PREFX vs. FDVV

Last updated Apr 1, 2026

Compare and contrast key facts about T. Rowe Price Tax-Efficient Equity Fund (PREFX) and Fidelity High Dividend ETF (FDVV).

PREFX is managed by T. Rowe Price. It was launched on Dec 29, 2000. FDVV is a passively managed fund by Fidelity that tracks the performance of the Fidelity Core Dividend Index. It was launched on Sep 12, 2016.

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.

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	-12.80%	16.30%	32.37%	36.98%	-30.52%	22.19%	35.32%	36.59%	-0.46%	28.80%
FDVV Fidelity High Dividend ETF	-1.78%	17.08%	21.81%	18.00%	-4.21%	29.24%	2.80%	24.07%	-1.26%	14.00%

Returns By Period

In the year-to-date period, PREFX achieves a -12.80% return, which is significantly lower than FDVV's -1.78% return.

PREFX

• 1D: -0.59%
• 1M: -8.96%
• YTD: -12.80%
• 6M: -12.38%
• 1Y: 11.92%
• 3Y*: 17.95%
• 5Y*: 9.15%
• 10Y*: 14.55%

FDVV

• 1D: 2.35%
• 1M: -5.66%
• YTD: -1.78%
• 6M: 0.65%
• 1Y: 14.82%
• 3Y*: 16.89%
• 5Y*: 12.68%
• 10Y*: —

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

PREFX vs. FDVV - Expense Ratio Comparison

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

PREFX

T. Rowe Price Tax-Efficient Equity Fund

FDVV

Fidelity High Dividend ETF

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: 24
PREFX Sharpe Ratio Rank: 24
PREFX Sortino Ratio Rank: 27
PREFX Omega Ratio Rank: 26
PREFX Calmar Ratio Rank: 24
PREFX Martin Ratio Rank: 22

FDVV

FDVV Risk / Return Rank: 60
FDVV Sharpe Ratio Rank: 58
FDVV Sortino Ratio Rank: 58
FDVV Omega Ratio Rank: 65
FDVV Calmar Ratio Rank: 57
FDVV 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.

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.

	PREFX	FDVV	Difference
Sharpe ratio Return per unit of total volatility	0.57	0.97	-0.40
Sortino ratio Return per unit of downside risk	0.98	1.41	-0.43
Omega ratio Gain probability vs. loss probability	1.14	1.23	-0.09
Calmar ratio Return relative to maximum drawdown	0.69	1.29	-0.60
Martin ratio Return relative to average drawdown	2.30	5.68	-3.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PREFX vs. FDVV - Sharpe Ratio Comparison

The current PREFX Sharpe Ratio is 0.57, which is lower than the FDVV Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of PREFX and FDVV, 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

	PREFX	FDVV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.57	0.97	-0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.86	-0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.74	-0.30

Correlation

The correlation between PREFX and FDVV is 0.72, 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

PREFX vs. FDVV - Dividend Comparison

PREFX has not paid dividends to shareholders, while FDVV's dividend yield for the trailing twelve months is around 3.00%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
FDVV Fidelity High Dividend ETF	3.00%	2.89%	2.94%	3.77%	3.44%	2.70%	3.19%	3.93%	4.05%	3.66%	1.04%	0.00%

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%	-12.34%	-3.84%
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	-16.18%	-7.04%	-9.14%
Average Drawdown Average peak-to-trough decline	-10.31%	-3.85%	-6.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.88%	2.81%	+2.07%

Volatility

PREFX vs. FDVV - Volatility Comparison

T. Rowe Price Tax-Efficient Equity Fund (PREFX) has a higher volatility of 5.44% compared to Fidelity High Dividend ETF (FDVV) at 4.48%. 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	5.44%	4.48%	+0.96%
Volatility (6M) Calculated over the trailing 6-month period	11.78%	7.68%	+4.10%
Volatility (1Y) Calculated over the trailing 1-year period	22.00%	15.34%	+6.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.63%	14.74%	+6.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.18%	17.09%	+4.09%