Benchmark Definitions
T. Rowe Price Benchmark Definitions
T. Rowe Price: Benchmark Index Definitions
Citigroup 3-Month Treasury Bill Index is an unmanaged index that tracks short-term U.S. government debt instruments.

Credit Suisse High Yield Index tracks the performance of domestic noninvestment-grade corporate bonds.

Dow Jones Industrial Average tracks the performance of stocks of 30 large U.S. companies.

First Boston High Yield Index is an unmanaged, trader-priced portfolio constructed to mirror the high-yield debt market.

FTSE™ developed ex North America Index is a broadly diversified stock market index based on the investable market capitalization of more than 1,200 predominately larger companies. The index's major markets include the U.K., Japan, and developed countries in Europe and the Pacific Rim.

J.P. Morgan Emerging Markets Bond Index Plus tracks Brady Bonds of a number of foreign countries.

Barclays Capital 1-3 Year Government/Credit Index is a total return index that incorporates all bonds in both the Treasury Bond Index and the Agency Bond Index, as well as U.S. corporate and some foreign debentures and secured notes, with maturities of one to three years.

Barclays Capital Global Aggregate ex-U.S. Dollar Bond Index tracks investment-grade government, corporate, agency, and mortgage-related bonds in markets outside the U.S.

Barclays Capital Municipal Bond 1-15 Year Bond (1-17 Maturity) Index  is a sub-index of the Barclays Capital Municipal Bond Index, it is a rules-based market value-weighted index of bonds with maturities of one year to 16 years and 11 months engineered for the tax-exempt bond market.

Barclays Capital Municipal Bond 1-5 Year Blend (1-6 Maturity) Index is a sub-index of the Barclays Capital Municipal Bond Index, it is a rules-based, market-value-weighted index of one- to six-year maturities engineered for the tax-exempt bond market.

Barclays Capital Municipal Bond Index  is an unmanaged index that includes investment-grade, tax-exempt, and fixed-rate bonds with maturities greater than two years selected from issues larger than $75 million.

Barclays Capital Municipal Bond Revenue Index  is an unmanaged index that tracks municipal debt instruments.

Barclays Capital U.S. Aggregate Index  is an unmanaged index that tracks domestic investment-grade bonds, including corporate, government, and mortgage-backed securities.

Barclays Capital U.S. Credit Baa Index is a measure of corporate and noncorporate fixed-income securities that are rated investment grade (Baa by Moody's Investors Service and BBB by Standard & Poor's) and have at least 10 years to final maturity.

Barclays Capital U.S. GNMA Index tracks the performance of mortgage-backed pass-through securities of the Government National Mortgage Association (GNMA).

Barclays Capital U.S. Treasury U.S. TIPS Index  is an unmanaged index that consists of inflation-protected securities issued by the U.S. Treasury.

Barclays Capital U.S. Treasury 4-10 Year Index  is an index that includes all Treasuries in the Barclays Capital U.S. Aggregate Index that mature in four to 10 years.

Barclays Capital U.S. Treasury Long Index  is an index that includes all Treasuries in the Barclays Capital U.S. Aggregate Index that mature in 10 years or more.

Lipper Averages consist of all the mutual funds in a particular category as tracked by Lipper Inc.

Lipper Indices consist of a small number of the largest mutual funds in a particular category as tracked by Lipper Inc.

Merrill Lynch-Wilshire Capital Market Index is a market capitalization-weighted index including the Wilshire 5000, and Merrill Lynch High Yield II and Domestic Master indexes.

MSCI All Country Asia Ex Japan Index tracks the stocks of developed and emerging countries in Asia, excluding Japan.

MSCI All Country World Index tracks the equity market performance of global developed and emerging markets.

MSCI All Country World Index ex-U.S. is a market capitalization weighted index of over 850 stocks traded in 22 world markets.

MSCI All Country World Index-Information Technology is an index that is designed to measure global developed and emerging markets technology stock performance.

MSCI EAFE Index tracks the performance of stocks of about 1,000 companies in Europe, Australasia, and the Far East (EAFE).

MSCI EAFE Small-Cap Index is an market capitalization-weighted index of almost 1,000 small-cap stocks in 21 world markets.

MSCI Emerging Markets Europe and Middle East Index is a market capitalization weighted index consisting of more than 100 securities in seven world markets.

MSCI Emerging Markets Index  is a market capitalization-weighted index of over 850 stocks traded in 22 world markets.

MSCI Emerging Markets Latin America Index  is a market capitalization-weighted index of approximately 140 stocks traded in seven Latin American markets.

MSCI Europe Index is a market capitalization-weighted index of approximately 500 stocks traded in 15 European markets.

MSCI Japan Index  is an unmanaged index of approximately 300 foreign stock prices, and reflects the common stock prices of the index translated into U.S. dollars, assuming reinvestment of all dividends paid by the index stocks net of any applicable foreign taxes.

MSCI REIT Index is a total return index composed of the most actively traded real estate investment trusts, designed to be a measure of real estate equity performance.

MSCI U.S. Small Cap Growth Index 
Tracks the performance of domestic small-cap growth stocks as defined by MSCI.

Russell 2000 Growth Index is a market-weighted total return index that measures the performance of companies within the Russell 2000 Index having higher price/book value ratios and higher forecasted growth rates.

Russell 1000 Growth Index is a market capitalization weighted-index of those firms in the Russell 1000 with higher price-to-book ratios and higher forecasted growth values.

Russell 2000 Index tracks the performance of the stocks of the 2,000 smallest companies in the Russell 3000 Index. 

Russell 2000 Value Index is a market-weighted total return index that measures the performance of companies within the Russell 2000 Index having lower price/book value ratios and lower forecasted growth rates.

Russell Midcap Index is a measures the performance of the 800 smallest companies in the Russell 1000 Index.

Russell Midcap Growth Index is an unmanaged index that measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values.

Russell Midcap Value Index is an unmanaged index that measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values.

S&P 400 MidCap Index is an unmanaged index that tracks the stocks of 400 U.S. mid-cap companies.

S&P 500 Index tracks the stocks of 500 mostly large U.S. companies.

S&P/Citigroup Extended Market Index World ex U.S. is a small-capitalization index of the S&P/Citigroup Broad Market Index.

S&P Completion Index tracks the performance of the U.S. stocks not included in the S&P 500, which are primarily small- and mid-capitalization stocks.  The index includes approximately 4,000 stocks.

S&P Total Market Index  tracks the performance of a broad spectrum of small-, mid-, and large-capitalization U.S. stocks.  Because the largest stocks in the index carry the most weight, large-capitalization stocks make up a substantial majority of the S&P Total Market's value.  The index includes approximately 4,500 stocks.

Salomon Smith Barney Treasury Index tracks U.S. government debt obligations maturing in more than one year.

Three-Month T-Bills track short-term U.S. government debt instruments.