PRWCX vs. VWELX

Last updated Jun 30, 2026

PRWCX (T. Rowe Price Capital Appreciation Fund) and VWELX (Vanguard Wellington Fund Investor Shares) are both Diversified Portfolio funds. Both are actively managed. Over the past 10 years, PRWCX returned 11.41%/yr vs 10.18%/yr for VWELX. Their correlation of 0.86 suggests significant overlap in exposure. PRWCX charges 0.68%/yr vs 0.24%/yr for VWELX.

Performance

PRWCX vs. VWELX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Capital Appreciation Fund (PRWCX) and Vanguard Wellington Fund Investor Shares (VWELX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with PRWCX having a 4.95% return and VWELX slightly higher at 5.10%. Over the past 10 years, PRWCX has outperformed VWELX with an annualized return of 11.41%, while VWELX has yielded a comparatively lower 10.18% annualized return.

PRWCX

• 1D: 0.29%
• 1M: -1.19%
• YTD: 4.95%
• 6M: 4.72%
• 1Y: 11.18%
• 3Y*: 12.77%
• 5Y*: 8.42%
• 10Y*: 11.41%

VWELX

• 1D: -0.02%
• 1M: -1.65%
• YTD: 5.10%
• 6M: 4.40%
• 1Y: 15.21%
• 3Y*: 14.57%
• 5Y*: 8.33%
• 10Y*: 10.18%

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

PRWCX vs. VWELX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRWCX T. Rowe Price Capital Appreciation Fund	4.95%	12.45%	12.50%	18.85%	-12.00%	18.45%	18.13%	24.62%	0.63%	15.34%
VWELX Vanguard Wellington Fund Investor Shares	5.10%	16.54%	14.73%	14.29%	-14.36%	18.99%	10.57%	22.51%	-3.43%	13.98%

Correlation

The correlation between PRWCX and VWELX is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jan 2, 1987	0.86

The correlation between PRWCX and VWELX has been stable across timeframes, ranging from 0.84 to 0.92 - a consistent structural relationship.

Return for Risk

PRWCX vs. VWELX — Risk / Return Rank

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

PRWCX

PRWCX Risk / Return Rank: 36
PRWCX Sharpe Ratio Rank: 37
PRWCX Sortino Ratio Rank: 36
PRWCX Omega Ratio Rank: 38
PRWCX Calmar Ratio Rank: 31
PRWCX Martin Ratio Rank: 40

VWELX

VWELX Risk / Return Rank: 52
VWELX Sharpe Ratio Rank: 51
VWELX Sortino Ratio Rank: 50
VWELX Omega Ratio Rank: 51
VWELX Calmar Ratio Rank: 48
VWELX Martin Ratio Rank: 61

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.

PRWCX vs. VWELX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Capital Appreciation Fund (PRWCX) and Vanguard Wellington Fund Investor Shares (VWELX). 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.

	PRWCX	VWELX	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.76	-0.27
Sortino ratio: Return per unit of downside risk	2.11	2.47	-0.36
Omega ratio: Gain probability vs. loss probability	1.28	1.33	-0.05
Calmar ratio: Return relative to maximum drawdown	1.82	2.32	-0.50
Martin ratio: Return relative to average drawdown	7.60	10.31	-2.71

PRWCX vs. VWELX - Sharpe Ratio Comparison

The current PRWCX Sharpe Ratio is 1.49, which is comparable to the VWELX Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of PRWCX and VWELX, 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

PRWCX vs. VWELX - Drawdown Comparison

The maximum PRWCX drawdown since its inception was -41.77%, which is greater than VWELX's maximum drawdown of -36.12%. Use the drawdown chart below to compare losses from any high point for PRWCX and VWELX.

Drawdown Indicators

	PRWCX	VWELX	Difference
Max Drawdown Largest peak-to-trough decline	-41.77%	-36.12%	-5.65%
Max Drawdown (1Y) Largest decline over 1 year	-6.32%	-6.78%	+0.46%
Max Drawdown (3Y) Largest decline over 3 years	-15.96%	-11.98%	-3.98%
Max Drawdown (5Y) Largest decline over 5 years	-17.07%	-20.88%	+3.81%
Max Drawdown (10Y) Largest decline over 10 years	-26.86%	-25.33%	-1.53%
Current Drawdown Current decline from peak	-1.19%	-1.88%	+0.69%
Average Drawdown Average peak-to-trough decline	-3.33%	-3.92%	+0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.51%	1.52%	-0.01%

Volatility

PRWCX vs. VWELX - Volatility Comparison

The current volatility for T. Rowe Price Capital Appreciation Fund (PRWCX) is 2.83%, while Vanguard Wellington Fund Investor Shares (VWELX) has a volatility of 3.63%. This indicates that PRWCX experiences smaller price fluctuations and is considered to be less risky than VWELX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRWCX	VWELX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	3.63%	-0.80%
Volatility (6M) Calculated over the trailing 6-month period	6.44%	7.33%	-0.89%
Volatility (1Y) Calculated over the trailing 1-year period	7.76%	8.96%	-1.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.78%	11.22%	+1.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.72%	11.54%	+1.18%

PRWCX vs. VWELX - Expense Ratio Comparison

PRWCX has a 0.68% expense ratio, which is higher than VWELX's 0.24% expense ratio.

Dividends

PRWCX vs. VWELX - Dividend Comparison

PRWCX's dividend yield for the trailing twelve months is around 8.40%, less than VWELX's 11.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRWCX T. Rowe Price Capital Appreciation Fund	8.40%	8.81%	10.38%	4.15%	9.44%	9.23%	7.97%	5.83%	7.46%	6.82%	3.51%	9.86%
VWELX Vanguard Wellington Fund Investor Shares	11.01%	11.46%	10.76%	6.01%	8.19%	8.64%	7.77%	4.67%	9.49%	5.82%	4.44%	7.03%

Frequently Asked Questions

Can I hold both PRWCX and VWELX in my portfolio?

PRWCX and VWELX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRWCX or VWELX?

VWELX has higher volatility (3.63%) compared to PRWCX (2.83%). In terms of maximum drawdown, PRWCX dropped -41.77% vs VWELX's -36.12%.

Which has better risk-adjusted returns?

VWELX currently has the higher Sharpe Ratio (1.76 vs 1.49), 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.