TRSSX vs. FSMAX

Last updated Jun 24, 2026

TRSSX (T. Rowe Price Institutional Small Cap Stock Fund) and FSMAX (Fidelity Extended Market Index Fund) are both mutual funds - TRSSX is a Small Cap Growth Equities fund managed by T. Rowe Price, while FSMAX is a Mid Cap Blend Equities fund tracking the Dow Jones U.S. Completion Total Stock Market Index. Over the past 10 years, TRSSX returned 12.40%/yr vs 12.60%/yr for FSMAX. With a 0.96 correlation, they move nearly in lockstep. TRSSX charges 0.66%/yr vs 0.04%/yr for FSMAX.

Performance

TRSSX vs. FSMAX - 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 Fidelity Extended Market Index Fund (FSMAX). 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 TRSSX having a 16.00% return and FSMAX slightly lower at 15.43%. Both investments have delivered pretty close results over the past 10 years, with TRSSX having a 12.40% annualized return and FSMAX not far ahead at 12.60%.

TRSSX

• 1D: 0.50%
• 1M: 4.74%
• YTD: 16.00%
• 6M: 13.48%
• 1Y: 26.95%
• 3Y*: 15.77%
• 5Y*: 5.32%
• 10Y*: 12.40%

FSMAX

• 1D: -0.11%
• 1M: 4.21%
• YTD: 15.43%
• 6M: 13.08%
• 1Y: 29.23%
• 3Y*: 20.24%
• 5Y*: 6.38%
• 10Y*: 12.60%

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

TRSSX vs. FSMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRSSX T. Rowe Price Institutional Small Cap Stock Fund	16.00%	8.21%	10.93%	17.65%	-23.36%	16.81%	25.07%	33.96%	-3.07%	15.41%
FSMAX Fidelity Extended Market Index Fund	15.43%	11.40%	16.99%	25.36%	-26.44%	12.41%	32.28%	28.01%	-9.44%	18.04%

Correlation

The correlation between TRSSX and FSMAX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Sep 8, 2011	0.96

The correlation between TRSSX and FSMAX has been stable across timeframes, ranging from 0.89 to 0.96 - a consistent structural relationship.

Return for Risk

TRSSX vs. FSMAX — Risk / Return Rank

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

TRSSX

TRSSX Risk / Return Rank: 43
TRSSX Sharpe Ratio Rank: 35
TRSSX Sortino Ratio Rank: 37
TRSSX Omega Ratio Rank: 33
TRSSX Calmar Ratio Rank: 55
TRSSX Martin Ratio Rank: 54

FSMAX

FSMAX Risk / Return Rank: 47
FSMAX Sharpe Ratio Rank: 41
FSMAX Sortino Ratio Rank: 38
FSMAX Omega Ratio Rank: 35
FSMAX Calmar Ratio Rank: 66
FSMAX Martin Ratio Rank: 55

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. FSMAX - 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 Fidelity Extended Market Index Fund (FSMAX). 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.

	TRSSX	FSMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.58	1.71	-0.13
Sortino ratio: Return per unit of downside risk	2.36	2.39	-0.03
Omega ratio: Gain probability vs. loss probability	1.28	1.29	-0.01
Calmar ratio: Return relative to maximum drawdown	2.73	2.97	-0.24
Martin ratio: Return relative to average drawdown	10.29	10.42	-0.13

TRSSX vs. FSMAX - Sharpe Ratio Comparison

The current TRSSX Sharpe Ratio is 1.58, which is comparable to the FSMAX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of TRSSX and FSMAX, 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

TRSSX vs. FSMAX - Drawdown Comparison

The maximum TRSSX drawdown since its inception was -56.38%, which is greater than FSMAX's maximum drawdown of -50.55%. Use the drawdown chart below to compare losses from any high point for TRSSX and FSMAX.

Drawdown Indicators

	TRSSX	FSMAX	Difference
Max Drawdown Largest peak-to-trough decline	-56.38%	-50.55%	-5.83%
Max Drawdown (1Y) Largest decline over 1 year	-10.73%	-10.26%	-0.47%
Max Drawdown (3Y) Largest decline over 3 years	-30.88%	-26.82%	-4.06%
Max Drawdown (5Y) Largest decline over 5 years	-32.12%	-36.31%	+4.19%
Max Drawdown (10Y) Largest decline over 10 years	-37.85%	-50.55%	+12.70%
Current Drawdown Current decline from peak	0.00%	-0.22%	+0.22%
Average Drawdown Average peak-to-trough decline	-8.99%	-12.13%	+3.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	2.92%	-0.10%

Volatility

TRSSX vs. FSMAX - Volatility Comparison

T. Rowe Price Institutional Small Cap Stock Fund (TRSSX) and Fidelity Extended Market Index Fund (FSMAX) have volatilities of 6.00% and 6.07%, 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

	TRSSX	FSMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.00%	6.07%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	14.65%	13.28%	+1.37%
Volatility (1Y) Calculated over the trailing 1-year period	18.55%	17.83%	+0.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.32%	22.43%	-0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.61%	30.28%	-8.67%

TRSSX vs. FSMAX - Expense Ratio Comparison

TRSSX has a 0.66% expense ratio, which is higher than FSMAX's 0.04% expense ratio.

Dividends

TRSSX vs. FSMAX - Dividend Comparison

TRSSX's dividend yield for the trailing twelve months is around 9.11%, more than FSMAX's 0.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSMAX Fidelity Extended Market Index Fund	0.50%	0.57%	0.48%	1.17%	1.90%	7.49%	2.14%	4.30%	6.09%	5.44%	4.85%	6.34%
TRSSX T. Rowe Price Institutional Small Cap Stock Fund	9.11%	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 FSMAX in my portfolio?

TRSSX and FSMAX have a correlation of 0.89, 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 FSMAX?

FSMAX has higher volatility (6.07%) compared to TRSSX (6.00%). In terms of maximum drawdown, TRSSX dropped -56.38% vs FSMAX's -50.55%.

Which has better risk-adjusted returns?

FSMAX currently has the higher Sharpe Ratio (1.71 vs 1.58), 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.