PRWAX vs. PRWBX
PRWAX (T. Rowe Price All-Cap Opportunities Fund) and PRWBX (T. Rowe Price Short-Term Bond Fund) are both mutual funds - PRWAX is a Large Cap Growth Equities fund actively managed by T. Rowe Price, while PRWBX is a Short-Term Bond fund managed by T. Rowe Price. Over the past 10 years, PRWAX returned 17.83%/yr vs 2.52%/yr for PRWBX. At a correlation of -0.01, they often move in opposite directions. PRWAX charges 0.76%/yr vs 0.43%/yr for PRWBX.
Performance
PRWAX vs. PRWBX - Performance Comparison
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Returns By Period
In the year-to-date period, PRWAX achieves a 0.15% return, which is significantly lower than PRWBX's 0.38% return. Over the past 10 years, PRWAX has outperformed PRWBX with an annualized return of 17.83%, while PRWBX has yielded a comparatively lower 2.52% annualized return.
PRWAX
- 1D
- -0.50%
- 1M
- 1.31%
- YTD
- 0.15%
- 6M
- -1.17%
- 1Y
- 12.35%
- 3Y*
- 17.78%
- 5Y*
- 9.33%
- 10Y*
- 17.83%
PRWBX
- 1D
- 0.00%
- 1M
- 0.13%
- YTD
- 0.38%
- 6M
- 1.34%
- 1Y
- 5.08%
- 3Y*
- 5.80%
- 5Y*
- 2.69%
- 10Y*
- 2.52%
PRWAX vs. PRWBX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRWAX T. Rowe Price All-Cap Opportunities Fund | 0.15% | 16.37% | 25.24% | 29.02% | -21.37% | 20.63% | 44.73% | 35.08% | 1.26% | 34.51% |
PRWBX T. Rowe Price Short-Term Bond Fund | 0.38% | 7.22% | 6.22% | 5.54% | -4.99% | -0.23% | 4.56% | 4.33% | 1.38% | 1.33% |
Correlation
The correlation between PRWAX and PRWBX is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 1986 | -0.01 |
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Return for Risk
PRWAX vs. PRWBX — Risk / Return Rank
PRWAX
PRWBX
PRWAX vs. PRWBX - 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 Short-Term Bond Fund (PRWBX). 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 | PRWBX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.42 | ||
| Sortino ratioReturn per unit of downside risk | -2.77 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.71 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | 0.97 | 5.09 | -4.12 |
| Martin ratioReturn relative to average drawdown | 3.37 | 18.89 | -15.52 |
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Drawdowns
PRWAX vs. PRWBX - Drawdown Comparison
The maximum PRWAX drawdown since its inception was -55.06%, which is greater than PRWBX's maximum drawdown of -7.78%. Use the drawdown chart below to compare losses from any high point for PRWAX and PRWBX.
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Drawdown Indicators
| PRWAX | PRWBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.06% | -7.78% | -47.28% |
Max Drawdown (1Y)Largest decline over 1 year | -14.09% | -1.07% | -13.02% |
Max Drawdown (3Y)Largest decline over 3 years | -19.06% | -1.07% | -17.99% |
Max Drawdown (5Y)Largest decline over 5 years | -29.38% | -7.29% | -22.09% |
Max Drawdown (10Y)Largest decline over 10 years | -30.50% | -7.29% | -23.21% |
Current DrawdownCurrent decline from peak | -1.81% | -0.43% | -1.38% |
Average DrawdownAverage peak-to-trough decline | -9.89% | -0.95% | -8.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.06% | 0.29% | +3.77% |
Volatility
PRWAX vs. PRWBX - Volatility Comparison
T. Rowe Price All-Cap Opportunities Fund (PRWAX) has a higher volatility of 5.37% compared to T. Rowe Price Short-Term Bond Fund (PRWBX) at 0.61%. This indicates that PRWAX's price experiences larger fluctuations and is considered to be riskier than PRWBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRWAX | PRWBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.37% | 0.61% | +4.76% |
Volatility (6M)Calculated over the trailing 6-month period | 11.55% | 1.60% | +9.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.09% | 2.29% | +11.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.72% | 2.56% | +15.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.78% | 2.18% | +16.60% |
PRWAX vs. PRWBX - Expense Ratio Comparison
PRWAX has a 0.76% expense ratio, which is higher than PRWBX's 0.43% expense ratio.
Dividends
PRWAX vs. PRWBX - Dividend Comparison
PRWAX's dividend yield for the trailing twelve months is around 8.34%, more than PRWBX's 5.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRWAX T. Rowe Price All-Cap Opportunities Fund | 8.34% | 8.35% | 9.22% | 5.10% | 3.11% | 20.51% | 15.44% | 7.01% | 12.58% | 12.30% | 6.19% | 8.84% |
PRWBX T. Rowe Price Short-Term Bond Fund | 5.64% | 5.64% | 5.12% | 3.57% | 1.38% | 1.24% | 1.92% | 2.52% | 2.22% | 1.75% | 1.58% | 1.46% |
Frequently Asked Questions
PRWAX and PRWBX have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRWAX has higher volatility (5.37%) compared to PRWBX (0.61%). In terms of maximum drawdown, PRWAX dropped -55.06% vs PRWBX's -7.78%.
PRWBX currently has the higher Sharpe Ratio (2.39 vs 0.98), 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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