- ISIN
- US77954M1053
- CUSIP
- 77954M105
- Issuer
- T. Rowe Price
- Inception Date
- Jun 30, 1986
- Category
- Diversified Portfolio
- Min. Investment
- $2,500
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Multi-Asset
- Asset Class Size
- Large-Cap
- Asset Class Style
- Growth
Share Price Chart
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Performance
PRWCX Performance Chart
T. Rowe Price Capital Appreciation Fund (PRWCX) is up 3.9% since the beginning of the year. PRWCX is currently trading at $37 per share. Investors who bought $1,000 worth of PRWCX shares 5 years ago would now be looking at an investment worth $1,501.
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Returns By Period
T. Rowe Price Capital Appreciation Fund (PRWCX) has returned 3.89% so far this year and 11.88% over the past 12 months. Over the last ten years, PRWCX has returned 11.07% per year, falling short of the S&P 500 Index benchmark, which averaged 13.42% annually.
T. Rowe Price Capital Appreciation Fund
- 1D
- -0.11%
- 1M
- -1.07%
- YTD
- 3.89%
- 6M
- 4.32%
- 1Y
- 11.88%
- 3Y*
- 12.81%
- 5Y*
- 8.46%
- 10Y*
- 11.07%
Benchmark (S&P 500 Index)
- 1D
- -0.26%
- 1M
- -0.17%
- YTD
- 7.91%
- 6M
- 7.98%
- 1Y
- 22.99%
- 3Y*
- 19.77%
- 5Y*
- 11.75%
- 10Y*
- 13.42%
PRWCX Monthly Returns History
Based on dividend-adjusted daily data since Jan 2, 1987, PRWCX's average daily return is +0.05%, while the average monthly return is +0.93%. At this rate, an investment would double in approximately 6.2 years.
Historically, 69% of months were positive and 31% were negative. The best month was Apr 2009 with a return of +10.3%, while the worst month was Oct 2008 at -17.2%. The longest winning streak lasted 15 consecutive months, and the longest losing streak was 5 months.
On a daily basis, PRWCX closed higher 54% of trading days. The best single day was Dec 15, 1987 with a return of +19.3%, while the worst single day was Dec 22, 1989 at -14.1%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.39% | -0.56% | -3.05% | 6.45% | 3.10% | -2.19% | 3.89% | ||||||
| 2025 | 3.26% | -1.26% | -1.95% | 0.26% | 2.77% | 3.22% | 2.36% | 0.40% | 1.22% | 1.75% | 0.49% | -0.56% | 12.45% |
| 2024 | 0.41% | 2.82% | 1.86% | -2.58% | 2.39% | 2.08% | 2.29% | 1.18% | 1.94% | -1.49% | 3.42% | -2.26% | 12.50% |
| 2023 | 5.11% | -1.95% | 3.23% | 1.30% | -0.37% | 3.67% | 2.09% | -0.41% | -3.03% | -2.30% | 6.43% | 4.17% | 18.85% |
| 2022 | -3.92% | -0.79% | 1.82% | -6.69% | 0.57% | -5.91% | 8.37% | -3.58% | -6.77% | 3.99% | 4.86% | -3.31% | -12.00% |
| 2021 | -1.93% | 2.27% | 3.77% | 4.59% | 0.19% | 0.81% | 2.21% | 1.85% | -2.31% | 4.67% | -1.68% | 2.94% | 18.45% |
Benchmark Metrics
T. Rowe Price Capital Appreciation Fund has an annualized alpha of 6.17%, beta of 0.51, and R2 of 0.59 versus S&P 500 Index. Calculated based on daily prices since January 02, 1987.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (67.93%) than losses (51.07%) - typical of diversified or defensive assets.
- This fund generated an annualized alpha of 6.17% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- Beta of 0.51 indicates this fund moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- 6.17%
- Beta
- 0.51
- R²
- 0.59
- Upside Capture
- 67.93%
- Downside Capture
- 51.07%
Expense Ratio
PRWCX has an expense ratio of 0.68%, placing it in the medium range.
Return for Risk
Risk / Return Rank
PRWCX ranks 41 for risk / return — on par with similar mutual funds. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for T. Rowe Price Capital Appreciation Fund (PRWCX) and compare them to S&P 500 Index.
| PRWCX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.30 | ||
| Sortino ratioReturn per unit of downside risk | -0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.35 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.93 | 2.54 | -0.60 |
| Martin ratioReturn relative to average drawdown | 8.40 | 11.58 | -3.17 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
T. Rowe Price Capital Appreciation Fund provided a 8.48% dividend yield over the last twelve months, with an annual payout of $3.15 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $3.15 | $3.15 | $3.59 | $1.41 | $2.81 | $3.41 | $2.72 | $1.82 | $1.98 | $1.93 | $0.92 | $2.47 |
Dividend yield | 8.48% | 8.81% | 10.38% | 4.15% | 9.44% | 9.23% | 7.97% | 5.83% | 7.46% | 6.82% | 3.51% | 9.86% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price Capital Appreciation 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 | $3.15 | $3.15 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $3.59 | $3.59 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.41 | $1.41 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.81 | $2.81 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $3.41 | $3.41 |
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 Capital Appreciation 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 Capital Appreciation Fund was 41.77%, occurring on Nov 20, 2008. Recovery took 347 trading sessions.
The current T. Rowe Price Capital Appreciation Fund drawdown is 2.19%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -41.77%Nov 2008 | 1y 4mo | 1y 4mo | 2y 9moJul 2007 - Apr 2010 |
COVID crash2020 | -26.86%Mar 2020 | 1mo 4d | 2mo 17d | 3mo 21dFeb 2020 - Jun 2020 |
1990 bear market1990 | -24.28%Oct 1990 | 9mo 28d | 9mo 4d | 1y 6moDec 1989 - Jul 1991 |
Black Monday1987 | -17.17%Dec 1987 | 3mo 12d | 11d | 3mo 23dAug 1987 - Dec 1987 |
Bear market2022 | -17.07%Oct 2022 | 9mo 16d | 9mo 16d | 1y 6moDec 2021 - Jul 2023 |
Drawdown Indicators
| PRWCX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.77% | -56.78% | +15.01% |
Max Drawdown (1Y)Largest decline over 1 year | -6.32% | -9.10% | +2.78% |
Max Drawdown (3Y)Largest decline over 3 years | -15.96% | -18.90% | +2.94% |
Max Drawdown (5Y)Largest decline over 5 years | -17.07% | -25.43% | +8.36% |
Max Drawdown (10Y)Largest decline over 10 years | -26.86% | -33.92% | +7.06% |
Current DrawdownCurrent decline from peak | -2.19% | -2.93% | +0.74% |
Average DrawdownAverage peak-to-trough decline | -3.33% | -10.72% | +7.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.45% | 1.99% | -0.54% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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