TRRAX vs. PRWCX

Last updated Jun 24, 2026

TRRAX (T. Rowe Price Retirement 2010 Fund) and PRWCX (T. Rowe Price Capital Appreciation Fund) are both mutual funds - TRRAX is a Target Retirement Date fund managed by T. Rowe Price, while PRWCX is a Diversified Portfolio fund actively managed by T. Rowe Price. Over the past 10 years, TRRAX returned 6.76%/yr vs 11.36%/yr for PRWCX. Their correlation of 0.90 suggests significant overlap in exposure. TRRAX charges 0.49%/yr vs 0.68%/yr for PRWCX.

Performance

TRRAX vs. PRWCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Retirement 2010 Fund (TRRAX) 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, TRRAX achieves a 5.50% return, which is significantly higher than PRWCX's 4.53% return. Over the past 10 years, TRRAX has underperformed PRWCX with an annualized return of 6.76%, while PRWCX has yielded a comparatively higher 11.36% annualized return.

TRRAX

• 1D: -0.18%
• 1M: 0.72%
• YTD: 5.50%
• 6M: 5.30%
• 1Y: 13.14%
• 3Y*: 10.80%
• 5Y*: 4.96%
• 10Y*: 6.76%

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)

TRRAX vs. PRWCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRRAX T. Rowe Price Retirement 2010 Fund	5.50%	11.77%	8.48%	12.49%	-13.94%	8.87%	11.90%	16.17%	-3.66%	11.67%
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 TRRAX and PRWCX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Oct 1, 2002	0.90

The correlation between TRRAX and PRWCX shifts across timeframes, from 0.80 (1 year) to 0.90 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TRRAX vs. PRWCX — Risk / Return Rank

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

TRRAX

TRRAX Risk / Return Rank: 64
TRRAX Sharpe Ratio Rank: 65
TRRAX Sortino Ratio Rank: 67
TRRAX Omega Ratio Rank: 70
TRRAX Calmar Ratio Rank: 54
TRRAX Martin Ratio Rank: 64

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.

TRRAX vs. PRWCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement 2010 Fund (TRRAX) 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.

	TRRAX	PRWCX	Difference
Sharpe ratio: Return per unit of total volatility	2.17	1.68	+0.50
Sortino ratio: Return per unit of downside risk	3.12	2.37	+0.75
Omega ratio: Gain probability vs. loss probability	1.43	1.31	+0.11
Calmar ratio: Return relative to maximum drawdown	2.71	2.07	+0.64
Martin ratio: Return relative to average drawdown	11.84	8.70	+3.14

TRRAX vs. PRWCX - Sharpe Ratio Comparison

The current TRRAX Sharpe Ratio is 2.17, which is comparable to the PRWCX Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of TRRAX 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

TRRAX vs. PRWCX - Drawdown Comparison

The maximum TRRAX drawdown since its inception was -38.81%, smaller than the maximum PRWCX drawdown of -41.77%. Use the drawdown chart below to compare losses from any high point for TRRAX and PRWCX.

Drawdown Indicators

	TRRAX	PRWCX	Difference
Max Drawdown Largest peak-to-trough decline	-38.81%	-41.77%	+2.96%
Max Drawdown (1Y) Largest decline over 1 year	-5.07%	-6.32%	+1.25%
Max Drawdown (3Y) Largest decline over 3 years	-7.33%	-15.96%	+8.63%
Max Drawdown (5Y) Largest decline over 5 years	-19.40%	-17.07%	-2.33%
Max Drawdown (10Y) Largest decline over 10 years	-19.61%	-26.86%	+7.25%
Current Drawdown Current decline from peak	-0.41%	-1.58%	+1.17%
Average Drawdown Average peak-to-trough decline	-3.91%	-3.33%	-0.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.15%	1.50%	-0.35%

Volatility

TRRAX vs. PRWCX - Volatility Comparison

The current volatility for T. Rowe Price Retirement 2010 Fund (TRRAX) is 2.46%, while T. Rowe Price Capital Appreciation Fund (PRWCX) has a volatility of 2.80%. This indicates that TRRAX experiences smaller price fluctuations and is considered to be less risky than PRWCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRRAX	PRWCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.46%	2.80%	-0.34%
Volatility (6M) Calculated over the trailing 6-month period	5.36%	6.47%	-1.11%
Volatility (1Y) Calculated over the trailing 1-year period	6.34%	7.81%	-1.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.09%	12.79%	-4.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.89%	12.76%	-4.87%

TRRAX vs. PRWCX - Expense Ratio Comparison

TRRAX has a 0.49% expense ratio, which is lower than PRWCX's 0.68% expense ratio.

Dividends

TRRAX vs. PRWCX - Dividend Comparison

TRRAX's dividend yield for the trailing twelve months is around 5.56%, 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%
TRRAX T. Rowe Price Retirement 2010 Fund	5.56%	5.87%	4.10%	4.32%	11.83%	13.61%	9.86%	4.55%	8.50%	5.96%	2.19%	2.07%

Frequently Asked Questions

Can I hold both TRRAX and PRWCX in my portfolio?

TRRAX and PRWCX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRRAX or PRWCX?

PRWCX has higher volatility (2.80%) compared to TRRAX (2.46%). In terms of maximum drawdown, TRRAX dropped -38.81% vs PRWCX's -41.77%.

Which has better risk-adjusted returns?

TRRAX currently has the higher Sharpe Ratio (2.17 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.