TRULX vs. TRAIX

Last updated Aug 1, 2026

TRULX (T. Rowe Price US Large-Cap Core) and TRAIX (T. Rowe Price Capital Appreciation Fund Class I) are both mutual funds - TRULX is a Large Cap Blend Equities fund actively managed by T. Rowe Price, while TRAIX is a Diversified Portfolio fund actively managed by T. Rowe Price. Both are actively managed. Over the past 10 years, TRULX returned 13.30%/yr vs 11.18%/yr for TRAIX. Their correlation of 0.93 means they have usually moved in the same direction. TRULX charges 0.64%/yr vs 0.59%/yr for TRAIX.

Performance

TRULX vs. TRAIX - Performance Comparison

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

Returns By Period

In the year-to-date period, TRULX achieves a 10.16% return, which is significantly higher than TRAIX's 6.02% return. Over the past 10 years, TRULX has outperformed TRAIX with an annualized return of 13.30%, while TRAIX has yielded a comparatively lower 11.18% annualized return.

TRULX

• 1D: 0.98%
• 1M: 1.19%
• 6M: 8.84%
• YTD: 10.16%
• 1Y: 18.36%
• 3Y*: 17.56%
• 5Y*: 11.11%
• 10Y*: 13.30%
• ALL TIME*: 14.14%

TRAIX

• 1D: 0.93%
• 1M: -0.55%
• 6M: 5.57%
• YTD: 6.02%
• 1Y: 10.62%
• 3Y*: 12.05%
• 5Y*: 8.25%
• 10Y*: 11.18%
• ALL TIME*: 11.42%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TRAIX T. Rowe Price Capital Appreciation Fund Class I	$0.00	$0.00	$0.00
TRULX T. Rowe Price US Large-Cap Core	$0.00	$0.00	$0.00

TRULX vs. TRAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRULX T. Rowe Price US Large-Cap Core	10.16%	12.80%	22.97%	22.61%	-15.14%	25.57%	15.57%	29.51%	-3.38%	19.85%
TRAIX T. Rowe Price Capital Appreciation Fund Class I	6.02%	12.57%	12.64%	19.01%	-11.89%	18.59%	18.28%	24.71%	0.76%	15.45%

Correlation

The correlation between TRULX and TRAIX is 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.88
Correlation (3Y) Balances recent behavior with more history.	0.89
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (10Y) Provides a long-term view across more market conditions.	0.93
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.93

The correlation between TRULX and TRAIX has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.

Return for Risk

TRULX vs. TRAIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TRULX

TRULX Risk / Return Rank: 56
TRULX Sharpe Ratio Rank: 56
TRULX Sortino Ratio Rank: 53
TRULX Omega Ratio Rank: 53
TRULX Calmar Ratio Rank: 52
TRULX Martin Ratio Rank: 66

TRAIX

TRAIX Risk / Return Rank: 44
TRAIX Sharpe Ratio Rank: 46
TRAIX Sortino Ratio Rank: 45
TRAIX Omega Ratio Rank: 45
TRAIX Calmar Ratio Rank: 38
TRAIX Martin Ratio Rank: 46

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TRULX vs. TRAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price US Large-Cap Core (TRULX) and T. Rowe Price Capital Appreciation Fund Class I (TRAIX). 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.

	TRULX	TRAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.25	+0.14
Sortino ratio: Return per unit of downside risk	1.96	1.78	+0.18
Omega ratio: Gain probability vs. loss probability	1.25	1.23	+0.02
Calmar ratio: Return relative to maximum drawdown	1.87	1.56	+0.31
Martin ratio: Return relative to average drawdown	8.19	6.34	+1.85

TRULX vs. TRAIX - Sharpe Ratio Comparison

The current TRULX Sharpe Ratio is 1.39, which is comparable to the TRAIX Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of TRULX and TRAIX, 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

TRULX vs. TRAIX - Drawdown Comparison

The maximum TRULX drawdown since its inception was -33.68%, which is greater than TRAIX's maximum drawdown of -26.84%. Use the drawdown chart below to compare losses from any high point for TRULX and TRAIX.

Drawdown Indicators

	TRULX	TRAIX	Difference
Max Drawdown Largest peak-to-trough decline	-33.68%	-26.84%	-6.84%
Max Drawdown (1Y) Largest decline over 1 year	-8.57%	-6.30%	-2.27%
Max Drawdown (3Y) Largest decline over 3 years	-17.23%	-16.02%	-1.21%
Max Drawdown (5Y) Largest decline over 5 years	-22.91%	-17.00%	-5.91%
Max Drawdown (10Y) Largest decline over 10 years	-33.68%	-26.84%	-6.84%
Current Drawdown Current decline from peak	-0.27%	-1.46%	+1.19%
Average Drawdown Average peak-to-trough decline	-3.62%	-2.80%	-0.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	1.54%	+0.41%

Volatility

TRULX vs. TRAIX - Volatility Comparison

T. Rowe Price US Large-Cap Core (TRULX) has a higher volatility of 2.75% compared to T. Rowe Price Capital Appreciation Fund Class I (TRAIX) at 2.00%. This indicates that TRULX's price experiences larger fluctuations and is considered to be riskier than TRAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRULX	TRAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.75%	2.00%	+0.75%
Volatility (6M) Calculated over the trailing 6-month period	8.93%	6.37%	+2.56%
Volatility (1Y) Calculated over the trailing 1-year period	11.51%	7.86%	+3.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.01%	12.80%	+3.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.97%	12.73%	+4.24%

TRULX vs. TRAIX - Expense Ratio Comparison

TRULX has a 0.64% expense ratio, which is higher than TRAIX's 0.59% expense ratio.

Dividends

TRULX vs. TRAIX - Dividend Comparison

TRULX's dividend yield for the trailing twelve months is around 7.06%, less than TRAIX's 8.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TRAIX T. Rowe Price Capital Appreciation Fund Class I	8.45%	8.96%	10.52%	4.28%	9.70%	9.35%	8.08%	5.92%	7.57%	6.96%	3.59%	0.00%
TRULX T. Rowe Price US Large-Cap Core	7.06%	7.77%	6.66%	0.45%	4.27%	7.28%	0.85%	3.55%	7.89%	2.10%	0.94%	5.23%

Frequently Asked Questions

Can I hold both TRULX and TRAIX in my portfolio?

TRULX and TRAIX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRULX or TRAIX?

TRULX has higher volatility (2.75%) compared to TRAIX (2.00%). In terms of maximum drawdown, TRULX dropped -33.68% vs TRAIX's -26.84%.

Which has better risk-adjusted returns?

TRULX currently has the higher Sharpe Ratio (1.39 vs 1.25), 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.