TRMIX vs. PRWAX

Last updated Jun 4, 2026

TRMIX (T. Rowe Price Mid-Cap Value Fund Class I) and PRWAX (T. Rowe Price All-Cap Opportunities Fund) are both mutual funds - TRMIX is a Mid Cap Value Equities fund tracking the Russell Mid Cap Value TR USD, while PRWAX is a Large Cap Growth Equities fund managed by T. Rowe Price. Over the past 10 years, TRMIX returned 11.21%/yr vs 17.43%/yr for PRWAX. A 0.72 correlation means they provide meaningful diversification when combined. TRMIX charges 0.71%/yr vs 0.76%/yr for PRWAX.

Performance

TRMIX vs. PRWAX - Performance Comparison

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

Returns By Period

In the year-to-date period, TRMIX achieves a 15.50% return, which is significantly higher than PRWAX's 1.11% return. Over the past 10 years, TRMIX has underperformed PRWAX with an annualized return of 11.21%, while PRWAX has yielded a comparatively higher 17.43% annualized return.

TRMIX

• 1D: 0.87%
• 1M: 3.70%
• YTD: 15.50%
• 6M: 15.46%
• 1Y: 26.89%
• 3Y*: 17.86%
• 5Y*: 10.45%
• 10Y*: 11.21%

PRWAX

• 1D: 0.18%
• 1M: 3.86%
• YTD: 1.11%
• 6M: 0.69%
• 1Y: 14.72%
• 3Y*: 18.74%
• 5Y*: 10.46%
• 10Y*: 17.43%

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

TRMIX vs. PRWAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRMIX T. Rowe Price Mid-Cap Value Fund Class I	15.50%	6.31%	16.40%	19.14%	-4.00%	24.66%	6.99%	19.72%	-10.54%	11.73%
PRWAX T. Rowe Price All-Cap Opportunities Fund	1.11%	16.37%	25.24%	29.02%	-21.37%	20.63%	44.73%	35.08%	1.26%	34.51%

Correlation

The correlation between TRMIX and PRWAX is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Sep 9, 2015	0.72

The correlation between TRMIX and PRWAX shifts across timeframes, from 0.64 (1 year) to 0.75 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

TRMIX vs. PRWAX — Risk / Return Rank

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

TRMIX

TRMIX Risk / Return Rank: 51
TRMIX Sharpe Ratio Rank: 46
TRMIX Sortino Ratio Rank: 48
TRMIX Omega Ratio Rank: 42
TRMIX Calmar Ratio Rank: 61
TRMIX Martin Ratio Rank: 56

PRWAX

PRWAX Risk / Return Rank: 15
PRWAX Sharpe Ratio Rank: 17
PRWAX Sortino Ratio Rank: 16
PRWAX Omega Ratio Rank: 17
PRWAX Calmar Ratio Rank: 11
PRWAX Martin Ratio Rank: 13

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.

TRMIX vs. PRWAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Mid-Cap Value Fund Class I (TRMIX) and T. Rowe Price All-Cap Opportunities Fund (PRWAX). 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.

	TRMIX	PRWAX	Difference
Sharpe ratio: Return per unit of total volatility	2.00	1.17	+0.83
Sortino ratio: Return per unit of downside risk	2.94	1.69	+1.25
Omega ratio: Gain probability vs. loss probability	1.35	1.21	+0.14
Calmar ratio: Return relative to maximum drawdown	3.01	1.10	+1.91
Martin ratio: Return relative to average drawdown	11.38	3.85	+7.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRMIX vs. PRWAX - Sharpe Ratio Comparison

The current TRMIX Sharpe Ratio is 2.00, which is higher than the PRWAX Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of TRMIX and PRWAX, 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

	TRMIX	PRWAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	1.17	+0.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.60	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.93	-0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.60	0.00

Drawdowns

TRMIX vs. PRWAX - Drawdown Comparison

The maximum TRMIX drawdown since its inception was -39.39%, smaller than the maximum PRWAX drawdown of -55.06%. Use the drawdown chart below to compare losses from any high point for TRMIX and PRWAX.

Drawdown Indicators

	TRMIX	PRWAX	Difference
Max Drawdown Largest peak-to-trough decline	-39.39%	-55.06%	+15.67%
Max Drawdown (1Y) Largest decline over 1 year	-9.39%	-14.09%	+4.70%
Max Drawdown (3Y) Largest decline over 3 years	-29.67%	-19.06%	-10.61%
Max Drawdown (5Y) Largest decline over 5 years	-29.67%	-29.38%	-0.29%
Max Drawdown (10Y) Largest decline over 10 years	-39.39%	-30.50%	-8.89%
Current Drawdown Current decline from peak	-0.08%	-0.87%	+0.79%
Average Drawdown Average peak-to-trough decline	-5.83%	-9.90%	+4.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	4.00%	-1.53%

Volatility

TRMIX vs. PRWAX - Volatility Comparison

T. Rowe Price Mid-Cap Value Fund Class I (TRMIX) and T. Rowe Price All-Cap Opportunities Fund (PRWAX) have volatilities of 3.60% and 3.52%, 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

	TRMIX	PRWAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.60%	3.52%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	10.51%	10.56%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	14.11%	13.27%	+0.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.33%	17.61%	+1.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.70%	18.72%	+0.98%

TRMIX vs. PRWAX - Expense Ratio Comparison

TRMIX has a 0.71% expense ratio, which is lower than PRWAX's 0.76% expense ratio.

Dividends

TRMIX vs. PRWAX - Dividend Comparison

TRMIX's dividend yield for the trailing twelve months is around 4.88%, less than PRWAX's 8.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRWAX T. Rowe Price All-Cap Opportunities Fund	8.26%	8.35%	9.22%	5.10%	3.11%	20.51%	15.44%	7.01%	12.58%	12.30%	6.19%	8.84%
TRMIX T. Rowe Price Mid-Cap Value Fund Class I	4.88%	5.64%	14.38%	7.86%	14.24%	9.34%	1.15%	4.40%	12.30%	6.71%	6.92%	11.43%

Frequently Asked Questions

Can I hold both TRMIX and PRWAX in my portfolio?

TRMIX and PRWAX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRMIX or PRWAX?

TRMIX has higher volatility (3.60%) compared to PRWAX (3.52%). In terms of maximum drawdown, TRMIX dropped -39.39% vs PRWAX's -55.06%.

Which has better risk-adjusted returns?

TRMIX currently has the higher Sharpe Ratio (2.00 vs 1.17), 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.