PRCOX vs. PNAIX

Last updated Jun 9, 2026

PRCOX (T. Rowe Price U.S. Equity Research Fund) and PNAIX (T. Rowe Price All-Cap Opportunities Fund I Class) are both mutual funds - PRCOX is a Large Cap Blend Equities fund managed by T. Rowe Price, while PNAIX is a Large Cap Growth Equities fund tracking the Russell 3000 Index. Over the past 10 years, PRCOX returned 15.74%/yr vs 15.14%/yr for PNAIX. With a 0.95 correlation, they move nearly in lockstep. PRCOX charges 0.42%/yr vs 0.66%/yr for PNAIX.

Performance

PRCOX vs. PNAIX - Performance Comparison

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

Returns By Period

In the year-to-date period, PRCOX achieves a 8.61% return, which is significantly higher than PNAIX's -2.04% return. Both investments have delivered pretty close results over the past 10 years, with PRCOX having a 15.74% annualized return and PNAIX not far behind at 15.14%.

PRCOX

• 1D: -2.82%
• 1M: -0.48%
• YTD: 8.61%
• 6M: 8.71%
• 1Y: 23.82%
• 3Y*: 21.91%
• 5Y*: 13.82%
• 10Y*: 15.74%

PNAIX

• 1D: -2.84%
• 1M: -1.38%
• YTD: -2.04%
• 6M: -2.68%
• 1Y: 9.95%
• 3Y*: 17.66%
• 5Y*: 9.70%
• 10Y*: 15.14%

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

PRCOX vs. PNAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRCOX T. Rowe Price U.S. Equity Research Fund	8.61%	16.34%	26.41%	29.82%	-18.80%	28.06%	19.82%	33.04%	-4.73%	23.80%
PNAIX T. Rowe Price All-Cap Opportunities Fund I Class	-2.04%	16.53%	25.43%	29.18%	-21.25%	20.76%	44.92%	35.66%	1.40%	20.15%

Correlation

The correlation between PRCOX and PNAIX is 0.95 - 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.95

The correlation between PRCOX and PNAIX has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

PRCOX vs. PNAIX — Risk / Return Rank

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

PRCOX

PRCOX Risk / Return Rank: 54
PRCOX Sharpe Ratio Rank: 52
PRCOX Sortino Ratio Rank: 48
PRCOX Omega Ratio Rank: 49
PRCOX Calmar Ratio Rank: 54
PRCOX Martin Ratio Rank: 68

PNAIX

PNAIX Risk / Return Rank: 10
PNAIX Sharpe Ratio Rank: 11
PNAIX Sortino Ratio Rank: 11
PNAIX Omega Ratio Rank: 11
PNAIX Calmar Ratio Rank: 9
PNAIX Martin Ratio Rank: 10

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.

PRCOX vs. PNAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price U.S. Equity Research Fund (PRCOX) and T. Rowe Price All-Cap Opportunities Fund I Class (PNAIX). 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.

	PRCOX	PNAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.05	0.80	+1.25
Sortino ratio: Return per unit of downside risk	2.81	1.18	+1.63
Omega ratio: Gain probability vs. loss probability	1.37	1.15	+0.22
Calmar ratio: Return relative to maximum drawdown	2.71	0.78	+1.93
Martin ratio: Return relative to average drawdown	12.57	2.73	+9.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PRCOX vs. PNAIX - Sharpe Ratio Comparison

The current PRCOX Sharpe Ratio is 2.05, which is higher than the PNAIX Sharpe Ratio of 0.80. The chart below compares the historical Sharpe Ratios of PRCOX and PNAIX, 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

	PRCOX	PNAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	0.80	+1.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	0.55	+0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	0.79	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.76	-0.20

Drawdowns

PRCOX vs. PNAIX - Drawdown Comparison

The maximum PRCOX drawdown since its inception was -53.96%, which is greater than PNAIX's maximum drawdown of -30.49%. Use the drawdown chart below to compare losses from any high point for PRCOX and PNAIX.

Drawdown Indicators

	PRCOX	PNAIX	Difference
Max Drawdown Largest peak-to-trough decline	-53.96%	-30.49%	-23.47%
Max Drawdown (1Y) Largest decline over 1 year	-9.32%	-14.02%	+4.70%
Max Drawdown (3Y) Largest decline over 3 years	-19.39%	-19.05%	-0.34%
Max Drawdown (5Y) Largest decline over 5 years	-24.94%	-29.29%	+4.35%
Max Drawdown (10Y) Largest decline over 10 years	-34.42%	-30.49%	-3.93%
Current Drawdown Current decline from peak	-3.09%	-3.94%	+0.85%
Average Drawdown Average peak-to-trough decline	-9.18%	-5.52%	-3.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	3.98%	-1.98%

Volatility

PRCOX vs. PNAIX - Volatility Comparison

T. Rowe Price U.S. Equity Research Fund (PRCOX) and T. Rowe Price All-Cap Opportunities Fund I Class (PNAIX) have volatilities of 4.05% and 4.17%, 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

	PRCOX	PNAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.05%	4.17%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	9.86%	10.97%	-1.11%
Volatility (1Y) Calculated over the trailing 1-year period	12.30%	13.60%	-1.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.38%	17.64%	-0.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.37%	19.18%	-0.81%

PRCOX vs. PNAIX - Expense Ratio Comparison

PRCOX has a 0.42% expense ratio, which is lower than PNAIX's 0.66% expense ratio.

Dividends

PRCOX vs. PNAIX - Dividend Comparison

PRCOX's dividend yield for the trailing twelve months is around 1.08%, less than PNAIX's 8.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PNAIX T. Rowe Price All-Cap Opportunities Fund I Class	8.71%	8.53%	9.37%	5.23%	3.31%	20.62%	15.56%	7.43%	12.75%	0.29%	0.00%	0.00%
PRCOX T. Rowe Price U.S. Equity Research Fund	1.08%	1.17%	0.64%	1.17%	1.28%	3.71%	1.04%	1.39%	5.60%	7.02%	7.28%	8.76%

Frequently Asked Questions

Can I hold both PRCOX and PNAIX in my portfolio?

With a correlation of 0.95, PRCOX and PNAIX 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, PRCOX or PNAIX?

PNAIX has higher volatility (4.17%) compared to PRCOX (4.05%). In terms of maximum drawdown, PRCOX dropped -53.96% vs PNAIX's -30.49%.

Which has better risk-adjusted returns?

PRCOX currently has the higher Sharpe Ratio (2.05 vs 0.80), 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.