PRWAX vs. PMEGX
PRWAX (T. Rowe Price All-Cap Opportunities Fund) and PMEGX (T. Rowe Price Institutional Mid Cap Equity Growth Fund) are both mutual funds - PRWAX is a Large Cap Growth Equities fund actively managed by T. Rowe Price, while PMEGX is a Mid Cap Growth Equities fund managed by T. Rowe Price. Over the past 10 years, PRWAX returned 16.77%/yr vs 9.78%/yr for PMEGX. Their correlation of 0.92 means they have usually moved in the same direction. PRWAX charges 0.76%/yr vs 0.61%/yr for PMEGX.
Performance
PRWAX vs. PMEGX - Performance Comparison
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Returns By Period
In the year-to-date period, PRWAX achieves a -1.10% return, which is significantly lower than PMEGX's 3.03% return. Over the past 10 years, PRWAX has outperformed PMEGX with an annualized return of 16.77%, while PMEGX has yielded a comparatively lower 9.78% annualized return.
PRWAX
- 1D
- 1.76%
- 1M
- -1.38%
- 6M
- -0.18%
- YTD
- -1.10%
- 1Y
- 7.57%
- 3Y*
- 14.80%
- 5Y*
- 8.53%
- 10Y*
- 16.77%
- ALL TIME*
- 11.61%
PMEGX
- 1D
- 0.47%
- 1M
- -1.53%
- 6M
- 2.67%
- YTD
- 3.03%
- 1Y
- 6.19%
- 3Y*
- 6.28%
- 5Y*
- 2.15%
- 10Y*
- 9.78%
- ALL TIME*
- 10.81%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
PRWAX vs. PMEGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRWAX T. Rowe Price All-Cap Opportunities Fund | -1.10% | 16.37% | 25.24% | 29.02% | -21.37% | 20.63% | 44.73% | 35.08% | 1.26% | 34.51% |
PMEGX T. Rowe Price Institutional Mid Cap Equity Growth Fund | 3.03% | 3.73% | 9.15% | 20.69% | -23.19% | 15.50% | 23.95% | 33.08% | -2.23% | 26.02% |
Correlation
The correlation between PRWAX and PMEGX is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.72 |
Correlation (3Y) Balances recent behavior with more history. | 0.79 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.86 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.87 |
Correlation (All Time) Calculated using the full available price history since Jul 30, 1996 | 0.92 |
Over the past year, the correlation between PRWAX and PMEGX has dropped to 0.72 - well below their long-term average of 0.92, suggesting their price drivers have been diverging.
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Return for Risk
PRWAX vs. PMEGX — Risk / Return Rank
PRWAX
PMEGX
PRWAX vs. PMEGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price All-Cap Opportunities Fund (PRWAX) and T. Rowe Price Institutional Mid Cap Equity Growth Fund (PMEGX). 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.
| PRWAX | PMEGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.06 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.40 | 0.41 | -0.01 |
| Martin ratioReturn relative to average drawdown | 1.36 | 1.39 | -0.03 |
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Drawdowns
PRWAX vs. PMEGX - Drawdown Comparison
The maximum PRWAX drawdown since its inception was -55.06%, roughly equal to the maximum PMEGX drawdown of -55.88%. Use the drawdown chart below to compare losses from any high point for PRWAX and PMEGX.
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Drawdown Indicators
| PRWAX | PMEGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.06% | -55.88% | +0.82% |
Max Drawdown (1Y)Largest decline over 1 year | -14.09% | -10.21% | -3.88% |
Max Drawdown (3Y)Largest decline over 3 years | -19.06% | -27.99% | +8.93% |
Max Drawdown (5Y)Largest decline over 5 years | -29.38% | -32.87% | +3.49% |
Max Drawdown (10Y)Largest decline over 10 years | -30.50% | -37.16% | +6.66% |
Current DrawdownCurrent decline from peak | -3.04% | -6.20% | +3.16% |
Average DrawdownAverage peak-to-trough decline | -9.87% | -8.99% | -0.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.13% | 3.04% | +1.09% |
Volatility
PRWAX vs. PMEGX - Volatility Comparison
T. Rowe Price All-Cap Opportunities Fund (PRWAX) has a higher volatility of 4.17% compared to T. Rowe Price Institutional Mid Cap Equity Growth Fund (PMEGX) at 2.50%. This indicates that PRWAX's price experiences larger fluctuations and is considered to be riskier than PMEGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRWAX | PMEGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.17% | 2.50% | +1.67% |
Volatility (6M)Calculated over the trailing 6-month period | 11.97% | 10.49% | +1.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.62% | 13.64% | +0.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.78% | 20.11% | -2.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.74% | 19.75% | -1.01% |
PRWAX vs. PMEGX - Expense Ratio Comparison
PRWAX has a 0.76% expense ratio, which is higher than PMEGX's 0.61% expense ratio.
Dividends
PRWAX vs. PMEGX - Dividend Comparison
PRWAX's dividend yield for the trailing twelve months is around 8.44%, less than PMEGX's 20.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PMEGX T. Rowe Price Institutional Mid Cap Equity Growth Fund | 20.48% | 21.10% | 14.15% | 7.07% | 1.65% | 12.80% | 4.44% | 5.11% | 10.42% | 6.30% | 1.04% | 6.18% |
PRWAX T. Rowe Price All-Cap Opportunities Fund | 8.44% | 8.35% | 9.22% | 5.10% | 3.11% | 20.51% | 15.44% | 7.01% | 12.58% | 12.30% | 6.19% | 8.84% |
Frequently Asked Questions
PRWAX and PMEGX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRWAX has higher volatility (4.17%) compared to PMEGX (2.50%). In terms of maximum drawdown, PRWAX dropped -55.06% vs PMEGX's -55.88%.
PRWAX currently has the higher Sharpe Ratio (0.39 vs 0.31), 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.
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