PREIX vs. PRWBX

Last updated Jun 4, 2026

PREIX (T. Rowe Price Equity Index 500 Fund) and PRWBX (T. Rowe Price Short-Term Bond Fund) are both mutual funds - PREIX is a Large Cap Blend Equities fund managed by T. Rowe Price, while PRWBX is a Short-Term Bond fund managed by T. Rowe Price. Over the past 10 years, PREIX returned 15.42%/yr vs 2.57%/yr for PRWBX. At a correlation of -0.04, they often move in opposite directions. PREIX charges 0.15%/yr vs 0.43%/yr for PRWBX.

Performance

PREIX vs. PRWBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Equity Index 500 Fund (PREIX) and T. Rowe Price Short-Term Bond Fund (PRWBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PREIX achieves a 11.61% return, which is significantly higher than PRWBX's 0.60% return. Over the past 10 years, PREIX has outperformed PRWBX with an annualized return of 15.42%, while PRWBX has yielded a comparatively lower 2.57% annualized return.

PREIX

• 1D: 0.13%
• 1M: 5.78%
• YTD: 11.61%
• 6M: 11.63%
• 1Y: 28.74%
• 3Y*: 22.53%
• 5Y*: 14.08%
• 10Y*: 15.42%

PRWBX

• 1D: 0.00%
• 1M: 0.14%
• YTD: 0.60%
• 6M: 1.57%
• 1Y: 5.53%
• 3Y*: 5.79%
• 5Y*: 2.69%
• 10Y*: 2.57%

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

PREIX vs. PRWBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PREIX T. Rowe Price Equity Index 500 Fund	11.61%	17.66%	24.78%	26.07%	-18.27%	28.48%	18.17%	31.47%	-4.59%	21.01%
PRWBX T. Rowe Price Short-Term Bond Fund	0.60%	7.22%	6.22%	5.54%	-4.99%	-0.23%	4.56%	4.33%	1.38%	1.33%

Correlation

The correlation between PREIX and PRWBX is 0.07, 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	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	0.01
Correlation (All Time) Calculated using the full available price history since Jan 3, 1991	-0.04

The correlation between PREIX and PRWBX shifts across timeframes, from -0.04 (all time) to 0.08 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PREIX vs. PRWBX — Risk / Return Rank

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

PREIX

PREIX Risk / Return Rank: 72
PREIX Sharpe Ratio Rank: 74
PREIX Sortino Ratio Rank: 66
PREIX Omega Ratio Rank: 66
PREIX Calmar Ratio Rank: 73
PREIX Martin Ratio Rank: 82

PRWBX

PRWBX Risk / Return Rank: 89
PRWBX Sharpe Ratio Rank: 75
PRWBX Sortino Ratio Rank: 91
PRWBX Omega Ratio Rank: 95
PRWBX Calmar Ratio Rank: 93
PRWBX Martin Ratio Rank: 93

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.

PREIX vs. PRWBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Equity Index 500 Fund (PREIX) and T. Rowe Price Short-Term Bond Fund (PRWBX). 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.

	PREIX	PRWBX	Difference
Sharpe ratio: Return per unit of total volatility	2.50	2.51	-0.01
Sortino ratio: Return per unit of downside risk	3.40	4.43	-1.04
Omega ratio: Gain probability vs. loss probability	1.45	1.76	-0.31
Calmar ratio: Return relative to maximum drawdown	3.32	5.31	-1.99
Martin ratio: Return relative to average drawdown	15.47	20.29	-4.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PREIX vs. PRWBX - Sharpe Ratio Comparison

The current PREIX Sharpe Ratio is 2.50, which is comparable to the PRWBX Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of PREIX and PRWBX, 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

	PREIX	PRWBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.50	2.51	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	1.06	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	1.18	-0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	1.41	-0.79

Drawdowns

PREIX vs. PRWBX - Drawdown Comparison

The maximum PREIX drawdown since its inception was -55.32%, which is greater than PRWBX's maximum drawdown of -7.78%. Use the drawdown chart below to compare losses from any high point for PREIX and PRWBX.

Drawdown Indicators

	PREIX	PRWBX	Difference
Max Drawdown Largest peak-to-trough decline	-55.32%	-7.78%	-47.54%
Max Drawdown (1Y) Largest decline over 1 year	-8.93%	-1.07%	-7.86%
Max Drawdown (3Y) Largest decline over 3 years	-18.78%	-1.07%	-17.71%
Max Drawdown (5Y) Largest decline over 5 years	-24.60%	-7.29%	-17.31%
Max Drawdown (10Y) Largest decline over 10 years	-33.81%	-7.29%	-26.52%
Current Drawdown Current decline from peak	0.00%	-0.22%	+0.22%
Average Drawdown Average peak-to-trough decline	-8.73%	-0.95%	-7.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	0.28%	+1.63%

Volatility

PREIX vs. PRWBX - Volatility Comparison

T. Rowe Price Equity Index 500 Fund (PREIX) has a higher volatility of 2.83% compared to T. Rowe Price Short-Term Bond Fund (PRWBX) at 0.69%. This indicates that PREIX's price experiences larger fluctuations and is considered to be riskier than PRWBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PREIX	PRWBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	0.69%	+2.14%
Volatility (6M) Calculated over the trailing 6-month period	8.98%	1.62%	+7.36%
Volatility (1Y) Calculated over the trailing 1-year period	11.87%	2.27%	+9.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.00%	2.56%	+14.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.11%	2.18%	+15.93%

PREIX vs. PRWBX - Expense Ratio Comparison

PREIX has a 0.15% expense ratio, which is lower than PRWBX's 0.43% expense ratio.

Dividends

PREIX vs. PRWBX - Dividend Comparison

PREIX's dividend yield for the trailing twelve months is around 2.10%, less than PRWBX's 5.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PREIX T. Rowe Price Equity Index 500 Fund	2.10%	2.32%	1.17%	1.32%	1.50%	1.56%	1.97%	2.13%	2.60%	1.30%	2.03%	2.02%
PRWBX T. Rowe Price Short-Term Bond Fund	5.63%	5.64%	5.12%	3.57%	1.38%	1.24%	1.92%	2.52%	2.22%	1.75%	1.58%	1.46%

Frequently Asked Questions

Can I hold both PREIX and PRWBX in my portfolio?

PREIX and PRWBX have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PREIX or PRWBX?

PREIX has higher volatility (2.83%) compared to PRWBX (0.69%). In terms of maximum drawdown, PREIX dropped -55.32% vs PRWBX's -7.78%.

Which has better risk-adjusted returns?

PRWBX currently has the higher Sharpe Ratio (2.51 vs 2.50), 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.