PRGTX vs. PREFX

Last updated Jun 23, 2026

PRGTX (T. Rowe Price Global Technology Fund) and PREFX (T. Rowe Price Tax-Efficient Equity Fund) are both mutual funds - PRGTX is a Technology Equities fund managed by T. Rowe Price, while PREFX is a Large Cap Growth Equities fund managed by T. Rowe Price. Over the past 10 years, PRGTX returned 19.64%/yr vs 16.70%/yr for PREFX. Their correlation of 0.90 suggests significant overlap in exposure. PRGTX charges 0.95%/yr vs 0.76%/yr for PREFX.

Performance

PRGTX vs. PREFX - Performance Comparison

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

Returns By Period

In the year-to-date period, PRGTX achieves a 41.85% return, which is significantly higher than PREFX's 5.67% return. Over the past 10 years, PRGTX has outperformed PREFX with an annualized return of 19.64%, while PREFX has yielded a comparatively lower 16.70% annualized return.

PRGTX

• 1D: 4.32%
• 1M: 6.93%
• YTD: 41.85%
• 6M: 43.19%
• 1Y: 74.68%
• 3Y*: 38.16%
• 5Y*: 9.93%
• 10Y*: 19.64%

PREFX

• 1D: 1.65%
• 1M: -0.14%
• YTD: 5.67%
• 6M: 4.86%
• 1Y: 20.71%
• 3Y*: 21.90%
• 5Y*: 11.63%
• 10Y*: 16.70%

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

PRGTX vs. PREFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRGTX T. Rowe Price Global Technology Fund	41.85%	27.28%	33.12%	55.92%	-55.53%	8.85%	75.77%	34.22%	-10.07%	47.09%
PREFX T. Rowe Price Tax-Efficient Equity Fund	5.67%	16.30%	32.37%	36.98%	-30.52%	22.19%	35.32%	36.59%	-0.46%	28.80%

Correlation

The correlation between PRGTX and PREFX is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jan 2, 2001	0.90

The correlation between PRGTX and PREFX has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.

Return for Risk

PRGTX vs. PREFX — Risk / Return Rank

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

PRGTX

PRGTX Risk / Return Rank: 87
PRGTX Sharpe Ratio Rank: 92
PRGTX Sortino Ratio Rank: 77
PRGTX Omega Ratio Rank: 80
PRGTX Calmar Ratio Rank: 96
PRGTX Martin Ratio Rank: 91

PREFX

PREFX Risk / Return Rank: 20
PREFX Sharpe Ratio Rank: 23
PREFX Sortino Ratio Rank: 22
PREFX Omega Ratio Rank: 22
PREFX Calmar Ratio Rank: 15
PREFX Martin Ratio Rank: 17

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.

PRGTX vs. PREFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Global Technology Fund (PRGTX) and T. Rowe Price Tax-Efficient Equity Fund (PREFX). 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.

	PRGTX	PREFX	Difference
Sharpe ratio: Return per unit of total volatility	2.86	1.27	+1.59
Sortino ratio: Return per unit of downside risk	3.36	1.82	+1.54
Omega ratio: Gain probability vs. loss probability	1.48	1.23	+0.25
Calmar ratio: Return relative to maximum drawdown	5.69	1.28	+4.40
Martin ratio: Return relative to average drawdown	16.90	4.28	+12.62

PRGTX vs. PREFX - Sharpe Ratio Comparison

The current PRGTX Sharpe Ratio is 2.86, which is higher than the PREFX Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of PRGTX and PREFX, 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

PRGTX vs. PREFX - Drawdown Comparison

The maximum PRGTX drawdown since its inception was -71.18%, which is greater than PREFX's maximum drawdown of -56.70%. Use the drawdown chart below to compare losses from any high point for PRGTX and PREFX.

Drawdown Indicators

	PRGTX	PREFX	Difference
Max Drawdown Largest peak-to-trough decline	-71.18%	-56.70%	-14.48%
Max Drawdown (1Y) Largest decline over 1 year	-13.06%	-16.18%	+3.12%
Max Drawdown (3Y) Largest decline over 3 years	-26.67%	-23.06%	-3.61%
Max Drawdown (5Y) Largest decline over 5 years	-65.29%	-35.95%	-29.34%
Max Drawdown (10Y) Largest decline over 10 years	-65.29%	-35.95%	-29.34%
Current Drawdown Current decline from peak	-1.62%	-2.99%	+1.37%
Average Drawdown Average peak-to-trough decline	-21.51%	-10.25%	-11.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.38%	4.78%	-0.40%

Volatility

PRGTX vs. PREFX - Volatility Comparison

T. Rowe Price Global Technology Fund (PRGTX) has a higher volatility of 13.52% compared to T. Rowe Price Tax-Efficient Equity Fund (PREFX) at 6.27%. This indicates that PRGTX's price experiences larger fluctuations and is considered to be riskier than PREFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRGTX	PREFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.52%	6.27%	+7.25%
Volatility (6M) Calculated over the trailing 6-month period	22.05%	13.31%	+8.74%
Volatility (1Y) Calculated over the trailing 1-year period	25.95%	16.32%	+9.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.17%	21.76%	+10.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.63%	21.31%	+7.32%

PRGTX vs. PREFX - Expense Ratio Comparison

PRGTX has a 0.95% expense ratio, which is higher than PREFX's 0.76% expense ratio.

Dividends

PRGTX vs. PREFX - Dividend Comparison

Neither PRGTX nor PREFX has paid dividends to shareholders.

Position	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%
PRGTX T. Rowe Price Global Technology Fund	0.00%	0.00%	0.00%	0.00%	3.28%	27.71%	5.05%	0.15%	24.67%	15.81%	9.46%	10.03%

Frequently Asked Questions

Can I hold both PRGTX and PREFX in my portfolio?

PRGTX and PREFX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRGTX or PREFX?

PRGTX has higher volatility (13.52%) compared to PREFX (6.27%). In terms of maximum drawdown, PRGTX dropped -71.18% vs PREFX's -56.70%.

Which has better risk-adjusted returns?

PRGTX currently has the higher Sharpe Ratio (2.86 vs 1.27), 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.