PRULX vs. PIEQX

Last updated Jun 25, 2026

PRULX (T. Rowe Price U.S. Treasury Long Term Index Fund) and PIEQX (T. Rowe Price International Equity Index Fund) are both mutual funds - PRULX is a Government Bonds fund managed by T. Rowe Price, while PIEQX is a Foreign Large Cap Equities fund managed by T. Rowe Price. Over the past 10 years, PRULX returned -0.61%/yr vs 9.58%/yr for PIEQX. At a correlation of -0.18, they often move in opposite directions. Both charge a 0.29% expense ratio.

Performance

PRULX vs. PIEQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price U.S. Treasury Long Term Index Fund (PRULX) and T. Rowe Price International Equity Index Fund (PIEQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRULX achieves a -0.19% return, which is significantly lower than PIEQX's 8.31% return. Over the past 10 years, PRULX has underperformed PIEQX with an annualized return of -0.61%, while PIEQX has yielded a comparatively higher 9.58% annualized return.

PRULX

• 1D: 0.14%
• 1M: 2.38%
• YTD: -0.19%
• 6M: 0.21%
• 1Y: 4.62%
• 3Y*: -0.25%
• 5Y*: -5.76%
• 10Y*: -0.61%

PIEQX

• 1D: -2.13%
• 1M: 0.00%
• YTD: 8.31%
• 6M: 7.83%
• 1Y: 20.16%
• 3Y*: 16.51%
• 5Y*: 8.37%
• 10Y*: 9.58%

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

PRULX vs. PIEQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRULX T. Rowe Price U.S. Treasury Long Term Index Fund	-0.19%	6.69%	-5.71%	2.90%	-30.45%	-5.22%	18.34%	22.58%	-1.86%	8.23%
PIEQX T. Rowe Price International Equity Index Fund	8.31%	31.37%	3.40%	18.07%	-14.54%	11.02%	9.21%	21.04%	-14.29%	23.44%

Correlation

The correlation between PRULX and PIEQX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (10Y) Calculated over the trailing 10-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Nov 30, 2000	-0.18

The correlation between PRULX and PIEQX shifts across timeframes, from -0.18 (all time) to 0.34 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PRULX vs. PIEQX — Risk / Return Rank

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

PRULX

PRULX Risk / Return Rank: 8
PRULX Sharpe Ratio Rank: 8
PRULX Sortino Ratio Rank: 8
PRULX Omega Ratio Rank: 8
PRULX Calmar Ratio Rank: 9
PRULX Martin Ratio Rank: 8

PIEQX

PIEQX Risk / Return Rank: 30
PIEQX Sharpe Ratio Rank: 29
PIEQX Sortino Ratio Rank: 28
PIEQX Omega Ratio Rank: 28
PIEQX Calmar Ratio Rank: 31
PIEQX Martin Ratio Rank: 34

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.

PRULX vs. PIEQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price U.S. Treasury Long Term Index Fund (PRULX) and T. Rowe Price International Equity Index Fund (PIEQX). 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.

	PRULX	PIEQX	Difference
Sharpe ratio: Return per unit of total volatility	0.61	1.39	-0.77
Sortino ratio: Return per unit of downside risk	0.93	1.99	-1.06
Omega ratio: Gain probability vs. loss probability	1.11	1.25	-0.14
Calmar ratio: Return relative to maximum drawdown	0.75	1.92	-1.17
Martin ratio: Return relative to average drawdown	1.90	7.14	-5.24

PRULX vs. PIEQX - Sharpe Ratio Comparison

The current PRULX Sharpe Ratio is 0.61, which is lower than the PIEQX Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of PRULX and PIEQX, 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

PRULX vs. PIEQX - Drawdown Comparison

The maximum PRULX drawdown since its inception was -47.40%, smaller than the maximum PIEQX drawdown of -60.73%. Use the drawdown chart below to compare losses from any high point for PRULX and PIEQX.

Drawdown Indicators

	PRULX	PIEQX	Difference
Max Drawdown Largest peak-to-trough decline	-47.40%	-60.73%	+13.33%
Max Drawdown (1Y) Largest decline over 1 year	-7.35%	-11.38%	+4.03%
Max Drawdown (3Y) Largest decline over 3 years	-17.64%	-13.70%	-3.94%
Max Drawdown (5Y) Largest decline over 5 years	-42.35%	-29.56%	-12.79%
Max Drawdown (10Y) Largest decline over 10 years	-47.40%	-35.19%	-12.21%
Current Drawdown Current decline from peak	-36.76%	-2.13%	-34.63%
Average Drawdown Average peak-to-trough decline	-9.41%	-13.93%	+4.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.87%	3.05%	-0.18%

Volatility

PRULX vs. PIEQX - Volatility Comparison

The current volatility for T. Rowe Price U.S. Treasury Long Term Index Fund (PRULX) is 2.22%, while T. Rowe Price International Equity Index Fund (PIEQX) has a volatility of 5.31%. This indicates that PRULX experiences smaller price fluctuations and is considered to be less risky than PIEQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRULX	PIEQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.22%	5.31%	-3.09%
Volatility (6M) Calculated over the trailing 6-month period	6.49%	13.13%	-6.64%
Volatility (1Y) Calculated over the trailing 1-year period	9.02%	15.76%	-6.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.63%	16.36%	-1.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.96%	16.56%	-2.60%

PRULX vs. PIEQX - Expense Ratio Comparison

Both PRULX and PIEQX have an expense ratio of 0.29%.

Dividends

PRULX vs. PIEQX - Dividend Comparison

PRULX's dividend yield for the trailing twelve months is around 5.29%, more than PIEQX's 2.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIEQX T. Rowe Price International Equity Index Fund	2.95%	3.19%	2.89%	3.00%	2.67%	3.15%	1.71%	2.82%	2.99%	0.21%	2.90%	2.69%
PRULX T. Rowe Price U.S. Treasury Long Term Index Fund	5.29%	5.21%	4.88%	3.84%	2.07%	1.72%	20.34%	16.60%	2.62%	2.48%	4.65%	5.09%

Frequently Asked Questions

Can I hold both PRULX and PIEQX in my portfolio?

PRULX and PIEQX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRULX or PIEQX?

PIEQX has higher volatility (5.31%) compared to PRULX (2.22%). In terms of maximum drawdown, PRULX dropped -47.40% vs PIEQX's -60.73%.

Which has better risk-adjusted returns?

PIEQX currently has the higher Sharpe Ratio (1.39 vs 0.61), 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.