06
Calmar ratio: Return relative to maximum drawdown	2.76	1.90	+0.87
Martin ratio: Return relative to average drawdown	10.95	8.13	+2.82

TQSIX vs. PRCOX - Sharpe Ratio Comparison

The current TQSIX Sharpe Ratio is 1.68, which is comparable to the PRCOX Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of TQSIX and PRCOX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TQSIX vs. PRCOX - Drawdown Comparison

The maximum TQSIX drawdown since its inception was -40.65%, smaller than the maximum PRCOX drawdown of -53.96%. Use the drawdown chart below to compare losses from any high point for TQSIX and PRCOX.

Drawdown Indicators

	TQSIX	PRCOX	Difference
Max Drawdown Largest peak-to-trough decline	-40.65%	-53.96%	+13.31%
Max Drawdown (1Y) Largest decline over 1 year	-10.41%	-9.32%	-1.09%
Max Drawdown (3Y) Largest decline over 3 years	-23.76%	-19.39%	-4.37%
Max Drawdown (5Y) Largest decline over 5 years	-23.76%	-24.94%	+1.18%
Max Drawdown (10Y) Largest decline over 10 years	-40.65%	-34.42%	-6.23%
Current Drawdown Current decline from peak	-1.60%	-2.57%	+0.97%
Average Drawdown Average peak-to-trough decline	-5.05%	-9.14%	+4.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	2.17%	+0.46%

Volatility

TQSIX vs. PRCOX - Volatility Comparison

T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund (TQSIX) and T. Rowe Price U.S. Equity Research Fund (PRCOX) have volatilities of 3.60% and 3.61%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TQSIX	PRCOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.60%	3.61%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	13.58%	10.65%	+2.93%
Volatility (1Y) Calculated over the trailing 1-year period	17.16%	13.10%	+4.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.60%	17.48%	+2.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.34%	18.36%	+1.98%

TQSIX vs. PRCOX - Expense Ratio Comparison

TQSIX has a 0.68% expense ratio, which is higher than PRCOX's 0.42% expense ratio.

Dividends

TQSIX vs. PRCOX - Dividend Comparison

TQSIX's dividend yield for the trailing twelve months is around 1.11%, more than PRCOX's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRCOX T. Rowe Price U.S. Equity Research Fund	1.07%	1.17%	0.64%	1.17%	1.28%	3.71%	1.04%	1.39%	5.60%	7.02%	7.28%	8.76%
TQSIX T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund	1.11%	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

Can I hold both TQSIX and PRCOX in my portfolio?

TQSIX and PRCOX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TQSIX or PRCOX?

PRCOX has higher volatility (3.61%) compared to TQSIX (3.60%). In terms of maximum drawdown, TQSIX dropped -40.65% vs PRCOX's -53.96%.

Which has better risk-adjusted returns?

TQSIX currently has the higher Sharpe Ratio (1.68 vs 1.35), 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.