PRNEX vs. VGELX

Last updated Jun 25, 2026

PRNEX (T. Rowe Price New Era Fund) and VGELX (Vanguard Energy Fund Admiral Shares) are both Energy Equities funds. Over the past 10 years, PRNEX returned 8.51%/yr vs 9.21%/yr for VGELX. Their correlation of 0.94 suggests significant overlap in exposure. PRNEX charges 0.56%/yr vs 0.33%/yr for VGELX.

Performance

PRNEX vs. VGELX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price New Era Fund (PRNEX) and Vanguard Energy Fund Admiral Shares (VGELX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRNEX achieves a 15.94% return, which is significantly lower than VGELX's 16.97% return. Over the past 10 years, PRNEX has underperformed VGELX with an annualized return of 8.51%, while VGELX has yielded a comparatively higher 9.21% annualized return.

PRNEX

• 1D: -1.47%
• 1M: -5.38%
• YTD: 15.94%
• 6M: 15.46%
• 1Y: 30.96%
• 3Y*: 14.83%
• 5Y*: 10.80%
• 10Y*: 8.51%

VGELX

• 1D: 0.27%
• 1M: -4.69%
• YTD: 16.97%
• 6M: 17.51%
• 1Y: 26.53%
• 3Y*: 27.16%
• 5Y*: 21.66%
• 10Y*: 9.21%

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

PRNEX vs. VGELX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRNEX T. Rowe Price New Era Fund	15.94%	18.85%	4.41%	1.02%	7.14%	25.35%	-2.63%	16.91%	-16.23%	10.57%
VGELX Vanguard Energy Fund Admiral Shares	16.97%	20.76%	30.46%	8.87%	23.70%	27.80%	-30.80%	13.32%	-17.12%	3.31%

Correlation

The correlation between PRNEX and VGELX is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001	0.94

Over the past year, the correlation between PRNEX and VGELX has dropped to 0.70 - well below their long-term average of 0.94, suggesting their price drivers have been diverging.

Return for Risk

PRNEX vs. VGELX — Risk / Return Rank

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

PRNEX

PRNEX Risk / Return Rank: 69
PRNEX Sharpe Ratio Rank: 59
PRNEX Sortino Ratio Rank: 53
PRNEX Omega Ratio Rank: 52
PRNEX Calmar Ratio Rank: 91
PRNEX Martin Ratio Rank: 89

VGELX

VGELX Risk / Return Rank: 66
VGELX Sharpe Ratio Rank: 64
VGELX Sortino Ratio Rank: 60
VGELX Omega Ratio Rank: 56
VGELX Calmar Ratio Rank: 78
VGELX Martin Ratio Rank: 71

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.

PRNEX vs. VGELX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price New Era Fund (PRNEX) and Vanguard Energy Fund Admiral Shares (VGELX). 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.

	PRNEX	VGELX	Difference
Sharpe ratio: Return per unit of total volatility	2.04	2.14	-0.11
Sortino ratio: Return per unit of downside risk	2.75	2.94	-0.19
Omega ratio: Gain probability vs. loss probability	1.36	1.38	-0.02
Calmar ratio: Return relative to maximum drawdown	4.55	3.34	+1.21
Martin ratio: Return relative to average drawdown	15.93	12.55	+3.38

PRNEX vs. VGELX - Sharpe Ratio Comparison

The current PRNEX Sharpe Ratio is 2.04, which is comparable to the VGELX Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of PRNEX and VGELX, 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

PRNEX vs. VGELX - Drawdown Comparison

The maximum PRNEX drawdown since its inception was -66.56%, roughly equal to the maximum VGELX drawdown of -65.22%. Use the drawdown chart below to compare losses from any high point for PRNEX and VGELX.

Drawdown Indicators

	PRNEX	VGELX	Difference
Max Drawdown Largest peak-to-trough decline	-66.56%	-65.22%	-1.34%
Max Drawdown (1Y) Largest decline over 1 year	-6.79%	-7.86%	+1.07%
Max Drawdown (3Y) Largest decline over 3 years	-20.19%	-12.30%	-7.89%
Max Drawdown (5Y) Largest decline over 5 years	-21.50%	-19.72%	-1.78%
Max Drawdown (10Y) Largest decline over 10 years	-49.64%	-61.13%	+11.49%
Current Drawdown Current decline from peak	-6.79%	-6.73%	-0.06%
Average Drawdown Average peak-to-trough decline	-16.28%	-19.11%	+2.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.94%	2.09%	-0.15%

Volatility

PRNEX vs. VGELX - Volatility Comparison

T. Rowe Price New Era Fund (PRNEX) has a higher volatility of 5.78% compared to Vanguard Energy Fund Admiral Shares (VGELX) at 3.93%. This indicates that PRNEX's price experiences larger fluctuations and is considered to be riskier than VGELX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRNEX	VGELX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.78%	3.93%	+1.85%
Volatility (6M) Calculated over the trailing 6-month period	12.13%	10.26%	+1.87%
Volatility (1Y) Calculated over the trailing 1-year period	15.21%	12.26%	+2.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.72%	18.69%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.57%	23.13%	-2.56%

PRNEX vs. VGELX - Expense Ratio Comparison

PRNEX has a 0.56% expense ratio, which is higher than VGELX's 0.33% expense ratio.

Dividends

PRNEX vs. VGELX - Dividend Comparison

PRNEX's dividend yield for the trailing twelve months is around 7.80%, more than VGELX's 7.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRNEX T. Rowe Price New Era Fund	7.80%	9.04%	4.81%	11.46%	4.47%	2.07%	2.54%	2.18%	1.69%	1.89%	1.28%	2.68%
VGELX Vanguard Energy Fund Admiral Shares	7.39%	4.79%	34.15%	6.91%	4.71%	3.70%	4.54%	3.38%	3.07%	3.05%	1.91%	2.70%

Frequently Asked Questions

Can I hold both PRNEX and VGELX in my portfolio?

PRNEX and VGELX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRNEX or VGELX?

PRNEX has higher volatility (5.78%) compared to VGELX (3.93%). In terms of maximum drawdown, PRNEX dropped -66.56% vs VGELX's -65.22%.

Which has better risk-adjusted returns?

VGELX currently has the higher Sharpe Ratio (2.14 vs 2.04), 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.