TRAIX vs. PRUIX

Last updated Jun 5, 2026

TRAIX (T. Rowe Price Capital Appreciation Fund - I Class) and PRUIX (T. Rowe Price Equity Index 500 Fund - I Class) are both mutual funds - TRAIX is a Diversified Portfolio fund actively managed by T. Rowe Price, while PRUIX is a Large Cap Blend Equities fund tracking the S&P 500 Index. TRAIX is actively managed, while PRUIX is passively managed. Over the past 10 years, TRAIX returned 11.35%/yr vs 15.49%/yr for PRUIX. Their correlation of 0.93 suggests significant overlap in exposure. TRAIX charges 0.59%/yr vs 0.05%/yr for PRUIX.

Performance

TRAIX vs. PRUIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Capital Appreciation Fund - I Class (TRAIX) and T. Rowe Price Equity Index 500 Fund - I Class (PRUIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRAIX achieves a 5.57% return, which is significantly lower than PRUIX's 10.85% return. Over the past 10 years, TRAIX has underperformed PRUIX with an annualized return of 11.35%, while PRUIX has yielded a comparatively higher 15.49% annualized return.

TRAIX

• 1D: -0.24%
• 1M: 1.53%
• YTD: 5.57%
• 6M: 5.68%
• 1Y: 14.47%
• 3Y*: 13.54%
• 5Y*: 8.89%
• 10Y*: 11.35%

PRUIX

• 1D: -0.74%
• 1M: 4.16%
• YTD: 10.85%
• 6M: 10.76%
• 1Y: 27.96%
• 3Y*: 22.40%
• 5Y*: 13.86%
• 10Y*: 15.49%

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

TRAIX vs. PRUIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRAIX T. Rowe Price Capital Appreciation Fund - I Class	5.57%	12.57%	12.64%	19.01%	-11.89%	18.59%	18.28%	24.71%	0.76%	15.45%
PRUIX T. Rowe Price Equity Index 500 Fund - I Class	10.85%	17.82%	24.95%	26.24%	-18.14%	28.62%	18.31%	31.63%	-4.44%	21.14%

Correlation

The correlation between TRAIX and PRUIX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.93

The correlation between TRAIX and PRUIX has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

TRAIX vs. PRUIX — Risk / Return Rank

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

TRAIX

TRAIX Risk / Return Rank: 46
TRAIX Sharpe Ratio Rank: 46
TRAIX Sortino Ratio Rank: 46
TRAIX Omega Ratio Rank: 47
TRAIX Calmar Ratio Rank: 39
TRAIX Martin Ratio Rank: 50

PRUIX

PRUIX Risk / Return Rank: 66
PRUIX Sharpe Ratio Rank: 65
PRUIX Sortino Ratio Rank: 60
PRUIX Omega Ratio Rank: 60
PRUIX Calmar Ratio Rank: 67
PRUIX Martin Ratio Rank: 79

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.

TRAIX vs. PRUIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Capital Appreciation Fund - I Class (TRAIX) and T. Rowe Price Equity Index 500 Fund - I Class (PRUIX). 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.

	TRAIX	PRUIX	Difference
Sharpe ratio: Return per unit of total volatility	2.00	2.37	-0.37
Sortino ratio: Return per unit of downside risk	2.87	3.23	-0.36
Omega ratio: Gain probability vs. loss probability	1.37	1.43	-0.06
Calmar ratio: Return relative to maximum drawdown	2.35	3.15	-0.80
Martin ratio: Return relative to average drawdown	10.23	14.73	-4.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRAIX vs. PRUIX - Sharpe Ratio Comparison

The current TRAIX Sharpe Ratio is 2.00, which is comparable to the PRUIX Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of TRAIX and PRUIX, 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

	TRAIX	PRUIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	2.37	-0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	0.82	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.89	0.86	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	0.86	+0.06

Drawdowns

TRAIX vs. PRUIX - Drawdown Comparison

The maximum TRAIX drawdown since its inception was -26.84%, smaller than the maximum PRUIX drawdown of -33.80%. Use the drawdown chart below to compare losses from any high point for TRAIX and PRUIX.

Drawdown Indicators

	TRAIX	PRUIX	Difference
Max Drawdown Largest peak-to-trough decline	-26.84%	-33.80%	+6.96%
Max Drawdown (1Y) Largest decline over 1 year	-6.30%	-8.91%	+2.61%
Max Drawdown (3Y) Largest decline over 3 years	-16.02%	-18.76%	+2.74%
Max Drawdown (5Y) Largest decline over 5 years	-17.00%	-24.52%	+7.52%
Max Drawdown (10Y) Largest decline over 10 years	-26.84%	-33.80%	+6.96%
Current Drawdown Current decline from peak	-0.68%	-0.74%	+0.06%
Average Drawdown Average peak-to-trough decline	-2.83%	-4.23%	+1.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.44%	1.90%	-0.46%

Volatility

TRAIX vs. PRUIX - Volatility Comparison

The current volatility for T. Rowe Price Capital Appreciation Fund - I Class (TRAIX) is 1.95%, while T. Rowe Price Equity Index 500 Fund - I Class (PRUIX) has a volatility of 2.92%. This indicates that TRAIX experiences smaller price fluctuations and is considered to be less risky than PRUIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRAIX	PRUIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.95%	2.92%	-0.97%
Volatility (6M) Calculated over the trailing 6-month period	5.78%	8.99%	-3.21%
Volatility (1Y) Calculated over the trailing 1-year period	7.42%	11.89%	-4.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.76%	16.99%	-4.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.74%	18.10%	-5.36%

TRAIX vs. PRUIX - Expense Ratio Comparison

TRAIX has a 0.59% expense ratio, which is higher than PRUIX's 0.05% expense ratio.

Dividends

TRAIX vs. PRUIX - Dividend Comparison

TRAIX's dividend yield for the trailing twelve months is around 8.49%, more than PRUIX's 2.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
PRUIX T. Rowe Price Equity Index 500 Fund - I Class	2.23%	2.44%	1.28%	1.44%	1.69%	1.64%	2.09%	2.25%	2.77%	1.39%	2.16%
TRAIX T. Rowe Price Capital Appreciation Fund - I Class	8.49%	8.96%	10.52%	4.28%	9.70%	9.35%	8.08%	5.92%	7.57%	6.96%	3.59%

Frequently Asked Questions

Can I hold both TRAIX and PRUIX in my portfolio?

With a correlation of 0.91, TRAIX and PRUIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TRAIX or PRUIX?

PRUIX has higher volatility (2.92%) compared to TRAIX (1.95%). In terms of maximum drawdown, TRAIX dropped -26.84% vs PRUIX's -33.80%.

Which has better risk-adjusted returns?

PRUIX currently has the higher Sharpe Ratio (2.37 vs 2.00), 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.