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T. Rowe Price China Evolution Equity Fund (TRCLX) Sharpe Ratio: 4.01

Mutual Fund · Currency in USD · Last updated Jun 24, 2026

The fund normally invests at least 80% of its net assets (including any borrowings for investment purposes) in equity securities and equity related investments of Chinese companies. For purposes of this policy, the fund's managers consider companies in Greater China, including the People’s Republic of China, Hong Kong, Macau, and Taiwan, to be Chinese companies. It is non-diversified.

TRCLX's Sharpe Ratio of 4.01 indicates that for each unit of volatility, it generates 4.01 units of excess return above the risk-free rate. The ratio is calculated using historical daily returns over the past 12 months (as of Jun 24, 2026).

Sharpe uses total volatility (standard deviation) which includes both upside and downside price movements, making it useful for comparing risk-adjusted returns across different assets. For how to read this number and when it can mislead, see Sharpe Ratio Explained.

TRCLX Sharpe Ratio Rank

TRCLX Sharpe Ratio Rank: 98.899
Exceptional

TRCLX ranks above 98.8% of all investments in our database based on Sharpe Ratio over the past 12 months, demonstrating exceptional risk-adjusted returns. Securities are ranked from 0 (worst) to 100 (best).

What moves the rank

  • Strong returns with low total volatility → Higher rank
  • High volatility (both upside and downside) → Lower rank
  • Consistent returns → Higher rank than volatile returns of same magnitude
  • Sharp drawdowns increase volatility → Lower rank

What you can do with this information

  • Suitable as a core holding given strong risk-adjusted returns
  • Monitor rank changes to detect deteriorating return-to-volatility profile
  • Exceptional Sharpe ratio supports larger position sizes
  • Compare with category peers to assess whether strength is investment-specific or category-wide

TRCLX Sharpe Ratio Market Positioning

The chart shows TRCLX's Sharpe Ratio relative to all mutual funds on our platform, with color zones indicating percentile rankings. Higher ratios indicate better risk-adjusted returns.

  • Red zone (bottom 25%): 1.30 or lower
  • Yellow zone (middle 50%): 1.30 to 2.33
  • Green zone (top 25%): 2.33 or higher
  • Top 1%: 4.28+
  • Median: 1.93 — half of all investments score higher

How it compares to other similar mutual funds

The table compares T. Rowe Price China Evolution Equity Fund's Sharpe Ratio with other mutual funds in the China Equities category across multiple time periods, showing how TRCLX's risk-adjusted performance compares to similar funds.

Data shows 1-, 5-, and 10-year periods, plus each fund's all-time average, as of Jun 24, 2026.

SymbolName1Y Sharpe Ratio5Y Sharpe Ratio10Y Sharpe RatioAll Time Sharpe Ratio
TRCLXT. Rowe Price China Evolution Equity Fund4.01
MCSMXMatthews China Small Companies Fund3.77
FIQFXFidelity Advisor China Region Fund Class Z3.57
FHKIXFidelity Advisor China Region Fund Class I3.56
FHKCXFidelity China Region Fund3.56
FHKAXFidelity Advisor China Region Fund Class A3.54
FHKTXFidelity Advisor China Region Fund Class M3.52
FCHKXFidelity Advisor China Region Fund Class C3.48
OBCHXOberweis China Opportunities Fund2.97
CAFMorgan Stanley China A Share Fund2.69

S&P 500 Index

How to choose period

Historical Sharpe Ratio

The chart shows TRCLX's rolling Sharpe ratio over time compared to your chosen benchmark. Rising trends indicate improving returns relative to total volatility, while declining trends may signal deteriorating risk-adjusted performance or increased volatility. Use multiple timeframes to distinguish short-term fluctuations from long-term patterns.

Identify market cycles by observing when TRCLX consistently outperforms (line above benchmark), underperforms (below benchmark), or aligns with the benchmark.

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Sharpe Ratio Calculator

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