- ISIN
- US77954M3034
- Issuer
- T. Rowe Price
- Inception Date
- Dec 17, 2015
- Category
- Diversified Portfolio
- Min. Investment
- $1,000,000
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Multi-Asset
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
Share Price Chart
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Performance
TRAIX Performance Chart
T. Rowe Price Capital Appreciation Fund - I Class (TRAIX) is up 4.7% since the beginning of the year. TRAIX is currently trading at $37 per share. Investors who bought $1,000 worth of TRAIX shares 5 years ago would now be looking at an investment worth $1,525.
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Returns By Period
T. Rowe Price Capital Appreciation Fund - I Class (TRAIX) has returned 4.70% so far this year and 13.19% over the past 12 months. Over the last ten years, TRAIX has returned 11.32% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
T. Rowe Price Capital Appreciation Fund - I Class
- 1D
- 0.70%
- 1M
- -0.45%
- YTD
- 4.70%
- 6M
- 4.79%
- 1Y
- 13.19%
- 3Y*
- 12.64%
- 5Y*
- 8.80%
- 10Y*
- 11.32%
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%
TRAIX Monthly Returns History
Based on dividend-adjusted daily data since Jan 4, 2016, TRAIX's average daily return is +0.05%, while the average monthly return is +0.95%. At this rate, an investment would double in approximately 6.1 years.
Historically, 71% of months were positive and 29% were negative. The best month was Apr 2020 with a return of +9.7%, while the worst month was Mar 2020 at -9.3%. The longest winning streak lasted 15 consecutive months, and the longest losing streak was 3 months.
On a daily basis, TRAIX closed higher 55% of trading days. The best single day was Dec 18, 2024 with a return of +9.8%, while the worst single day was Dec 19, 2024 at -10.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.42% | -0.56% | -3.03% | 6.45% | 3.12% | -1.50% | 4.70% | ||||||
| 2025 | 3.26% | -1.23% | -1.95% | 0.26% | 2.80% | 3.25% | 2.34% | 0.42% | 1.24% | 1.75% | 0.51% | -0.59% | 12.57% |
| 2024 | 0.41% | 2.82% | 1.89% | -2.55% | 2.39% | 2.08% | 2.31% | 1.18% | 1.94% | -1.46% | 3.44% | -2.26% | 12.64% |
| 2023 | 5.11% | -1.92% | 3.23% | 1.30% | -0.37% | 3.70% | 2.11% | -0.41% | -3.03% | -2.27% | 6.43% | 4.18% | 19.01% |
| 2022 | -3.92% | -0.79% | 1.84% | -6.68% | 0.57% | -5.88% | 8.35% | -3.58% | -6.73% | 3.98% | 4.88% | -3.32% | -11.89% |
| 2021 | -1.93% | 2.30% | 3.77% | 4.61% | 0.19% | 0.81% | 2.24% | 1.85% | -2.28% | 4.66% | -1.68% | 2.97% | 18.59% |
Benchmark Metrics
T. Rowe Price Capital Appreciation Fund - I Class has an annualized alpha of 2.99%, beta of 0.62, and R2 of 0.77 versus S&P 500 Index. Calculated based on daily prices since January 04, 2016.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (66.35%) than losses (62.75%) - typical of diversified or defensive assets.
- This fund generated an annualized alpha of 2.99% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- Beta of 0.62 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
- 2.99%
- Beta
- 0.62
- R²
- 0.77
- Upside Capture
- 66.35%
- Downside Capture
- 62.75%
Expense Ratio
TRAIX has an expense ratio of 0.59%, placing it in the medium range.
Return for Risk
Risk / Return Rank
TRAIX ranks 39 for risk / return — below 39% 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 Capital Appreciation Fund - I Class (TRAIX) 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.
| TRAIX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.33 | ||
| Sortino ratioReturn per unit of downside risk | -0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.37 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.09 | 2.78 | -0.70 |
| Martin ratioReturn relative to average drawdown | 8.75 | 12.44 | -3.68 |
Dividends
Dividend History
T. Rowe Price Capital Appreciation Fund - I Class provided a 8.56% dividend yield over the last twelve months, with an annual payout of $3.20 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $3.20 | $3.20 | $3.64 | $1.45 | $2.88 | $3.46 | $2.76 | $1.85 | $2.01 | $1.97 | $0.94 |
Dividend yield | 8.56% | 8.96% | 10.52% | 4.28% | 9.70% | 9.35% | 8.08% | 5.92% | 7.57% | 6.96% | 3.59% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price Capital Appreciation Fund - I Class. 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 | $3.20 | $3.20 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $3.64 | $3.64 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.45 | $1.45 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.88 | $2.88 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $3.46 | $3.46 |
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 - I Class. 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 - I Class was 26.84%, occurring on Mar 23, 2020. Recovery took 53 trading sessions.
The current T. Rowe Price Capital Appreciation Fund - I Class drawdown is 1.50%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -26.84%Mar 2020 | 1mo 4d | 2mo 17d | 3mo 21dFeb 2020 - Jun 2020 |
Bear market2022 | -17.00%Oct 2022 | 9mo 16d | 9mo 15d | 1y 6moDec 2021 - Jul 2023 |
2025 selloff2025 | -16.02%Apr 2025 | 3mo 20d | 6mo 1d | 9mo 21dDec 2024 - Oct 2025 |
Rate-hike selloffLate 2018 | -10.66%Dec 2018 | 3mo 1d | 1mo 12d | 4mo 13dSep 2018 - Feb 2019 |
2023 pullback2023 | -6.52%Oct 2023 | 3mo 2d | 1mo 4d | 4mo 6dJul 2023 - Nov 2023 |
Drawdown Indicators
| TRAIX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.84% | -56.78% | +29.94% |
Max Drawdown (1Y)Largest decline over 1 year | -6.30% | -9.10% | +2.80% |
Max Drawdown (3Y)Largest decline over 3 years | -16.02% | -18.90% | +2.88% |
Max Drawdown (5Y)Largest decline over 5 years | -17.00% | -25.43% | +8.43% |
Max Drawdown (10Y)Largest decline over 10 years | -26.84% | -33.92% | +7.08% |
Current DrawdownCurrent decline from peak | -1.50% | -1.80% | +0.30% |
Average DrawdownAverage peak-to-trough decline | -2.82% | -10.71% | +7.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.50% | 2.03% | -0.53% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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