TQSIX vs. VMCIX

Last updated Apr 1, 2026

Compare and contrast key facts about T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund (TQSIX) and Vanguard Mid-Cap Index Fund Institutional Shares (VMCIX).

TQSIX is managed by T. Rowe Price. It was launched on Feb 26, 2016. VMCIX is managed by Vanguard. It was launched on May 21, 1998.

Performance

TQSIX vs. VMCIX - 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 Vanguard Mid-Cap Index Fund Institutional Shares (VMCIX). The values are adjusted to include any dividend payments, if applicable.

TQSIX vs. VMCIX - 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	-2.09%	12.94%	16.54%	21.99%	-12.97%	22.12%	11.92%	30.43%	-10.78%	15.52%
VMCIX Vanguard Mid-Cap Index Fund Institutional Shares	-2.79%	11.67%	14.68%	16.54%	-18.70%	24.53%	18.20%	31.04%	-9.25%	19.30%

Returns By Period

In the year-to-date period, TQSIX achieves a -2.09% return, which is significantly higher than VMCIX's -2.79% return. Over the past 10 years, TQSIX has outperformed VMCIX with an annualized return of 11.39%, while VMCIX has yielded a comparatively lower 10.43% annualized return.

TQSIX

• 1D: -1.55%
• 1M: -9.20%
• YTD: -2.09%
• 6M: -0.11%
• 1Y: 16.91%
• 3Y*: 14.84%
• 5Y*: 8.79%
• 10Y*: 11.39%

VMCIX

• 1D: -0.66%
• 1M: -7.87%
• YTD: -2.79%
• 6M: -3.58%
• 1Y: 10.31%
• 3Y*: 11.79%
• 5Y*: 6.51%
• 10Y*: 10.43%

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

TQSIX vs. VMCIX - Expense Ratio Comparison

TQSIX has a 0.68% expense ratio, which is higher than VMCIX's 0.04% expense ratio.

TQSIX

T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund

VMCIX

Vanguard Mid-Cap Index Fund Institutional Shares

Return for Risk

TQSIX vs. VMCIX — Risk / Return Rank

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

TQSIX

TQSIX Risk / Return Rank: 40
TQSIX Sharpe Ratio Rank: 38
TQSIX Sortino Ratio Rank: 40
TQSIX Omega Ratio Rank: 38
TQSIX Calmar Ratio Rank: 40
TQSIX Martin Ratio Rank: 43

VMCIX

VMCIX Risk / Return Rank: 28
VMCIX Sharpe Ratio Rank: 27
VMCIX Sortino Ratio Rank: 27
VMCIX Omega Ratio Rank: 28
VMCIX Calmar Ratio Rank: 25
VMCIX Martin Ratio Rank: 32

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.

TQSIX vs. VMCIX - 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 Vanguard Mid-Cap Index Fund Institutional Shares (VMCIX). 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.

	TQSIX	VMCIX	Difference
Sharpe ratio Return per unit of total volatility	0.80	0.63	+0.17
Sortino ratio Return per unit of downside risk	1.25	0.99	+0.26
Omega ratio Gain probability vs. loss probability	1.17	1.14	+0.03
Calmar ratio Return relative to maximum drawdown	1.04	0.73	+0.31
Martin ratio Return relative to average drawdown	4.44	3.40	+1.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TQSIX vs. VMCIX - Sharpe Ratio Comparison

The current TQSIX Sharpe Ratio is 0.80, which is comparable to the VMCIX Sharpe Ratio of 0.63. The chart below compares the historical Sharpe Ratios of TQSIX and VMCIX, 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

	TQSIX	VMCIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.80	0.63	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.37	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.55	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.47	+0.13

Correlation

The correlation between TQSIX and VMCIX is 0.95, 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.

Dividends

TQSIX vs. VMCIX - Dividend Comparison

TQSIX's dividend yield for the trailing twelve months is around 1.35%, less than VMCIX's 1.54% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TQSIX T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund	1.35%	1.32%	6.61%	3.55%	6.35%	1.58%	0.81%	1.24%	2.28%	0.42%	0.88%	0.00%
VMCIX Vanguard Mid-Cap Index Fund Institutional Shares	1.54%	1.52%	1.49%	1.51%	1.60%	1.12%	1.45%	1.48%	1.83%	1.36%	1.46%	1.48%

Drawdowns

TQSIX vs. VMCIX - Drawdown Comparison

The maximum TQSIX drawdown since its inception was -40.65%, smaller than the maximum VMCIX drawdown of -58.86%. Use the drawdown chart below to compare losses from any high point for TQSIX and VMCIX.

Drawdown Indicators

	TQSIX	VMCIX	Difference
Max Drawdown Largest peak-to-trough decline	-40.65%	-58.86%	+18.21%
Max Drawdown (1Y) Largest decline over 1 year	-14.06%	-12.77%	-1.29%
Max Drawdown (5Y) Largest decline over 5 years	-23.76%	-27.54%	+3.78%
Max Drawdown (10Y) Largest decline over 10 years	-40.65%	-39.30%	-1.35%
Current Drawdown Current decline from peak	-10.41%	-8.13%	-2.28%
Average Drawdown Average peak-to-trough decline	-5.17%	-8.02%	+2.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.29%	2.75%	+0.54%

Volatility

TQSIX vs. VMCIX - Volatility Comparison

T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund (TQSIX) has a higher volatility of 6.46% compared to Vanguard Mid-Cap Index Fund Institutional Shares (VMCIX) at 4.23%. This indicates that TQSIX's price experiences larger fluctuations and is considered to be riskier than VMCIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TQSIX	VMCIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.46%	4.23%	+2.23%
Volatility (6M) Calculated over the trailing 6-month period	11.91%	9.43%	+2.48%
Volatility (1Y) Calculated over the trailing 1-year period	20.88%	17.58%	+3.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.37%	17.63%	+1.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.23%	18.90%	+1.33%