TPLGX vs. GAIOX

Last updated Jun 4, 2026

TPLGX (T. Rowe Price Institutional Large Cap Core Growth Fund) and GAIOX (American Funds Growth and Income Portfolio) are both mutual funds - TPLGX is a Large Cap Growth Equities fund managed by T. Rowe Price, while GAIOX is a Diversified Portfolio fund managed by American Funds. Over the past 10 years, TPLGX returned 16.69%/yr vs 10.86%/yr for GAIOX. Their correlation of 0.85 suggests significant overlap in exposure. TPLGX charges 0.57%/yr vs 0.66%/yr for GAIOX.

Performance

TPLGX vs. GAIOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Institutional Large Cap Core Growth Fund (TPLGX) and American Funds Growth and Income Portfolio (GAIOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TPLGX achieves a 5.50% return, which is significantly lower than GAIOX's 8.97% return. Over the past 10 years, TPLGX has outperformed GAIOX with an annualized return of 16.69%, while GAIOX has yielded a comparatively lower 10.86% annualized return.

TPLGX

• 1D: -0.68%
• 1M: 5.13%
• YTD: 5.50%
• 6M: 5.29%
• 1Y: 21.82%
• 3Y*: 24.86%
• 5Y*: 11.77%
• 10Y*: 16.69%

GAIOX

• 1D: 0.30%
• 1M: 3.94%
• YTD: 8.97%
• 6M: 9.44%
• 1Y: 21.97%
• 3Y*: 17.56%
• 5Y*: 9.41%
• 10Y*: 10.86%

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

TPLGX vs. GAIOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TPLGX T. Rowe Price Institutional Large Cap Core Growth Fund	5.50%	18.66%	35.22%	49.63%	-38.49%	17.84%	34.70%	30.15%	2.18%	36.49%
GAIOX American Funds Growth and Income Portfolio	8.97%	17.92%	14.54%	18.77%	-15.88%	16.31%	16.35%	21.90%	-5.91%	19.13%

Correlation

The correlation between TPLGX and GAIOX is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since May 22, 2012	0.85

The correlation between TPLGX and GAIOX has been stable across timeframes, ranging from 0.77 to 0.85 - a consistent structural relationship.

Return for Risk

TPLGX vs. GAIOX — Risk / Return Rank

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

TPLGX

TPLGX Risk / Return Rank: 20
TPLGX Sharpe Ratio Rank: 26
TPLGX Sortino Ratio Rank: 23
TPLGX Omega Ratio Rank: 24
TPLGX Calmar Ratio Rank: 14
TPLGX Martin Ratio Rank: 15

GAIOX

GAIOX Risk / Return Rank: 56
GAIOX Sharpe Ratio Rank: 57
GAIOX Sortino Ratio Rank: 55
GAIOX Omega Ratio Rank: 56
GAIOX Calmar Ratio Rank: 50
GAIOX Martin Ratio Rank: 63

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.

TPLGX vs. GAIOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Institutional Large Cap Core Growth Fund (TPLGX) and American Funds Growth and Income Portfolio (GAIOX). 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.

	TPLGX	GAIOX	Difference
Sharpe ratio: Return per unit of total volatility	1.45	2.22	-0.78
Sortino ratio: Return per unit of downside risk	2.02	3.14	-1.12
Omega ratio: Gain probability vs. loss probability	1.25	1.42	-0.16
Calmar ratio: Return relative to maximum drawdown	1.31	2.70	-1.38
Martin ratio: Return relative to average drawdown	4.37	12.28	-7.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TPLGX vs. GAIOX - Sharpe Ratio Comparison

The current TPLGX Sharpe Ratio is 1.45, which is lower than the GAIOX Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of TPLGX and GAIOX, 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

	TPLGX	GAIOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.45	2.22	-0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.75	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	0.83	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.87	-0.31

Drawdowns

TPLGX vs. GAIOX - Drawdown Comparison

The maximum TPLGX drawdown since its inception was -54.57%, which is greater than GAIOX's maximum drawdown of -26.55%. Use the drawdown chart below to compare losses from any high point for TPLGX and GAIOX.

Drawdown Indicators

	TPLGX	GAIOX	Difference
Max Drawdown Largest peak-to-trough decline	-54.57%	-26.55%	-28.02%
Max Drawdown (1Y) Largest decline over 1 year	-17.15%	-8.32%	-8.83%
Max Drawdown (3Y) Largest decline over 3 years	-28.23%	-13.08%	-15.15%
Max Drawdown (5Y) Largest decline over 5 years	-43.45%	-23.11%	-20.34%
Max Drawdown (10Y) Largest decline over 10 years	-43.45%	-26.55%	-16.90%
Current Drawdown Current decline from peak	-0.68%	0.00%	-0.68%
Average Drawdown Average peak-to-trough decline	-8.67%	-3.44%	-5.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.14%	1.82%	+3.32%

Volatility

TPLGX vs. GAIOX - Volatility Comparison

T. Rowe Price Institutional Large Cap Core Growth Fund (TPLGX) has a higher volatility of 3.55% compared to American Funds Growth and Income Portfolio (GAIOX) at 3.03%. This indicates that TPLGX's price experiences larger fluctuations and is considered to be riskier than GAIOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TPLGX	GAIOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.55%	3.03%	+0.52%
Volatility (6M) Calculated over the trailing 6-month period	12.01%	8.08%	+3.93%
Volatility (1Y) Calculated over the trailing 1-year period	15.58%	10.09%	+5.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.30%	12.58%	+11.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.90%	13.18%	+9.72%

TPLGX vs. GAIOX - Expense Ratio Comparison

TPLGX has a 0.57% expense ratio, which is lower than GAIOX's 0.66% expense ratio.

Dividends

TPLGX vs. GAIOX - Dividend Comparison

TPLGX's dividend yield for the trailing twelve months is around 19.24%, more than GAIOX's 5.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GAIOX American Funds Growth and Income Portfolio	5.05%	5.50%	4.81%	2.81%	6.45%	5.13%	4.00%	5.51%	6.10%	3.45%	4.39%	4.60%
TPLGX T. Rowe Price Institutional Large Cap Core Growth Fund	19.24%	20.30%	12.87%	3.70%	4.39%	8.81%	0.59%	0.60%	1.65%	1.39%	0.25%	0.44%

Frequently Asked Questions

Can I hold both TPLGX and GAIOX in my portfolio?

TPLGX and GAIOX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TPLGX or GAIOX?

TPLGX has higher volatility (3.55%) compared to GAIOX (3.03%). In terms of maximum drawdown, TPLGX dropped -54.57% vs GAIOX's -26.55%.

Which has better risk-adjusted returns?

GAIOX currently has the higher Sharpe Ratio (2.22 vs 1.45), 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.