PDGIX vs. TRAIX

Last updated Jun 4, 2026

PDGIX (T. Rowe Price Dividend Growth Fund) and TRAIX (T. Rowe Price Capital Appreciation Fund - I Class) are both mutual funds - PDGIX is a Large Cap Value Equities fund actively managed by T. Rowe Price, while TRAIX is a Diversified Portfolio fund actively managed by T. Rowe Price. Both are actively managed. Over the past 10 years, PDGIX returned 13.01%/yr vs 11.38%/yr for TRAIX. Their correlation of 0.91 suggests significant overlap in exposure. PDGIX charges 0.51%/yr vs 0.59%/yr for TRAIX.

Performance

PDGIX vs. TRAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Dividend Growth Fund (PDGIX) and T. Rowe Price Capital Appreciation Fund - I Class (TRAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PDGIX achieves a 7.65% return, which is significantly higher than TRAIX's 5.82% return. Over the past 10 years, PDGIX has outperformed TRAIX with an annualized return of 13.01%, while TRAIX has yielded a comparatively lower 11.38% annualized return.

PDGIX

• 1D: 0.78%
• 1M: 3.23%
• YTD: 7.65%
• 6M: 7.81%
• 1Y: 17.30%
• 3Y*: 15.70%
• 5Y*: 10.24%
• 10Y*: 13.01%

TRAIX

• 1D: -0.26%
• 1M: 2.52%
• YTD: 5.82%
• 6M: 5.90%
• 1Y: 15.00%
• 3Y*: 13.63%
• 5Y*: 9.00%
• 10Y*: 11.38%

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

PDGIX vs. TRAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PDGIX T. Rowe Price Dividend Growth Fund	7.65%	14.91%	13.63%	13.82%	-10.08%	26.19%	14.06%	31.90%	-0.93%	18.98%
TRAIX T. Rowe Price Capital Appreciation Fund - I Class	5.82%	12.57%	12.64%	19.01%	-11.89%	18.59%	18.28%	24.71%	0.76%	15.45%

Correlation

The correlation between PDGIX and TRAIX is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.91

The correlation between PDGIX and TRAIX shifts across timeframes, from 0.74 (1 year) to 0.91 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PDGIX vs. TRAIX — Risk / Return Rank

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

PDGIX

PDGIX Risk / Return Rank: 41
PDGIX Sharpe Ratio Rank: 40
PDGIX Sortino Ratio Rank: 39
PDGIX Omega Ratio Rank: 38
PDGIX Calmar Ratio Rank: 41
PDGIX Martin Ratio Rank: 48

TRAIX

TRAIX Risk / Return Rank: 49
TRAIX Sharpe Ratio Rank: 50
TRAIX Sortino Ratio Rank: 51
TRAIX Omega Ratio Rank: 51
TRAIX Calmar Ratio Rank: 42
TRAIX 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.

PDGIX vs. TRAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Dividend Growth Fund (PDGIX) and T. Rowe Price Capital Appreciation Fund - I Class (TRAIX). 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.

	PDGIX	TRAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.83	2.09	-0.26
Sortino ratio: Return per unit of downside risk	2.62	3.01	-0.39
Omega ratio: Gain probability vs. loss probability	1.33	1.39	-0.06
Calmar ratio: Return relative to maximum drawdown	2.43	2.46	-0.03
Martin ratio: Return relative to average drawdown	9.96	10.73	-0.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PDGIX vs. TRAIX - Sharpe Ratio Comparison

The current PDGIX Sharpe Ratio is 1.83, which is comparable to the TRAIX Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of PDGIX and TRAIX, 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

	PDGIX	TRAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	2.09	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.71	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.82	0.90	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.92	-0.08

Drawdowns

PDGIX vs. TRAIX - Drawdown Comparison

The maximum PDGIX drawdown since its inception was -33.17%, which is greater than TRAIX's maximum drawdown of -26.84%. Use the drawdown chart below to compare losses from any high point for PDGIX and TRAIX.

Drawdown Indicators

	PDGIX	TRAIX	Difference
Max Drawdown Largest peak-to-trough decline	-33.17%	-26.84%	-6.33%
Max Drawdown (1Y) Largest decline over 1 year	-7.32%	-6.30%	-1.02%
Max Drawdown (3Y) Largest decline over 3 years	-14.12%	-16.02%	+1.90%
Max Drawdown (5Y) Largest decline over 5 years	-19.21%	-17.00%	-2.21%
Max Drawdown (10Y) Largest decline over 10 years	-33.17%	-26.84%	-6.33%
Current Drawdown Current decline from peak	0.00%	-0.45%	+0.45%
Average Drawdown Average peak-to-trough decline	-3.36%	-2.83%	-0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	1.44%	+0.35%

Volatility

PDGIX vs. TRAIX - Volatility Comparison

T. Rowe Price Dividend Growth Fund (PDGIX) has a higher volatility of 2.33% compared to T. Rowe Price Capital Appreciation Fund - I Class (TRAIX) at 1.92%. This indicates that PDGIX's price experiences larger fluctuations and is considered to be riskier than TRAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PDGIX	TRAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.33%	1.92%	+0.41%
Volatility (6M) Calculated over the trailing 6-month period	7.58%	5.82%	+1.76%
Volatility (1Y) Calculated over the trailing 1-year period	9.74%	7.41%	+2.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.06%	12.76%	+1.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.88%	12.75%	+3.13%

PDGIX vs. TRAIX - Expense Ratio Comparison

PDGIX has a 0.51% expense ratio, which is lower than TRAIX's 0.59% expense ratio.

Dividends

PDGIX vs. TRAIX - Dividend Comparison

PDGIX's dividend yield for the trailing twelve months is around 7.66%, less than TRAIX's 8.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
PDGIX T. Rowe Price Dividend Growth Fund	7.66%	8.16%	4.80%	2.90%	3.99%	2.09%	1.15%	2.44%	3.81%	1.89%	3.20%
TRAIX T. Rowe Price Capital Appreciation Fund - I Class	8.47%	8.96%	10.52%	4.28%	9.70%	9.35%	8.08%	5.92%	7.57%	6.96%	3.59%

Frequently Asked Questions

Can I hold both PDGIX and TRAIX in my portfolio?

PDGIX and TRAIX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PDGIX or TRAIX?

PDGIX has higher volatility (2.33%) compared to TRAIX (1.92%). In terms of maximum drawdown, PDGIX dropped -33.17% vs TRAIX's -26.84%.

Which has better risk-adjusted returns?

TRAIX currently has the higher Sharpe Ratio (2.09 vs 1.83), 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.