AIWEX vs. PRNEX

Last updated Jun 5, 2026

AIWEX (Cavanal Hill World Energy Fund Institutional Class) and PRNEX (T. Rowe Price New Era Fund) are both Energy Equities funds. Over the past 10 years, AIWEX returned 12.44%/yr vs 8.92%/yr for PRNEX. Their correlation of 0.91 suggests significant overlap in exposure. AIWEX charges 0.91%/yr vs 0.56%/yr for PRNEX.

Performance

AIWEX vs. PRNEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cavanal Hill World Energy Fund Institutional Class (AIWEX) and T. Rowe Price New Era Fund (PRNEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AIWEX achieves a 32.01% return, which is significantly higher than PRNEX's 22.93% return. Over the past 10 years, AIWEX has outperformed PRNEX with an annualized return of 12.44%, while PRNEX has yielded a comparatively lower 8.92% annualized return.

AIWEX

• 1D: -0.09%
• 1M: -3.16%
• YTD: 32.01%
• 6M: 25.53%
• 1Y: 49.14%
• 3Y*: 26.60%
• 5Y*: 20.28%
• 10Y*: 12.44%

PRNEX

• 1D: -0.28%
• 1M: -0.72%
• YTD: 22.93%
• 6M: 21.29%
• 1Y: 42.12%
• 3Y*: 16.96%
• 5Y*: 11.37%
• 10Y*: 8.92%

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

AIWEX vs. PRNEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AIWEX Cavanal Hill World Energy Fund Institutional Class	32.01%	21.74%	13.42%	4.93%	32.76%	36.90%	0.25%	8.00%	-24.31%	-1.59%
PRNEX T. Rowe Price New Era Fund	22.93%	18.85%	4.41%	1.02%	7.14%	25.35%	-2.63%	16.91%	-16.23%	10.57%

Correlation

The correlation between AIWEX and PRNEX is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jan 5, 2015	0.91

The correlation between AIWEX and PRNEX has been stable across timeframes, ranging from 0.82 to 0.91 - a consistent structural relationship.

Return for Risk

AIWEX vs. PRNEX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AIWEX

AIWEX Risk / Return Rank: 84
AIWEX Sharpe Ratio Rank: 84
AIWEX Sortino Ratio Rank: 75
AIWEX Omega Ratio Rank: 70
AIWEX Calmar Ratio Rank: 98
AIWEX Martin Ratio Rank: 95

PRNEX

PRNEX Risk / Return Rank: 88
PRNEX Sharpe Ratio Rank: 88
PRNEX Sortino Ratio Rank: 81
PRNEX Omega Ratio Rank: 76
PRNEX Calmar Ratio Rank: 98
PRNEX Martin Ratio Rank: 97

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.

AIWEX vs. PRNEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cavanal Hill World Energy Fund Institutional Class (AIWEX) and T. Rowe Price New Era Fund (PRNEX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AIWEX	PRNEX	Difference
Sharpe ratio: Return per unit of total volatility	2.70	2.87	-0.17
Sortino ratio: Return per unit of downside risk	3.53	3.87	-0.35
Omega ratio: Gain probability vs. loss probability	1.45	1.50	-0.05
Calmar ratio: Return relative to maximum drawdown	7.49	8.41	-0.92
Martin ratio: Return relative to average drawdown	21.59	26.04	-4.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AIWEX vs. PRNEX - Sharpe Ratio Comparison

The current AIWEX Sharpe Ratio is 2.70, which is comparable to the PRNEX Sharpe Ratio of 2.87. The chart below compares the historical Sharpe Ratios of AIWEX and PRNEX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AIWEX	PRNEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.70	2.87	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	0.61	+0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.43	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.38	+0.01

Drawdowns

AIWEX vs. PRNEX - Drawdown Comparison

The maximum AIWEX drawdown since its inception was -57.44%, smaller than the maximum PRNEX drawdown of -66.56%. Use the drawdown chart below to compare losses from any high point for AIWEX and PRNEX.

Drawdown Indicators

	AIWEX	PRNEX	Difference
Max Drawdown Largest peak-to-trough decline	-57.44%	-66.56%	+9.12%
Max Drawdown (1Y) Largest decline over 1 year	-6.41%	-4.90%	-1.51%
Max Drawdown (3Y) Largest decline over 3 years	-23.00%	-20.19%	-2.81%
Max Drawdown (5Y) Largest decline over 5 years	-25.68%	-21.50%	-4.18%
Max Drawdown (10Y) Largest decline over 10 years	-57.44%	-49.64%	-7.80%
Current Drawdown Current decline from peak	-3.20%	-1.17%	-2.03%
Average Drawdown Average peak-to-trough decline	-12.79%	-16.29%	+3.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	1.58%	+0.64%

Volatility

AIWEX vs. PRNEX - Volatility Comparison

Cavanal Hill World Energy Fund Institutional Class (AIWEX) has a higher volatility of 5.72% compared to T. Rowe Price New Era Fund (PRNEX) at 4.14%. This indicates that AIWEX's price experiences larger fluctuations and is considered to be riskier than PRNEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AIWEX	PRNEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.72%	4.14%	+1.58%
Volatility (6M) Calculated over the trailing 6-month period	13.07%	11.45%	+1.62%
Volatility (1Y) Calculated over the trailing 1-year period	17.89%	14.37%	+3.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.84%	18.67%	+7.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.90%	20.61%	+5.29%

AIWEX vs. PRNEX - Expense Ratio Comparison

AIWEX has a 0.91% expense ratio, which is higher than PRNEX's 0.56% expense ratio.

Dividends

AIWEX vs. PRNEX - Dividend Comparison

AIWEX's dividend yield for the trailing twelve months is around 0.85%, less than PRNEX's 7.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIWEX Cavanal Hill World Energy Fund Institutional Class	0.85%	0.81%	1.97%	1.80%	2.18%	1.63%	1.81%	2.27%	1.65%	0.67%	1.22%	1.00%
PRNEX T. Rowe Price New Era Fund	7.35%	9.04%	4.81%	11.46%	4.47%	2.07%	2.54%	2.18%	1.69%	1.89%	1.28%	2.68%

Frequently Asked Questions

Can I hold both AIWEX and PRNEX in my portfolio?

AIWEX and PRNEX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AIWEX or PRNEX?

AIWEX has higher volatility (5.72%) compared to PRNEX (4.14%). In terms of maximum drawdown, AIWEX dropped -57.44% vs PRNEX's -66.56%.

Which has better risk-adjusted returns?

PRNEX currently has the higher Sharpe Ratio (2.87 vs 2.70), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.