PRWAX vs. PRESX

Last updated Jun 4, 2026

PRWAX (T. Rowe Price All-Cap Opportunities Fund) and PRESX (T. Rowe Price European Stock Fund) are both mutual funds - PRWAX is a Large Cap Growth Equities fund managed by T. Rowe Price, while PRESX is a Europe Equities fund managed by T. Rowe Price. Over the past 10 years, PRWAX returned 17.43%/yr vs 7.18%/yr for PRESX. A 0.58 correlation means they provide meaningful diversification when combined. PRWAX charges 0.76%/yr vs 1.03%/yr for PRESX.

Performance

PRWAX vs. PRESX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price All-Cap Opportunities Fund (PRWAX) and T. Rowe Price European Stock Fund (PRESX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRWAX achieves a 1.11% return, which is significantly lower than PRESX's 5.66% return. Over the past 10 years, PRWAX has outperformed PRESX with an annualized return of 17.43%, while PRESX has yielded a comparatively lower 7.18% annualized return.

PRWAX

• 1D: 0.18%
• 1M: 3.86%
• YTD: 1.11%
• 6M: 0.69%
• 1Y: 14.72%
• 3Y*: 18.74%
• 5Y*: 10.46%
• 10Y*: 17.43%

PRESX

• 1D: 0.53%
• 1M: 5.33%
• YTD: 5.66%
• 6M: 7.68%
• 1Y: 10.76%
• 3Y*: 11.25%
• 5Y*: 4.61%
• 10Y*: 7.18%

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

PRWAX vs. PRESX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRWAX T. Rowe Price All-Cap Opportunities Fund	1.11%	16.37%	25.24%	29.02%	-21.37%	20.63%	44.73%	35.08%	1.26%	34.51%
PRESX T. Rowe Price European Stock Fund	5.66%	21.46%	1.83%	19.07%	-21.76%	14.81%	12.53%	26.89%	-12.74%	25.74%

Correlation

The correlation between PRWAX and PRESX is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Jan 3, 1991	0.58

The correlation between PRWAX and PRESX shifts across timeframes, from 0.58 (all time) to 0.71 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PRWAX vs. PRESX — Risk / Return Rank

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

PRWAX

PRWAX Risk / Return Rank: 15
PRWAX Sharpe Ratio Rank: 17
PRWAX Sortino Ratio Rank: 16
PRWAX Omega Ratio Rank: 17
PRWAX Calmar Ratio Rank: 11
PRWAX Martin Ratio Rank: 13

PRESX

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

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.

PRWAX vs. PRESX - 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 European Stock Fund (PRESX). 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.

	PRWAX	PRESX	Difference
Sharpe ratio: Return per unit of total volatility	1.17	0.64	+0.52
Sortino ratio: Return per unit of downside risk	1.69	1.00	+0.69
Omega ratio: Gain probability vs. loss probability	1.21	1.12	+0.09
Calmar ratio: Return relative to maximum drawdown	1.10	0.78	+0.32
Martin ratio: Return relative to average drawdown	3.85	2.61	+1.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PRWAX vs. PRESX - Sharpe Ratio Comparison

The current PRWAX Sharpe Ratio is 1.17, which is higher than the PRESX Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of PRWAX and PRESX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PRWAX	PRESX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.17	0.64	+0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.26	+0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.93	0.40	+0.53
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.40	+0.20

Drawdowns

PRWAX vs. PRESX - Drawdown Comparison

The maximum PRWAX drawdown since its inception was -55.06%, smaller than the maximum PRESX drawdown of -59.86%. Use the drawdown chart below to compare losses from any high point for PRWAX and PRESX.

Drawdown Indicators

	PRWAX	PRESX	Difference
Max Drawdown Largest peak-to-trough decline	-55.06%	-59.86%	+4.80%
Max Drawdown (1Y) Largest decline over 1 year	-14.09%	-12.69%	-1.40%
Max Drawdown (3Y) Largest decline over 3 years	-19.06%	-14.63%	-4.43%
Max Drawdown (5Y) Largest decline over 5 years	-29.38%	-38.78%	+9.40%
Max Drawdown (10Y) Largest decline over 10 years	-30.50%	-38.78%	+8.28%
Current Drawdown Current decline from peak	-0.87%	0.00%	-0.87%
Average Drawdown Average peak-to-trough decline	-9.90%	-11.99%	+2.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.00%	3.78%	+0.22%

Volatility

PRWAX vs. PRESX - Volatility Comparison

The current volatility for T. Rowe Price All-Cap Opportunities Fund (PRWAX) is 3.52%, while T. Rowe Price European Stock Fund (PRESX) has a volatility of 5.46%. This indicates that PRWAX experiences smaller price fluctuations and is considered to be less risky than PRESX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRWAX	PRESX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.52%	5.46%	-1.94%
Volatility (6M) Calculated over the trailing 6-month period	10.56%	12.49%	-1.93%
Volatility (1Y) Calculated over the trailing 1-year period	13.27%	15.42%	-2.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.61%	17.90%	-0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.72%	17.95%	+0.77%

PRWAX vs. PRESX - Expense Ratio Comparison

PRWAX has a 0.76% expense ratio, which is lower than PRESX's 1.03% expense ratio.

Dividends

PRWAX vs. PRESX - Dividend Comparison

PRWAX's dividend yield for the trailing twelve months is around 8.26%, less than PRESX's 10.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRESX T. Rowe Price European Stock Fund	10.16%	10.74%	6.85%	3.77%	1.32%	3.96%	0.86%	1.59%	2.67%	2.08%	3.03%	3.20%
PRWAX T. Rowe Price All-Cap Opportunities Fund	8.26%	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

Can I hold both PRWAX and PRESX in my portfolio?

PRWAX and PRESX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRWAX or PRESX?

PRESX has higher volatility (5.46%) compared to PRWAX (3.52%). In terms of maximum drawdown, PRWAX dropped -55.06% vs PRESX's -59.86%.

Which has better risk-adjusted returns?

PRWAX currently has the higher Sharpe Ratio (1.17 vs 0.64), 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.