TRMSX vs. RIPIX
TRMSX (T. Rowe Price Mid-Cap Index Fund) and RIPIX (Royce International Premier Fund Institutional Class) are both Mid Cap Growth Equities funds. Over the past 5 years, TRMSX returned 6.20%/yr vs -4.60%/yr for RIPIX. Their 0.64 correlation means they have sometimes moved together and sometimes differently. TRMSX charges 0.14%/yr vs 1.04%/yr for RIPIX.
Performance
TRMSX vs. RIPIX - Performance Comparison
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Returns By Period
In the year-to-date period, TRMSX achieves a 9.69% return, which is significantly higher than RIPIX's 1.12% return.
TRMSX
- 1D
- -0.45%
- 1M
- -3.27%
- 6M
- 8.32%
- YTD
- 9.69%
- 1Y
- 14.27%
- 3Y*
- 16.50%
- 5Y*
- 6.20%
- 10Y*
- —
- ALL TIME*
- 7.82%
RIPIX
- 1D
- -0.78%
- 1M
- -0.94%
- 6M
- 0.48%
- YTD
- 1.12%
- 1Y
- -3.41%
- 3Y*
- 2.13%
- 5Y*
- -4.60%
- 10Y*
- —
- ALL TIME*
- 2.09%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
TRMSX vs. RIPIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TRMSX T. Rowe Price Mid-Cap Index Fund | 9.69% | 12.61% | 19.98% | 29.90% | -28.56% | 7.68% |
RIPIX Royce International Premier Fund Institutional Class | 1.12% | 9.89% | -7.04% | 8.14% | -26.99% | 4.91% |
Correlation
The correlation between TRMSX and RIPIX is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.55 |
Correlation (3Y) Balances recent behavior with more history. | 0.56 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.64 |
Correlation (All Time) Calculated using the full available price history since May 13, 2021 | 0.64 |
The correlation between TRMSX and RIPIX has been stable across timeframes, ranging from 0.55 to 0.64 - a consistent structural relationship.
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Return for Risk
TRMSX vs. RIPIX — Risk / Return Rank
TRMSX
RIPIX
TRMSX vs. RIPIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Mid-Cap Index Fund (TRMSX) and Royce International Premier Fund Institutional Class (RIPIX). 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.
| TRMSX | RIPIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.14 | ||
| Sortino ratioReturn per unit of downside risk | +1.64 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 0.97 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.66 | -0.22 | +1.88 |
| Martin ratioReturn relative to average drawdown | 5.46 | -0.54 | +6.00 |
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Drawdowns
TRMSX vs. RIPIX - Drawdown Comparison
The maximum TRMSX drawdown since its inception was -37.34%, smaller than the maximum RIPIX drawdown of -41.89%. Use the drawdown chart below to compare losses from any high point for TRMSX and RIPIX.
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Drawdown Indicators
| TRMSX | RIPIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.34% | -41.89% | +4.55% |
Max Drawdown (1Y)Largest decline over 1 year | -9.51% | -15.33% | +5.82% |
Max Drawdown (3Y)Largest decline over 3 years | -26.02% | -17.28% | -8.74% |
Max Drawdown (5Y)Largest decline over 5 years | -37.34% | -41.89% | +4.55% |
Current DrawdownCurrent decline from peak | -4.34% | -25.47% | +21.13% |
Average DrawdownAverage peak-to-trough decline | -13.51% | -18.16% | +4.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.77% | 6.22% | -3.45% |
Volatility
TRMSX vs. RIPIX - Volatility Comparison
The current volatility for T. Rowe Price Mid-Cap Index Fund (TRMSX) is 4.05%, while Royce International Premier Fund Institutional Class (RIPIX) has a volatility of 4.63%. This indicates that TRMSX experiences smaller price fluctuations and is considered to be less risky than RIPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TRMSX | RIPIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.05% | 4.63% | -0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 13.21% | 11.55% | +1.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.68% | 13.79% | +3.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.11% | 15.54% | +7.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.78% | 16.12% | +6.66% |
TRMSX vs. RIPIX - Expense Ratio Comparison
TRMSX has a 0.14% expense ratio, which is lower than RIPIX's 1.04% expense ratio.
Dividends
TRMSX vs. RIPIX - Dividend Comparison
TRMSX's dividend yield for the trailing twelve months is around 5.91%, more than RIPIX's 1.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
RIPIX Royce International Premier Fund Institutional Class | 1.44% | 1.46% | 5.66% | 3.09% | 3.87% | 5.02% | 0.36% | 0.58% | 0.54% |
TRMSX T. Rowe Price Mid-Cap Index Fund | 5.91% | 6.49% | 1.98% | 0.86% | 1.92% | 4.01% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TRMSX and RIPIX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RIPIX has higher volatility (4.63%) compared to TRMSX (4.05%). In terms of maximum drawdown, TRMSX dropped -37.34% vs RIPIX's -41.89%.
TRMSX currently has the higher Sharpe Ratio (0.89 vs -0.24), 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.
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