- ISIN
- US7799183097
- CUSIP
- 779918309
- Issuer
- T. Rowe Price
- Inception Date
- Dec 29, 2000
- Category
- Large Cap Growth Equities
- Min. Investment
- $2,500
- Distribution Policy
- Accumulating
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Growth
Share Price Chart
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Performance
PREFX Performance Chart
T. Rowe Price Tax-Efficient Equity Fund (PREFX) is up 5.7% since the beginning of the year. PREFX is currently trading at $92 per share. Investors who bought $1,000 worth of PREFX shares 5 years ago would now be looking at an investment worth $1,733.
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Returns By Period
T. Rowe Price Tax-Efficient Equity Fund (PREFX) has returned 5.67% so far this year and 20.71% over the past 12 months. Looking at the last ten years, PREFX has achieved an annualized return of 16.70%, outperforming the S&P 500 Index benchmark, which averaged 13.88% per year.
T. Rowe Price Tax-Efficient Equity Fund
- 1D
- 1.65%
- 1M
- -0.14%
- YTD
- 5.67%
- 6M
- 4.86%
- 1Y
- 20.71%
- 3Y*
- 21.90%
- 5Y*
- 11.63%
- 10Y*
- 16.70%
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%
PREFX Monthly Returns History
Based on dividend-adjusted daily data since Jan 2, 2001, PREFX's average daily return is +0.05%, while the average monthly return is +0.96%. At this rate, an investment would double in approximately 6.0 years.
Historically, 60% of months were positive and 40% were negative. The best month was Jan 2001 with a return of +16.0%, while the worst month was Oct 2008 at -20.9%. The longest winning streak lasted 15 consecutive months, and the longest losing streak was 6 months.
On a daily basis, PREFX closed higher 53% of trading days. The best single day was Oct 13, 2008 with a return of +12.3%, while the worst single day was Mar 16, 2020 at -12.8%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -0.09% | -4.13% | -5.49% | 12.15% | 6.58% | -2.34% | 5.67% | ||||||
| 2025 | 2.68% | -3.86% | -8.21% | 2.13% | 8.86% | 6.18% | 2.99% | 0.79% | 4.24% | 3.18% | -1.76% | -0.86% | 16.30% |
| 2024 | 3.19% | 7.31% | 1.90% | -4.37% | 5.68% | 6.25% | -1.62% | 2.47% | 2.45% | -0.11% | 6.75% | -0.78% | 32.37% |
| 2023 | 7.67% | -1.68% | 5.85% | 0.98% | 3.50% | 6.71% | 2.78% | -0.96% | -5.43% | -1.45% | 10.99% | 4.09% | 36.98% |
| 2022 | -10.51% | -4.05% | 2.66% | -12.20% | -2.16% | -7.68% | 12.12% | -4.63% | -9.44% | 5.58% | 5.05% | -7.46% | -30.52% |
| 2021 | -1.02% | 1.95% | -0.12% | 6.96% | -1.49% | 6.25% | 3.05% | 3.26% | -5.52% | 7.50% | -0.85% | 1.06% | 22.19% |
Benchmark Metrics
T. Rowe Price Tax-Efficient Equity Fund has an annualized alpha of 2.82%, beta of 1.08, and R2 of 0.90 versus S&P 500 Index. Calculated based on daily prices since January 02, 2001.
- This fund captured 121.70% of S&P 500 Index gains and 105.65% of its losses - amplifying both gains and losses, but participating more in upside than downside.
- This fund generated an annualized alpha of 2.82% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- With beta of 1.08 and R2 of 0.90, this fund moves broadly in line with S&P 500 Index - much of its variation is explained by market exposure rather than independent behavior.
- Alpha
- 2.82%
- Beta
- 1.08
- R²
- 0.90
- Upside Capture
- 121.70%
- Downside Capture
- 105.65%
Expense Ratio
PREFX has an expense ratio of 0.76%, placing it in the medium range.
Return for Risk
Risk / Return Rank
PREFX ranks 20 for risk / return — in the bottom 20% of mutual funds on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for T. Rowe Price Tax-Efficient Equity Fund (PREFX) 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.
| PREFX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -0.93 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.37 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.28 | 2.78 | -1.50 |
| Martin ratioReturn relative to average drawdown | 4.28 | 12.44 | -8.16 |
Dividends
Dividend History
T. Rowe Price Tax-Efficient Equity Fund provided a 0.00% dividend yield over the last twelve months, with an annual payout of $0.00 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.00 | $0.00 | $0.64 | $0.35 | $0.37 | $1.27 | $1.01 | $0.36 | $0.39 | $0.82 | $0.05 | $0.13 |
Dividend yield | 0.00% | 0.00% | 0.85% | 0.61% | 0.88% | 2.09% | 1.98% | 0.94% | 1.36% | 2.82% | 0.22% | 0.55% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price Tax-Efficient Equity 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 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $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 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.64 | $0.64 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.35 | $0.35 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.37 | $0.37 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.27 | $1.27 |
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 Tax-Efficient Equity 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 Tax-Efficient Equity Fund was 56.70%, occurring on Nov 20, 2008. Recovery took 608 trading sessions.
The current T. Rowe Price Tax-Efficient Equity Fund drawdown is 2.99%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -56.70%Nov 2008 | 1y 20d | 2y 5mo | 3y 5moNov 2007 - Apr 2011 |
Dot-com crash2000–2002 | -44.94%Oct 2002 | 1y 8mo | 2y 9mo | 4y 5moJan 2001 - Jul 2005 |
Bear market2022 | -35.95%Oct 2022 | 11mo 1d | 1y 3mo | 2y 2moNov 2021 - Feb 2024 |
COVID crash2020 | -33.97%Mar 2020 | 1mo 2d | 3mo 10d | 4mo 12dFeb 2020 - Jul 2020 |
2025 selloff2025 | -23.06%Apr 2025 | 2mo 11d | 2mo 19d | 5moJan 2025 - Jun 2025 |
Drawdown Indicators
| PREFX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.70% | -56.78% | +0.08% |
Max Drawdown (1Y)Largest decline over 1 year | -16.18% | -9.10% | -7.08% |
Max Drawdown (3Y)Largest decline over 3 years | -23.06% | -18.90% | -4.16% |
Max Drawdown (5Y)Largest decline over 5 years | -35.95% | -25.43% | -10.52% |
Max Drawdown (10Y)Largest decline over 10 years | -35.95% | -33.92% | -2.03% |
Current DrawdownCurrent decline from peak | -2.99% | -1.80% | -1.19% |
Average DrawdownAverage peak-to-trough decline | -10.25% | -10.71% | +0.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.78% | 2.03% | +2.75% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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