TRSSX vs. BFMSX

Last updated Jun 4, 2026

TRSSX (T. Rowe Price Institutional Small Cap Stock Fund) and BFMSX (BlackRock Low Duration Bond Portfolio) are both mutual funds - TRSSX is a Small Cap Growth Equities fund managed by T. Rowe Price, while BFMSX is a Short-Term Bond fund managed by BlackRock. Over the past 10 years, TRSSX returned 11.50%/yr vs 2.30%/yr for BFMSX. At a correlation of -0.06, they often move in opposite directions. TRSSX charges 0.66%/yr vs 0.41%/yr for BFMSX.

Performance

TRSSX vs. BFMSX - 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 BlackRock Low Duration Bond Portfolio (BFMSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRSSX achieves a 10.46% return, which is significantly higher than BFMSX's 0.92% return. Over the past 10 years, TRSSX has outperformed BFMSX with an annualized return of 11.50%, while BFMSX has yielded a comparatively lower 2.30% annualized return.

TRSSX

• 1D: 0.07%
• 1M: 0.94%
• YTD: 10.46%
• 6M: 9.53%
• 1Y: 21.88%
• 3Y*: 14.23%
• 5Y*: 4.75%
• 10Y*: 11.50%

BFMSX

• 1D: 0.00%
• 1M: 0.39%
• YTD: 0.92%
• 6M: 1.32%
• 1Y: 4.64%
• 3Y*: 5.06%
• 5Y*: 2.07%
• 10Y*: 2.30%

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

TRSSX vs. BFMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRSSX T. Rowe Price Institutional Small Cap Stock Fund	10.46%	8.21%	10.93%	17.65%	-23.36%	16.81%	25.07%	33.96%	-3.07%	15.41%
BFMSX BlackRock Low Duration Bond Portfolio	0.92%	6.20%	4.94%	4.96%	-5.34%	-0.33%	3.47%	4.75%	1.15%	1.98%

Correlation

The correlation between TRSSX and BFMSX is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.11
Correlation (All Time) Calculated using the full available price history since Apr 3, 2000	-0.06

The correlation between TRSSX and BFMSX shifts across timeframes, from -0.06 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

TRSSX vs. BFMSX — Risk / Return Rank

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

TRSSX

TRSSX Risk / Return Rank: 28
TRSSX Sharpe Ratio Rank: 22
TRSSX Sortino Ratio Rank: 24
TRSSX Omega Ratio Rank: 21
TRSSX Calmar Ratio Rank: 35
TRSSX Martin Ratio Rank: 39

BFMSX

BFMSX Risk / Return Rank: 73
BFMSX Sharpe Ratio Rank: 55
BFMSX Sortino Ratio Rank: 85
BFMSX Omega Ratio Rank: 86
BFMSX Calmar Ratio Rank: 63
BFMSX Martin Ratio Rank: 73

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. BFMSX - 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 BlackRock Low Duration Bond Portfolio (BFMSX). 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	BFMSX	Difference
Sharpe ratio: Return per unit of total volatility	1.35	2.20	-0.85
Sortino ratio: Return per unit of downside risk	2.04	4.05	-2.01
Omega ratio: Gain probability vs. loss probability	1.24	1.60	-0.36
Calmar ratio: Return relative to maximum drawdown	2.24	3.06	-0.82
Martin ratio: Return relative to average drawdown	8.52	13.92	-5.40
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. BFMSX - Sharpe Ratio Comparison

The current TRSSX Sharpe Ratio is 1.35, which is lower than the BFMSX Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of TRSSX and BFMSX, 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

	TRSSX	BFMSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.35	2.20	-0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.89	-0.67
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	1.09	-0.56
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	1.60	-1.14

Drawdowns

TRSSX vs. BFMSX - Drawdown Comparison

The maximum TRSSX drawdown since its inception was -56.38%, which is greater than BFMSX's maximum drawdown of -12.70%. Use the drawdown chart below to compare losses from any high point for TRSSX and BFMSX.

Drawdown Indicators

	TRSSX	BFMSX	Difference
Max Drawdown Largest peak-to-trough decline	-56.38%	-12.70%	-43.68%
Max Drawdown (1Y) Largest decline over 1 year	-10.73%	-1.52%	-9.21%
Max Drawdown (3Y) Largest decline over 3 years	-30.88%	-1.52%	-29.36%
Max Drawdown (5Y) Largest decline over 5 years	-32.12%	-7.96%	-24.16%
Max Drawdown (10Y) Largest decline over 10 years	-37.85%	-7.96%	-29.89%
Current Drawdown Current decline from peak	-2.07%	0.00%	-2.07%
Average Drawdown Average peak-to-trough decline	-9.00%	-0.82%	-8.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.78%	0.33%	+2.45%

Volatility

TRSSX vs. BFMSX - Volatility Comparison

T. Rowe Price Institutional Small Cap Stock Fund (TRSSX) has a higher volatility of 5.04% compared to BlackRock Low Duration Bond Portfolio (BFMSX) at 0.68%. This indicates that TRSSX's price experiences larger fluctuations and is considered to be riskier than BFMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRSSX	BFMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.04%	0.68%	+4.36%
Volatility (6M) Calculated over the trailing 6-month period	14.27%	1.65%	+12.62%
Volatility (1Y) Calculated over the trailing 1-year period	17.87%	2.12%	+15.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.21%	2.35%	+19.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.55%	2.11%	+19.44%

TRSSX vs. BFMSX - Expense Ratio Comparison

TRSSX has a 0.66% expense ratio, which is higher than BFMSX's 0.41% expense ratio.

Dividends

TRSSX vs. BFMSX - Dividend Comparison

TRSSX's dividend yield for the trailing twelve months is around 9.57%, more than BFMSX's 4.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BFMSX BlackRock Low Duration Bond Portfolio	4.66%	4.56%	4.14%	3.34%	2.67%	1.23%	2.04%	2.63%	2.51%	2.17%	1.76%	1.87%
TRSSX T. Rowe Price Institutional Small Cap Stock Fund	9.57%	10.57%	19.63%	5.45%	5.37%	8.52%	4.54%	6.13%	13.45%	6.53%	0.80%	7.07%

Frequently Asked Questions

Can I hold both TRSSX and BFMSX in my portfolio?

TRSSX and BFMSX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRSSX or BFMSX?

TRSSX has higher volatility (5.04%) compared to BFMSX (0.68%). In terms of maximum drawdown, TRSSX dropped -56.38% vs BFMSX's -12.70%.

Which has better risk-adjusted returns?

BFMSX currently has the higher Sharpe Ratio (2.20 vs 1.35), 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.