TRSSX vs. SPY
Compare and contrast key facts about T. Rowe Price Institutional Small Cap Stock Fund (TRSSX) and State Street SPDR S&P 500 ETF (SPY).
TRSSX is managed by T. Rowe Price. It was launched on Mar 31, 2000. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
TRSSX vs. SPY - Performance Comparison
Loading graphics...
TRSSX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TRSSX T. Rowe Price Institutional Small Cap Stock Fund | -2.09% | 8.21% | 10.93% | 17.65% | -23.36% | 16.81% | 25.07% | 33.96% | -3.07% | 15.41% |
SPY State Street SPDR S&P 500 ETF | -3.65% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, TRSSX achieves a -2.09% return, which is significantly higher than SPY's -3.65% return. Over the past 10 years, TRSSX has underperformed SPY with an annualized return of 10.65%, while SPY has yielded a comparatively higher 14.06% annualized return.
TRSSX
- 1D
- -1.04%
- 1M
- -9.79%
- YTD
- -2.09%
- 6M
- -0.94%
- 1Y
- 12.55%
- 3Y*
- 10.16%
- 5Y*
- 2.67%
- 10Y*
- 10.65%
SPY
- 1D
- 0.75%
- 1M
- -4.28%
- YTD
- -3.65%
- 6M
- -1.42%
- 1Y
- 18.14%
- 3Y*
- 18.48%
- 5Y*
- 11.86%
- 10Y*
- 14.06%
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
TRSSX vs. SPY - Expense Ratio Comparison
TRSSX has a 0.66% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
TRSSX vs. SPY — Risk / Return Rank
TRSSX
SPY
TRSSX vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.58 | 0.96 | -0.38 |
Sortino ratioReturn per unit of downside risk | 0.97 | 1.49 | -0.52 |
Omega ratioGain probability vs. loss probability | 1.13 | 1.23 | -0.10 |
Calmar ratioReturn relative to maximum drawdown | 0.72 | 1.53 | -0.82 |
Martin ratioReturn relative to average drawdown | 3.01 | 7.27 | -4.26 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading graphics...
Sharpe Ratios by Period
| TRSSX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.58 | 0.96 | -0.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.12 | 0.70 | -0.58 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.50 | 0.79 | -0.29 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | 0.56 | -0.12 |
Correlation
The correlation between TRSSX and SPY is 0.85, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
TRSSX vs. SPY - Dividend Comparison
TRSSX's dividend yield for the trailing twelve months is around 10.79%, more than SPY's 1.13% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TRSSX T. Rowe Price Institutional Small Cap Stock Fund | 10.79% | 10.57% | 19.63% | 5.45% | 5.37% | 8.52% | 4.54% | 6.13% | 13.45% | 6.53% | 0.80% | 7.07% |
SPY State Street SPDR S&P 500 ETF | 1.13% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
TRSSX vs. SPY - Drawdown Comparison
The maximum TRSSX drawdown since its inception was -56.38%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TRSSX and SPY.
Loading graphics...
Drawdown Indicators
| TRSSX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.38% | -55.19% | -1.19% |
Max Drawdown (1Y)Largest decline over 1 year | -13.50% | -12.05% | -1.45% |
Max Drawdown (5Y)Largest decline over 5 years | -32.12% | -24.50% | -7.62% |
Max Drawdown (10Y)Largest decline over 10 years | -37.85% | -33.72% | -4.13% |
Current DrawdownCurrent decline from peak | -11.43% | -5.53% | -5.90% |
Average DrawdownAverage peak-to-trough decline | -9.05% | -9.09% | +0.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.70% | 2.54% | +1.16% |
Volatility
TRSSX vs. SPY - Volatility Comparison
T. Rowe Price Institutional Small Cap Stock Fund (TRSSX) has a higher volatility of 7.10% compared to State Street SPDR S&P 500 ETF (SPY) at 5.35%. This indicates that TRSSX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading graphics...
Volatility by Period
| TRSSX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.10% | 5.35% | +1.75% |
Volatility (6M)Calculated over the trailing 6-month period | 13.21% | 9.50% | +3.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.62% | 19.06% | +2.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.05% | 17.06% | +4.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.46% | 17.92% | +3.54% |