BRUFX vs. PRWCX

Last updated Jun 23, 2026

BRUFX (Bruce Fund) and PRWCX (T. Rowe Price Capital Appreciation Fund) are both Diversified Portfolio funds. Over the past 10 years, BRUFX returned 7.50%/yr vs 11.19%/yr for PRWCX. At a 0.48 correlation, their price movements are largely independent. Both charge a 0.68% expense ratio.

Performance

BRUFX vs. PRWCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bruce Fund (BRUFX) and T. Rowe Price Capital Appreciation Fund (PRWCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BRUFX achieves a 10.58% return, which is significantly higher than PRWCX's 4.62% return. Over the past 10 years, BRUFX has underperformed PRWCX with an annualized return of 7.50%, while PRWCX has yielded a comparatively higher 11.19% annualized return.

BRUFX

• 1D: 0.13%
• 1M: 1.26%
• YTD: 10.58%
• 6M: 10.20%
• 1Y: 23.61%
• 3Y*: 10.70%
• 5Y*: 5.56%
• 10Y*: 7.50%

PRWCX

• 1D: 0.70%
• 1M: -0.45%
• YTD: 4.62%
• 6M: 4.73%
• 1Y: 13.04%
• 3Y*: 12.49%
• 5Y*: 8.66%
• 10Y*: 11.19%

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

BRUFX vs. PRWCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRUFX Bruce Fund	10.58%	14.89%	4.45%	-0.74%	-8.80%	17.35%	12.06%	22.42%	-3.99%	12.48%
PRWCX T. Rowe Price Capital Appreciation Fund	4.62%	12.45%	12.50%	18.85%	-12.00%	18.45%	18.13%	24.62%	0.63%	15.34%

Correlation

The correlation between BRUFX and PRWCX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Jan 2, 1987	0.48

The correlation between BRUFX and PRWCX shifts across timeframes, from 0.44 (1 year) to 0.67 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

BRUFX vs. PRWCX — Risk / Return Rank

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

BRUFX

BRUFX Risk / Return Rank: 70
BRUFX Sharpe Ratio Rank: 71
BRUFX Sortino Ratio Rank: 71
BRUFX Omega Ratio Rank: 61
BRUFX Calmar Ratio Rank: 71
BRUFX Martin Ratio Rank: 79

PRWCX

PRWCX Risk / Return Rank: 39
PRWCX Sharpe Ratio Rank: 38
PRWCX Sortino Ratio Rank: 38
PRWCX Omega Ratio Rank: 40
PRWCX Calmar Ratio Rank: 33
PRWCX Martin Ratio Rank: 43

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.

BRUFX vs. PRWCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bruce Fund (BRUFX) and T. Rowe Price Capital Appreciation Fund (PRWCX). 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.

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.

	BRUFX	PRWCX	Difference
Sharpe ratio: Return per unit of total volatility	2.25	1.68	+0.57
Sortino ratio: Return per unit of downside risk	3.19	2.37	+0.82
Omega ratio: Gain probability vs. loss probability	1.40	1.31	+0.08
Calmar ratio: Return relative to maximum drawdown	3.10	2.06	+1.04
Martin ratio: Return relative to average drawdown	13.74	8.71	+5.03

BRUFX vs. PRWCX - Sharpe Ratio Comparison

The current BRUFX Sharpe Ratio is 2.25, which is higher than the PRWCX Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of BRUFX and PRWCX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BRUFX vs. PRWCX - Drawdown Comparison

The maximum BRUFX drawdown since its inception was -44.50%, which is greater than PRWCX's maximum drawdown of -41.77%. Use the drawdown chart below to compare losses from any high point for BRUFX and PRWCX.

Drawdown Indicators

	BRUFX	PRWCX	Difference
Max Drawdown Largest peak-to-trough decline	-44.50%	-41.77%	-2.73%
Max Drawdown (1Y) Largest decline over 1 year	-7.67%	-6.32%	-1.35%
Max Drawdown (3Y) Largest decline over 3 years	-9.66%	-15.96%	+6.30%
Max Drawdown (5Y) Largest decline over 5 years	-17.91%	-17.07%	-0.84%
Max Drawdown (10Y) Largest decline over 10 years	-25.44%	-26.86%	+1.42%
Current Drawdown Current decline from peak	-0.82%	-1.50%	+0.68%
Average Drawdown Average peak-to-trough decline	-9.06%	-3.33%	-5.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	1.49%	+0.24%

Volatility

BRUFX vs. PRWCX - Volatility Comparison

Bruce Fund (BRUFX) has a higher volatility of 3.07% compared to T. Rowe Price Capital Appreciation Fund (PRWCX) at 2.89%. This indicates that BRUFX's price experiences larger fluctuations and is considered to be riskier than PRWCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BRUFX	PRWCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.07%	2.89%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	8.16%	6.49%	+1.67%
Volatility (1Y) Calculated over the trailing 1-year period	10.58%	7.79%	+2.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.52%	12.79%	-2.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.61%	12.76%	-1.15%

BRUFX vs. PRWCX - Expense Ratio Comparison

Both BRUFX and PRWCX have an expense ratio of 0.68%.

Dividends

BRUFX vs. PRWCX - Dividend Comparison

BRUFX's dividend yield for the trailing twelve months is around 5.75%, less than PRWCX's 8.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRUFX Bruce Fund	5.75%	6.35%	5.01%	6.46%	13.31%	9.25%	5.83%	2.03%	2.49%	4.11%	6.26%	4.63%
PRWCX T. Rowe Price Capital Appreciation Fund	8.43%	8.81%	10.38%	4.15%	9.44%	9.23%	7.97%	5.83%	7.46%	6.82%	3.51%	9.86%

Frequently Asked Questions

Can I hold both BRUFX and PRWCX in my portfolio?

BRUFX and PRWCX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BRUFX or PRWCX?

BRUFX has higher volatility (3.07%) compared to PRWCX (2.89%). In terms of maximum drawdown, BRUFX dropped -44.50% vs PRWCX's -41.77%.

Which has better risk-adjusted returns?

BRUFX currently has the higher Sharpe Ratio (2.25 vs 1.68), 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.