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ISIN
US87281D6031
Inception Date
Dec 9, 2019
Min. Investment
$500,000
Distribution Policy
Distributing
Asset Class
Equity
Asset Class Size
Large-Cap
Asset Class Style
Growth

Share Price Chart


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Performance

TRCLX Performance Chart

T. Rowe Price China Evolution Equity Fund (TRCLX) is up 38.5% since the beginning of the year. TRCLX is currently trading at $20 per share. Investors who bought $1,000 worth of TRCLX shares 5 years ago would now be looking at an investment worth $1,256.


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S&P 500 Index

Returns By Period

T. Rowe Price China Evolution Equity Fund (TRCLX) has returned 38.45% so far this year and 75.78% over the past 12 months.


T. Rowe Price China Evolution Equity Fund

1D
1.40%
1M
6.99%
YTD
38.45%
6M
38.94%
1Y
75.78%
3Y*
22.29%
5Y*
4.66%
10Y*

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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TRCLX Monthly Returns History

Based on dividend-adjusted daily data since Dec 10, 2019, TRCLX's average daily return is +0.06%, while the average monthly return is +1.34%. At this rate, an investment would double in approximately 4.3 years.

Historically, 58% of months were positive and 42% were negative. The best month was Nov 2022 with a return of +25.0%, while the worst month was Mar 2022 at -14.5%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 4 months.

On a daily basis, TRCLX closed higher 52% of trading days. The best single day was Mar 16, 2022 with a return of +9.9%, while the worst single day was Mar 16, 2020 at -9.5%.


JanFebMarAprMayJunJulAugSepOctNovDecTotal
20269.61%9.80%-9.51%14.99%4.01%6.29%38.45%
20250.28%3.40%2.47%-2.23%1.28%5.40%3.16%11.92%3.99%-0.57%-0.79%3.72%36.23%
2024-10.32%11.28%3.00%5.12%4.11%-3.12%-7.01%-0.31%19.31%-6.08%-3.74%1.81%10.95%
202310.45%-4.77%-2.10%-3.55%-10.61%4.31%7.80%-8.68%-2.98%-5.48%2.95%-1.83%-15.51%
2022-6.46%-1.69%-14.46%-7.60%4.53%10.83%-8.11%-1.73%-10.99%-13.33%24.95%0.64%-26.24%
20216.17%0.96%0.11%7.09%-1.51%1.64%-6.35%2.50%-4.66%-0.34%0.80%0.50%6.28%

Benchmark Metrics

T. Rowe Price China Evolution Equity Fund has an annualized alpha of 8.05%, beta of 0.55, and R2 of 0.23 versus S&P 500 Index. Calculated based on daily prices since December 10, 2019.

  • This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (50.34%) than losses (28.71%) - typical of diversified or defensive assets.
  • Beta of 0.55 may look defensive, but with R2 of 0.23 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 0.23 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.

Alpha
8.05%
Beta
0.55
0.23
Upside Capture
50.34%
Downside Capture
28.71%

Expense Ratio

TRCLX has a high expense ratio of 1.04%, indicating above-average management fees.


Return for Risk

Risk / Return Rank

TRCLX ranks 96 for risk / return — in the top 96% of mutual funds on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.


TRCLX Risk / Return Rank: 9696
Overall Rank
TRCLX Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
TRCLX Sortino Ratio Rank: 9494
Sortino Ratio Rank
TRCLX Omega Ratio Rank: 9191
Omega Ratio Rank
TRCLX Calmar Ratio Rank: 9898
Calmar Ratio Rank
TRCLX Martin Ratio Rank: 9797
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

Return / Risk — by metrics

The table below present risk-adjusted performance metrics for T. Rowe Price China Evolution Equity Fund (TRCLX) 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.


TRCLXBenchmarkDifference
Sharpe ratioReturn per unit of total volatility

+1.72

Sortino ratioReturn per unit of downside risk

+1.75

Omega ratioGain probability vs. loss probability

1.63

1.37

+0.26

Calmar ratioReturn relative to maximum drawdown

7.04

2.78

+4.25

Martin ratioReturn relative to average drawdown

24.80

12.44

+12.36

Dividends

Dividend History

T. Rowe Price China Evolution Equity Fund provided a 1.18% dividend yield over the last twelve months, with an annual payout of $0.23 per share.


0.00%2.00%4.00%6.00%8.00%$0.00$0.20$0.40$0.60$0.80$1.00$1.20$1.402019202020212022202320242025
Dividends
Dividend Yield
PeriodTTM2025202420232022202120202019
Dividend$0.23$0.23$0.19$0.25$0.33$1.35$0.25$0.00

Dividend yield

1.18%1.64%1.78%2.56%2.76%8.23%1.50%0.01%

Monthly Dividends

The table displays the monthly dividend distributions for T. Rowe Price China Evolution Equity Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.


JanFebMarAprMayJunJulAugSepOctNovDecTotal
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$0.23$0.23
2024$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.19$0.19
2023$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.25$0.25
2022$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.33$0.33
2021$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$1.35$1.35

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 China Evolution 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 China Evolution Equity Fund was 50.67%, occurring on Jan 22, 2024. Recovery took 524 trading sessions.


Related event

Drawdown

Fall

Recovery

Underwater

2024 bear market2024
-50.67%Jan 2024
2y 11mo2y 1mo
5y 7dFeb 2021 - Feb 2026
COVID crash2020
-17.65%Mar 2020
13d1mo 11d
1mo 24dMar 2020 - Apr 2020
2026 correction2026
-10.47%Mar 2026
20d25d
1mo 15dMar 2026 - Apr 2026
2020 pullback2020
-9.62%Jan 2020
14d1mo 3d
1mo 17dJan 2020 - Mar 2020
2020 pullback2020
-7.48%Sep 2020
7d1mo 25d
2mo 2dSep 2020 - Nov 2020

Drawdown Indicators


TRCLXBenchmarkDifference

Max Drawdown

Largest peak-to-trough decline

-50.67%

-56.78%

+6.11%

Max Drawdown (1Y)

Largest decline over 1 year

-10.47%

-9.10%

-1.37%

Max Drawdown (3Y)

Largest decline over 3 years

-25.49%

-18.90%

-6.59%

Max Drawdown (5Y)

Largest decline over 5 years

-49.44%

-25.43%

-24.01%

Max Drawdown (10Y)

Largest decline over 10 years

-33.92%

Current Drawdown

Current decline from peak

0.00%

-1.80%

+1.80%

Average Drawdown

Average peak-to-trough decline

-22.60%

-10.71%

-11.89%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.97%

2.03%

+0.94%

Volatility

Volatility Chart

The chart below shows the rolling one-month volatility.


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Portfolio Analyzer

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