PRCOX vs. PRFSX
PRCOX (T. Rowe Price U.S. Equity Research Fund) and PRFSX (T. Rowe Price Tax Free Short-Intermediate Fund) are both mutual funds - PRCOX is a Large Cap Blend Equities fund actively managed by T. Rowe Price, while PRFSX is a Municipal Bonds fund managed by T. Rowe Price. Over the past 10 years, PRCOX returned 16.17%/yr vs 1.98%/yr for PRFSX. At a correlation of -0.00, they often move in opposite directions. PRCOX charges 0.42%/yr vs 0.50%/yr for PRFSX.
Performance
PRCOX vs. PRFSX - Performance Comparison
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Returns By Period
In the year-to-date period, PRCOX achieves a 10.90% return, which is significantly higher than PRFSX's 1.05% return. Over the past 10 years, PRCOX has outperformed PRFSX with an annualized return of 16.17%, while PRFSX has yielded a comparatively lower 1.98% annualized return.
PRCOX
- 1D
- 1.26%
- 1M
- 0.77%
- YTD
- 10.90%
- 6M
- 10.38%
- 1Y
- 27.39%
- 3Y*
- 21.68%
- 5Y*
- 14.61%
- 10Y*
- 16.17%
PRFSX
- 1D
- 0.00%
- 1M
- 0.79%
- YTD
- 1.05%
- 6M
- 1.50%
- 1Y
- 3.96%
- 3Y*
- 4.74%
- 5Y*
- 2.28%
- 10Y*
- 1.98%
PRCOX vs. PRFSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRCOX T. Rowe Price U.S. Equity Research Fund | 10.90% | 16.34% | 26.41% | 29.82% | -18.80% | 28.06% | 19.82% | 33.04% | -4.73% | 23.80% |
PRFSX T. Rowe Price Tax Free Short-Intermediate Fund | 1.05% | 5.25% | 3.96% | 5.73% | -4.24% | 0.17% | 3.31% | 3.66% | 1.13% | 1.74% |
Correlation
The correlation between PRCOX and PRFSX is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 1995 | -0.00 |
The correlation between PRCOX and PRFSX shifts across timeframes, from -0.00 (all time) to 0.10 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PRCOX vs. PRFSX — Risk / Return Rank
PRCOX
PRFSX
PRCOX vs. PRFSX - 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 Tax Free Short-Intermediate Fund (PRFSX). 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.
| PRCOX | PRFSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.25 | ||
| Sortino ratioReturn per unit of downside risk | -1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.94 | -0.55 |
| Calmar ratioReturn relative to maximum drawdown | 2.93 | 2.85 | +0.08 |
| Martin ratioReturn relative to average drawdown | 13.25 | 8.49 | +4.76 |
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Drawdowns
PRCOX vs. PRFSX - Drawdown Comparison
The maximum PRCOX drawdown since its inception was -53.96%, which is greater than PRFSX's maximum drawdown of -6.97%. Use the drawdown chart below to compare losses from any high point for PRCOX and PRFSX.
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Drawdown Indicators
| PRCOX | PRFSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.96% | -6.97% | -46.99% |
Max Drawdown (1Y)Largest decline over 1 year | -9.32% | -1.43% | -7.89% |
Max Drawdown (3Y)Largest decline over 3 years | -19.39% | -2.18% | -17.21% |
Max Drawdown (5Y)Largest decline over 5 years | -24.94% | -6.97% | -17.97% |
Max Drawdown (10Y)Largest decline over 10 years | -34.42% | -6.97% | -27.45% |
Current DrawdownCurrent decline from peak | -1.05% | -0.34% | -0.71% |
Average DrawdownAverage peak-to-trough decline | -9.17% | -0.90% | -8.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.05% | 0.47% | +1.58% |
Volatility
PRCOX vs. PRFSX - Volatility Comparison
T. Rowe Price U.S. Equity Research Fund (PRCOX) has a higher volatility of 5.04% compared to T. Rowe Price Tax Free Short-Intermediate Fund (PRFSX) at 0.62%. This indicates that PRCOX's price experiences larger fluctuations and is considered to be riskier than PRFSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRCOX | PRFSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.04% | 0.62% | +4.42% |
Volatility (6M)Calculated over the trailing 6-month period | 10.40% | 1.33% | +9.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.64% | 1.70% | +10.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.45% | 2.20% | +15.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.40% | 2.18% | +16.22% |
PRCOX vs. PRFSX - Expense Ratio Comparison
PRCOX has a 0.42% expense ratio, which is lower than PRFSX's 0.50% expense ratio.
Dividends
PRCOX vs. PRFSX - Dividend Comparison
PRCOX's dividend yield for the trailing twelve months is around 1.06%, less than PRFSX's 2.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRCOX T. Rowe Price U.S. Equity Research Fund | 1.06% | 1.17% | 0.64% | 1.17% | 1.28% | 3.71% | 1.04% | 1.39% | 5.60% | 7.02% | 7.28% | 8.76% |
PRFSX T. Rowe Price Tax Free Short-Intermediate Fund | 2.97% | 3.63% | 4.43% | 3.67% | 1.09% | 1.22% | 1.49% | 1.62% | 1.48% | 1.37% | 1.34% | 1.41% |
Frequently Asked Questions
PRCOX and PRFSX have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRCOX has higher volatility (5.04%) compared to PRFSX (0.62%). In terms of maximum drawdown, PRCOX dropped -53.96% vs PRFSX's -6.97%.
PRFSX currently has the higher Sharpe Ratio (2.40 vs 2.16), 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.
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