TRSSX vs. VFFSX

Last updated Aug 1, 2026

TRSSX (T. Rowe Price Institutional Small Cap Stock Fund) and VFFSX (Vanguard 500 Index Fund Institutional Select Shares) are both mutual funds - TRSSX is a Small Cap Growth Equities fund managed by T. Rowe Price, while VFFSX is a Large Cap Blend Equities fund tracking the S&P 500 Index. Over the past 5 years, TRSSX returned 4.93%/yr vs 12.68%/yr for VFFSX. Their correlation of 0.81 means they have usually moved in the same direction. TRSSX charges 0.66%/yr vs 0.01%/yr for VFFSX.

Performance

TRSSX vs. VFFSX - 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 Vanguard 500 Index Fund Institutional Select Shares (VFFSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRSSX achieves a 14.15% return, which is significantly higher than VFFSX's 9.35% 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%

VFFSX

• 1D: 1.66%
• 1M: -0.56%
• 6M: 7.79%
• YTD: 9.35%
• 1Y: 20.63%
• 3Y*: 19.03%
• 5Y*: 12.68%
• 10Y*: —
• ALL TIME*: 15.22%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TRSSX T. Rowe Price Institutional Small Cap Stock Fund	$0.00	$0.00	$0.00
VFFSX Vanguard 500 Index Fund Institutional Select Shares	$0.00	$0.00	$0.00

TRSSX vs. VFFSX - 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%
VFFSX Vanguard 500 Index Fund Institutional Select Shares	9.35%	17.87%	25.00%	26.28%	-18.14%	29.24%	18.35%	31.88%	-4.42%	20.80%

Correlation

The correlation between TRSSX and VFFSX 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.	0.80
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.81

The correlation between TRSSX and VFFSX has been stable across timeframes, ranging from 0.73 to 0.81 - a consistent structural relationship.

Return for Risk

TRSSX vs. VFFSX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TRSSX

TRSSX Risk / Return Rank: 48
TRSSX Sharpe Ratio Rank: 40
TRSSX Sortino Ratio Rank: 47
TRSSX Omega Ratio Rank: 38
TRSSX Calmar Ratio Rank: 62
TRSSX Martin Ratio Rank: 55

VFFSX

VFFSX Risk / Return Rank: 63
VFFSX Sharpe Ratio Rank: 61
VFFSX Sortino Ratio Rank: 57
VFFSX Omega Ratio Rank: 58
VFFSX Calmar Ratio Rank: 64
VFFSX Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TRSSX vs. VFFSX - 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 Vanguard 500 Index Fund Institutional Select Shares (VFFSX). 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	VFFSX	Difference
Sharpe ratio: Return per unit of total volatility	1.18	1.43	-0.25
Sortino ratio: Return per unit of downside risk	1.84	2.00	-0.15
Omega ratio: Gain probability vs. loss probability	1.21	1.26	-0.05
Calmar ratio: Return relative to maximum drawdown	2.07	2.06	+0.01
Martin ratio: Return relative to average drawdown	7.27	8.86	-1.59

TRSSX vs. VFFSX - Sharpe Ratio Comparison

The current TRSSX Sharpe Ratio is 1.18, which is comparable to the VFFSX Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of TRSSX and VFFSX, 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. VFFSX - Drawdown Comparison

The maximum TRSSX drawdown since its inception was -56.38%, which is greater than VFFSX's maximum drawdown of -33.82%. Use the drawdown chart below to compare losses from any high point for TRSSX and VFFSX.

Drawdown Indicators

	TRSSX	VFFSX	Difference
Max Drawdown Largest peak-to-trough decline	-56.38%	-33.82%	-22.56%
Max Drawdown (1Y) Largest decline over 1 year	-10.73%	-8.90%	-1.83%
Max Drawdown (3Y) Largest decline over 3 years	-30.88%	-18.75%	-12.13%
Max Drawdown (5Y) Largest decline over 5 years	-32.12%	-24.51%	-7.61%
Max Drawdown (10Y) Largest decline over 10 years	-37.85%	—	—
Current Drawdown Current decline from peak	-5.08%	-2.11%	-2.97%
Average Drawdown Average peak-to-trough decline	-8.96%	-4.46%	-4.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	2.07%	+0.97%

Volatility

TRSSX vs. VFFSX - Volatility Comparison

T. Rowe Price Institutional Small Cap Stock Fund (TRSSX) has a higher volatility of 4.90% compared to Vanguard 500 Index Fund Institutional Select Shares (VFFSX) at 3.45%. This indicates that TRSSX's price experiences larger fluctuations and is considered to be riskier than VFFSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRSSX	VFFSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.90%	3.45%	+1.45%
Volatility (6M) Calculated over the trailing 6-month period	14.61%	10.10%	+4.51%
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%	17.02%	+5.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.57%	18.36%	+3.21%

TRSSX vs. VFFSX - Expense Ratio Comparison

TRSSX has a 0.66% expense ratio, which is higher than VFFSX's 0.01% expense ratio.

Dividends

TRSSX vs. VFFSX - Dividend Comparison

TRSSX's dividend yield for the trailing twelve months is around 9.26%, more than VFFSX's 1.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VFFSX Vanguard 500 Index Fund Institutional Select Shares	1.09%	1.14%	1.24%	1.46%	1.70%	1.61%	1.56%	2.15%	2.09%	1.81%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TRSSX and VFFSX in my portfolio?

TRSSX and VFFSX 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.

Which is riskier, TRSSX or VFFSX?

TRSSX has higher volatility (4.90%) compared to VFFSX (3.45%). In terms of maximum drawdown, TRSSX dropped -56.38% vs VFFSX's -33.82%.

Which has better risk-adjusted returns?

VFFSX 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.