Fund Evaluator:
T. Rowe Price Small-Cap Index I (TRCSX)
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Best Performing in Small Blend Over the Last Year
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Fund Details
T. Rowe Price Small-Cap Index I Overview
T. Rowe Price Small-Cap Index I (TRCSX) is a passively managed U.S. Equity Small Blend fund. T. Rowe Price launched the fund in 2015.
The investment seeks to track the performance of the Russell 2000® Index. Under normal conditions, the fund invests at least 80% of its net assets (including any borrowings for investment purposes) in small-cap stocks and in stocks that are included in its benchmark index. The index, which is constructed by the Russell Investment Group, is designed to measure the performance of the small-cap segment of the U.S. equity universe. It includes approximately 2,000 small-cap U.S. securities based on a combination of their market capitalization and index membership, without consideration of a growth or value style.
About T. Rowe Price Small-Cap Index I (TRCSX)
There are 2 members of the management team with an average tenure of 2.96 years: Neil Smith (2022), Evan Scheiner (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell 2000 TR USD index with a weighting of 100%. T. Rowe Price Small-Cap Index I has 1957 securities in its portfolio. The top 10 holdings constitute 8.6% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
T. Rowe Price Small-Cap Index I is part of the Equity global asset class and is within the U.S. Equity fund group. T. Rowe Price Small-Cap Index I has 2.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 97.6%. There is 2.3% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). T. Rowe Price Small-Cap Index I has 3.3% of the portfolio in cash.
Assets Under Management
The fund has $188 million in total assets, which is below the $685 million average for the Small Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
TRCSX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The T. Rowe Price Small-Cap Index I expense ratio is low compared to funds in the Small Blend category. T. Rowe Price Small-Cap Index I has an expense ratio of 0.14%, which is 87% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. T. Rowe Price Small-Cap Index I has a portfolio turnover rate of 19%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 66% for the Small Blend category.
Recently, in the month of July 2026, T. Rowe Price Small-Cap Index I returned -3.0%, which earned it a grade of C, as the Small Blend category had an average return of -2.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
T. Rowe Price Small-Cap Index I has a trailing yield of 1.06%, which is above the 0.42% category average. The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
T. Rowe Price Small-Cap Index I Grades
Year to date, the fund has returned 18.9%, 0.8 percentage points better than the category, which translates into a grade of C. The fund has returned 34.2% over the past year (grade of B), 15.0% over the past three years (grade of B) and 7.1% per year over the past five years (grade of C) and 10.6% per year over the past 10 years (grade of B).
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TRCSX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TRCSX Return (NAV) | -3.0% | 5.0% | 34.2% | 15.0% | 7.1% | 10.6% |
| TRCSX Grade | C | C | B | B | C | B |
| +/- Category | -0.2% | -0.2% | 5.9% | 1.6% | -0.5% | 0.3% |
| Small Blend Avg | -2.8% | 5.2% | 28.3% | 13.5% | 7.6% | 10.3% |
| TRCSX Tax Cost Ratio | na | na | 0.8% | 0.8% | 0.7% | 1.1% |
TRCSX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TRCSX Return (NAV) | 18.9% | 12.7% | 11.4% | 16.9% | -20.5% | 14.6% | 20.0% | 25.6% | -11.1% | 14.6% | 21.3% |
| TRCSX Grade | C | A | C | C | F | F | A | C | C | B | C |
| +/- Category | 0.8% | 4.8% | -0.2% | 0.4% | -4.0% | -8.6% | 5.6% | 0.1% | 0.7% | 0.5% | 1.0% |
| Small Blend Avg | 18.2% | 7.9% | 11.6% | 16.5% | -16.5% | 23.2% | 14.4% | 25.5% | -11.8% | 14.1% | 20.2% |
| Risk Measures | |
| Standard Deviation: | 20.0% |
| Total Risk Index: | 1.63 - High |
| Category Risk Index: | 1.08 - High |
| Category Risk Grade: | F (88% Rank) |
| Beta: | 1.26 |
| R-Squared: | 67% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 1.1% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $478 Mil |
| Fund Total Assets: | $ 188 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 20% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 4.6 years | |||
| Average Tenure: 3.0 years | |||
| Managers (Year): Smith Neil (2022), Scheiner Evan (2025) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 1957 |
| % in Top 10 Holdings: | 8.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.3% |
Portfolio Allocation |
|
| Domestic Stock: | 97.6% |
| Foreign Stock: | 2.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -3.1% |
| Cash: | 3.3% |
Purchase Information
| Fund Family: | T. Rowe Price |
| Phone Number: | 800-638-8790 |
| Website: | www.troweprice.com |
| Status: | Open |
| Inception Date: | December 9, 2015 |
| Min. Initial Purchase: | $500,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.14% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 1.05% |
| Share Class: | T. Rowe Price Small-Cap Index I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
