RPIHX vs. PRWCX

Last updated Jun 3, 2026

RPIHX (T. Rowe Price Global High Income Bond Fund) and PRWCX (T. Rowe Price Capital Appreciation Fund) are both mutual funds - RPIHX is a High Yield Bonds fund actively managed by T. Rowe Price, while PRWCX is a Diversified Portfolio fund managed by T. Rowe Price. Over the past 10 years, RPIHX returned 6.07%/yr vs 11.28%/yr for PRWCX. At a 0.40 correlation, their price movements are largely independent. RPIHX charges 0.75%/yr vs 0.68%/yr for PRWCX.

Performance

RPIHX vs. PRWCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Global High Income Bond Fund (RPIHX) and T. Rowe Price Capital Appreciation Fund (PRWCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RPIHX achieves a 2.04% return, which is significantly lower than PRWCX's 6.04% return. Over the past 10 years, RPIHX has underperformed PRWCX with an annualized return of 6.07%, while PRWCX has yielded a comparatively higher 11.28% annualized return.

RPIHX

• 1D: 0.00%
• 1M: 1.14%
• YTD: 2.04%
• 6M: 3.77%
• 1Y: 10.77%
• 3Y*: 11.47%
• 5Y*: 4.86%
• 10Y*: 6.07%

PRWCX

• 1D: -0.16%
• 1M: 2.76%
• YTD: 6.04%
• 6M: 6.29%
• 1Y: 15.64%
• 3Y*: 13.58%
• 5Y*: 8.87%
• 10Y*: 11.28%

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

RPIHX vs. PRWCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RPIHX T. Rowe Price Global High Income Bond Fund	2.04%	11.91%	10.44%	15.12%	-13.09%	3.08%	5.89%	14.90%	-1.76%	8.71%
PRWCX T. Rowe Price Capital Appreciation Fund	6.04%	12.45%	12.50%	18.85%	-12.00%	18.45%	18.13%	24.62%	0.63%	15.34%

Correlation

The correlation between RPIHX and PRWCX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.40

Return for Risk

RPIHX vs. PRWCX — Risk / Return Rank

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

RPIHX

RPIHX Risk / Return Rank: 92
RPIHX Sharpe Ratio Rank: 95
RPIHX Sortino Ratio Rank: 98
RPIHX Omega Ratio Rank: 97
RPIHX Calmar Ratio Rank: 81
RPIHX Martin Ratio Rank: 88

PRWCX

PRWCX Risk / Return Rank: 51
PRWCX Sharpe Ratio Rank: 52
PRWCX Sortino Ratio Rank: 52
PRWCX Omega Ratio Rank: 53
PRWCX Calmar Ratio Rank: 43
PRWCX Martin Ratio Rank: 55

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.

RPIHX vs. PRWCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Global High Income Bond Fund (RPIHX) and T. Rowe Price Capital Appreciation Fund (PRWCX). 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.

	RPIHX	PRWCX	Difference
Sharpe ratio Return per unit of total volatility	3.39	2.14	+1.26
Sortino ratio Return per unit of downside risk	6.56	3.05	+3.50
Omega ratio Gain probability vs. loss probability	1.94	1.40	+0.54
Calmar ratio Return relative to maximum drawdown	3.74	2.55	+1.19
Martin ratio Return relative to average drawdown	17.30	11.23	+6.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RPIHX vs. PRWCX - Sharpe Ratio Comparison

The current RPIHX Sharpe Ratio is 3.39, which is higher than the PRWCX Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of RPIHX and PRWCX, 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

	RPIHX	PRWCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.39	2.14	+1.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.11	0.70	+0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.14	0.89	+0.25
Sharpe Ratio (All Time) Calculated using the full available price history	1.24	0.91	+0.33

Drawdowns

RPIHX vs. PRWCX - Drawdown Comparison

The maximum RPIHX drawdown since its inception was -23.77%, smaller than the maximum PRWCX drawdown of -41.77%. Use the drawdown chart below to compare losses from any high point for RPIHX and PRWCX.

Drawdown Indicators

	RPIHX	PRWCX	Difference
Max Drawdown Largest peak-to-trough decline	-23.77%	-41.77%	+18.00%
Max Drawdown (1Y) Largest decline over 1 year	-2.91%	-6.32%	+3.41%
Max Drawdown (3Y) Largest decline over 3 years	-3.76%	-15.96%	+12.20%
Max Drawdown (5Y) Largest decline over 5 years	-19.25%	-17.07%	-2.18%
Max Drawdown (10Y) Largest decline over 10 years	-23.77%	-26.86%	+3.09%
Current Drawdown Current decline from peak	0.00%	-0.16%	+0.16%
Average Drawdown Average peak-to-trough decline	-2.77%	-3.33%	+0.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.63%	1.44%	-0.81%

Volatility

RPIHX vs. PRWCX - Volatility Comparison

The current volatility for T. Rowe Price Global High Income Bond Fund (RPIHX) is 1.12%, while T. Rowe Price Capital Appreciation Fund (PRWCX) has a volatility of 1.87%. This indicates that RPIHX experiences smaller price fluctuations and is considered to be less risky than PRWCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RPIHX	PRWCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.12%	1.87%	-0.75%
Volatility (6M) Calculated over the trailing 6-month period	2.51%	6.03%	-3.52%
Volatility (1Y) Calculated over the trailing 1-year period	3.23%	7.46%	-4.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.39%	12.74%	-8.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.35%	12.74%	-7.39%

RPIHX vs. PRWCX - Expense Ratio Comparison

RPIHX has a 0.75% expense ratio, which is higher than PRWCX's 0.68% expense ratio.

Dividends

RPIHX vs. PRWCX - Dividend Comparison

RPIHX's dividend yield for the trailing twelve months is around 9.58%, more than PRWCX's 8.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRWCX T. Rowe Price Capital Appreciation Fund	8.31%	8.81%	10.38%	4.15%	9.44%	9.23%	7.97%	5.83%	7.46%	6.82%	3.51%	9.86%
RPIHX T. Rowe Price Global High Income Bond Fund	9.58%	8.86%	8.31%	7.43%	8.56%	5.42%	5.37%	6.43%	7.34%	6.29%	6.20%	0.00%

Frequently Asked Questions

Can I hold both RPIHX and PRWCX in my portfolio?

RPIHX and PRWCX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RPIHX or PRWCX?

PRWCX has higher volatility (1.87%) compared to RPIHX (1.12%). In terms of maximum drawdown, RPIHX dropped -23.77% vs PRWCX's -41.77%.

Which has better risk-adjusted returns?

RPIHX currently has the higher Sharpe Ratio (3.39 vs 2.14), 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.