TQSMX vs. FUTY

Last updated Jun 5, 2026

TQSMX (T. Rowe Price Integrated US Small-Mid Cap Equity Fund) and FUTY (Fidelity MSCI Utilities Index ETF) are both funds - TQSMX is a Small Cap Blend Equities fund actively managed by T. Rowe Price, while FUTY is a Utilities Equities fund tracking the MSCI USA IMI Utilities Index. TQSMX is actively managed, while FUTY is passively managed. Over the past 10 years, TQSMX returned 12.59%/yr vs 9.10%/yr for FUTY. At a 0.37 correlation, their price movements are largely independent. TQSMX charges 0.87%/yr vs 0.08%/yr for FUTY.

Performance

TQSMX vs. FUTY - 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 Utilities Index ETF (FUTY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TQSMX achieves a 14.91% return, which is significantly higher than FUTY's 3.78% return. Over the past 10 years, TQSMX has outperformed FUTY with an annualized return of 12.59%, while FUTY has yielded a comparatively lower 9.10% annualized return.

TQSMX

• 1D: -0.21%
• 1M: 1.90%
• YTD: 14.91%
• 6M: 14.48%
• 1Y: 30.54%
• 3Y*: 20.07%
• 5Y*: 11.36%
• 10Y*: 12.59%

FUTY

• 1D: 0.60%
• 1M: -4.86%
• YTD: 3.78%
• 6M: 1.95%
• 1Y: 12.10%
• 3Y*: 13.73%
• 5Y*: 9.26%
• 10Y*: 9.10%

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

TQSMX vs. FUTY - 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	14.91%	12.75%	16.34%	21.72%	-13.07%	21.85%	11.68%	30.19%	-10.91%	15.44%
FUTY Fidelity MSCI Utilities Index ETF	3.78%	16.40%	23.20%	-7.46%	1.12%	17.53%	-0.80%	24.89%	4.36%	12.52%

Correlation

The correlation between TQSMX and FUTY is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Mar 1, 2016	0.37

The correlation between TQSMX and FUTY shifts across timeframes, from 0.31 (1 year) to 0.41 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

TQSMX vs. FUTY — Risk / Return Rank

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

TQSMX

TQSMX Risk / Return Rank: 49
TQSMX Sharpe Ratio Rank: 42
TQSMX Sortino Ratio Rank: 43
TQSMX Omega Ratio Rank: 40
TQSMX Calmar Ratio Rank: 60
TQSMX Martin Ratio Rank: 61

FUTY

FUTY Risk / Return Rank: 25
FUTY Sharpe Ratio Rank: 25
FUTY Sortino Ratio Rank: 24
FUTY Omega Ratio Rank: 24
FUTY Calmar Ratio Rank: 29
FUTY Martin Ratio Rank: 24

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.

TQSMX vs. FUTY - 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 Utilities Index ETF (FUTY). 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.

	TQSMX	FUTY	Difference
Sharpe ratio: Return per unit of total volatility	1.86	0.85	+1.01
Sortino ratio: Return per unit of downside risk	2.69	1.23	+1.46
Omega ratio: Gain probability vs. loss probability	1.33	1.15	+0.18
Calmar ratio: Return relative to maximum drawdown	2.92	1.36	+1.56
Martin ratio: Return relative to average drawdown	11.72	3.05	+8.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TQSMX vs. FUTY - Sharpe Ratio Comparison

The current TQSMX Sharpe Ratio is 1.86, which is higher than the FUTY Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of TQSMX and FUTY, 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

	TQSMX	FUTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	0.85	+1.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.54	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.48	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.55	+0.11

Drawdowns

TQSMX vs. FUTY - Drawdown Comparison

The maximum TQSMX drawdown since its inception was -40.66%, which is greater than FUTY's maximum drawdown of -36.44%. Use the drawdown chart below to compare losses from any high point for TQSMX and FUTY.

Drawdown Indicators

	TQSMX	FUTY	Difference
Max Drawdown Largest peak-to-trough decline	-40.66%	-36.44%	-4.22%
Max Drawdown (1Y) Largest decline over 1 year	-10.38%	-8.93%	-1.45%
Max Drawdown (3Y) Largest decline over 3 years	-23.82%	-17.35%	-6.47%
Max Drawdown (5Y) Largest decline over 5 years	-23.82%	-25.11%	+1.29%
Max Drawdown (10Y) Largest decline over 10 years	-40.66%	-36.44%	-4.22%
Current Drawdown Current decline from peak	-0.31%	-6.72%	+6.41%
Average Drawdown Average peak-to-trough decline	-5.17%	-6.03%	+0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	3.98%	-1.40%

Volatility

TQSMX vs. FUTY - Volatility Comparison

The current volatility for T. Rowe Price Integrated US Small-Mid Cap Equity Fund (TQSMX) is 5.07%, while Fidelity MSCI Utilities Index ETF (FUTY) has a volatility of 5.52%. This indicates that TQSMX experiences smaller price fluctuations and is considered to be less risky than FUTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TQSMX	FUTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.07%	5.52%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	12.56%	11.38%	+1.18%
Volatility (1Y) Calculated over the trailing 1-year period	16.31%	14.34%	+1.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.53%	17.08%	+2.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.34%	19.05%	+1.29%

TQSMX vs. FUTY - Expense Ratio Comparison

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

Dividends

TQSMX vs. FUTY - Dividend Comparison

TQSMX's dividend yield for the trailing twelve months is around 1.00%, less than FUTY's 2.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FUTY Fidelity MSCI Utilities Index ETF	2.60%	2.67%	2.96%	3.31%	2.72%	2.70%	3.07%	2.82%	3.11%	3.03%	3.35%	4.33%
TQSMX T. Rowe Price Integrated US Small-Mid Cap Equity Fund	1.00%	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 FUTY in my portfolio?

TQSMX and FUTY have a correlation of 0.31, 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 FUTY?

FUTY has higher volatility (5.52%) compared to TQSMX (5.07%). In terms of maximum drawdown, TQSMX dropped -40.66% vs FUTY's -36.44%.

Which has better risk-adjusted returns?

TQSMX currently has the higher Sharpe Ratio (1.86 vs 0.85), 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.