TRCSX vs. FESM

Last updated Jun 3, 2026

TRCSX (T. Rowe Price Small-Cap Index Fund) and FESM (Fidelity Enhanced Small Cap ETF) are both Small Cap Blend Equities funds. Over the past year, TRCSX returned 42.04% vs 46.73% for FESM. Their correlation of 0.87 suggests significant overlap in exposure. TRCSX charges 0.14%/yr vs 0.28%/yr for FESM.

Performance

TRCSX vs. FESM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Small-Cap Index Fund (TRCSX) and Fidelity Enhanced Small Cap ETF (FESM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRCSX achieves a 17.63% return, which is significantly lower than FESM's 19.64% return.

TRCSX

• 1D: -0.44%
• 1M: 3.42%
• YTD: 17.63%
• 6M: 18.58%
• 1Y: 42.04%
• 3Y*: 18.18%
• 5Y*: 6.18%
• 10Y*: —

FESM

• 1D: -1.51%
• 1M: 3.13%
• YTD: 19.64%
• 6M: 19.11%
• 1Y: 46.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TRCSX vs. FESM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TRCSX T. Rowe Price Small-Cap Index Fund	17.63%	12.72%	11.36%	12.49%
FESM Fidelity Enhanced Small Cap ETF	19.64%	17.88%	16.22%	12.19%

Correlation

The correlation between TRCSX and FESM is 0.84, 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	0.84
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023	0.87

The correlation between TRCSX and FESM has been stable across timeframes, ranging from 0.84 to 0.87 - a consistent structural relationship.

Return for Risk

TRCSX vs. FESM — Risk / Return Rank

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

TRCSX

TRCSX Risk / Return Rank: 75
TRCSX Sharpe Ratio Rank: 72
TRCSX Sortino Ratio Rank: 67
TRCSX Omega Ratio Rank: 53
TRCSX Calmar Ratio Rank: 93
TRCSX Martin Ratio Rank: 91

FESM

FESM Risk / Return Rank: 76
FESM Sharpe Ratio Rank: 75
FESM Sortino Ratio Rank: 72
FESM Omega Ratio Rank: 66
FESM Calmar Ratio Rank: 84
FESM Martin Ratio Rank: 82

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.

TRCSX vs. FESM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Small-Cap Index Fund (TRCSX) and Fidelity Enhanced Small Cap ETF (FESM). 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.

	TRCSX	FESM	Difference
Sharpe ratio Return per unit of total volatility	2.47	2.48	-0.01
Sortino ratio Return per unit of downside risk	3.42	3.34	+0.08
Omega ratio Gain probability vs. loss probability	1.40	1.41	-0.01
Calmar ratio Return relative to maximum drawdown	5.14	4.61	+0.53
Martin ratio Return relative to average drawdown	18.75	16.60	+2.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRCSX vs. FESM - Sharpe Ratio Comparison

The current TRCSX Sharpe Ratio is 2.47, which is comparable to the FESM Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of TRCSX and FESM, 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

	TRCSX	FESM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	2.48	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	1.29	-0.96

Drawdowns

TRCSX vs. FESM - Drawdown Comparison

The maximum TRCSX drawdown since its inception was -31.94%, which is greater than FESM's maximum drawdown of -26.93%. Use the drawdown chart below to compare losses from any high point for TRCSX and FESM.

Drawdown Indicators

	TRCSX	FESM	Difference
Max Drawdown Largest peak-to-trough decline	-31.94%	-26.93%	-5.01%
Max Drawdown (1Y) Largest decline over 1 year	-10.96%	-10.18%	-0.78%
Max Drawdown (3Y) Largest decline over 3 years	-27.82%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.94%	—	—
Current Drawdown Current decline from peak	-1.02%	-1.59%	+0.57%
Average Drawdown Average peak-to-trough decline	-13.52%	-4.79%	-8.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	2.82%	+0.19%

Volatility

TRCSX vs. FESM - Volatility Comparison

T. Rowe Price Small-Cap Index Fund (TRCSX) and Fidelity Enhanced Small Cap ETF (FESM) have volatilities of 5.62% and 5.64%, 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

	TRCSX	FESM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.62%	5.64%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	14.72%	13.32%	+1.40%
Volatility (1Y) Calculated over the trailing 1-year period	19.61%	18.98%	+0.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.15%	21.26%	+1.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.10%	21.26%	+1.84%

TRCSX vs. FESM - Expense Ratio Comparison

TRCSX has a 0.14% expense ratio, which is lower than FESM's 0.28% expense ratio.

Dividends

TRCSX vs. FESM - Dividend Comparison

TRCSX's dividend yield for the trailing twelve months is around 2.04%, more than FESM's 0.53% yield.

Position	TTM	2025	2024	2023	2022	2021
FESM Fidelity Enhanced Small Cap ETF	0.53%	0.82%	1.08%	0.06%	0.00%	0.00%
TRCSX T. Rowe Price Small-Cap Index Fund	2.04%	2.39%	3.18%	1.27%	1.58%	1.69%

Frequently Asked Questions

Can I hold both TRCSX and FESM in my portfolio?

TRCSX and FESM have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRCSX or FESM?

FESM has higher volatility (5.64%) compared to TRCSX (5.62%). In terms of maximum drawdown, TRCSX dropped -31.94% vs FESM's -26.93%.

Which has better risk-adjusted returns?

FESM currently has the higher Sharpe Ratio (2.48 vs 2.47), 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.