TRSSX vs. IWV
TRSSX (T. Rowe Price Institutional Small Cap Stock Fund) and IWV (iShares Russell 3000 ETF) are both funds - TRSSX is a Small Cap Growth Equities fund managed by T. Rowe Price, while IWV is a Large Cap Blend Equities fund tracking the Russell 3000 Index. Over the past 10 years, TRSSX returned 11.86%/yr vs 14.84%/yr for IWV. Their correlation of 0.89 suggests significant overlap in exposure. TRSSX charges 0.66%/yr vs 0.20%/yr for IWV.
Performance
TRSSX vs. IWV - Performance Comparison
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Returns By Period
In the year-to-date period, TRSSX achieves a 12.55% return, which is significantly higher than IWV's 9.30% return. Over the past 10 years, TRSSX has underperformed IWV with an annualized return of 11.86%, while IWV has yielded a comparatively higher 14.84% annualized return.
TRSSX
- 1D
- 3.51%
- 1M
- 0.85%
- YTD
- 12.55%
- 6M
- 10.15%
- 1Y
- 25.11%
- 3Y*
- 14.18%
- 5Y*
- 4.71%
- 10Y*
- 11.86%
IWV
- 1D
- 0.53%
- 1M
- -0.32%
- YTD
- 9.30%
- 6M
- 9.38%
- 1Y
- 25.70%
- 3Y*
- 20.32%
- 5Y*
- 12.07%
- 10Y*
- 14.84%
TRSSX vs. IWV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TRSSX T. Rowe Price Institutional Small Cap Stock Fund | 12.55% | 8.21% | 10.93% | 17.65% | -23.36% | 16.81% | 25.07% | 33.96% | -3.07% | 15.41% |
IWV iShares Russell 3000 ETF | 9.30% | 16.96% | 23.49% | 25.82% | -19.28% | 25.54% | 20.55% | 30.66% | -5.43% | 20.97% |
Correlation
The correlation between TRSSX and IWV is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since May 26, 2000 | 0.89 |
The correlation between TRSSX and IWV shifts across timeframes, from 0.76 (1 year) to 0.89 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TRSSX vs. IWV — Risk / Return Rank
TRSSX
IWV
TRSSX vs. IWV - 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 iShares Russell 3000 ETF (IWV). 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 | IWV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.67 | ||
| Sortino ratioReturn per unit of downside risk | -0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.35 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.18 | 2.74 | -0.55 |
| Martin ratioReturn relative to average drawdown | 8.21 | 12.28 | -4.07 |
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Drawdowns
TRSSX vs. IWV - Drawdown Comparison
The maximum TRSSX drawdown since its inception was -56.38%, roughly equal to the maximum IWV drawdown of -55.61%. Use the drawdown chart below to compare losses from any high point for TRSSX and IWV.
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Drawdown Indicators
| TRSSX | IWV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.38% | -55.61% | -0.77% |
Max Drawdown (1Y)Largest decline over 1 year | -10.73% | -8.89% | -1.84% |
Max Drawdown (3Y)Largest decline over 3 years | -30.88% | -19.28% | -11.60% |
Max Drawdown (5Y)Largest decline over 5 years | -32.12% | -25.11% | -7.01% |
Max Drawdown (10Y)Largest decline over 10 years | -37.85% | -35.22% | -2.63% |
Current DrawdownCurrent decline from peak | -0.22% | -2.09% | +1.87% |
Average DrawdownAverage peak-to-trough decline | -9.00% | -10.58% | +1.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.82% | 1.98% | +0.84% |
Volatility
TRSSX vs. IWV - Volatility Comparison
T. Rowe Price Institutional Small Cap Stock Fund (TRSSX) has a higher volatility of 6.59% compared to iShares Russell 3000 ETF (IWV) at 4.44%. This indicates that TRSSX's price experiences larger fluctuations and is considered to be riskier than IWV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TRSSX | IWV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.59% | 4.44% | +2.15% |
Volatility (6M)Calculated over the trailing 6-month period | 14.59% | 9.75% | +4.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.49% | 12.57% | +5.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.31% | 17.30% | +5.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.59% | 18.43% | +3.16% |
TRSSX vs. IWV - Expense Ratio Comparison
TRSSX has a 0.66% expense ratio, which is higher than IWV's 0.20% expense ratio.
Dividends
TRSSX vs. IWV - Dividend Comparison
TRSSX's dividend yield for the trailing twelve months is around 9.39%, more than IWV's 0.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWV iShares Russell 3000 ETF | 0.87% | 0.96% | 1.08% | 1.30% | 1.56% | 1.04% | 1.30% | 1.69% | 1.97% | 1.58% | 1.79% | 1.99% |
TRSSX T. Rowe Price Institutional Small Cap Stock Fund | 9.39% | 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 IWV have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TRSSX has higher volatility (6.59%) compared to IWV (4.44%). In terms of maximum drawdown, TRSSX dropped -56.38% vs IWV's -55.61%.
IWV currently has the higher Sharpe Ratio (1.94 vs 1.27), 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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