IAXIX vs. PRWCX

Last updated Jun 4, 2026

IAXIX (VY T. Rowe Price Diversified Mid Cap Growth Portfolio) and PRWCX (T. Rowe Price Capital Appreciation Fund) are both mutual funds - IAXIX is a Mid Cap Growth Equities fund managed by T. Rowe Price, while PRWCX is a Diversified Portfolio fund managed by T. Rowe Price. Over the past 10 years, IAXIX returned 13.09%/yr vs 11.25%/yr for PRWCX. Their correlation of 0.87 suggests significant overlap in exposure. IAXIX charges 0.78%/yr vs 0.68%/yr for PRWCX.

Performance

IAXIX vs. PRWCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VY T. Rowe Price Diversified Mid Cap Growth Portfolio (IAXIX) 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, IAXIX achieves a 5.28% return, which is significantly lower than PRWCX's 5.76% return. Over the past 10 years, IAXIX has outperformed PRWCX with an annualized return of 13.09%, while PRWCX has yielded a comparatively lower 11.25% annualized return.

IAXIX

• 1D: 0.09%
• 1M: 4.23%
• YTD: 5.28%
• 6M: 4.05%
• 1Y: 8.52%
• 3Y*: 16.42%
• 5Y*: 8.22%
• 10Y*: 13.09%

PRWCX

• 1D: -0.26%
• 1M: 2.52%
• YTD: 5.76%
• 6M: 5.87%
• 1Y: 14.88%
• 3Y*: 13.48%
• 5Y*: 8.87%
• 10Y*: 11.25%

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

IAXIX vs. PRWCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IAXIX VY T. Rowe Price Diversified Mid Cap Growth Portfolio	5.28%	10.02%	23.56%	20.96%	-24.03%	13.90%	31.84%	37.03%	-3.25%	24.82%
PRWCX T. Rowe Price Capital Appreciation Fund	5.76%	12.45%	12.50%	18.85%	-12.00%	18.45%	18.13%	24.62%	0.63%	15.34%

Correlation

The correlation between IAXIX and PRWCX is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Dec 11, 2001	0.87

The correlation between IAXIX and PRWCX shifts across timeframes, from 0.67 (1 year) to 0.87 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IAXIX vs. PRWCX — Risk / Return Rank

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

IAXIX

IAXIX Risk / Return Rank: 8
IAXIX Sharpe Ratio Rank: 8
IAXIX Sortino Ratio Rank: 8
IAXIX Omega Ratio Rank: 7
IAXIX Calmar Ratio Rank: 8
IAXIX Martin Ratio Rank: 8

PRWCX

PRWCX Risk / Return Rank: 49
PRWCX Sharpe Ratio Rank: 49
PRWCX Sortino Ratio Rank: 50
PRWCX Omega Ratio Rank: 50
PRWCX Calmar Ratio Rank: 41
PRWCX Martin Ratio Rank: 53

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.

IAXIX vs. PRWCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VY T. Rowe Price Diversified Mid Cap Growth Portfolio (IAXIX) 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.

	IAXIX	PRWCX	Difference
Sharpe ratio: Return per unit of total volatility	0.62	2.08	-1.45
Sortino ratio: Return per unit of downside risk	1.00	2.97	-1.98
Omega ratio: Gain probability vs. loss probability	1.11	1.39	-0.27
Calmar ratio: Return relative to maximum drawdown	0.75	2.45	-1.70
Martin ratio: Return relative to average drawdown	2.29	10.72	-8.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IAXIX vs. PRWCX - Sharpe Ratio Comparison

The current IAXIX Sharpe Ratio is 0.62, which is lower than the PRWCX Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of IAXIX 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.

Sharpe Ratios by Period

	IAXIX	PRWCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.62	2.08	-1.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.70	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.89	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.91	-0.46

Drawdowns

IAXIX vs. PRWCX - Drawdown Comparison

The maximum IAXIX drawdown since its inception was -57.55%, which is greater than PRWCX's maximum drawdown of -41.77%. Use the drawdown chart below to compare losses from any high point for IAXIX and PRWCX.

Drawdown Indicators

	IAXIX	PRWCX	Difference
Max Drawdown Largest peak-to-trough decline	-57.55%	-41.77%	-15.78%
Max Drawdown (1Y) Largest decline over 1 year	-14.20%	-6.32%	-7.88%
Max Drawdown (3Y) Largest decline over 3 years	-25.22%	-15.96%	-9.26%
Max Drawdown (5Y) Largest decline over 5 years	-35.55%	-17.07%	-18.48%
Max Drawdown (10Y) Largest decline over 10 years	-35.92%	-26.86%	-9.06%
Current Drawdown Current decline from peak	-0.43%	-0.42%	-0.01%
Average Drawdown Average peak-to-trough decline	-9.26%	-3.33%	-5.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.42%	1.44%	+2.98%

Volatility

IAXIX vs. PRWCX - Volatility Comparison

VY T. Rowe Price Diversified Mid Cap Growth Portfolio (IAXIX) has a higher volatility of 3.56% compared to T. Rowe Price Capital Appreciation Fund (PRWCX) at 1.92%. This indicates that IAXIX'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

	IAXIX	PRWCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.56%	1.92%	+1.64%
Volatility (6M) Calculated over the trailing 6-month period	13.03%	6.04%	+6.99%
Volatility (1Y) Calculated over the trailing 1-year period	17.15%	7.45%	+9.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.52%	12.74%	+9.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.59%	12.74%	+8.85%

IAXIX vs. PRWCX - Expense Ratio Comparison

IAXIX has a 0.78% expense ratio, which is higher than PRWCX's 0.68% expense ratio.

Dividends

IAXIX vs. PRWCX - Dividend Comparison

IAXIX's dividend yield for the trailing twelve months is around 14.08%, more than PRWCX's 8.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IAXIX VY T. Rowe Price Diversified Mid Cap Growth Portfolio	14.08%	14.82%	10.16%	0.13%	33.01%	16.53%	7.02%	10.49%	11.65%	7.56%	13.36%	17.67%
PRWCX T. Rowe Price Capital Appreciation Fund	8.33%	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 IAXIX and PRWCX in my portfolio?

IAXIX and PRWCX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IAXIX or PRWCX?

IAXIX has higher volatility (3.56%) compared to PRWCX (1.92%). In terms of maximum drawdown, IAXIX dropped -57.55% vs PRWCX's -41.77%.

Which has better risk-adjusted returns?

PRWCX currently has the higher Sharpe Ratio (2.08 vs 0.62), 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.