TRSSX vs. ^GSPC

Last updated Apr 2, 2026

Compare and contrast key facts about T. Rowe Price Institutional Small Cap Stock Fund (TRSSX) and S&P 500 Index (^GSPC).

TRSSX is managed by T. Rowe Price. It was launched on Mar 31, 2000.

Performance

TRSSX vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Institutional Small Cap Stock Fund (TRSSX) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

TRSSX vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRSSX T. Rowe Price Institutional Small Cap Stock Fund	1.64%	8.21%	10.93%	17.65%	-23.36%	16.81%	25.07%	33.96%	-3.07%	15.41%
^GSPC S&P 500 Index	-3.95%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Returns By Period

In the year-to-date period, TRSSX achieves a 1.64% return, which is significantly higher than ^GSPC's -3.95% return. Over the past 10 years, TRSSX has underperformed ^GSPC with an annualized return of 11.06%, while ^GSPC has yielded a comparatively higher 12.24% annualized return.

TRSSX

• 1D: 3.81%
• 1M: -6.98%
• YTD: 1.64%
• 6M: 2.99%
• 1Y: 16.84%
• 3Y*: 11.54%
• 5Y*: 3.12%
• 10Y*: 11.06%

^GSPC

• 1D: 0.72%
• 1M: -4.45%
• YTD: -3.95%
• 6M: -2.02%
• 1Y: 16.73%
• 3Y*: 16.96%
• 5Y*: 10.34%
• 10Y*: 12.24%

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

Return for Risk

TRSSX vs. ^GSPC — Risk / Return Rank

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

TRSSX

TRSSX Risk / Return Rank: 32
TRSSX Sharpe Ratio Rank: 32
TRSSX Sortino Ratio Rank: 37
TRSSX Omega Ratio Rank: 30
TRSSX Calmar Ratio Rank: 29
TRSSX Martin Ratio Rank: 32

^GSPC

^GSPC Risk / Return Rank: 67
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 64
^GSPC Omega Ratio Rank: 69
^GSPC Calmar Ratio Rank: 60
^GSPC Martin Ratio Rank: 77

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.

TRSSX vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Institutional Small Cap Stock Fund (TRSSX) and S&P 500 Index (^GSPC). 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.

	TRSSX	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	0.80	0.92	-0.12
Sortino ratio Return per unit of downside risk	1.28	1.41	-0.14
Omega ratio Gain probability vs. loss probability	1.17	1.21	-0.05
Calmar ratio Return relative to maximum drawdown	0.89	1.41	-0.52
Martin ratio Return relative to average drawdown	3.73	6.61	-2.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRSSX vs. ^GSPC - Sharpe Ratio Comparison

The current TRSSX Sharpe Ratio is 0.80, which is comparable to the ^GSPC Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of TRSSX and ^GSPC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TRSSX	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.80	0.92	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	0.61	-0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.68	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.46	-0.01

Correlation

The correlation between TRSSX and ^GSPC is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

TRSSX vs. ^GSPC - Drawdown Comparison

The maximum TRSSX drawdown since its inception was -56.38%, roughly equal to the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for TRSSX and ^GSPC.

Drawdown Indicators

	TRSSX	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-56.38%	-56.78%	+0.40%
Max Drawdown (1Y) Largest decline over 1 year	-13.50%	-12.14%	-1.36%
Max Drawdown (5Y) Largest decline over 5 years	-32.12%	-25.43%	-6.69%
Max Drawdown (10Y) Largest decline over 10 years	-37.85%	-33.92%	-3.93%
Current Drawdown Current decline from peak	-8.05%	-5.78%	-2.27%
Average Drawdown Average peak-to-trough decline	-9.05%	-10.75%	+1.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.73%	2.60%	+1.13%

Volatility

TRSSX vs. ^GSPC - Volatility Comparison

T. Rowe Price Institutional Small Cap Stock Fund (TRSSX) has a higher volatility of 8.21% compared to S&P 500 Index (^GSPC) at 5.37%. This indicates that TRSSX's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRSSX	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.21%	5.37%	+2.84%
Volatility (6M) Calculated over the trailing 6-month period	13.61%	9.55%	+4.06%
Volatility (1Y) Calculated over the trailing 1-year period	21.91%	18.33%	+3.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.11%	16.90%	+5.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.49%	18.05%	+3.44%