TRMCX vs. VOO

Last updated Jun 24, 2026

TRMCX (T. Rowe Price Mid-Cap Value Fund) and VOO (Vanguard S&P 500 ETF) are both funds - TRMCX is a Mid Cap Value Equities fund managed by T. Rowe Price, while VOO is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, TRMCX returned 12.06%/yr vs 15.61%/yr for VOO. Their correlation of 0.84 suggests significant overlap in exposure. TRMCX charges 0.77%/yr vs 0.03%/yr for VOO.

Performance

TRMCX vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Mid-Cap Value Fund (TRMCX) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRMCX achieves a 18.18% return, which is significantly higher than VOO's 8.19% return. Over the past 10 years, TRMCX has underperformed VOO with an annualized return of 12.06%, while VOO has yielded a comparatively higher 15.61% annualized return.

TRMCX

• 1D: 0.24%
• 1M: 3.23%
• YTD: 18.18%
• 6M: 17.06%
• 1Y: 29.61%
• 3Y*: 18.35%
• 5Y*: 11.67%
• 10Y*: 12.06%

VOO

• 1D: -1.42%
• 1M: -1.34%
• YTD: 8.19%
• 6M: 7.24%
• 1Y: 23.69%
• 3Y*: 20.78%
• 5Y*: 13.13%
• 10Y*: 15.61%

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

TRMCX vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRMCX T. Rowe Price Mid-Cap Value Fund	18.18%	6.16%	16.21%	18.99%	-4.16%	24.51%	9.84%	19.59%	-10.66%	11.59%
VOO Vanguard S&P 500 ETF	8.19%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between TRMCX and VOO is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.84

The correlation between TRMCX and VOO shifts across timeframes, from 0.68 (1 year) to 0.84 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TRMCX vs. VOO — Risk / Return Rank

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

TRMCX

TRMCX Risk / Return Rank: 66
TRMCX Sharpe Ratio Rank: 62
TRMCX Sortino Ratio Rank: 66
TRMCX Omega Ratio Rank: 54
TRMCX Calmar Ratio Rank: 77
TRMCX Martin Ratio Rank: 69

VOO

VOO Risk / Return Rank: 59
VOO Sharpe Ratio Rank: 59
VOO Sortino Ratio Rank: 56
VOO Omega Ratio Rank: 58
VOO Calmar Ratio Rank: 56
VOO Martin Ratio Rank: 67

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.

TRMCX vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Mid-Cap Value Fund (TRMCX) and Vanguard S&P 500 ETF (VOO). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	TRMCX	VOO	Difference
Sharpe ratio: Return per unit of total volatility	2.13	1.91	+0.21
Sortino ratio: Return per unit of downside risk	3.10	2.60	+0.50
Omega ratio: Gain probability vs. loss probability	1.37	1.35	+0.03
Calmar ratio: Return relative to maximum drawdown	3.30	2.67	+0.62
Martin ratio: Return relative to average drawdown	12.48	11.96	+0.52

TRMCX vs. VOO - Sharpe Ratio Comparison

The current TRMCX Sharpe Ratio is 2.13, which is comparable to the VOO Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of TRMCX and VOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TRMCX vs. VOO - Drawdown Comparison

The maximum TRMCX drawdown since its inception was -55.28%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for TRMCX and VOO.

Drawdown Indicators

	TRMCX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-55.28%	-33.99%	-21.29%
Max Drawdown (1Y) Largest decline over 1 year	-9.41%	-8.90%	-0.51%
Max Drawdown (3Y) Largest decline over 3 years	-29.60%	-18.69%	-10.91%
Max Drawdown (5Y) Largest decline over 5 years	-29.60%	-24.52%	-5.08%
Max Drawdown (10Y) Largest decline over 10 years	-39.41%	-33.99%	-5.42%
Current Drawdown Current decline from peak	0.00%	-3.14%	+3.14%
Average Drawdown Average peak-to-trough decline	-6.63%	-3.68%	-2.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.48%	1.99%	+0.49%

Volatility

TRMCX vs. VOO - Volatility Comparison

T. Rowe Price Mid-Cap Value Fund (TRMCX) and Vanguard S&P 500 ETF (VOO) have volatilities of 4.76% and 4.83%, 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

	TRMCX	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.76%	4.83%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	11.03%	9.82%	+1.21%
Volatility (1Y) Calculated over the trailing 1-year period	14.60%	12.46%	+2.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.30%	16.91%	+2.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.67%	18.02%	+1.65%

TRMCX vs. VOO - Expense Ratio Comparison

TRMCX has a 0.77% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

TRMCX vs. VOO - Dividend Comparison

TRMCX's dividend yield for the trailing twelve months is around 4.59%, more than VOO's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TRMCX T. Rowe Price Mid-Cap Value Fund	4.59%	5.43%	14.20%	7.65%	13.92%	9.22%	3.79%	4.25%	12.13%	6.58%	6.74%	11.39%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both TRMCX and VOO in my portfolio?

TRMCX and VOO have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRMCX or VOO?

VOO has higher volatility (4.83%) compared to TRMCX (4.76%). In terms of maximum drawdown, TRMCX dropped -55.28% vs VOO's -33.99%.

Which has better risk-adjusted returns?

TRMCX currently has the higher Sharpe Ratio (2.13 vs 1.91), 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.