CMNWX vs. PCBIX

Last updated Jun 26, 2026

CMNWX (Principal Capital Appreciation Fund) and PCBIX (Principal MidCap Fund Institutional Class) are both mutual funds - CMNWX is a Large Cap Blend Equities fund managed by Principal, while PCBIX is a Mid Cap Growth Equities fund managed by Principal. Over the past 10 years, CMNWX returned 15.53%/yr vs 12.32%/yr for PCBIX. Their correlation of 0.90 suggests significant overlap in exposure. CMNWX charges 0.80%/yr vs 0.67%/yr for PCBIX.

Performance

CMNWX vs. PCBIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal Capital Appreciation Fund (CMNWX) and Principal MidCap Fund Institutional Class (PCBIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CMNWX achieves a 7.21% return, which is significantly higher than PCBIX's -6.40% return. Over the past 10 years, CMNWX has outperformed PCBIX with an annualized return of 15.53%, while PCBIX has yielded a comparatively lower 12.32% annualized return.

CMNWX

• 1D: -0.08%
• 1M: -1.81%
• YTD: 7.21%
• 6M: 5.81%
• 1Y: 19.32%
• 3Y*: 21.49%
• 5Y*: 13.49%
• 10Y*: 15.53%

PCBIX

• 1D: 0.75%
• 1M: 2.61%
• YTD: -6.40%
• 6M: -7.93%
• 1Y: -8.14%
• 3Y*: 9.85%
• 5Y*: 4.55%
• 10Y*: 12.32%

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

CMNWX vs. PCBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CMNWX Principal Capital Appreciation Fund	7.21%	13.27%	32.14%	25.01%	-16.37%	27.45%	18.36%	32.21%	-4.12%	20.64%
PCBIX Principal MidCap Fund Institutional Class	-6.40%	1.62%	23.63%	25.92%	-23.16%	25.22%	18.25%	49.40%	-6.86%	25.32%

Correlation

The correlation between CMNWX and PCBIX is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Feb 28, 2001	0.90

Over the past year, the correlation between CMNWX and PCBIX has dropped to 0.62 - well below their long-term average of 0.90, suggesting their price drivers have been diverging.

Return for Risk

CMNWX vs. PCBIX — Risk / Return Rank

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

CMNWX

CMNWX Risk / Return Rank: 41
CMNWX Sharpe Ratio Rank: 37
CMNWX Sortino Ratio Rank: 34
CMNWX Omega Ratio Rank: 34
CMNWX Calmar Ratio Rank: 42
CMNWX Martin Ratio Rank: 55

PCBIX

PCBIX Risk / Return Rank: 1
PCBIX Sharpe Ratio Rank: 1
PCBIX Sortino Ratio Rank: 1
PCBIX Omega Ratio Rank: 1
PCBIX Calmar Ratio Rank: 1
PCBIX Martin Ratio Rank: 1

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.

CMNWX vs. PCBIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal Capital Appreciation Fund (CMNWX) and Principal MidCap Fund Institutional Class (PCBIX). 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.

	CMNWX	PCBIX	Difference
Sharpe ratio: Return per unit of total volatility	1.47	-0.63	+2.11
Sortino ratio: Return per unit of downside risk	2.04	-0.82	+2.86
Omega ratio: Gain probability vs. loss probability	1.26	0.91	+0.35
Calmar ratio: Return relative to maximum drawdown	2.15	-0.48	+2.63
Martin ratio: Return relative to average drawdown	9.61	-1.00	+10.61

CMNWX vs. PCBIX - Sharpe Ratio Comparison

The current CMNWX Sharpe Ratio is 1.47, which is higher than the PCBIX Sharpe Ratio of -0.63. The chart below compares the historical Sharpe Ratios of CMNWX and PCBIX, 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

CMNWX vs. PCBIX - Drawdown Comparison

The maximum CMNWX drawdown since its inception was -50.43%, roughly equal to the maximum PCBIX drawdown of -50.25%. Use the drawdown chart below to compare losses from any high point for CMNWX and PCBIX.

Drawdown Indicators

	CMNWX	PCBIX	Difference
Max Drawdown Largest peak-to-trough decline	-50.43%	-50.25%	-0.18%
Max Drawdown (1Y) Largest decline over 1 year	-8.91%	-19.29%	+10.38%
Max Drawdown (3Y) Largest decline over 3 years	-19.54%	-19.29%	-0.25%
Max Drawdown (5Y) Largest decline over 5 years	-23.35%	-31.17%	+7.82%
Max Drawdown (10Y) Largest decline over 10 years	-33.26%	-40.56%	+7.30%
Current Drawdown Current decline from peak	-3.24%	-12.52%	+9.28%
Average Drawdown Average peak-to-trough decline	-6.94%	-6.57%	-0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	9.23%	-7.24%

Volatility

CMNWX vs. PCBIX - Volatility Comparison

Principal Capital Appreciation Fund (CMNWX) has a higher volatility of 5.06% compared to Principal MidCap Fund Institutional Class (PCBIX) at 4.46%. This indicates that CMNWX's price experiences larger fluctuations and is considered to be riskier than PCBIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMNWX	PCBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.06%	4.46%	+0.60%
Volatility (6M) Calculated over the trailing 6-month period	10.25%	11.64%	-1.39%
Volatility (1Y) Calculated over the trailing 1-year period	13.06%	14.61%	-1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.91%	18.69%	-1.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.21%	19.14%	-1.93%

CMNWX vs. PCBIX - Expense Ratio Comparison

CMNWX has a 0.80% expense ratio, which is higher than PCBIX's 0.67% expense ratio.

Dividends

CMNWX vs. PCBIX - Dividend Comparison

CMNWX's dividend yield for the trailing twelve months is around 8.16%, more than PCBIX's 6.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMNWX Principal Capital Appreciation Fund	8.16%	8.75%	10.03%	0.71%	0.69%	9.52%	5.33%	8.37%	46.60%	7.72%	10.32%	5.42%
PCBIX Principal MidCap Fund Institutional Class	6.21%	5.81%	6.40%	2.51%	3.18%	7.96%	1.08%	9.02%	12.24%	3.31%	2.49%	6.30%

Frequently Asked Questions

Can I hold both CMNWX and PCBIX in my portfolio?

CMNWX and PCBIX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CMNWX or PCBIX?

CMNWX has higher volatility (5.06%) compared to PCBIX (4.46%). In terms of maximum drawdown, CMNWX dropped -50.43% vs PCBIX's -50.25%.

Which has better risk-adjusted returns?

CMNWX currently has the higher Sharpe Ratio (1.47 vs -0.63), 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.