PRWAX vs. VFIAX

Last updated Jun 23, 2026

PRWAX (T. Rowe Price All-Cap Opportunities Fund) and VFIAX (Vanguard 500 Index Fund Admiral Shares) are both mutual funds - PRWAX is a Large Cap Growth Equities fund actively managed by T. Rowe Price, while VFIAX is a S&P 500 fund tracking the S&P 500 Index. PRWAX is actively managed, while VFIAX is passively managed. Over the past 10 years, PRWAX returned 17.60%/yr vs 15.54%/yr for VFIAX. Their correlation of 0.94 suggests significant overlap in exposure. PRWAX charges 0.76%/yr vs 0.04%/yr for VFIAX.

Performance

PRWAX vs. VFIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price All-Cap Opportunities Fund (PRWAX) and Vanguard 500 Index Fund Admiral Shares (VFIAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRWAX achieves a 0.66% return, which is significantly lower than VFIAX's 10.17% return. Over the past 10 years, PRWAX has outperformed VFIAX with an annualized return of 17.60%, while VFIAX has yielded a comparatively lower 15.54% annualized return.

PRWAX

• 1D: 1.44%
• 1M: 1.82%
• YTD: 0.66%
• 6M: -0.19%
• 1Y: 14.17%
• 3Y*: 17.66%
• 5Y*: 9.83%
• 10Y*: 17.60%

VFIAX

• 1D: 1.09%
• 1M: 0.46%
• YTD: 10.17%
• 6M: 9.67%
• 1Y: 27.15%
• 3Y*: 20.95%
• 5Y*: 14.06%
• 10Y*: 15.54%

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

PRWAX vs. VFIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRWAX T. Rowe Price All-Cap Opportunities Fund	0.66%	16.37%	25.24%	29.02%	-21.37%	20.63%	44.73%	35.08%	1.26%	34.51%
VFIAX Vanguard 500 Index Fund Admiral Shares	10.17%	17.83%	24.97%	26.24%	-18.16%	28.65%	18.32%	31.46%	-4.45%	21.78%

Correlation

The correlation between PRWAX and VFIAX is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Nov 13, 2000	0.94

The correlation between PRWAX and VFIAX has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

Return for Risk

PRWAX vs. VFIAX — Risk / Return Rank

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

PRWAX

PRWAX Risk / Return Rank: 13
PRWAX Sharpe Ratio Rank: 15
PRWAX Sortino Ratio Rank: 14
PRWAX Omega Ratio Rank: 15
PRWAX Calmar Ratio Rank: 11
PRWAX Martin Ratio Rank: 13

VFIAX

VFIAX Risk / Return Rank: 66
VFIAX Sharpe Ratio Rank: 64
VFIAX Sortino Ratio Rank: 58
VFIAX Omega Ratio Rank: 61
VFIAX Calmar Ratio Rank: 68
VFIAX Martin Ratio Rank: 79

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. VFIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price All-Cap Opportunities Fund (PRWAX) and Vanguard 500 Index Fund Admiral Shares (VFIAX). 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	VFIAX	Difference
Sharpe ratio: Return per unit of total volatility	1.00	2.17	-1.17
Sortino ratio: Return per unit of downside risk	1.46	2.93	-1.47
Omega ratio: Gain probability vs. loss probability	1.19	1.39	-0.21
Calmar ratio: Return relative to maximum drawdown	1.00	3.03	-2.04
Martin ratio: Return relative to average drawdown	3.45	13.72	-10.27

PRWAX vs. VFIAX - Sharpe Ratio Comparison

The current PRWAX Sharpe Ratio is 1.00, which is lower than the VFIAX Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of PRWAX and VFIAX, 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

PRWAX vs. VFIAX - Drawdown Comparison

The maximum PRWAX drawdown since its inception was -55.06%, roughly equal to the maximum VFIAX drawdown of -55.20%. Use the drawdown chart below to compare losses from any high point for PRWAX and VFIAX.

Drawdown Indicators

	PRWAX	VFIAX	Difference
Max Drawdown Largest peak-to-trough decline	-55.06%	-55.20%	+0.14%
Max Drawdown (1Y) Largest decline over 1 year	-14.09%	-8.90%	-5.19%
Max Drawdown (3Y) Largest decline over 3 years	-19.06%	-18.75%	-0.31%
Max Drawdown (5Y) Largest decline over 5 years	-29.38%	-24.53%	-4.85%
Max Drawdown (10Y) Largest decline over 10 years	-30.50%	-33.83%	+3.33%
Current Drawdown Current decline from peak	-1.32%	-1.36%	+0.04%
Average Drawdown Average peak-to-trough decline	-9.89%	-9.38%	-0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.06%	1.96%	+2.10%

Volatility

PRWAX vs. VFIAX - Volatility Comparison

T. Rowe Price All-Cap Opportunities Fund (PRWAX) has a higher volatility of 5.44% compared to Vanguard 500 Index Fund Admiral Shares (VFIAX) at 4.77%. This indicates that PRWAX's price experiences larger fluctuations and is considered to be riskier than VFIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRWAX	VFIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.44%	4.77%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	11.62%	9.91%	+1.71%
Volatility (1Y) Calculated over the trailing 1-year period	14.05%	12.47%	+1.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.72%	17.00%	+0.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.77%	18.11%	+0.66%

PRWAX vs. VFIAX - Expense Ratio Comparison

PRWAX has a 0.76% expense ratio, which is higher than VFIAX's 0.04% expense ratio.

Dividends

PRWAX vs. VFIAX - Dividend Comparison

PRWAX's dividend yield for the trailing twelve months is around 8.29%, more than VFIAX's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRWAX T. Rowe Price All-Cap Opportunities Fund	8.29%	8.35%	9.22%	5.10%	3.11%	20.51%	15.44%	7.01%	12.58%	12.30%	6.19%	8.84%
VFIAX Vanguard 500 Index Fund Admiral Shares	1.03%	1.12%	1.24%	1.45%	1.68%	1.24%	1.53%	1.87%	2.05%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both PRWAX and VFIAX in my portfolio?

With a correlation of 0.93, PRWAX and VFIAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PRWAX or VFIAX?

PRWAX has higher volatility (5.44%) compared to VFIAX (4.77%). In terms of maximum drawdown, PRWAX dropped -55.06% vs VFIAX's -55.20%.

Which has better risk-adjusted returns?

VFIAX currently has the higher Sharpe Ratio (2.17 vs 1.00), 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.