TQGIX vs. PNAIX

Last updated Jun 4, 2026

TQGIX (T. Rowe Price QM Global Equity Fund) and PNAIX (T. Rowe Price All-Cap Opportunities Fund I Class) are both mutual funds - TQGIX is a Global Equities fund managed by T. Rowe Price, while PNAIX is a Large Cap Growth Equities fund tracking the Russell 3000 Index. Over the past 5 years, TQGIX returned 13.22%/yr vs 10.61%/yr for PNAIX. Their correlation of 0.92 suggests significant overlap in exposure. TQGIX charges 0.58%/yr vs 0.66%/yr for PNAIX.

Performance

TQGIX vs. PNAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price QM Global Equity Fund (TQGIX) and T. Rowe Price All-Cap Opportunities Fund I Class (PNAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TQGIX achieves a 13.85% return, which is significantly higher than PNAIX's 1.18% return.

TQGIX

• 1D: 0.50%
• 1M: 6.06%
• YTD: 13.85%
• 6M: 15.17%
• 1Y: 30.70%
• 3Y*: 23.21%
• 5Y*: 13.22%
• 10Y*: —

PNAIX

• 1D: 0.18%
• 1M: 3.87%
• YTD: 1.18%
• 6M: 0.75%
• 1Y: 14.87%
• 3Y*: 18.90%
• 5Y*: 10.61%
• 10Y*: 15.58%

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

TQGIX vs. PNAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TQGIX T. Rowe Price QM Global Equity Fund	13.85%	22.82%	18.08%	23.86%	-17.12%	19.87%	15.49%	27.89%	-9.95%	24.18%
PNAIX T. Rowe Price All-Cap Opportunities Fund I Class	1.18%	16.53%	25.43%	29.18%	-21.25%	20.76%	44.92%	35.66%	1.40%	19.20%

Correlation

The correlation between TQGIX and PNAIX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.92

The correlation between TQGIX and PNAIX has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

Return for Risk

TQGIX vs. PNAIX — Risk / Return Rank

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

TQGIX

TQGIX Risk / Return Rank: 73
TQGIX Sharpe Ratio Rank: 78
TQGIX Sortino Ratio Rank: 72
TQGIX Omega Ratio Rank: 71
TQGIX Calmar Ratio Rank: 66
TQGIX Martin Ratio Rank: 75

PNAIX

PNAIX Risk / Return Rank: 15
PNAIX Sharpe Ratio Rank: 17
PNAIX Sortino Ratio Rank: 17
PNAIX Omega Ratio Rank: 17
PNAIX Calmar Ratio Rank: 12
PNAIX Martin Ratio Rank: 14

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.

TQGIX vs. PNAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price QM Global Equity Fund (TQGIX) and T. Rowe Price All-Cap Opportunities Fund I Class (PNAIX). 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.

	TQGIX	PNAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.58	1.18	+1.40
Sortino ratio: Return per unit of downside risk	3.55	1.70	+1.85
Omega ratio: Gain probability vs. loss probability	1.48	1.22	+0.26
Calmar ratio: Return relative to maximum drawdown	3.13	1.11	+2.02
Martin ratio: Return relative to average drawdown	14.21	3.92	+10.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TQGIX vs. PNAIX - Sharpe Ratio Comparison

The current TQGIX Sharpe Ratio is 2.58, which is higher than the PNAIX Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of TQGIX and PNAIX, 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

	TQGIX	PNAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.58	1.18	+1.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	0.61	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.82	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.78	+0.04

Drawdowns

TQGIX vs. PNAIX - Drawdown Comparison

The maximum TQGIX drawdown since its inception was -32.97%, which is greater than PNAIX's maximum drawdown of -30.49%. Use the drawdown chart below to compare losses from any high point for TQGIX and PNAIX.

Drawdown Indicators

	TQGIX	PNAIX	Difference
Max Drawdown Largest peak-to-trough decline	-32.97%	-30.49%	-2.48%
Max Drawdown (1Y) Largest decline over 1 year	-9.96%	-14.02%	+4.06%
Max Drawdown (3Y) Largest decline over 3 years	-15.92%	-19.05%	+3.13%
Max Drawdown (5Y) Largest decline over 5 years	-25.44%	-29.29%	+3.85%
Max Drawdown (10Y) Largest decline over 10 years	—	-30.49%	—
Current Drawdown Current decline from peak	0.00%	-0.78%	+0.78%
Average Drawdown Average peak-to-trough decline	-4.81%	-5.53%	+0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.19%	3.97%	-1.78%

Volatility

TQGIX vs. PNAIX - Volatility Comparison

T. Rowe Price QM Global Equity Fund (TQGIX) and T. Rowe Price All-Cap Opportunities Fund I Class (PNAIX) have volatilities of 3.58% and 3.53%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TQGIX	PNAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.58%	3.53%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	9.76%	10.56%	-0.80%
Volatility (1Y) Calculated over the trailing 1-year period	12.09%	13.27%	-1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.33%	17.60%	-2.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.73%	19.16%	-2.43%

TQGIX vs. PNAIX - Expense Ratio Comparison

TQGIX has a 0.58% expense ratio, which is lower than PNAIX's 0.66% expense ratio.

Dividends

TQGIX vs. PNAIX - Dividend Comparison

TQGIX's dividend yield for the trailing twelve months is around 3.05%, less than PNAIX's 8.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PNAIX T. Rowe Price All-Cap Opportunities Fund I Class	8.43%	8.53%	9.37%	5.23%	3.31%	20.62%	15.56%	7.43%	12.75%	0.29%
TQGIX T. Rowe Price QM Global Equity Fund	3.05%	3.47%	4.48%	3.04%	21.41%	0.87%	0.93%	1.41%	1.96%	1.49%

Frequently Asked Questions

Can I hold both TQGIX and PNAIX in my portfolio?

TQGIX and PNAIX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TQGIX or PNAIX?

TQGIX has higher volatility (3.58%) compared to PNAIX (3.53%). In terms of maximum drawdown, TQGIX dropped -32.97% vs PNAIX's -30.49%.

Which has better risk-adjusted returns?

TQGIX currently has the higher Sharpe Ratio (2.58 vs 1.18), 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.