TQSMX vs. FHLC

Last updated Aug 4, 2026

TQSMX (T. Rowe Price Integrated US Small-Mid Cap Equity Fund) and FHLC (Fidelity MSCI Health Care Index ETF) are both funds - TQSMX is a Small Cap Blend Equities fund actively managed by T. Rowe Price, while FHLC is a Health & Biotech Equities fund tracking the MSCI USA IMI Health Care Index. TQSMX is actively managed, while FHLC is passively managed. Over the past 10 years, TQSMX returned 12.56%/yr vs 9.77%/yr for FHLC. Their 0.65 correlation means they have sometimes moved together and sometimes differently. TQSMX charges 0.87%/yr vs 0.08%/yr for FHLC.

Performance

TQSMX vs. FHLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Integrated US Small-Mid Cap Equity Fund (TQSMX) and Fidelity MSCI Health Care Index ETF (FHLC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TQSMX achieves a 18.36% return, which is significantly higher than FHLC's 6.71% return. Over the past 10 years, TQSMX has outperformed FHLC with an annualized return of 12.56%, while FHLC has yielded a comparatively lower 9.77% annualized return.

TQSMX

• 1D: -0.17%
• 1M: -0.67%
• 6M: 11.55%
• YTD: 18.36%
• 1Y: 31.13%
• 3Y*: 17.93%
• 5Y*: 11.99%
• 10Y*: 12.56%
• ALL TIME*: 13.52%

FHLC

• 1D: -0.04%
• 1M: -1.19%
• 6M: 6.28%
• YTD: 6.71%
• 1Y: 27.87%
• 3Y*: 9.42%
• 5Y*: 4.81%
• 10Y*: 9.77%
• ALL TIME*: 10.71%

*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)
FHLC Fidelity MSCI Health Care Index ETF	$13.38M	$17.91M	$16.14M
TQSMX T. Rowe Price Integrated US Small-Mid Cap Equity Fund	$0.00	$0.00	$0.00

TQSMX vs. FHLC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TQSMX T. Rowe Price Integrated US Small-Mid Cap Equity Fund	18.36%	12.75%	16.34%	21.72%	-13.07%	21.85%	11.68%	30.19%	-10.91%	15.44%
FHLC Fidelity MSCI Health Care Index ETF	6.71%	15.42%	2.48%	2.58%	-5.55%	20.39%	18.13%	21.94%	4.71%	23.34%

Correlation

The correlation between TQSMX and FHLC is 0.39, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.39
Correlation (3Y) Balances recent behavior with more history.	0.53
Correlation (5Y) Shows whether the relationship held over a longer period.	0.60
Correlation (10Y) Provides a long-term view across more market conditions.	0.65
Correlation (All Time) Calculated using the full available price history since Feb 29, 2016	0.65

Over the past year, the correlation between TQSMX and FHLC has dropped to 0.39 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.

Return for Risk

TQSMX vs. FHLC — Risk / Return Rank

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

TQSMX

TQSMX Risk / Return Rank: 73
TQSMX Sharpe Ratio Rank: 67
TQSMX Sortino Ratio Rank: 69
TQSMX Omega Ratio Rank: 61
TQSMX Calmar Ratio Rank: 81
TQSMX Martin Ratio Rank: 84

FHLC

FHLC Risk / Return Rank: 74
FHLC Sharpe Ratio Rank: 79
FHLC Sortino Ratio Rank: 85
FHLC Omega Ratio Rank: 75
FHLC Calmar Ratio Rank: 75
FHLC Martin Ratio Rank: 55

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.

TQSMX vs. FHLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Integrated US Small-Mid Cap Equity Fund (TQSMX) and Fidelity MSCI Health Care Index ETF (FHLC). 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.

	TQSMX	FHLC	Difference
Sharpe ratio: Return per unit of total volatility	1.70	1.85	-0.15
Sortino ratio: Return per unit of downside risk	2.47	2.86	-0.39
Omega ratio: Gain probability vs. loss probability	1.30	1.32	-0.02
Calmar ratio: Return relative to maximum drawdown	2.81	2.70	+0.11
Martin ratio: Return relative to average drawdown	11.08	6.71	+4.37

TQSMX vs. FHLC - Sharpe Ratio Comparison

The current TQSMX Sharpe Ratio is 1.70, which is comparable to the FHLC Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of TQSMX and FHLC, 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

TQSMX vs. FHLC - Drawdown Comparison

The maximum TQSMX drawdown since its inception was -40.66%, which is greater than FHLC's maximum drawdown of -28.76%. Use the drawdown chart below to compare losses from any high point for TQSMX and FHLC.

Drawdown Indicators

	TQSMX	FHLC	Difference
Max Drawdown Largest peak-to-trough decline	-40.66%	-28.76%	-11.90%
Max Drawdown (1Y) Largest decline over 1 year	-10.38%	-10.38%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-23.82%	-16.87%	-6.95%
Max Drawdown (5Y) Largest decline over 5 years	-23.82%	-17.73%	-6.09%
Max Drawdown (10Y) Largest decline over 10 years	-40.66%	-28.76%	-11.90%
Current Drawdown Current decline from peak	-1.78%	-2.81%	+1.03%
Average Drawdown Average peak-to-trough decline	-5.11%	-5.16%	+0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	4.16%	-1.53%

Volatility

TQSMX vs. FHLC - Volatility Comparison

The current volatility for T. Rowe Price Integrated US Small-Mid Cap Equity Fund (TQSMX) is 3.57%, while Fidelity MSCI Health Care Index ETF (FHLC) has a volatility of 4.94%. This indicates that TQSMX experiences smaller price fluctuations and is considered to be less risky than FHLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TQSMX	FHLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.57%	4.94%	-1.37%
Volatility (6M) Calculated over the trailing 6-month period	13.59%	11.69%	+1.90%
Volatility (1Y) Calculated over the trailing 1-year period	17.18%	15.17%	+2.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.60%	15.25%	+4.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.36%	16.90%	+3.46%

TQSMX vs. FHLC - Expense Ratio Comparison

TQSMX has a 0.87% expense ratio, which is higher than FHLC's 0.08% expense ratio.

Dividends

TQSMX vs. FHLC - Dividend Comparison

TQSMX's dividend yield for the trailing twelve months is around 0.97%, less than FHLC's 1.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHLC Fidelity MSCI Health Care Index ETF	1.30%	1.40%	1.51%	1.40%	1.30%	1.16%	1.45%	1.18%	1.38%	1.38%	1.40%	2.07%
TQSMX T. Rowe Price Integrated US Small-Mid Cap Equity Fund	0.97%	1.15%	6.48%	3.39%	6.06%	1.40%	0.81%	1.18%	2.12%	0.35%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TQSMX and FHLC in my portfolio?

TQSMX and FHLC have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TQSMX or FHLC?

FHLC has higher volatility (4.94%) compared to TQSMX (3.57%). In terms of maximum drawdown, TQSMX dropped -40.66% vs FHLC's -28.76%.

Which has better risk-adjusted returns?

FHLC currently has the higher Sharpe Ratio (1.85 vs 1.70), 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.