T. Rowe Price Small-Mid Cap ETF (TMSL) Performance
TMSL total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +14.2% since Dec 31, 2025
- 1 year
- +16.0% total return
- 3 years
- +20.9% a year
- Since first price
- +16.0% a year since 2023
TMSL trailing returns vs SPY, QQQ, AGG
| Period | TMSL total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −0.7% | −0.7% | −1.0% | −5.0% | +0.9% |
| 3 months | −4.1% | −4.1% | +3.2% | +1.9% | −0.4% |
| 6 months | +1.7% | +1.7% | +7.8% | +8.4% | −1.5% |
| YTD | +14.2% | +14.2% | +12.3% | +15.1% | −1.0% |
| 1 year | +16.0% | +15.3% | +14.4% | +15.9% | −1.1% |
| 3 years | +76.8%+20.9%/yr | +74.4% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionJun 15, 2023 | +64.6%+16.0%/yr | +62.4% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: TMSL vs SPY
From Jun 15, 2023: TMSL grew to $16,460, SPY to $17,934.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
TMSL returns by calendar year
2 of 2 full years positive. Best 2024 (+15.8%), worst 2025 (+12.0%). 2026 is year to date.
TMSL annual returns table
| Year | TMSL | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +14.2% | −11.2% | +12.3% | +15.1% | −1.0% |
| 2025 | +12.0% | −22.8% | +17.7% | +20.8% | +7.2% |
| 2024 | +15.8% | −8.3% | +24.9% | +25.6% | +1.3% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
TMSL largest drawdowns
Now 8.5% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Nov 25, 2024 | −24.4% | Apr 8, 2025 | Sep 5, 2025 | 4 months | 9 months |
| Jul 31, 2023 | −13.2% | Oct 27, 2023 | Dec 13, 2023 | 3 months | 4 months |
| Feb 26, 2026 | −11.2% | Mar 30, 2026 | Apr 17, 2026 | 32 days | 50 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
TMSL risk statistics
| Statistic | 3 years | Since 2023 |
|---|---|---|
| Annualized return | +18.6% | +15.8% |
| Volatility (annualized) | 16.9% | 16.7% |
| Sharpe ratio | 0.84 | 0.70 |
| Sortino ratio | 1.44 | 1.16 |
| Best month | +9.5% | +9.5% |
| Worst month | −7.5% | −7.5% |
| Best 12 months | +37.2% | +37.2% |
| Worst 12 months | −2.4% | −2.4% |
| Positive months | 64% | 62% |
| Beta vs S&P 500 | 1.11 | — |
| Correlation with S&P 500 | 0.82 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
TMSL rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 29 | −2.4% | +16.5% | +37.2% | 97% |
| 3-year (a year) | 5 | +17.6% | +18.7% | +20.9% | 100% |
Every holding period starting at a month-end since 2023. Returns for 3 years and longer are annualized.
TMSL performance overview
T. Rowe Price Small-Mid Cap ETF (TMSL) returned +16.0% over the past year, with distributions reinvested. Since its first recorded price in 2023 it has returned +16.0% a year, turning $10,000 into about $16,460. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −24.4%, from Nov 25, 2024 to Apr 8, 2025, and it took 5 months to get back to the old high. Volatility has been 16.7% a year.
Related: TMSL chart, TMSL holdings, TMSL dividends, TMSL valuation. See the TMSL overview for the latest quote and fund facts.
TMSL performance FAQ
What is the TMSL return over the past year?
TMSL returned +16.0% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 15.3%.
How much would $10,000 invested in TMSL be worth?
$10,000 invested in TMSL at its first recorded close on June 15, 2023 would be worth about $16,460 on October 23, 2026 with distributions reinvested.
What was the worst year for TMSL?
The worst calendar year was 2025, with a total return of +12.0%. The best was 2024 at +15.8%.
What is the biggest drawdown of TMSL?
The largest peak-to-trough decline was −24.4% between November 25, 2024 and April 8, 2025. It recovered to the old high on September 5, 2025, 5 months after the bottom.
How volatile is TMSL?
Over the past 3 years TMSL had an annualized volatility of 16.9% and a Sharpe ratio of 0.84 (excess return over 1–3 month T-bills per unit of risk).