PANRX vs. PRWAX

Last updated Jun 4, 2026

PANRX (T. Rowe Price Target 2005 Fund) and PRWAX (T. Rowe Price All-Cap Opportunities Fund) are both mutual funds - PANRX is a Target Retirement Date fund managed by T. Rowe Price, while PRWAX is a Large Cap Growth Equities fund managed by T. Rowe Price. Over the past 10 years, PANRX returned 5.31%/yr vs 17.43%/yr for PRWAX. Their correlation of 0.81 suggests significant overlap in exposure. PANRX charges 0.70%/yr vs 0.76%/yr for PRWAX.

Performance

PANRX vs. PRWAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Target 2005 Fund (PANRX) 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, PANRX achieves a 4.66% return, which is significantly higher than PRWAX's 1.11% return. Over the past 10 years, PANRX has underperformed PRWAX with an annualized return of 5.31%, while PRWAX has yielded a comparatively higher 17.43% annualized return.

PANRX

• 1D: 0.16%
• 1M: 1.81%
• YTD: 4.66%
• 6M: 4.87%
• 1Y: 11.60%
• 3Y*: 9.23%
• 5Y*: 3.96%
• 10Y*: 5.31%

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)

PANRX vs. PRWAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PANRX T. Rowe Price Target 2005 Fund	4.66%	10.11%	6.93%	10.24%	-12.79%	6.83%	10.62%	14.28%	-3.32%	8.14%
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 PANRX and PRWAX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Aug 23, 2013	0.81

The correlation between PANRX and PRWAX has been stable across timeframes, ranging from 0.76 to 0.81 - a consistent structural relationship.

Return for Risk

PANRX vs. PRWAX — Risk / Return Rank

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

PANRX

PANRX Risk / Return Rank: 69
PANRX Sharpe Ratio Rank: 72
PANRX Sortino Ratio Rank: 75
PANRX Omega Ratio Rank: 76
PANRX Calmar Ratio Rank: 56
PANRX Martin Ratio Rank: 65

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.

PANRX vs. PRWAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Target 2005 Fund (PANRX) 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.

	PANRX	PRWAX	Difference
Sharpe ratio: Return per unit of total volatility	2.48	1.17	+1.31
Sortino ratio: Return per unit of downside risk	3.64	1.69	+1.95
Omega ratio: Gain probability vs. loss probability	1.50	1.21	+0.28
Calmar ratio: Return relative to maximum drawdown	2.86	1.10	+1.76
Martin ratio: Return relative to average drawdown	12.68	3.85	+8.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PANRX vs. PRWAX - Sharpe Ratio Comparison

The current PANRX Sharpe Ratio is 2.48, which is higher than the PRWAX Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of PANRX 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

	PANRX	PRWAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.48	1.17	+1.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.60	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.93	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.60	+0.23

Drawdowns

PANRX vs. PRWAX - Drawdown Comparison

The maximum PANRX drawdown since its inception was -17.71%, smaller than the maximum PRWAX drawdown of -55.06%. Use the drawdown chart below to compare losses from any high point for PANRX and PRWAX.

Drawdown Indicators

	PANRX	PRWAX	Difference
Max Drawdown Largest peak-to-trough decline	-17.71%	-55.06%	+37.35%
Max Drawdown (1Y) Largest decline over 1 year	-4.20%	-14.09%	+9.89%
Max Drawdown (3Y) Largest decline over 3 years	-5.65%	-19.06%	+13.41%
Max Drawdown (5Y) Largest decline over 5 years	-17.33%	-29.38%	+12.05%
Max Drawdown (10Y) Largest decline over 10 years	-17.71%	-30.50%	+12.79%
Current Drawdown Current decline from peak	0.00%	-0.87%	+0.87%
Average Drawdown Average peak-to-trough decline	-2.77%	-9.90%	+7.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	4.00%	-3.07%

Volatility

PANRX vs. PRWAX - Volatility Comparison

The current volatility for T. Rowe Price Target 2005 Fund (PANRX) is 1.61%, while T. Rowe Price All-Cap Opportunities Fund (PRWAX) has a volatility of 3.52%. This indicates that PANRX experiences smaller price fluctuations and is considered to be less risky than PRWAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PANRX	PRWAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.61%	3.52%	-1.91%
Volatility (6M) Calculated over the trailing 6-month period	4.07%	10.56%	-6.49%
Volatility (1Y) Calculated over the trailing 1-year period	4.84%	13.27%	-8.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.21%	17.61%	-11.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.38%	18.72%	-12.34%

PANRX vs. PRWAX - Expense Ratio Comparison

PANRX has a 0.70% expense ratio, which is lower than PRWAX's 0.76% expense ratio.

Dividends

PANRX vs. PRWAX - Dividend Comparison

PANRX's dividend yield for the trailing twelve months is around 5.44%, less than PRWAX's 8.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PANRX T. Rowe Price Target 2005 Fund	5.44%	5.70%	3.03%	2.75%	8.26%	6.01%	4.07%	3.14%	3.94%	1.35%	0.28%	1.07%
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 PANRX and PRWAX in my portfolio?

PANRX and PRWAX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PANRX or PRWAX?

PRWAX has higher volatility (3.52%) compared to PANRX (1.61%). In terms of maximum drawdown, PANRX dropped -17.71% vs PRWAX's -55.06%.

Which has better risk-adjusted returns?

PANRX currently has the higher Sharpe Ratio (2.48 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.