GVEQX vs. PRWAX

Last updated Jun 4, 2026

GVEQX (Government Street Equity Fund) and PRWAX (T. Rowe Price All-Cap Opportunities Fund) are both Large Cap Growth Equities funds. Over the past 10 years, GVEQX returned 15.73%/yr vs 17.43%/yr for PRWAX. Their correlation of 0.90 suggests significant overlap in exposure. GVEQX charges 0.85%/yr vs 0.76%/yr for PRWAX.

Performance

GVEQX vs. PRWAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Government Street Equity Fund (GVEQX) and T. Rowe Price All-Cap Opportunities Fund (PRWAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GVEQX achieves a 10.23% return, which is significantly higher than PRWAX's 1.11% return. Over the past 10 years, GVEQX has underperformed PRWAX with an annualized return of 15.73%, while PRWAX has yielded a comparatively higher 17.43% annualized return.

GVEQX

• 1D: 0.15%
• 1M: 4.52%
• YTD: 10.23%
• 6M: 11.00%
• 1Y: 28.22%
• 3Y*: 23.97%
• 5Y*: 14.73%
• 10Y*: 15.73%

PRWAX

• 1D: 0.18%
• 1M: 3.86%
• YTD: 1.11%
• 6M: 0.69%
• 1Y: 14.72%
• 3Y*: 18.74%
• 5Y*: 10.46%
• 10Y*: 17.43%

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

GVEQX vs. PRWAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GVEQX Government Street Equity Fund	10.23%	19.40%	30.96%	20.83%	-17.25%	29.20%	22.30%	35.61%	-8.59%	22.41%
PRWAX T. Rowe Price All-Cap Opportunities Fund	1.11%	16.37%	25.24%	29.02%	-21.37%	20.63%	44.73%	35.08%	1.26%	34.51%

Correlation

The correlation between GVEQX and PRWAX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jan 3, 1992	0.90

The correlation between GVEQX and PRWAX has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

Return for Risk

GVEQX vs. PRWAX — Risk / Return Rank

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

GVEQX

GVEQX Risk / Return Rank: 52
GVEQX Sharpe Ratio Rank: 52
GVEQX Sortino Ratio Rank: 47
GVEQX Omega Ratio Rank: 47
GVEQX Calmar Ratio Rank: 55
GVEQX Martin Ratio Rank: 60

PRWAX

PRWAX Risk / Return Rank: 15
PRWAX Sharpe Ratio Rank: 17
PRWAX Sortino Ratio Rank: 16
PRWAX Omega Ratio Rank: 17
PRWAX Calmar Ratio Rank: 11
PRWAX Martin Ratio Rank: 13

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.

GVEQX vs. PRWAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Government Street Equity Fund (GVEQX) and T. Rowe Price All-Cap Opportunities Fund (PRWAX). 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.

	GVEQX	PRWAX	Difference
Sharpe ratio Return per unit of total volatility	2.13	1.17	+0.97
Sortino ratio Return per unit of downside risk	2.89	1.69	+1.21
Omega ratio Gain probability vs. loss probability	1.38	1.21	+0.16
Calmar ratio Return relative to maximum drawdown	2.85	1.10	+1.75
Martin ratio Return relative to average drawdown	11.88	3.85	+8.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GVEQX vs. PRWAX - Sharpe Ratio Comparison

The current GVEQX Sharpe Ratio is 2.13, which is higher than the PRWAX Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of GVEQX and PRWAX, 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

	GVEQX	PRWAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	1.17	+0.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	0.60	+0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.88	0.93	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.60	-0.07

Drawdowns

GVEQX vs. PRWAX - Drawdown Comparison

The maximum GVEQX drawdown since its inception was -54.53%, roughly equal to the maximum PRWAX drawdown of -55.06%. Use the drawdown chart below to compare losses from any high point for GVEQX and PRWAX.

Drawdown Indicators

	GVEQX	PRWAX	Difference
Max Drawdown Largest peak-to-trough decline	-54.53%	-55.06%	+0.53%
Max Drawdown (1Y) Largest decline over 1 year	-10.24%	-14.09%	+3.85%
Max Drawdown (3Y) Largest decline over 3 years	-19.41%	-19.06%	-0.35%
Max Drawdown (5Y) Largest decline over 5 years	-24.25%	-29.38%	+5.13%
Max Drawdown (10Y) Largest decline over 10 years	-32.85%	-30.50%	-2.35%
Current Drawdown Current decline from peak	-0.54%	-0.87%	+0.33%
Average Drawdown Average peak-to-trough decline	-8.66%	-9.90%	+1.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.45%	4.00%	-1.55%

Volatility

GVEQX vs. PRWAX - Volatility Comparison

Government Street Equity Fund (GVEQX) has a higher volatility of 3.95% compared to T. Rowe Price All-Cap Opportunities Fund (PRWAX) at 3.52%. This indicates that GVEQX's price experiences larger fluctuations and is considered to be riskier than PRWAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GVEQX	PRWAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.95%	3.52%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	10.72%	10.56%	+0.16%
Volatility (1Y) Calculated over the trailing 1-year period	13.67%	13.27%	+0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.05%	17.61%	-0.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.86%	18.72%	-0.86%

GVEQX vs. PRWAX - Expense Ratio Comparison

GVEQX has a 0.85% expense ratio, which is higher than PRWAX's 0.76% expense ratio.

Dividends

GVEQX vs. PRWAX - Dividend Comparison

GVEQX's dividend yield for the trailing twelve months is around 2.58%, less than PRWAX's 8.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GVEQX Government Street Equity Fund	2.58%	2.81%	3.40%	5.49%	3.26%	10.31%	6.92%	7.61%	4.77%	3.03%	3.31%	3.14%
PRWAX T. Rowe Price All-Cap Opportunities Fund	8.26%	8.35%	9.22%	5.10%	3.11%	20.51%	15.44%	7.01%	12.58%	12.30%	6.19%	8.84%

Frequently Asked Questions

Can I hold both GVEQX and PRWAX in my portfolio?

GVEQX and PRWAX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GVEQX or PRWAX?

GVEQX has higher volatility (3.95%) compared to PRWAX (3.52%). In terms of maximum drawdown, GVEQX dropped -54.53% vs PRWAX's -55.06%.

Which has better risk-adjusted returns?

GVEQX currently has the higher Sharpe Ratio (2.13 vs 1.17), 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.