PNAIX vs. FSPSX

Last updated Apr 1, 2026

Compare and contrast key facts about T. Rowe Price All-Cap Opportunities Fund I Class (PNAIX) and Fidelity International Index Fund (FSPSX).

PNAIX is a passively managed fund by T. Rowe Price that tracks the performance of the Russell 3000 Index. It was launched on Dec 17, 2015. FSPSX is a passively managed fund by Fidelity that tracks the performance of the MSCI ACWI ex USA IMI Index. It was launched on Nov 5, 1997. Both PNAIX and FSPSX are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PNAIX vs. FSPSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price All-Cap Opportunities Fund I Class (PNAIX) and Fidelity International Index Fund (FSPSX). The values are adjusted to include any dividend payments, if applicable.

PNAIX vs. FSPSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PNAIX T. Rowe Price All-Cap Opportunities Fund I Class	-12.32%	26.95%	25.43%	29.18%	-21.25%	20.76%	44.92%	35.66%	1.40%	20.15%
FSPSX Fidelity International Index Fund	-1.94%	31.98%	3.70%	18.31%	-14.23%	11.45%	8.16%	22.03%	-13.55%	25.37%

Returns By Period

In the year-to-date period, PNAIX achieves a -12.32% return, which is significantly lower than FSPSX's -1.94% return. Over the past 10 years, PNAIX has outperformed FSPSX with an annualized return of 15.11%, while FSPSX has yielded a comparatively lower 8.65% annualized return.

PNAIX

• 1D: -0.24%
• 1M: -9.12%
• YTD: -12.32%
• 6M: -3.70%
• 1Y: 16.53%
• 3Y*: 18.96%
• 5Y*: 10.51%
• 10Y*: 15.11%

FSPSX

• 1D: 0.42%
• 1M: -10.86%
• YTD: -1.94%
• 6M: 2.58%
• 1Y: 19.89%
• 3Y*: 13.50%
• 5Y*: 7.96%
• 10Y*: 8.65%

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

PNAIX vs. FSPSX - Expense Ratio Comparison

PNAIX has a 0.66% expense ratio, which is higher than FSPSX's 0.04% expense ratio.

PNAIX

T. Rowe Price All-Cap Opportunities Fund I Class

FSPSX

Fidelity International Index Fund

Return for Risk

PNAIX vs. FSPSX — Risk / Return Rank

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

PNAIX

PNAIX Risk / Return Rank: 45
PNAIX Sharpe Ratio Rank: 43
PNAIX Sortino Ratio Rank: 53
PNAIX Omega Ratio Rank: 51
PNAIX Calmar Ratio Rank: 40
PNAIX Martin Ratio Rank: 37

FSPSX

FSPSX Risk / Return Rank: 64
FSPSX Sharpe Ratio Rank: 65
FSPSX Sortino Ratio Rank: 62
FSPSX Omega Ratio Rank: 60
FSPSX Calmar Ratio Rank: 69
FSPSX Martin Ratio Rank: 63

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.

PNAIX vs. FSPSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price All-Cap Opportunities Fund I Class (PNAIX) and Fidelity International Index Fund (FSPSX). 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.

	PNAIX	FSPSX	Difference
Sharpe ratio Return per unit of total volatility	0.88	1.11	-0.24
Sortino ratio Return per unit of downside risk	1.44	1.56	-0.12
Omega ratio Gain probability vs. loss probability	1.21	1.23	-0.02
Calmar ratio Return relative to maximum drawdown	1.04	1.54	-0.51
Martin ratio Return relative to average drawdown	3.84	5.93	-2.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PNAIX vs. FSPSX - Sharpe Ratio Comparison

The current PNAIX Sharpe Ratio is 0.88, which is comparable to the FSPSX Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of PNAIX and FSPSX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PNAIX	FSPSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.88	1.11	-0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.51	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	0.53	+0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.46	+0.30

Correlation

The correlation between PNAIX and FSPSX is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

PNAIX vs. FSPSX - Dividend Comparison

PNAIX's dividend yield for the trailing twelve months is around 19.22%, more than FSPSX's 3.22% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PNAIX T. Rowe Price All-Cap Opportunities Fund I Class	19.22%	16.85%	9.37%	5.23%	3.31%	20.62%	15.56%	7.43%	12.75%	0.29%	0.00%	0.00%
FSPSX Fidelity International Index Fund	3.22%	3.15%	3.27%	2.79%	2.66%	3.07%	1.84%	3.18%	2.79%	2.50%	3.08%	2.79%

Drawdowns

PNAIX vs. FSPSX - Drawdown Comparison

The maximum PNAIX drawdown since its inception was -30.49%, smaller than the maximum FSPSX drawdown of -33.69%. Use the drawdown chart below to compare losses from any high point for PNAIX and FSPSX.

Drawdown Indicators

	PNAIX	FSPSX	Difference
Max Drawdown Largest peak-to-trough decline	-30.49%	-33.69%	+3.20%
Max Drawdown (1Y) Largest decline over 1 year	-14.02%	-11.39%	-2.63%
Max Drawdown (5Y) Largest decline over 5 years	-29.29%	-29.41%	+0.12%
Max Drawdown (10Y) Largest decline over 10 years	-30.49%	-33.69%	+3.20%
Current Drawdown Current decline from peak	-14.02%	-10.86%	-3.16%
Average Drawdown Average peak-to-trough decline	-5.54%	-6.59%	+1.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.78%	2.96%	+0.82%

Volatility

PNAIX vs. FSPSX - Volatility Comparison

The current volatility for T. Rowe Price All-Cap Opportunities Fund I Class (PNAIX) is 4.88%, while Fidelity International Index Fund (FSPSX) has a volatility of 7.04%. This indicates that PNAIX experiences smaller price fluctuations and is considered to be less risky than FSPSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PNAIX	FSPSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.88%	7.04%	-2.16%
Volatility (6M) Calculated over the trailing 6-month period	12.45%	10.63%	+1.82%
Volatility (1Y) Calculated over the trailing 1-year period	19.41%	16.79%	+2.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.87%	15.77%	+2.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.26%	16.47%	+2.79%