TRSSX vs. SMMD
TRSSX (T. Rowe Price Institutional Small Cap Stock Fund) and SMMD (iShares Russell 2500 ETF) are both Small Cap Growth Equities funds. Over the past 5 years, TRSSX returned 4.71%/yr vs 7.65%/yr for SMMD. Their correlation of 0.91 suggests significant overlap in exposure. TRSSX charges 0.66%/yr vs 0.15%/yr for SMMD.
Performance
TRSSX vs. SMMD - Performance Comparison
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Returns By Period
In the year-to-date period, TRSSX achieves a 12.55% return, which is significantly lower than SMMD's 20.07% 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%
SMMD
- 1D
- 0.98%
- 1M
- 3.73%
- YTD
- 20.07%
- 6M
- 17.82%
- 1Y
- 38.70%
- 3Y*
- 17.74%
- 5Y*
- 7.65%
- 10Y*
- —
TRSSX vs. SMMD - 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% | 9.70% |
SMMD iShares Russell 2500 ETF | 20.07% | 11.72% | 11.87% | 17.71% | -18.53% | 18.30% | 19.98% | 28.01% | -10.58% | 11.27% |
Correlation
The correlation between TRSSX and SMMD is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jul 7, 2017 | 0.91 |
The correlation between TRSSX and SMMD has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.
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Return for Risk
TRSSX vs. SMMD — Risk / Return Rank
TRSSX
SMMD
TRSSX vs. SMMD - 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 2500 ETF (SMMD). 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 | SMMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.79 | ||
| Sortino ratioReturn per unit of downside risk | -0.93 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.35 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.18 | 3.78 | -1.59 |
| Martin ratioReturn relative to average drawdown | 8.21 | 14.33 | -6.12 |
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Drawdowns
TRSSX vs. SMMD - Drawdown Comparison
The maximum TRSSX drawdown since its inception was -56.38%, which is greater than SMMD's maximum drawdown of -41.06%. Use the drawdown chart below to compare losses from any high point for TRSSX and SMMD.
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Drawdown Indicators
| TRSSX | SMMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.38% | -41.06% | -15.32% |
Max Drawdown (1Y)Largest decline over 1 year | -10.73% | -9.66% | -1.07% |
Max Drawdown (3Y)Largest decline over 3 years | -30.88% | -25.50% | -5.38% |
Max Drawdown (5Y)Largest decline over 5 years | -32.12% | -28.26% | -3.86% |
Max Drawdown (10Y)Largest decline over 10 years | -37.85% | — | — |
Current DrawdownCurrent decline from peak | -0.22% | 0.00% | -0.22% |
Average DrawdownAverage peak-to-trough decline | -9.00% | -8.35% | -0.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.82% | 2.55% | +0.27% |
Volatility
TRSSX vs. SMMD - Volatility Comparison
T. Rowe Price Institutional Small Cap Stock Fund (TRSSX) has a higher volatility of 6.59% compared to iShares Russell 2500 ETF (SMMD) at 6.26%. This indicates that TRSSX's price experiences larger fluctuations and is considered to be riskier than SMMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TRSSX | SMMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.59% | 6.26% | +0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 14.59% | 13.30% | +1.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.49% | 17.74% | +0.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.31% | 20.91% | +1.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.59% | 22.38% | -0.79% |
TRSSX vs. SMMD - Expense Ratio Comparison
TRSSX has a 0.66% expense ratio, which is higher than SMMD's 0.15% expense ratio.
Dividends
TRSSX vs. SMMD - Dividend Comparison
TRSSX's dividend yield for the trailing twelve months is around 9.39%, more than SMMD's 1.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMMD iShares Russell 2500 ETF | 1.04% | 1.28% | 1.27% | 1.44% | 1.79% | 1.12% | 1.31% | 1.50% | 2.45% | 0.68% | 0.00% | 0.00% |
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
With a correlation of 0.91, TRSSX and SMMD move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
TRSSX has higher volatility (6.59%) compared to SMMD (6.26%). In terms of maximum drawdown, TRSSX dropped -56.38% vs SMMD's -41.06%.
SMMD currently has the higher Sharpe Ratio (2.06 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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