- ISIN
- US77956H6172
- Issuer
- T. Rowe Price
- Inception Date
- May 20, 2014
- Category
- Asia Pacific Equities
- Min. Investment
- $2,500
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
Share Price Chart
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Performance
PAAOX Performance Chart
T. Rowe Price Asia Opportunities Fund (PAAOX) is up 7.1% since the beginning of the year. PAAOX is currently trading at $20 per share. Investors who bought $1,000 worth of PAAOX shares 5 years ago would now be looking at an investment worth $1,095.
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Returns By Period
T. Rowe Price Asia Opportunities Fund (PAAOX) has returned 7.13% so far this year and 27.28% over the past 12 months. Over the last ten years, PAAOX has returned 9.06% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
T. Rowe Price Asia Opportunities Fund
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 7.13%
- 6M
- 8.69%
- 1Y
- 27.28%
- 3Y*
- 12.55%
- 5Y*
- 1.84%
- 10Y*
- 9.06%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
PAAOX Monthly Returns History
Based on dividend-adjusted daily data since May 23, 2014, PAAOX's average daily return is +0.04%, while the average monthly return is +0.73%. At this rate, an investment would double in approximately 7.9 years.
Historically, 61% of months were positive and 39% were negative. The best month was Nov 2022 with a return of +22.5%, while the worst month was Mar 2020 at -14.2%. The longest winning streak lasted 13 consecutive months, and the longest losing streak was 5 months.
On a daily basis, PAAOX closed higher 51% of trading days. The best single day was Mar 16, 2022 with a return of +8.5%, while the worst single day was Mar 16, 2020 at -8.8%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 6.05% | 5.65% | -9.97% | 6.21% | 0.00% | 0.00% | 7.13% | ||||||
| 2025 | 0.59% | 0.97% | 0.13% | -0.77% | 4.64% | 5.18% | 1.46% | 2.83% | 6.57% | 3.42% | -2.75% | 2.88% | 27.78% |
| 2024 | -4.56% | 6.75% | 1.42% | 0.91% | 2.29% | 3.80% | -0.65% | 1.25% | 7.09% | -3.70% | -1.83% | -1.28% | 11.30% |
| 2023 | 9.81% | -6.62% | 3.44% | -3.39% | -2.96% | 2.98% | 3.58% | -7.19% | -3.23% | -4.00% | 5.48% | 2.62% | -1.00% |
| 2022 | 0.62% | -4.68% | -5.73% | -5.21% | 1.18% | -1.75% | -2.76% | -1.56% | -11.35% | -7.14% | 22.47% | -1.89% | -19.33% |
| 2021 | 2.22% | 2.80% | 0.61% | 1.40% | 0.14% | -0.92% | -6.96% | 1.15% | -4.48% | 3.51% | -4.84% | 0.35% | -5.50% |
Benchmark Metrics
T. Rowe Price Asia Opportunities Fund has an annualized alpha of 0.20%, beta of 0.67, and R2 of 0.47 versus S&P 500 Index. Calculated based on daily prices since May 23, 2014.
- This fund participated in 71.98% of S&P 500 Index downside but only 61.92% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.67 may look defensive, but with R2 of 0.47 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.47 means the benchmark explains less than half of this fund's behavior - treat beta with caution or consider switching to a more representative benchmark.
- Alpha
- 0.20%
- Beta
- 0.67
- R²
- 0.47
- Upside Capture
- 61.92%
- Downside Capture
- 71.98%
Expense Ratio
PAAOX has a high expense ratio of 1.25%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
PAAOX ranks 34 for risk / return — below 34% of mutual funds on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for T. Rowe Price Asia Opportunities Fund (PAAOX) and compare them to S&P 500 Index.
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.
| PAAOX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.47 | ||
| Sortino ratioReturn per unit of downside risk | -0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.37 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.93 | 2.78 | -0.86 |
| Martin ratioReturn relative to average drawdown | 6.27 | 12.44 | -6.17 |
Dividends
Dividend History
T. Rowe Price Asia Opportunities Fund provided a 3.21% dividend yield over the last twelve months, with an annual payout of $0.65 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.65 | $0.12 | $0.00 | $0.21 | $0.21 | $1.33 | $0.27 | $0.10 | $0.08 | $0.02 | $0.22 | $0.09 |
Dividend yield | 3.21% | 0.64% | 0.00% | 1.55% | 1.51% | 7.43% | 1.33% | 0.62% | 0.61% | 0.13% | 2.12% | 0.89% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price Asia Opportunities Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.53 | $0.00 | $0.00 | $0.53 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.12 | $0.12 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.21 | $0.21 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.21 | $0.21 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.33 | $1.33 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the T. Rowe Price Asia Opportunities Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the T. Rowe Price Asia Opportunities Fund was 43.02%, occurring on Oct 31, 2022. Recovery took 796 trading sessions.
The current T. Rowe Price Asia Opportunities Fund drawdown is 5.51%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -43.02%Oct 2022 | 1y 8mo | 3y 2mo | 4y 10moFeb 2021 - Jan 2026 |
COVID crash2020 | -29.38%Mar 2020 | 2mo 9d | 3mo 17d | 5mo 26dJan 2020 - Jul 2020 |
Rate-hike selloffLate 2018 | -25.66%Oct 2018 | 9mo 3d | 1y 1mo | 1y 10moJan 2018 - Dec 2019 |
2016 bear market2016 | -23.63%Feb 2016 | 9mo 19d | 1y 1mo | 1y 10moApr 2015 - Mar 2017 |
2026 correction2026 | -13.70%Mar 2026 | 1mo 2d | — | 3mo 27dFeb 2026 - now |
Drawdown Indicators
| PAAOX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.02% | -56.78% | +13.76% |
Max Drawdown (1Y)Largest decline over 1 year | -13.70% | -9.10% | -4.60% |
Max Drawdown (3Y)Largest decline over 3 years | -18.78% | -18.90% | +0.12% |
Max Drawdown (5Y)Largest decline over 5 years | -40.41% | -25.43% | -14.98% |
Max Drawdown (10Y)Largest decline over 10 years | -43.02% | -33.92% | -9.10% |
Current DrawdownCurrent decline from peak | -5.51% | -1.80% | -3.71% |
Average DrawdownAverage peak-to-trough decline | -13.10% | -10.71% | -2.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.20% | 2.03% | +2.17% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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