TRMCX vs. PRWCX

Last updated Jun 24, 2026

TRMCX (T. Rowe Price Mid-Cap Value Fund) and PRWCX (T. Rowe Price Capital Appreciation Fund) are both mutual funds - TRMCX is a Mid Cap Value Equities fund managed by T. Rowe Price, while PRWCX is a Diversified Portfolio fund actively managed by T. Rowe Price. Over the past 10 years, TRMCX returned 12.06%/yr vs 11.36%/yr for PRWCX. Their correlation of 0.85 suggests significant overlap in exposure. TRMCX charges 0.77%/yr vs 0.68%/yr for PRWCX.

Performance

TRMCX vs. PRWCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Mid-Cap Value Fund (TRMCX) 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, TRMCX achieves a 18.18% return, which is significantly higher than PRWCX's 4.53% return. Over the past 10 years, TRMCX has outperformed PRWCX with an annualized return of 12.06%, while PRWCX has yielded a comparatively lower 11.36% annualized return.

TRMCX

• 1D: 0.24%
• 1M: 3.23%
• YTD: 18.18%
• 6M: 17.06%
• 1Y: 29.61%
• 3Y*: 18.35%
• 5Y*: 11.67%
• 10Y*: 12.06%

PRWCX

• 1D: -0.08%
• 1M: -0.53%
• YTD: 4.53%
• 6M: 4.44%
• 1Y: 12.48%
• 3Y*: 12.75%
• 5Y*: 8.42%
• 10Y*: 11.36%

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

TRMCX vs. PRWCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRMCX T. Rowe Price Mid-Cap Value Fund	18.18%	6.16%	16.21%	18.99%	-4.16%	24.51%	9.84%	19.59%	-10.66%	11.59%
PRWCX T. Rowe Price Capital Appreciation Fund	4.53%	12.45%	12.50%	18.85%	-12.00%	18.45%	18.13%	24.62%	0.63%	15.34%

Correlation

The correlation between TRMCX and PRWCX is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jun 28, 1996	0.85

The correlation between TRMCX and PRWCX shifts across timeframes, from 0.65 (1 year) to 0.85 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TRMCX vs. PRWCX — Risk / Return Rank

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

TRMCX

TRMCX Risk / Return Rank: 66
TRMCX Sharpe Ratio Rank: 62
TRMCX Sortino Ratio Rank: 66
TRMCX Omega Ratio Rank: 54
TRMCX Calmar Ratio Rank: 77
TRMCX Martin Ratio Rank: 69

PRWCX

PRWCX Risk / Return Rank: 39
PRWCX Sharpe Ratio Rank: 39
PRWCX Sortino Ratio Rank: 37
PRWCX Omega Ratio Rank: 40
PRWCX Calmar Ratio Rank: 34
PRWCX Martin Ratio Rank: 43

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.

TRMCX vs. PRWCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Mid-Cap Value Fund (TRMCX) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	TRMCX	PRWCX	Difference
Sharpe ratio: Return per unit of total volatility	2.13	1.68	+0.45
Sortino ratio: Return per unit of downside risk	3.10	2.37	+0.73
Omega ratio: Gain probability vs. loss probability	1.37	1.31	+0.06
Calmar ratio: Return relative to maximum drawdown	3.30	2.07	+1.23
Martin ratio: Return relative to average drawdown	12.48	8.70	+3.78

TRMCX vs. PRWCX - Sharpe Ratio Comparison

The current TRMCX Sharpe Ratio is 2.13, which is comparable to the PRWCX Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of TRMCX 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.

Drawdowns

TRMCX vs. PRWCX - Drawdown Comparison

The maximum TRMCX drawdown since its inception was -55.28%, which is greater than PRWCX's maximum drawdown of -41.77%. Use the drawdown chart below to compare losses from any high point for TRMCX and PRWCX.

Drawdown Indicators

	TRMCX	PRWCX	Difference
Max Drawdown Largest peak-to-trough decline	-55.28%	-41.77%	-13.51%
Max Drawdown (1Y) Largest decline over 1 year	-9.41%	-6.32%	-3.09%
Max Drawdown (3Y) Largest decline over 3 years	-29.60%	-15.96%	-13.64%
Max Drawdown (5Y) Largest decline over 5 years	-29.60%	-17.07%	-12.53%
Max Drawdown (10Y) Largest decline over 10 years	-39.41%	-26.86%	-12.55%
Current Drawdown Current decline from peak	0.00%	-1.58%	+1.58%
Average Drawdown Average peak-to-trough decline	-6.63%	-3.33%	-3.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.48%	1.50%	+0.98%

Volatility

TRMCX vs. PRWCX - Volatility Comparison

T. Rowe Price Mid-Cap Value Fund (TRMCX) has a higher volatility of 4.76% compared to T. Rowe Price Capital Appreciation Fund (PRWCX) at 2.80%. This indicates that TRMCX's price experiences larger fluctuations and is considered to be riskier than PRWCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRMCX	PRWCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.76%	2.80%	+1.96%
Volatility (6M) Calculated over the trailing 6-month period	11.03%	6.47%	+4.56%
Volatility (1Y) Calculated over the trailing 1-year period	14.60%	7.81%	+6.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.30%	12.79%	+6.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.67%	12.76%	+6.91%

TRMCX vs. PRWCX - Expense Ratio Comparison

TRMCX has a 0.77% expense ratio, which is higher than PRWCX's 0.68% expense ratio.

Dividends

TRMCX vs. PRWCX - Dividend Comparison

TRMCX's dividend yield for the trailing twelve months is around 4.59%, less than PRWCX's 8.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRWCX T. Rowe Price Capital Appreciation Fund	8.43%	8.81%	10.38%	4.15%	9.44%	9.23%	7.97%	5.83%	7.46%	6.82%	3.51%	9.86%
TRMCX T. Rowe Price Mid-Cap Value Fund	4.59%	5.43%	14.20%	7.65%	13.92%	9.22%	3.79%	4.25%	12.13%	6.58%	6.74%	11.39%

Frequently Asked Questions

Can I hold both TRMCX and PRWCX in my portfolio?

TRMCX and PRWCX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRMCX or PRWCX?

TRMCX has higher volatility (4.76%) compared to PRWCX (2.80%). In terms of maximum drawdown, TRMCX dropped -55.28% vs PRWCX's -41.77%.

Which has better risk-adjusted returns?

TRMCX currently has the higher Sharpe Ratio (2.13 vs 1.68), 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.