PAIJX vs. PRWCX

Last updated Jun 23, 2026

PAIJX (T. Rowe Price Emerging Markets Discovery Stock Fund) and PRWCX (T. Rowe Price Capital Appreciation Fund) are both mutual funds - PAIJX is a Emerging Markets Diversified fund managed by T. Rowe Price, while PRWCX is a Diversified Portfolio fund actively managed by T. Rowe Price. Over the past 10 years, PAIJX returned 11.50%/yr vs 11.19%/yr for PRWCX. A 0.62 correlation means they provide meaningful diversification when combined. PAIJX charges 1.60%/yr vs 0.68%/yr for PRWCX.

Performance

PAIJX vs. PRWCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Emerging Markets Discovery Stock Fund (PAIJX) 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, PAIJX achieves a 29.08% return, which is significantly higher than PRWCX's 4.62% return. Both investments have delivered pretty close results over the past 10 years, with PAIJX having a 11.50% annualized return and PRWCX not far behind at 11.19%.

PAIJX

• 1D: 2.50%
• 1M: 6.45%
• YTD: 29.08%
• 6M: 31.67%
• 1Y: 60.13%
• 3Y*: 24.17%
• 5Y*: 10.46%
• 10Y*: 11.50%

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)

PAIJX vs. PRWCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAIJX T. Rowe Price Emerging Markets Discovery Stock Fund	29.08%	37.89%	5.37%	10.72%	-16.04%	4.03%	6.46%	15.99%	-10.23%	32.42%
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 PAIJX and PRWCX is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Sep 17, 2015	0.62

The correlation between PAIJX and PRWCX has been stable across timeframes, ranging from 0.56 to 0.62 - a consistent structural relationship.

Return for Risk

PAIJX vs. PRWCX — Risk / Return Rank

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

PAIJX

PAIJX Risk / Return Rank: 89
PAIJX Sharpe Ratio Rank: 93
PAIJX Sortino Ratio Rank: 83
PAIJX Omega Ratio Rank: 86
PAIJX Calmar Ratio Rank: 91
PAIJX Martin Ratio Rank: 90

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.

PAIJX vs. PRWCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Emerging Markets Discovery Stock Fund (PAIJX) 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.

	PAIJX	PRWCX	Difference
Sharpe ratio: Return per unit of total volatility	2.95	1.68	+1.27
Sortino ratio: Return per unit of downside risk	3.64	2.37	+1.27
Omega ratio: Gain probability vs. loss probability	1.56	1.31	+0.24
Calmar ratio: Return relative to maximum drawdown	4.43	2.06	+2.36
Martin ratio: Return relative to average drawdown	16.54	8.71	+7.82

PAIJX vs. PRWCX - Sharpe Ratio Comparison

The current PAIJX Sharpe Ratio is 2.95, which is higher than the PRWCX Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of PAIJX 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

PAIJX vs. PRWCX - Drawdown Comparison

The maximum PAIJX drawdown since its inception was -42.19%, roughly equal to the maximum PRWCX drawdown of -41.77%. Use the drawdown chart below to compare losses from any high point for PAIJX and PRWCX.

Drawdown Indicators

	PAIJX	PRWCX	Difference
Max Drawdown Largest peak-to-trough decline	-42.19%	-41.77%	-0.42%
Max Drawdown (1Y) Largest decline over 1 year	-13.29%	-6.32%	-6.97%
Max Drawdown (3Y) Largest decline over 3 years	-16.35%	-15.96%	-0.39%
Max Drawdown (5Y) Largest decline over 5 years	-31.55%	-17.07%	-14.48%
Max Drawdown (10Y) Largest decline over 10 years	-42.19%	-26.86%	-15.33%
Current Drawdown Current decline from peak	-1.38%	-1.50%	+0.12%
Average Drawdown Average peak-to-trough decline	-10.32%	-3.33%	-6.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.55%	1.49%	+2.06%

Volatility

PAIJX vs. PRWCX - Volatility Comparison

T. Rowe Price Emerging Markets Discovery Stock Fund (PAIJX) has a higher volatility of 10.39% compared to T. Rowe Price Capital Appreciation Fund (PRWCX) at 2.89%. This indicates that PAIJX'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

	PAIJX	PRWCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.39%	2.89%	+7.50%
Volatility (6M) Calculated over the trailing 6-month period	17.85%	6.49%	+11.36%
Volatility (1Y) Calculated over the trailing 1-year period	19.99%	7.79%	+12.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.18%	12.79%	+4.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.89%	12.76%	+5.13%

PAIJX vs. PRWCX - Expense Ratio Comparison

PAIJX has a 1.60% expense ratio, which is higher than PRWCX's 0.68% expense ratio.

Dividends

PAIJX vs. PRWCX - Dividend Comparison

PAIJX's dividend yield for the trailing twelve months is around 3.26%, less than PRWCX's 8.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PAIJX T. Rowe Price Emerging Markets Discovery Stock Fund	3.26%	4.20%	2.72%	2.71%	1.85%	2.24%	0.00%	2.49%	1.24%	3.68%	3.00%	1.53%
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 PAIJX and PRWCX in my portfolio?

PAIJX and PRWCX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAIJX or PRWCX?

PAIJX has higher volatility (10.39%) compared to PRWCX (2.89%). In terms of maximum drawdown, PAIJX dropped -42.19% vs PRWCX's -41.77%.

Which has better risk-adjusted returns?

PAIJX currently has the higher Sharpe Ratio (2.95 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.