PREFX vs. PRCOX
Compare and contrast key facts about T. Rowe Price Tax-Efficient Equity Fund (PREFX) and T. Rowe Price U.S. Equity Research Fund (PRCOX).
PREFX is managed by T. Rowe Price. It was launched on Dec 29, 2000. PRCOX is managed by T. Rowe Price. It was launched on Nov 30, 1994.
Performance
PREFX vs. PRCOX - Performance Comparison
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PREFX vs. PRCOX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PREFX T. Rowe Price Tax-Efficient Equity Fund | -9.48% | 16.30% | 32.37% | 36.98% | -30.52% | 22.19% | 35.32% | 36.59% | -0.46% | 28.80% |
PRCOX T. Rowe Price U.S. Equity Research Fund | -4.40% | 16.97% | 26.41% | 29.82% | -18.80% | 28.06% | 19.82% | 33.04% | -4.73% | 23.80% |
Returns By Period
In the year-to-date period, PREFX achieves a -9.48% return, which is significantly lower than PRCOX's -4.40% return. Both investments have delivered pretty close results over the past 10 years, with PREFX having a 14.98% annualized return and PRCOX not far behind at 14.64%.
PREFX
- 1D
- 3.81%
- 1M
- -5.76%
- YTD
- -9.48%
- 6M
- -9.30%
- 1Y
- 15.23%
- 3Y*
- 19.43%
- 5Y*
- 9.56%
- 10Y*
- 14.98%
PRCOX
- 1D
- 3.03%
- 1M
- -5.43%
- YTD
- -4.40%
- 6M
- -1.63%
- 1Y
- 17.03%
- 3Y*
- 19.27%
- 5Y*
- 12.31%
- 10Y*
- 14.64%
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PREFX vs. PRCOX - Expense Ratio Comparison
PREFX has a 0.76% expense ratio, which is higher than PRCOX's 0.42% expense ratio.
Return for Risk
PREFX vs. PRCOX — Risk / Return Rank
PREFX
PRCOX
PREFX vs. PRCOX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Tax-Efficient Equity Fund (PREFX) and T. Rowe Price U.S. Equity Research Fund (PRCOX). 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 | PRCOX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.75 | 0.97 | -0.21 |
Sortino ratioReturn per unit of downside risk | 1.25 | 1.49 | -0.23 |
Omega ratioGain probability vs. loss probability | 1.17 | 1.22 | -0.05 |
Calmar ratioReturn relative to maximum drawdown | 0.84 | 1.29 | -0.44 |
Martin ratioReturn relative to average drawdown | 2.76 | 6.07 | -3.31 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PREFX | PRCOX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.75 | 0.97 | -0.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.45 | 0.72 | -0.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.71 | 0.80 | -0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | 0.55 | -0.10 |
Correlation
The correlation between PREFX and PRCOX is 0.94, 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. PRCOX - Dividend Comparison
PREFX has not paid dividends to shareholders, while PRCOX's dividend yield for the trailing twelve months is around 1.80%.
| 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% |
PRCOX T. Rowe Price U.S. Equity Research Fund | 1.80% | 1.72% | 0.64% | 1.17% | 1.28% | 3.71% | 1.04% | 1.39% | 5.60% | 7.02% | 7.28% | 8.76% |
Drawdowns
PREFX vs. PRCOX - Drawdown Comparison
The maximum PREFX drawdown since its inception was -56.70%, which is greater than PRCOX's maximum drawdown of -53.96%. Use the drawdown chart below to compare losses from any high point for PREFX and PRCOX.
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Drawdown Indicators
| PREFX | PRCOX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.70% | -53.96% | -2.74% |
Max Drawdown (1Y)Largest decline over 1 year | -16.18% | -12.19% | -3.99% |
Max Drawdown (5Y)Largest decline over 5 years | -35.95% | -24.94% | -11.01% |
Max Drawdown (10Y)Largest decline over 10 years | -35.95% | -34.42% | -1.53% |
Current DrawdownCurrent decline from peak | -12.99% | -6.57% | -6.42% |
Average DrawdownAverage peak-to-trough decline | -10.31% | -9.22% | -1.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.95% | 2.59% | +2.36% |
Volatility
PREFX vs. PRCOX - Volatility Comparison
T. Rowe Price Tax-Efficient Equity Fund (PREFX) has a higher volatility of 6.84% compared to T. Rowe Price U.S. Equity Research Fund (PRCOX) at 5.63%. This indicates that PREFX's price experiences larger fluctuations and is considered to be riskier than PRCOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PREFX | PRCOX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.84% | 5.63% | +1.21% |
Volatility (6M)Calculated over the trailing 6-month period | 12.36% | 9.35% | +3.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.29% | 18.35% | +3.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.68% | 17.33% | +4.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.21% | 18.33% | +2.88% |