TQSMX vs. PVIVX

Last updated Jun 4, 2026

TQSMX (T. Rowe Price Integrated US Small-Mid Cap Equity Fund) and PVIVX (Paradigm Micro-cap Fund) are both Small Cap Blend Equities funds. Over the past 10 years, TQSMX returned 12.62%/yr vs 14.83%/yr for PVIVX. Their correlation of 0.85 suggests significant overlap in exposure. TQSMX charges 0.87%/yr vs 1.25%/yr for PVIVX.

Performance

TQSMX vs. PVIVX - 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 Paradigm Micro-cap Fund (PVIVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TQSMX achieves a 15.15% return, which is significantly lower than PVIVX's 32.57% return. Over the past 10 years, TQSMX has underperformed PVIVX with an annualized return of 12.62%, while PVIVX has yielded a comparatively higher 14.83% annualized return.

TQSMX

• 1D: 1.08%
• 1M: 3.90%
• YTD: 15.15%
• 6M: 15.35%
• 1Y: 30.46%
• 3Y*: 20.16%
• 5Y*: 11.53%
• 10Y*: 12.62%

PVIVX

• 1D: 2.32%
• 1M: 9.97%
• YTD: 32.57%
• 6M: 25.87%
• 1Y: 46.34%
• 3Y*: 15.71%
• 5Y*: 6.82%
• 10Y*: 14.83%

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

TQSMX vs. PVIVX - 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	15.15%	12.75%	16.34%	21.72%	-13.07%	21.85%	11.68%	30.19%	-10.91%	15.44%
PVIVX Paradigm Micro-cap Fund	32.57%	-4.81%	13.48%	17.89%	-20.62%	27.94%	46.96%	22.38%	-10.88%	15.82%

Correlation

The correlation between TQSMX and PVIVX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Mar 1, 2016	0.85

The correlation between TQSMX and PVIVX has been stable across timeframes, ranging from 0.85 to 0.87 - a consistent structural relationship.

Return for Risk

TQSMX vs. PVIVX — Risk / Return Rank

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

TQSMX

TQSMX Risk / Return Rank: 52
TQSMX Sharpe Ratio Rank: 45
TQSMX Sortino Ratio Rank: 45
TQSMX Omega Ratio Rank: 41
TQSMX Calmar Ratio Rank: 64
TQSMX Martin Ratio Rank: 63

PVIVX

PVIVX Risk / Return Rank: 53
PVIVX Sharpe Ratio Rank: 48
PVIVX Sortino Ratio Rank: 45
PVIVX Omega Ratio Rank: 40
PVIVX Calmar Ratio Rank: 77
PVIVX Martin Ratio Rank: 54

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. PVIVX - 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 Paradigm Micro-cap Fund (PVIVX). 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	PVIVX	Difference
Sharpe ratio: Return per unit of total volatility	1.97	2.05	-0.08
Sortino ratio: Return per unit of downside risk	2.82	2.80	+0.02
Omega ratio: Gain probability vs. loss probability	1.35	1.34	0.00
Calmar ratio: Return relative to maximum drawdown	3.09	3.48	-0.39
Martin ratio: Return relative to average drawdown	12.39	10.95	+1.44
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. PVIVX - Sharpe Ratio Comparison

The current TQSMX Sharpe Ratio is 1.97, which is comparable to the PVIVX Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of TQSMX and PVIVX, 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	PVIVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.97	2.05	-0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.01	+0.59
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.02	+0.60
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.02	+0.64

Drawdowns

TQSMX vs. PVIVX - Drawdown Comparison

The maximum TQSMX drawdown since its inception was -40.66%, smaller than the maximum PVIVX drawdown of -95.67%. Use the drawdown chart below to compare losses from any high point for TQSMX and PVIVX.

Drawdown Indicators

	TQSMX	PVIVX	Difference
Max Drawdown Largest peak-to-trough decline	-40.66%	-95.67%	+55.01%
Max Drawdown (1Y) Largest decline over 1 year	-10.38%	-14.84%	+4.46%
Max Drawdown (3Y) Largest decline over 3 years	-23.82%	-95.67%	+71.85%
Max Drawdown (5Y) Largest decline over 5 years	-23.82%	-95.67%	+71.85%
Max Drawdown (10Y) Largest decline over 10 years	-40.66%	-95.67%	+55.01%
Current Drawdown Current decline from peak	-0.10%	-92.72%	+92.62%
Average Drawdown Average peak-to-trough decline	-5.17%	-16.88%	+11.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	4.71%	-2.13%

Volatility

TQSMX vs. PVIVX - Volatility Comparison

The current volatility for T. Rowe Price Integrated US Small-Mid Cap Equity Fund (TQSMX) is 5.08%, while Paradigm Micro-cap Fund (PVIVX) has a volatility of 7.29%. This indicates that TQSMX experiences smaller price fluctuations and is considered to be less risky than PVIVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TQSMX	PVIVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.08%	7.29%	-2.21%
Volatility (6M) Calculated over the trailing 6-month period	12.58%	17.50%	-4.92%
Volatility (1Y) Calculated over the trailing 1-year period	16.31%	25.24%	-8.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.53%	887.36%	-867.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.35%	627.78%	-607.43%

TQSMX vs. PVIVX - Expense Ratio Comparison

TQSMX has a 0.87% expense ratio, which is lower than PVIVX's 1.25% expense ratio.

Dividends

TQSMX vs. PVIVX - Dividend Comparison

TQSMX's dividend yield for the trailing twelve months is around 0.99%, less than PVIVX's 12.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PVIVX Paradigm Micro-cap Fund	12.02%	15.93%	6.40%	0.00%	0.00%	1.11%	5.25%	0.01%	14.09%	6.88%	3.61%	1.32%
TQSMX T. Rowe Price Integrated US Small-Mid Cap Equity Fund	0.99%	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 PVIVX in my portfolio?

TQSMX and PVIVX have a correlation of 0.86, 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 PVIVX?

PVIVX has higher volatility (7.29%) compared to TQSMX (5.08%). In terms of maximum drawdown, TQSMX dropped -40.66% vs PVIVX's -95.67%.

Which has better risk-adjusted returns?

PVIVX currently has the higher Sharpe Ratio (2.05 vs 1.97), 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.