PGRTX vs. PCBIX

Last updated Jun 27, 2026

PGRTX (Principal SmallCap Growth Fund I) and PCBIX (Principal MidCap Fund Institutional Class) are both mutual funds - PGRTX is a Small Cap Growth Equities fund managed by Principal, while PCBIX is a Mid Cap Growth Equities fund managed by Principal. Over the past 10 years, PGRTX returned 15.34%/yr vs 12.67%/yr for PCBIX. Their correlation of 0.86 suggests significant overlap in exposure. PGRTX charges 0.94%/yr vs 0.67%/yr for PCBIX.

Performance

PGRTX vs. PCBIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal SmallCap Growth Fund I (PGRTX) and Principal MidCap Fund Institutional Class (PCBIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PGRTX achieves a 26.16% return, which is significantly higher than PCBIX's -6.05% return. Over the past 10 years, PGRTX has outperformed PCBIX with an annualized return of 15.34%, while PCBIX has yielded a comparatively lower 12.67% annualized return.

PGRTX

• 1D: 1.52%
• 1M: 5.91%
• YTD: 26.16%
• 6M: 22.87%
• 1Y: 41.16%
• 3Y*: 23.27%
• 5Y*: 7.57%
• 10Y*: 15.34%

PCBIX

• 1D: 0.37%
• 1M: 2.71%
• YTD: -6.05%
• 6M: -7.65%
• 1Y: -8.61%
• 3Y*: 10.02%
• 5Y*: 4.62%
• 10Y*: 12.67%

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

PGRTX vs. PCBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGRTX Principal SmallCap Growth Fund I	26.16%	12.87%	22.98%	16.43%	-28.55%	7.02%	42.08%	33.64%	-5.70%	26.33%
PCBIX Principal MidCap Fund Institutional Class	-6.05%	1.62%	23.63%	25.92%	-23.16%	25.22%	18.25%	49.40%	-6.86%	25.32%

Correlation

The correlation between PGRTX and PCBIX is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Feb 28, 2001	0.86

Over the past year, the correlation between PGRTX and PCBIX has dropped to 0.64 - well below their long-term average of 0.86, suggesting their price drivers have been diverging.

Return for Risk

PGRTX vs. PCBIX — Risk / Return Rank

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

PGRTX

PGRTX Risk / Return Rank: 67
PGRTX Sharpe Ratio Rank: 64
PGRTX Sortino Ratio Rank: 58
PGRTX Omega Ratio Rank: 51
PGRTX Calmar Ratio Rank: 80
PGRTX Martin Ratio Rank: 81

PCBIX

PCBIX Risk / Return Rank: 1
PCBIX Sharpe Ratio Rank: 1
PCBIX Sortino Ratio Rank: 1
PCBIX Omega Ratio Rank: 1
PCBIX Calmar Ratio Rank: 1
PCBIX Martin Ratio Rank: 1

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.

PGRTX vs. PCBIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal SmallCap Growth Fund I (PGRTX) and Principal MidCap Fund Institutional Class (PCBIX). 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.

	PGRTX	PCBIX	Difference
Sharpe ratio: Return per unit of total volatility	1.93	-0.54	+2.47
Sortino ratio: Return per unit of downside risk	2.61	-0.68	+3.29
Omega ratio: Gain probability vs. loss probability	1.32	0.92	+0.40
Calmar ratio: Return relative to maximum drawdown	3.18	-0.41	+3.59
Martin ratio: Return relative to average drawdown	12.63	-0.84	+13.47

PGRTX vs. PCBIX - Sharpe Ratio Comparison

The current PGRTX Sharpe Ratio is 1.93, which is higher than the PCBIX Sharpe Ratio of -0.54. The chart below compares the historical Sharpe Ratios of PGRTX and PCBIX, 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

PGRTX vs. PCBIX - Drawdown Comparison

The maximum PGRTX drawdown since its inception was -60.60%, which is greater than PCBIX's maximum drawdown of -50.25%. Use the drawdown chart below to compare losses from any high point for PGRTX and PCBIX.

Drawdown Indicators

	PGRTX	PCBIX	Difference
Max Drawdown Largest peak-to-trough decline	-60.60%	-50.25%	-10.35%
Max Drawdown (1Y) Largest decline over 1 year	-13.70%	-19.29%	+5.59%
Max Drawdown (3Y) Largest decline over 3 years	-27.14%	-19.29%	-7.85%
Max Drawdown (5Y) Largest decline over 5 years	-39.51%	-31.17%	-8.34%
Max Drawdown (10Y) Largest decline over 10 years	-39.51%	-40.56%	+1.05%
Current Drawdown Current decline from peak	0.00%	-12.19%	+12.19%
Average Drawdown Average peak-to-trough decline	-15.50%	-6.57%	-8.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.44%	9.26%	-5.82%

Volatility

PGRTX vs. PCBIX - Volatility Comparison

Principal SmallCap Growth Fund I (PGRTX) has a higher volatility of 8.09% compared to Principal MidCap Fund Institutional Class (PCBIX) at 4.44%. This indicates that PGRTX's price experiences larger fluctuations and is considered to be riskier than PCBIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGRTX	PCBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.09%	4.44%	+3.65%
Volatility (6M) Calculated over the trailing 6-month period	17.59%	11.62%	+5.97%
Volatility (1Y) Calculated over the trailing 1-year period	22.62%	14.58%	+8.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.10%	18.69%	+5.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.10%	19.14%	+3.96%

PGRTX vs. PCBIX - Expense Ratio Comparison

PGRTX has a 0.94% expense ratio, which is higher than PCBIX's 0.67% expense ratio.

Dividends

PGRTX vs. PCBIX - Dividend Comparison

PGRTX's dividend yield for the trailing twelve months is around 7.29%, more than PCBIX's 6.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCBIX Principal MidCap Fund Institutional Class	6.19%	5.81%	6.40%	2.51%	3.18%	7.96%	1.08%	9.02%	12.24%	3.31%	2.49%	6.30%
PGRTX Principal SmallCap Growth Fund I	7.29%	9.19%	15.56%	0.00%	0.82%	14.35%	4.82%	7.50%	21.37%	5.99%	3.05%	9.16%

Frequently Asked Questions

Can I hold both PGRTX and PCBIX in my portfolio?

PGRTX and PCBIX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PGRTX or PCBIX?

PGRTX has higher volatility (8.09%) compared to PCBIX (4.44%). In terms of maximum drawdown, PGRTX dropped -60.60% vs PCBIX's -50.25%.

Which has better risk-adjusted returns?

PGRTX currently has the higher Sharpe Ratio (1.93 vs -0.54), 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.