CMNWX vs. PRERX

Last updated Jun 5, 2026

CMNWX (Principal Capital Appreciation Fund) and PRERX (Principal Real Estate Securities Fund) are both mutual funds - CMNWX is a Large Cap Blend Equities fund managed by Principal, while PRERX is a REIT fund managed by Principal. Over the past 10 years, CMNWX returned 15.46%/yr vs 5.89%/yr for PRERX. A 0.63 correlation means they provide meaningful diversification when combined. CMNWX charges 0.80%/yr vs 1.37%/yr for PRERX.

Performance

CMNWX vs. PRERX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with CMNWX having a 9.93% return and PRERX slightly higher at 10.20%. Over the past 10 years, CMNWX has outperformed PRERX with an annualized return of 15.46%, while PRERX has yielded a comparatively lower 5.89% annualized return.

CMNWX

• 1D: -0.79%
• 1M: 3.60%
• YTD: 9.93%
• 6M: 9.13%
• 1Y: 24.41%
• 3Y*: 23.09%
• 5Y*: 14.51%
• 10Y*: 15.46%

PRERX

• 1D: -0.17%
• 1M: -1.24%
• YTD: 10.20%
• 6M: 9.26%
• 1Y: 8.42%
• 3Y*: 8.49%
• 5Y*: 2.58%
• 10Y*: 5.89%

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

CMNWX vs. PRERX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CMNWX Principal Capital Appreciation Fund	9.93%	13.27%	32.14%	25.01%	-16.37%	27.45%	18.36%	32.21%	-4.12%	20.64%
PRERX Principal Real Estate Securities Fund	10.20%	0.69%	4.93%	12.74%	-25.59%	38.94%	-3.75%	30.47%	-4.77%	8.49%

Correlation

The correlation between CMNWX and PRERX is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Jan 3, 2001	0.63

Over the past year, the correlation between CMNWX and PRERX has dropped to 0.23 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.

Return for Risk

CMNWX vs. PRERX — Risk / Return Rank

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

CMNWX

CMNWX Risk / Return Rank: 50
CMNWX Sharpe Ratio Rank: 45
CMNWX Sortino Ratio Rank: 42
CMNWX Omega Ratio Rank: 42
CMNWX Calmar Ratio Rank: 52
CMNWX Martin Ratio Rank: 67

PRERX

PRERX Risk / Return Rank: 10
PRERX Sharpe Ratio Rank: 9
PRERX Sortino Ratio Rank: 8
PRERX Omega Ratio Rank: 9
PRERX Calmar Ratio Rank: 13
PRERX Martin Ratio Rank: 11

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. PRERX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal Capital Appreciation Fund (CMNWX) and Principal Real Estate Securities Fund (PRERX). 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.

	CMNWX	PRERX	Difference
Sharpe ratio: Return per unit of total volatility	1.98	0.69	+1.29
Sortino ratio: Return per unit of downside risk	2.73	0.99	+1.74
Omega ratio: Gain probability vs. loss probability	1.35	1.13	+0.22
Calmar ratio: Return relative to maximum drawdown	2.75	1.17	+1.59
Martin ratio: Return relative to average drawdown	12.86	3.05	+9.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CMNWX vs. PRERX - Sharpe Ratio Comparison

The current CMNWX Sharpe Ratio is 1.98, which is higher than the PRERX Sharpe Ratio of 0.69. The chart below compares the historical Sharpe Ratios of CMNWX and PRERX, 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

	CMNWX	PRERX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.98	0.69	+1.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	0.14	+0.73
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.90	0.30	+0.60
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.36	+0.35

Drawdowns

CMNWX vs. PRERX - Drawdown Comparison

The maximum CMNWX drawdown since its inception was -50.43%, smaller than the maximum PRERX drawdown of -70.21%. Use the drawdown chart below to compare losses from any high point for CMNWX and PRERX.

Drawdown Indicators

	CMNWX	PRERX	Difference
Max Drawdown Largest peak-to-trough decline	-50.43%	-70.21%	+19.78%
Max Drawdown (1Y) Largest decline over 1 year	-8.91%	-7.46%	-1.45%
Max Drawdown (3Y) Largest decline over 3 years	-19.54%	-15.93%	-3.61%
Max Drawdown (5Y) Largest decline over 5 years	-23.35%	-31.45%	+8.10%
Max Drawdown (10Y) Largest decline over 10 years	-33.26%	-41.25%	+7.99%
Current Drawdown Current decline from peak	-0.79%	-3.32%	+2.53%
Average Drawdown Average peak-to-trough decline	-6.95%	-11.67%	+4.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	2.84%	-0.94%

Volatility

CMNWX vs. PRERX - Volatility Comparison

The current volatility for Principal Capital Appreciation Fund (CMNWX) is 3.00%, while Principal Real Estate Securities Fund (PRERX) has a volatility of 3.65%. This indicates that CMNWX experiences smaller price fluctuations and is considered to be less risky than PRERX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMNWX	PRERX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.00%	3.65%	-0.65%
Volatility (6M) Calculated over the trailing 6-month period	9.43%	9.26%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	12.40%	12.70%	-0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.80%	18.37%	-1.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.19%	19.68%	-2.49%

CMNWX vs. PRERX - Expense Ratio Comparison

CMNWX has a 0.80% expense ratio, which is lower than PRERX's 1.37% expense ratio.

Dividends

CMNWX vs. PRERX - Dividend Comparison

CMNWX's dividend yield for the trailing twelve months is around 7.96%, more than PRERX's 1.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMNWX Principal Capital Appreciation Fund	7.96%	8.75%	10.03%	0.71%	0.69%	9.52%	5.33%	8.37%	46.60%	7.72%	10.32%	5.42%
PRERX Principal Real Estate Securities Fund	1.98%	2.23%	3.79%	2.28%	3.07%	3.90%	2.28%	2.66%	3.78%	3.24%	4.02%	6.62%

Frequently Asked Questions

Can I hold both CMNWX and PRERX in my portfolio?

CMNWX and PRERX have a correlation of 0.23, 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 PRERX?

PRERX has higher volatility (3.65%) compared to CMNWX (3.00%). In terms of maximum drawdown, CMNWX dropped -50.43% vs PRERX's -70.21%.

Which has better risk-adjusted returns?

CMNWX currently has the higher Sharpe Ratio (1.98 vs 0.69), 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.