TLDTX vs. PRWCX

Last updated Jun 5, 2026

TLDTX (T. Rowe Price U.S. Limited Duration TIPS Index Fund) and PRWCX (T. Rowe Price Capital Appreciation Fund) are both mutual funds - TLDTX is a Inflation-Protected Bonds fund managed by T. Rowe Price, while PRWCX is a Diversified Portfolio fund actively managed by T. Rowe Price. Over the past 5 years, TLDTX returned 1.88%/yr vs 8.75%/yr for PRWCX. At a 0.19 correlation, their price movements are largely independent. TLDTX charges 0.21%/yr vs 0.68%/yr for PRWCX.

Performance

TLDTX vs. PRWCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price U.S. Limited Duration TIPS Index Fund (TLDTX) 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, TLDTX achieves a 1.81% return, which is significantly lower than PRWCX's 5.48% return.

TLDTX

• 1D: 0.00%
• 1M: 0.12%
• YTD: 1.81%
• 6M: 1.84%
• 1Y: 4.33%
• 3Y*: 3.87%
• 5Y*: 1.88%
• 10Y*: —

PRWCX

• 1D: -0.26%
• 1M: 1.53%
• YTD: 5.48%
• 6M: 5.62%
• 1Y: 14.32%
• 3Y*: 13.38%
• 5Y*: 8.75%
• 10Y*: 11.22%

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

TLDTX vs. PRWCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TLDTX T. Rowe Price U.S. Limited Duration TIPS Index Fund	1.81%	6.32%	1.16%	3.23%	-4.84%	5.08%	1.50%
PRWCX T. Rowe Price Capital Appreciation Fund	5.48%	12.45%	12.50%	18.85%	-12.00%	18.45%	2.90%

Correlation

The correlation between TLDTX and PRWCX is 0.07, 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	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (All Time) Calculated using the full available price history since Nov 18, 2020	0.19

The correlation between TLDTX and PRWCX shifts across timeframes, from 0.07 (1 year) to 0.20 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

TLDTX vs. PRWCX — Risk / Return Rank

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

TLDTX

TLDTX Risk / Return Rank: 21
TLDTX Sharpe Ratio Rank: 13
TLDTX Sortino Ratio Rank: 13
TLDTX Omega Ratio Rank: 55
TLDTX Calmar Ratio Rank: 16
TLDTX Martin Ratio Rank: 10

PRWCX

PRWCX Risk / Return Rank: 44
PRWCX Sharpe Ratio Rank: 45
PRWCX Sortino Ratio Rank: 45
PRWCX Omega Ratio Rank: 46
PRWCX Calmar Ratio Rank: 37
PRWCX Martin Ratio Rank: 49

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.

TLDTX vs. PRWCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price U.S. Limited Duration TIPS Index Fund (TLDTX) 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.

	TLDTX	PRWCX	Difference
Sharpe ratio: Return per unit of total volatility	0.94	1.97	-1.03
Sortino ratio: Return per unit of downside risk	1.41	2.84	-1.43
Omega ratio: Gain probability vs. loss probability	1.40	1.37	+0.03
Calmar ratio: Return relative to maximum drawdown	1.36	2.33	-0.96
Martin ratio: Return relative to average drawdown	2.65	10.19	-7.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TLDTX vs. PRWCX - Sharpe Ratio Comparison

The current TLDTX Sharpe Ratio is 0.94, which is lower than the PRWCX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of TLDTX 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

	TLDTX	PRWCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.94	1.97	-1.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.69	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.88	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.91	-0.35

Drawdowns

TLDTX vs. PRWCX - Drawdown Comparison

The maximum TLDTX drawdown since its inception was -7.24%, smaller than the maximum PRWCX drawdown of -41.77%. Use the drawdown chart below to compare losses from any high point for TLDTX and PRWCX.

Drawdown Indicators

	TLDTX	PRWCX	Difference
Max Drawdown Largest peak-to-trough decline	-7.24%	-41.77%	+34.53%
Max Drawdown (1Y) Largest decline over 1 year	-3.28%	-6.32%	+3.04%
Max Drawdown (3Y) Largest decline over 3 years	-4.50%	-15.96%	+11.46%
Max Drawdown (5Y) Largest decline over 5 years	-7.24%	-17.07%	+9.83%
Max Drawdown (10Y) Largest decline over 10 years	—	-26.86%	—
Current Drawdown Current decline from peak	-1.18%	-0.68%	-0.50%
Average Drawdown Average peak-to-trough decline	-2.27%	-3.33%	+1.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	1.44%	+0.24%

Volatility

TLDTX vs. PRWCX - Volatility Comparison

The current volatility for T. Rowe Price U.S. Limited Duration TIPS Index Fund (TLDTX) is 0.69%, while T. Rowe Price Capital Appreciation Fund (PRWCX) has a volatility of 1.95%. This indicates that TLDTX 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

	TLDTX	PRWCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	1.95%	-1.26%
Volatility (6M) Calculated over the trailing 6-month period	1.37%	6.00%	-4.63%
Volatility (1Y) Calculated over the trailing 1-year period	4.75%	7.46%	-2.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.66%	12.74%	-8.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.48%	12.74%	-8.26%

TLDTX vs. PRWCX - Expense Ratio Comparison

TLDTX has a 0.21% expense ratio, which is lower than PRWCX's 0.68% expense ratio.

Dividends

TLDTX vs. PRWCX - Dividend Comparison

TLDTX's dividend yield for the trailing twelve months is around 4.47%, less than PRWCX's 8.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRWCX T. Rowe Price Capital Appreciation Fund	8.36%	8.81%	10.38%	4.15%	9.44%	9.23%	7.97%	5.83%	7.46%	6.82%	3.51%	9.86%
TLDTX T. Rowe Price U.S. Limited Duration TIPS Index Fund	4.47%	4.66%	1.63%	4.09%	6.45%	4.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TLDTX and PRWCX in my portfolio?

TLDTX and PRWCX have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TLDTX or PRWCX?

PRWCX has higher volatility (1.95%) compared to TLDTX (0.69%). In terms of maximum drawdown, TLDTX dropped -7.24% vs PRWCX's -41.77%.

Which has better risk-adjusted returns?

PRWCX currently has the higher Sharpe Ratio (1.97 vs 0.94), 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.