TQSMX vs. VXF

Last updated Jun 4, 2026

TQSMX (T. Rowe Price Integrated US Small-Mid Cap Equity Fund) and VXF (Vanguard Extended Market ETF) are both funds - TQSMX is a Small Cap Blend Equities fund actively managed by T. Rowe Price, while VXF is a Mid Cap Blend Equities fund tracking the S&P Completion Index. TQSMX is actively managed, while VXF is passively managed. Over the past 10 years, TQSMX returned 12.62%/yr vs 12.08%/yr for VXF. With a 0.95 correlation, they move nearly in lockstep. TQSMX charges 0.87%/yr vs 0.05%/yr for VXF.

Performance

TQSMX vs. VXF - 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 Vanguard Extended Market ETF (VXF). 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 higher than VXF's 13.78% return. Both investments have delivered pretty close results over the past 10 years, with TQSMX having a 12.62% annualized return and VXF not far behind at 12.08%.

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%

VXF

• 1D: -1.02%
• 1M: 4.75%
• YTD: 13.78%
• 6M: 12.61%
• 1Y: 28.88%
• 3Y*: 19.75%
• 5Y*: 6.53%
• 10Y*: 12.08%

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

TQSMX vs. VXF - 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%
VXF Vanguard Extended Market ETF	13.78%	11.40%	16.89%	25.51%	-26.52%	12.31%	32.45%	27.96%	-9.34%	18.06%

Correlation

The correlation between TQSMX and VXF is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Mar 1, 2016	0.95

The correlation between TQSMX and VXF has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

TQSMX vs. VXF — 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

VXF

VXF Risk / Return Rank: 50
VXF Sharpe Ratio Rank: 48
VXF Sortino Ratio Rank: 47
VXF Omega Ratio Rank: 44
VXF Calmar Ratio Rank: 56
VXF Martin Ratio Rank: 57

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. VXF - 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 Vanguard Extended Market ETF (VXF). 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	VXF	Difference
Sharpe ratio: Return per unit of total volatility	1.97	1.69	+0.28
Sortino ratio: Return per unit of downside risk	2.82	2.38	+0.44
Omega ratio: Gain probability vs. loss probability	1.35	1.29	+0.06
Calmar ratio: Return relative to maximum drawdown	3.09	2.84	+0.25
Martin ratio: Return relative to average drawdown	12.39	10.07	+2.32
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. VXF - Sharpe Ratio Comparison

The current TQSMX Sharpe Ratio is 1.97, which is comparable to the VXF Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of TQSMX and VXF, 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	VXF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.97	1.69	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.29	+0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.54	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.46	+0.21

Drawdowns

TQSMX vs. VXF - Drawdown Comparison

The maximum TQSMX drawdown since its inception was -40.66%, smaller than the maximum VXF drawdown of -58.03%. Use the drawdown chart below to compare losses from any high point for TQSMX and VXF.

Drawdown Indicators

	TQSMX	VXF	Difference
Max Drawdown Largest peak-to-trough decline	-40.66%	-58.03%	+17.37%
Max Drawdown (1Y) Largest decline over 1 year	-10.38%	-10.21%	-0.17%
Max Drawdown (3Y) Largest decline over 3 years	-23.82%	-26.92%	+3.10%
Max Drawdown (5Y) Largest decline over 5 years	-23.82%	-36.39%	+12.57%
Max Drawdown (10Y) Largest decline over 10 years	-40.66%	-41.72%	+1.06%
Current Drawdown Current decline from peak	-0.10%	-1.02%	+0.92%
Average Drawdown Average peak-to-trough decline	-5.17%	-9.55%	+4.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	2.87%	-0.29%

Volatility

TQSMX vs. VXF - Volatility Comparison

T. Rowe Price Integrated US Small-Mid Cap Equity Fund (TQSMX) and Vanguard Extended Market ETF (VXF) have volatilities of 5.08% and 4.87%, 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

	TQSMX	VXF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.08%	4.87%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	12.58%	12.44%	+0.14%
Volatility (1Y) Calculated over the trailing 1-year period	16.31%	17.22%	-0.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.53%	22.33%	-2.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.35%	22.29%	-1.94%

TQSMX vs. VXF - Expense Ratio Comparison

TQSMX has a 0.87% expense ratio, which is higher than VXF's 0.05% expense ratio.

Dividends

TQSMX vs. VXF - Dividend Comparison

TQSMX's dividend yield for the trailing twelve months is around 0.99%, less than VXF's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VXF Vanguard Extended Market ETF	1.02%	1.14%	1.09%	1.27%	1.15%	1.13%	1.07%	1.30%	1.66%	1.25%	1.43%	1.35%

Frequently Asked Questions

Can I hold both TQSMX and VXF in my portfolio?

With a correlation of 0.94, TQSMX and VXF move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TQSMX or VXF?

TQSMX has higher volatility (5.08%) compared to VXF (4.87%). In terms of maximum drawdown, TQSMX dropped -40.66% vs VXF's -58.03%.

Which has better risk-adjusted returns?

TQSMX currently has the higher Sharpe Ratio (1.97 vs 1.69), 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.