TRSSX vs. FXAIX
TRSSX (T. Rowe Price Institutional Small Cap Stock Fund) and FXAIX (Fidelity 500 Index Fund) are both mutual funds - TRSSX is a Small Cap Growth Equities fund managed by T. Rowe Price, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, TRSSX returned 11.40%/yr vs 15.00%/yr for FXAIX. Their correlation of 0.84 means they have usually moved in the same direction. TRSSX charges 0.66%/yr vs 0.02%/yr for FXAIX.
Performance
TRSSX vs. FXAIX - Performance Comparison
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Returns By Period
In the year-to-date period, TRSSX achieves a 14.15% return, which is significantly higher than FXAIX's 9.35% return. Over the past 10 years, TRSSX has underperformed FXAIX with an annualized return of 11.40%, while FXAIX has yielded a comparatively higher 15.00% annualized return.
TRSSX
- 1D
- 2.28%
- 1M
- -3.23%
- 6M
- 6.67%
- YTD
- 14.15%
- 1Y
- 24.12%
- 3Y*
- 12.26%
- 5Y*
- 4.93%
- 10Y*
- 11.40%
- ALL TIME*
- 10.25%
FXAIX
- 1D
- 1.66%
- 1M
- -0.56%
- 6M
- 7.79%
- YTD
- 9.35%
- 1Y
- 20.63%
- 3Y*
- 19.03%
- 5Y*
- 12.68%
- 10Y*
- 15.00%
- ALL TIME*
- 13.89%
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 |
TRSSX vs. FXAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TRSSX T. Rowe Price Institutional Small Cap Stock Fund | 14.15% | 8.21% | 10.93% | 17.65% | -23.36% | 16.81% | 25.07% | 33.96% | -3.07% | 15.41% |
FXAIX Fidelity 500 Index Fund | 9.35% | 17.84% | 25.01% | 26.29% | -18.14% | 28.71% | 18.42% | 31.48% | -4.43% | 21.82% |
Correlation
The correlation between TRSSX and FXAIX is 0.73, 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. | 0.73 |
Correlation (3Y) Balances recent behavior with more history. | 0.73 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.81 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.81 |
Correlation (All Time) Calculated using the full available price history since May 4, 2011 | 0.84 |
The correlation between TRSSX and FXAIX shifts across timeframes, from 0.73 (1 year) to 0.84 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TRSSX vs. FXAIX — Risk / Return Rank
TRSSX
FXAIX
TRSSX vs. FXAIX - 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 500 Index Fund (FXAIX). 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 | FXAIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.26 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.07 | 2.06 | +0.01 |
| Martin ratioReturn relative to average drawdown | 7.27 | 8.86 | -1.59 |
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Drawdowns
TRSSX vs. FXAIX - Drawdown Comparison
The maximum TRSSX drawdown since its inception was -56.38%, which is greater than FXAIX's maximum drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for TRSSX and FXAIX.
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Drawdown Indicators
| TRSSX | FXAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.38% | -33.79% | -22.59% |
Max Drawdown (1Y)Largest decline over 1 year | -10.73% | -8.89% | -1.84% |
Max Drawdown (3Y)Largest decline over 3 years | -30.88% | -18.76% | -12.12% |
Max Drawdown (5Y)Largest decline over 5 years | -32.12% | -24.50% | -7.62% |
Max Drawdown (10Y)Largest decline over 10 years | -37.85% | -33.79% | -4.06% |
Current DrawdownCurrent decline from peak | -5.08% | -2.11% | -2.97% |
Average DrawdownAverage peak-to-trough decline | -8.96% | -3.77% | -5.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.04% | 2.07% | +0.97% |
Volatility
TRSSX vs. FXAIX - Volatility Comparison
T. Rowe Price Institutional Small Cap Stock Fund (TRSSX) has a higher volatility of 4.90% compared to Fidelity 500 Index Fund (FXAIX) at 3.44%. This indicates that TRSSX's price experiences larger fluctuations and is considered to be riskier than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TRSSX | FXAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.90% | 3.44% | +1.46% |
Volatility (6M)Calculated over the trailing 6-month period | 14.61% | 10.09% | +4.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.89% | 12.86% | +6.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.36% | 17.03% | +5.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.57% | 18.07% | +3.50% |
TRSSX vs. FXAIX - Expense Ratio Comparison
TRSSX has a 0.66% expense ratio, which is higher than FXAIX's 0.02% expense ratio.
Dividends
TRSSX vs. FXAIX - Dividend Comparison
TRSSX's dividend yield for the trailing twelve months is around 9.26%, more than FXAIX's 1.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXAIX Fidelity 500 Index Fund | 1.07% | 1.11% | 1.25% | 1.45% | 1.69% | 1.22% | 1.60% | 2.06% | 2.72% | 1.97% | 2.52% | 2.83% |
TRSSX T. Rowe Price Institutional Small Cap Stock Fund | 9.26% | 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
TRSSX and FXAIX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TRSSX has higher volatility (4.90%) compared to FXAIX (3.44%). In terms of maximum drawdown, TRSSX dropped -56.38% vs FXAIX's -33.79%.
FXAIX currently has the higher Sharpe Ratio (1.43 vs 1.18), 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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