PLFMX vs. CMNWX

Last updated Jun 4, 2026

PLFMX (Principal LargeCap S&P 500 Index Fund) and CMNWX (Principal Capital Appreciation Fund) are both mutual funds - PLFMX is a S&P 500 fund tracking the S&P 500 Index, while CMNWX is a Large Cap Blend Equities fund managed by Principal. Over the past 10 years, PLFMX returned 14.99%/yr vs 15.55%/yr for CMNWX. With a 0.96 correlation, they move nearly in lockstep. PLFMX charges 0.72%/yr vs 0.80%/yr for CMNWX.

Performance

PLFMX vs. CMNWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal LargeCap S&P 500 Index Fund (PLFMX) and Principal Capital Appreciation Fund (CMNWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PLFMX achieves a 11.40% return, which is significantly higher than CMNWX's 10.80% return. Both investments have delivered pretty close results over the past 10 years, with PLFMX having a 14.99% annualized return and CMNWX not far ahead at 15.55%.

PLFMX

• 1D: 0.14%
• 1M: 5.73%
• YTD: 11.40%
• 6M: 11.42%
• 1Y: 28.14%
• 3Y*: 22.52%
• 5Y*: 13.80%
• 10Y*: 14.99%

CMNWX

• 1D: 0.16%
• 1M: 5.05%
• YTD: 10.80%
• 6M: 10.19%
• 1Y: 25.40%
• 3Y*: 23.41%
• 5Y*: 14.89%
• 10Y*: 15.55%

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

PLFMX vs. CMNWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PLFMX Principal LargeCap S&P 500 Index Fund	11.40%	17.10%	26.06%	25.27%	-18.67%	27.57%	17.46%	30.58%	-5.14%	20.96%
CMNWX Principal Capital Appreciation Fund	10.80%	13.27%	32.14%	25.01%	-16.37%	27.45%	18.36%	32.21%	-4.12%	20.64%

Correlation

The correlation between PLFMX and CMNWX is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Dec 7, 2000	0.96

The correlation between PLFMX and CMNWX has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

PLFMX vs. CMNWX — Risk / Return Rank

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

PLFMX

PLFMX Risk / Return Rank: 69
PLFMX Sharpe Ratio Rank: 70
PLFMX Sortino Ratio Rank: 64
PLFMX Omega Ratio Rank: 64
PLFMX Calmar Ratio Rank: 69
PLFMX Martin Ratio Rank: 80

CMNWX

CMNWX Risk / Return Rank: 55
CMNWX Sharpe Ratio Rank: 51
CMNWX Sortino Ratio Rank: 47
CMNWX Omega Ratio Rank: 46
CMNWX Calmar Ratio Rank: 58
CMNWX Martin Ratio Rank: 72

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.

PLFMX vs. CMNWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal LargeCap S&P 500 Index Fund (PLFMX) and Principal Capital Appreciation Fund (CMNWX). 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.

	PLFMX	CMNWX	Difference
Sharpe ratio: Return per unit of total volatility	2.45	2.11	+0.34
Sortino ratio: Return per unit of downside risk	3.33	2.90	+0.44
Omega ratio: Gain probability vs. loss probability	1.45	1.37	+0.08
Calmar ratio: Return relative to maximum drawdown	3.22	2.93	+0.29
Martin ratio: Return relative to average drawdown	14.99	13.71	+1.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PLFMX vs. CMNWX - Sharpe Ratio Comparison

The current PLFMX Sharpe Ratio is 2.45, which is comparable to the CMNWX Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of PLFMX and CMNWX, 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

	PLFMX	CMNWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	2.11	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.89	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	0.91	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.72	-0.28

Drawdowns

PLFMX vs. CMNWX - Drawdown Comparison

The maximum PLFMX drawdown since its inception was -55.62%, which is greater than CMNWX's maximum drawdown of -50.43%. Use the drawdown chart below to compare losses from any high point for PLFMX and CMNWX.

Drawdown Indicators

	PLFMX	CMNWX	Difference
Max Drawdown Largest peak-to-trough decline	-55.62%	-50.43%	-5.19%
Max Drawdown (1Y) Largest decline over 1 year	-9.00%	-8.91%	-0.09%
Max Drawdown (3Y) Largest decline over 3 years	-18.83%	-19.54%	+0.71%
Max Drawdown (5Y) Largest decline over 5 years	-24.91%	-23.35%	-1.56%
Max Drawdown (10Y) Largest decline over 10 years	-33.80%	-33.26%	-0.54%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-10.00%	-6.95%	-3.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	1.90%	+0.03%

Volatility

PLFMX vs. CMNWX - Volatility Comparison

Principal LargeCap S&P 500 Index Fund (PLFMX) and Principal Capital Appreciation Fund (CMNWX) have volatilities of 2.82% and 2.85%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PLFMX	CMNWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.82%	2.85%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	8.99%	9.42%	-0.43%
Volatility (1Y) Calculated over the trailing 1-year period	11.86%	12.37%	-0.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.91%	16.80%	+0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.49%	17.19%	+0.30%

PLFMX vs. CMNWX - Expense Ratio Comparison

PLFMX has a 0.72% expense ratio, which is lower than CMNWX's 0.80% expense ratio.

Dividends

PLFMX vs. CMNWX - Dividend Comparison

PLFMX's dividend yield for the trailing twelve months is around 2.16%, less than CMNWX's 7.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMNWX Principal Capital Appreciation Fund	7.90%	8.75%	10.03%	0.71%	0.69%	9.52%	5.33%	8.37%	46.60%	7.72%	10.32%	5.42%
PLFMX Principal LargeCap S&P 500 Index Fund	2.16%	2.41%	3.77%	3.62%	2.28%	13.02%	7.02%	3.28%	6.80%	6.44%	2.66%	2.07%

Frequently Asked Questions

Can I hold both PLFMX and CMNWX in my portfolio?

With a correlation of 0.98, PLFMX and CMNWX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PLFMX or CMNWX?

CMNWX has higher volatility (2.85%) compared to PLFMX (2.82%). In terms of maximum drawdown, PLFMX dropped -55.62% vs CMNWX's -50.43%.

Which has better risk-adjusted returns?

PLFMX currently has the higher Sharpe Ratio (2.45 vs 2.11), 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.