- ISIN
- US87281D6031
- Issuer
- T. Rowe Price
- Inception Date
- Dec 9, 2019
- Category
- China Equities, Asia Pacific Equities
- 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 30.0% since the beginning of the year. TRCLX is currently trading at $18 per share. Investors who bought $1,000 worth of TRCLX shares 5 years ago would now be looking at an investment worth $1,167.
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Returns By Period
T. Rowe Price China Evolution Equity Fund (TRCLX) has returned 30.04% so far this year and 57.72% over the past 12 months.
T. Rowe Price China Evolution Equity Fund
- 1D
- -2.18%
- 1M
- 0.49%
- 6M
- 23.49%
- YTD
- 30.04%
- 1Y
- 57.72%
- 3Y*
- 21.08%
- 5Y*
- 3.14%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.79%
- 1M
- 1.13%
- 6M
- 7.71%
- YTD
- 9.79%
- 1Y
- 20.06%
- 3Y*
- 18.60%
- 5Y*
- 11.43%
- 10Y*
- 13.27%
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 +1.25%. At this rate, an investment would double in approximately 4.6 years.
Historically, 58% of months were positive and 43% 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%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 9.61% | 9.80% | -9.51% | 14.99% | 4.01% | 9.06% | -8.46% | 30.04% | |||||
| 2025 | 0.28% | 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% |
| 2023 | 10.45% | -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% |
| 2021 | 6.17% | 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 6.87%, beta of 0.55, and R2 of 0.22 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 (45.76%) than losses (26.25%) - typical of diversified or defensive assets.
- Beta of 0.55 may look defensive, but with R2 of 0.22 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 0.22 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
- 6.87%
- Beta
- 0.55
- R²
- 0.22
- Upside Capture
- 45.76%
- Downside Capture
- 26.25%
Expense Ratio
TRCLX has a high expense ratio of 1.04%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
TRCLX ranks 92 for risk / return — in the top 92% 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.
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.
| TRCLX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.10 | ||
| Sortino ratioReturn per unit of downside risk | +1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.29 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 5.42 | 2.21 | +3.21 |
| Martin ratioReturn relative to average drawdown | 17.99 | 9.61 | +8.38 |
Dividends
Dividend History
T. Rowe Price China Evolution Equity Fund provided a 1.26% dividend yield over the last twelve months, with an annual payout of $0.23 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend | $0.23 | $0.23 | $0.19 | $0.25 | $0.33 | $1.35 | $0.25 | $0.00 |
Dividend yield | 1.26% | 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.
| 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 | $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.
The current T. Rowe Price China Evolution Equity Fund drawdown is 8.46%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2024 bear market2024 | -50.67%Jan 2024 | 2y 11mo | 2y 1mo | 5y 7dFeb 2021 - Feb 2026 |
COVID crash2020 | -17.65%Mar 2020 | 13d | 1mo 11d | 1mo 24dMar 2020 - Apr 2020 |
2026 correction2026 | -10.47%Mar 2026 | 20d | 25d | 1mo 15dMar 2026 - Apr 2026 |
2020 pullback2020 | -9.62%Jan 2020 | 14d | 1mo 3d | 1mo 17dJan 2020 - Mar 2020 |
2026 pullback2026 | -8.46%Jul 2026 | 9d | — | 13d 5hJul 2026 - now |
Drawdown Indicators
| TRCLX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 | -48.62% | -25.43% | -23.19% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -8.46% | -1.24% | -7.22% |
Average DrawdownAverage peak-to-trough decline | -22.43% | -10.71% | -11.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.15% | 2.09% | +1.06% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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