TRCSX vs. IPSIX

Last updated Jun 4, 2026

TRCSX (T. Rowe Price Small-Cap Index Fund) and IPSIX (Voya Index Plus SmallCap Portfolio) are both Small Cap Blend Equities funds. Over the past 5 years, TRCSX returned 6.54%/yr vs 7.99%/yr for IPSIX. With a 0.96 correlation, they move nearly in lockstep. TRCSX charges 0.14%/yr vs 0.60%/yr for IPSIX.

Performance

TRCSX vs. IPSIX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with TRCSX having a 18.68% return and IPSIX slightly lower at 17.88%.

TRCSX

• 1D: 0.89%
• 1M: 4.98%
• YTD: 18.68%
• 6M: 17.42%
• 1Y: 41.07%
• 3Y*: 18.53%
• 5Y*: 6.54%
• 10Y*: —

IPSIX

• 1D: 0.93%
• 1M: 3.42%
• YTD: 17.88%
• 6M: 17.38%
• 1Y: 36.29%
• 3Y*: 16.83%
• 5Y*: 7.99%
• 10Y*: 10.25%

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

TRCSX vs. IPSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TRCSX T. Rowe Price Small-Cap Index Fund	18.68%	12.72%	11.36%	16.97%	-20.47%	4.05%
IPSIX Voya Index Plus SmallCap Portfolio	17.88%	8.46%	8.64%	18.17%	-13.82%	7.70%

Correlation

The correlation between TRCSX and IPSIX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since May 14, 2021	0.96

The correlation between TRCSX and IPSIX has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.

Return for Risk

TRCSX vs. IPSIX — 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: 77
TRCSX Sortino Ratio Rank: 71
TRCSX Omega Ratio Rank: 55
TRCSX Calmar Ratio Rank: 90
TRCSX Martin Ratio Rank: 84

IPSIX

IPSIX Risk / Return Rank: 77
IPSIX Sharpe Ratio Rank: 73
IPSIX Sortino Ratio Rank: 73
IPSIX Omega Ratio Rank: 55
IPSIX Calmar Ratio Rank: 95
IPSIX Martin Ratio Rank: 91

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. IPSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Small-Cap Index Fund (TRCSX) and Voya Index Plus SmallCap Portfolio (IPSIX). 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	IPSIX	Difference
Sharpe ratio: Return per unit of total volatility	2.56	2.49	+0.07
Sortino ratio: Return per unit of downside risk	3.52	3.59	-0.07
Omega ratio: Gain probability vs. loss probability	1.41	1.41	0.00
Calmar ratio: Return relative to maximum drawdown	4.58	5.68	-1.11
Martin ratio: Return relative to average drawdown	15.85	18.68	-2.83
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. IPSIX - Sharpe Ratio Comparison

The current TRCSX Sharpe Ratio is 2.56, which is comparable to the IPSIX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of TRCSX and IPSIX, 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	IPSIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.56	2.49	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.37	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.44	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.36	-0.02

Drawdowns

TRCSX vs. IPSIX - Drawdown Comparison

The maximum TRCSX drawdown since its inception was -31.94%, smaller than the maximum IPSIX drawdown of -58.01%. Use the drawdown chart below to compare losses from any high point for TRCSX and IPSIX.

Drawdown Indicators

	TRCSX	IPSIX	Difference
Max Drawdown Largest peak-to-trough decline	-31.94%	-58.01%	+26.07%
Max Drawdown (1Y) Largest decline over 1 year	-10.96%	-7.63%	-3.33%
Max Drawdown (3Y) Largest decline over 3 years	-27.82%	-26.60%	-1.22%
Max Drawdown (5Y) Largest decline over 5 years	-31.94%	-26.60%	-5.34%
Max Drawdown (10Y) Largest decline over 10 years	—	-47.92%	—
Current Drawdown Current decline from peak	-0.15%	0.00%	-0.15%
Average Drawdown Average peak-to-trough decline	-13.51%	-9.71%	-3.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	2.26%	+0.75%

Volatility

TRCSX vs. IPSIX - Volatility Comparison

T. Rowe Price Small-Cap Index Fund (TRCSX) has a higher volatility of 5.66% compared to Voya Index Plus SmallCap Portfolio (IPSIX) at 4.33%. This indicates that TRCSX's price experiences larger fluctuations and is considered to be riskier than IPSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRCSX	IPSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.66%	4.33%	+1.33%
Volatility (6M) Calculated over the trailing 6-month period	14.60%	11.41%	+3.19%
Volatility (1Y) Calculated over the trailing 1-year period	19.58%	17.42%	+2.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.15%	22.01%	+1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.10%	23.74%	-0.64%

TRCSX vs. IPSIX - Expense Ratio Comparison

TRCSX has a 0.14% expense ratio, which is lower than IPSIX's 0.60% expense ratio.

Dividends

TRCSX vs. IPSIX - Dividend Comparison

TRCSX's dividend yield for the trailing twelve months is around 2.02%, less than IPSIX's 9.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IPSIX Voya Index Plus SmallCap Portfolio	9.27%	5.72%	4.44%	4.20%	19.88%	0.65%	1.98%	16.87%	18.12%	9.69%	3.19%	0.93%
TRCSX T. Rowe Price Small-Cap Index Fund	2.02%	2.39%	3.18%	1.27%	1.58%	1.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TRCSX and IPSIX in my portfolio?

With a correlation of 0.91, TRCSX and IPSIX 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, TRCSX or IPSIX?

TRCSX has higher volatility (5.66%) compared to IPSIX (4.33%). In terms of maximum drawdown, TRCSX dropped -31.94% vs IPSIX's -58.01%.

Which has better risk-adjusted returns?

TRCSX currently has the higher Sharpe Ratio (2.56 vs 2.49), 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.