PREFX vs. FDVV

Last updated Jun 25, 2026

PREFX (T. Rowe Price Tax-Efficient Equity Fund) and FDVV (Fidelity High Dividend ETF) are both funds - PREFX is a Large Cap Growth Equities fund managed by T. Rowe Price, while FDVV is a Large Cap Blend Equities fund tracking the Fidelity Core Dividend Index. Over the past 5 years, PREFX returned 10.40%/yr vs 13.59%/yr for FDVV. A 0.72 correlation means they provide meaningful diversification when combined. PREFX charges 0.76%/yr vs 0.29%/yr for FDVV.

Performance

PREFX vs. FDVV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Tax-Efficient Equity Fund (PREFX) and Fidelity High Dividend ETF (FDVV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PREFX achieves a 2.50% return, which is significantly lower than FDVV's 8.46% return.

PREFX

• 1D: -1.95%
• 1M: -3.14%
• YTD: 2.50%
• 6M: 0.89%
• 1Y: 14.16%
• 3Y*: 21.05%
• 5Y*: 10.40%
• 10Y*: 16.66%

FDVV

• 1D: 0.07%
• 1M: 0.49%
• YTD: 8.46%
• 6M: 7.70%
• 1Y: 21.26%
• 3Y*: 19.93%
• 5Y*: 13.59%
• 10Y*: —

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

PREFX vs. FDVV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PREFX T. Rowe Price Tax-Efficient Equity Fund	2.50%	16.30%	32.37%	36.98%	-30.52%	22.19%	35.32%	36.59%	-0.46%	28.80%
FDVV Fidelity High Dividend ETF	8.46%	17.08%	21.81%	18.00%	-4.21%	29.24%	2.80%	24.07%	-1.26%	14.00%

Correlation

The correlation between PREFX and FDVV is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since Sep 15, 2016	0.72

The correlation between PREFX and FDVV shifts across timeframes, from 0.60 (1 year) to 0.73 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PREFX vs. FDVV — Risk / Return Rank

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

PREFX

PREFX Risk / Return Rank: 14
PREFX Sharpe Ratio Rank: 15
PREFX Sortino Ratio Rank: 15
PREFX Omega Ratio Rank: 15
PREFX Calmar Ratio Rank: 12
PREFX Martin Ratio Rank: 13

FDVV

FDVV Risk / Return Rank: 66
FDVV Sharpe Ratio Rank: 74
FDVV Sortino Ratio Rank: 73
FDVV Omega Ratio Rank: 74
FDVV Calmar Ratio Rank: 51
FDVV Martin Ratio Rank: 59

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.

PREFX vs. FDVV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Tax-Efficient Equity Fund (PREFX) and Fidelity High Dividend ETF (FDVV). 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.

	PREFX	FDVV	Difference
Sharpe ratio: Return per unit of total volatility	1.00	2.11	-1.11
Sortino ratio: Return per unit of downside risk	1.46	2.95	-1.50
Omega ratio: Gain probability vs. loss probability	1.18	1.39	-0.21
Calmar ratio: Return relative to maximum drawdown	1.01	2.30	-1.28
Martin ratio: Return relative to average drawdown	3.36	9.49	-6.13

PREFX vs. FDVV - Sharpe Ratio Comparison

The current PREFX Sharpe Ratio is 1.00, which is lower than the FDVV Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of PREFX and FDVV, 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

PREFX vs. FDVV - Drawdown Comparison

The maximum PREFX drawdown since its inception was -56.70%, which is greater than FDVV's maximum drawdown of -40.25%. Use the drawdown chart below to compare losses from any high point for PREFX and FDVV.

Drawdown Indicators

	PREFX	FDVV	Difference
Max Drawdown Largest peak-to-trough decline	-56.70%	-40.25%	-16.45%
Max Drawdown (1Y) Largest decline over 1 year	-16.18%	-9.30%	-6.88%
Max Drawdown (3Y) Largest decline over 3 years	-23.06%	-15.90%	-7.16%
Max Drawdown (5Y) Largest decline over 5 years	-35.95%	-20.18%	-15.77%
Max Drawdown (10Y) Largest decline over 10 years	-35.95%	—	—
Current Drawdown Current decline from peak	-5.90%	-1.25%	-4.65%
Average Drawdown Average peak-to-trough decline	-10.25%	-3.79%	-6.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.80%	2.25%	+2.55%

Volatility

PREFX vs. FDVV - Volatility Comparison

T. Rowe Price Tax-Efficient Equity Fund (PREFX) has a higher volatility of 6.51% compared to Fidelity High Dividend ETF (FDVV) at 2.97%. This indicates that PREFX's price experiences larger fluctuations and is considered to be riskier than FDVV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PREFX	FDVV	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.51%	2.97%	+3.54%
Volatility (6M) Calculated over the trailing 6-month period	13.50%	8.25%	+5.25%
Volatility (1Y) Calculated over the trailing 1-year period	16.48%	10.14%	+6.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.79%	14.73%	+7.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.29%	16.97%	+4.32%

PREFX vs. FDVV - Expense Ratio Comparison

PREFX has a 0.76% expense ratio, which is higher than FDVV's 0.29% expense ratio.

Dividends

PREFX vs. FDVV - Dividend Comparison

PREFX has not paid dividends to shareholders, while FDVV's dividend yield for the trailing twelve months is around 2.86%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDVV Fidelity High Dividend ETF	2.86%	2.89%	2.94%	3.77%	3.44%	2.70%	3.19%	3.93%	4.05%	3.66%	1.04%	0.00%
PREFX T. Rowe Price Tax-Efficient Equity Fund	0.00%	0.00%	0.85%	0.61%	0.88%	2.09%	1.98%	0.94%	1.36%	2.82%	0.22%	0.55%

Frequently Asked Questions

Can I hold both PREFX and FDVV in my portfolio?

PREFX and FDVV have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PREFX or FDVV?

PREFX has higher volatility (6.51%) compared to FDVV (2.97%). In terms of maximum drawdown, PREFX dropped -56.70% vs FDVV's -40.25%.

Which has better risk-adjusted returns?

FDVV currently has the higher Sharpe Ratio (2.11 vs 1.00), 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.