PRIJX vs. CNWIX

Last updated Jun 23, 2026

PRIJX (T. Rowe Price Emerging Markets Discovery Stock Fund Investor Class) and CNWIX (Calamos Evolving World Growth Fund Class I) are both Emerging Markets Equities funds. Over the past 10 years, PRIJX returned 12.10%/yr vs 12.70%/yr for CNWIX. Their correlation of 0.88 suggests significant overlap in exposure. PRIJX charges 1.13%/yr vs 1.05%/yr for CNWIX.

Performance

PRIJX vs. CNWIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Emerging Markets Discovery Stock Fund Investor Class (PRIJX) and Calamos Evolving World Growth Fund Class I (CNWIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRIJX achieves a 29.32% return, which is significantly lower than CNWIX's 51.83% return. Both investments have delivered pretty close results over the past 10 years, with PRIJX having a 12.10% annualized return and CNWIX not far ahead at 12.70%.

PRIJX

• 1D: 2.51%
• 1M: 6.44%
• YTD: 29.32%
• 6M: 31.88%
• 1Y: 60.85%
• 3Y*: 24.69%
• 5Y*: 10.94%
• 10Y*: 12.10%

CNWIX

• 1D: 1.04%
• 1M: 8.90%
• YTD: 51.83%
• 6M: 53.37%
• 1Y: 68.51%
• 3Y*: 29.74%
• 5Y*: 9.27%
• 10Y*: 12.70%

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

PRIJX vs. CNWIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRIJX T. Rowe Price Emerging Markets Discovery Stock Fund Investor Class	29.32%	38.56%	5.75%	11.13%	-15.64%	4.50%	6.87%	16.63%	-9.91%	32.57%
CNWIX Calamos Evolving World Growth Fund Class I	51.83%	19.29%	14.99%	6.60%	-24.35%	-4.70%	54.23%	20.76%	-17.74%	36.97%

Correlation

The correlation between PRIJX and CNWIX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.88

The correlation between PRIJX and CNWIX has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

Return for Risk

PRIJX vs. CNWIX — Risk / Return Rank

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

PRIJX

PRIJX Risk / Return Rank: 89
PRIJX Sharpe Ratio Rank: 94
PRIJX Sortino Ratio Rank: 84
PRIJX Omega Ratio Rank: 87
PRIJX Calmar Ratio Rank: 91
PRIJX Martin Ratio Rank: 90

CNWIX

CNWIX Risk / Return Rank: 83
CNWIX Sharpe Ratio Rank: 88
CNWIX Sortino Ratio Rank: 71
CNWIX Omega Ratio Rank: 82
CNWIX Calmar Ratio Rank: 89
CNWIX Martin Ratio Rank: 86

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.

PRIJX vs. CNWIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Emerging Markets Discovery Stock Fund Investor Class (PRIJX) and Calamos Evolving World Growth Fund Class I (CNWIX). 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.

	PRIJX	CNWIX	Difference
Sharpe ratio: Return per unit of total volatility	2.98	2.69	+0.30
Sortino ratio: Return per unit of downside risk	3.67	3.20	+0.48
Omega ratio: Gain probability vs. loss probability	1.56	1.50	+0.07
Calmar ratio: Return relative to maximum drawdown	4.49	4.30	+0.19
Martin ratio: Return relative to average drawdown	16.78	14.98	+1.80

PRIJX vs. CNWIX - Sharpe Ratio Comparison

The current PRIJX Sharpe Ratio is 2.98, which is comparable to the CNWIX Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of PRIJX and CNWIX, 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

PRIJX vs. CNWIX - Drawdown Comparison

The maximum PRIJX drawdown since its inception was -41.67%, roughly equal to the maximum CNWIX drawdown of -43.57%. Use the drawdown chart below to compare losses from any high point for PRIJX and CNWIX.

Drawdown Indicators

	PRIJX	CNWIX	Difference
Max Drawdown Largest peak-to-trough decline	-41.67%	-43.57%	+1.90%
Max Drawdown (1Y) Largest decline over 1 year	-13.26%	-16.28%	+3.02%
Max Drawdown (3Y) Largest decline over 3 years	-16.15%	-19.34%	+3.19%
Max Drawdown (5Y) Largest decline over 5 years	-31.16%	-37.36%	+6.20%
Max Drawdown (10Y) Largest decline over 10 years	-41.67%	-43.57%	+1.90%
Current Drawdown Current decline from peak	-1.36%	0.00%	-1.36%
Average Drawdown Average peak-to-trough decline	-9.90%	-16.39%	+6.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.54%	4.66%	-1.12%

Volatility

PRIJX vs. CNWIX - Volatility Comparison

The current volatility for T. Rowe Price Emerging Markets Discovery Stock Fund Investor Class (PRIJX) is 10.36%, while Calamos Evolving World Growth Fund Class I (CNWIX) has a volatility of 14.04%. This indicates that PRIJX experiences smaller price fluctuations and is considered to be less risky than CNWIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRIJX	CNWIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.36%	14.04%	-3.68%
Volatility (6M) Calculated over the trailing 6-month period	17.83%	23.67%	-5.84%
Volatility (1Y) Calculated over the trailing 1-year period	19.95%	26.13%	-6.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.15%	19.28%	-2.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.87%	24.78%	-6.91%

PRIJX vs. CNWIX - Expense Ratio Comparison

PRIJX has a 1.13% expense ratio, which is higher than CNWIX's 1.05% expense ratio.

Dividends

PRIJX vs. CNWIX - Dividend Comparison

PRIJX's dividend yield for the trailing twelve months is around 3.49%, more than CNWIX's 0.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNWIX Calamos Evolving World Growth Fund Class I	0.04%	0.06%	0.00%	0.54%	0.97%	2.79%	2.01%	1.04%	0.00%	0.42%	0.00%	0.38%
PRIJX T. Rowe Price Emerging Markets Discovery Stock Fund Investor Class	3.49%	4.51%	3.15%	2.99%	1.93%	2.29%	0.76%	2.55%	1.66%	3.67%	4.69%	0.00%

Frequently Asked Questions

Can I hold both PRIJX and CNWIX in my portfolio?

With a correlation of 0.91, PRIJX and CNWIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PRIJX or CNWIX?

CNWIX has higher volatility (14.04%) compared to PRIJX (10.36%). In terms of maximum drawdown, PRIJX dropped -41.67% vs CNWIX's -43.57%.

Which has better risk-adjusted returns?

PRIJX currently has the higher Sharpe Ratio (2.98 vs 2.69), 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.