PRAFX vs. AVPEX

Last updated Jun 25, 2026

PRAFX (T. Rowe Price Real Assets Fund) and AVPEX (ALPS/Red Rocks Global Opportunity Portfolio) are both Global Equities funds. Over the past 10 years, PRAFX returned 8.59%/yr vs 8.58%/yr for AVPEX. A 0.70 correlation means they provide meaningful diversification when combined. PRAFX charges 0.92%/yr vs 1.45%/yr for AVPEX.

Performance

PRAFX vs. AVPEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Real Assets Fund (PRAFX) and ALPS/Red Rocks Global Opportunity Portfolio (AVPEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRAFX achieves a 9.84% return, which is significantly higher than AVPEX's -11.23% return. Both investments have delivered pretty close results over the past 10 years, with PRAFX having a 8.59% annualized return and AVPEX not far behind at 8.58%.

PRAFX

• 1D: -1.42%
• 1M: -3.43%
• YTD: 9.84%
• 6M: 8.67%
• 1Y: 30.38%
• 3Y*: 15.95%
• 5Y*: 7.77%
• 10Y*: 8.59%

AVPEX

• 1D: -2.14%
• 1M: -2.05%
• YTD: -11.23%
• 6M: -12.08%
• 1Y: -11.14%
• 3Y*: 8.20%
• 5Y*: 1.28%
• 10Y*: 8.58%

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

PRAFX vs. AVPEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRAFX T. Rowe Price Real Assets Fund	9.84%	29.51%	0.32%	6.65%	-10.24%	25.74%	7.02%	19.62%	-11.55%	10.48%
AVPEX ALPS/Red Rocks Global Opportunity Portfolio	-11.23%	1.46%	18.06%	28.80%	-28.96%	24.03%	9.25%	43.19%	-12.61%	24.96%

Correlation

The correlation between PRAFX and AVPEX is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Oct 27, 2014	0.70

Over the past year, the correlation between PRAFX and AVPEX has dropped to 0.50 - well below their long-term average of 0.70, suggesting their price drivers have been diverging.

Return for Risk

PRAFX vs. AVPEX — Risk / Return Rank

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

PRAFX

PRAFX Risk / Return Rank: 44
PRAFX Sharpe Ratio Rank: 50
PRAFX Sortino Ratio Rank: 39
PRAFX Omega Ratio Rank: 46
PRAFX Calmar Ratio Rank: 46
PRAFX Martin Ratio Rank: 41

AVPEX

AVPEX Risk / Return Rank: 1
AVPEX Sharpe Ratio Rank: 1
AVPEX Sortino Ratio Rank: 1
AVPEX Omega Ratio Rank: 1
AVPEX Calmar Ratio Rank: 1
AVPEX 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.

PRAFX vs. AVPEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Real Assets Fund (PRAFX) and ALPS/Red Rocks Global Opportunity Portfolio (AVPEX). 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.

	PRAFX	AVPEX	Difference
Sharpe ratio: Return per unit of total volatility	1.82	-0.50	+2.32
Sortino ratio: Return per unit of downside risk	2.28	-0.59	+2.87
Omega ratio: Gain probability vs. loss probability	1.32	0.93	+0.39
Calmar ratio: Return relative to maximum drawdown	2.38	-0.41	+2.79
Martin ratio: Return relative to average drawdown	8.04	-0.91	+8.95

PRAFX vs. AVPEX - Sharpe Ratio Comparison

The current PRAFX Sharpe Ratio is 1.82, which is higher than the AVPEX Sharpe Ratio of -0.50. The chart below compares the historical Sharpe Ratios of PRAFX and AVPEX, 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

PRAFX vs. AVPEX - Drawdown Comparison

The maximum PRAFX drawdown since its inception was -38.05%, smaller than the maximum AVPEX drawdown of -46.42%. Use the drawdown chart below to compare losses from any high point for PRAFX and AVPEX.

Drawdown Indicators

	PRAFX	AVPEX	Difference
Max Drawdown Largest peak-to-trough decline	-38.05%	-46.42%	+8.37%
Max Drawdown (1Y) Largest decline over 1 year	-12.91%	-22.41%	+9.50%
Max Drawdown (3Y) Largest decline over 3 years	-16.86%	-22.41%	+5.55%
Max Drawdown (5Y) Largest decline over 5 years	-26.73%	-37.50%	+10.77%
Max Drawdown (10Y) Largest decline over 10 years	-38.05%	-46.42%	+8.37%
Current Drawdown Current decline from peak	-8.18%	-15.65%	+7.47%
Average Drawdown Average peak-to-trough decline	-8.76%	-8.63%	-0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.80%	10.13%	-6.33%

Volatility

PRAFX vs. AVPEX - Volatility Comparison

The current volatility for T. Rowe Price Real Assets Fund (PRAFX) is 5.62%, while ALPS/Red Rocks Global Opportunity Portfolio (AVPEX) has a volatility of 6.37%. This indicates that PRAFX experiences smaller price fluctuations and is considered to be less risky than AVPEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRAFX	AVPEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.62%	6.37%	-0.75%
Volatility (6M) Calculated over the trailing 6-month period	14.00%	15.17%	-1.17%
Volatility (1Y) Calculated over the trailing 1-year period	16.89%	18.41%	-1.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.77%	18.98%	-1.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.14%	19.03%	-0.89%

PRAFX vs. AVPEX - Expense Ratio Comparison

PRAFX has a 0.92% expense ratio, which is lower than AVPEX's 1.45% expense ratio.

Dividends

PRAFX vs. AVPEX - Dividend Comparison

PRAFX's dividend yield for the trailing twelve months is around 2.68%, less than AVPEX's 9.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVPEX ALPS/Red Rocks Global Opportunity Portfolio	9.58%	8.50%	8.83%	0.00%	31.03%	4.24%	13.52%	3.02%	6.79%	2.33%	0.75%	0.11%
PRAFX T. Rowe Price Real Assets Fund	2.68%	2.94%	1.56%	1.52%	1.38%	1.83%	1.37%	2.64%	2.58%	1.45%	1.96%	1.88%

Frequently Asked Questions

Can I hold both PRAFX and AVPEX in my portfolio?

PRAFX and AVPEX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRAFX or AVPEX?

AVPEX has higher volatility (6.37%) compared to PRAFX (5.62%). In terms of maximum drawdown, PRAFX dropped -38.05% vs AVPEX's -46.42%.

Which has better risk-adjusted returns?

PRAFX currently has the higher Sharpe Ratio (1.82 vs -0.50), 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.