TSDLX vs. PRWCX

Last updated Jun 4, 2026

TSDLX (T. Rowe Price Short Duration Income Fund) and PRWCX (T. Rowe Price Capital Appreciation Fund) are both mutual funds - TSDLX is a Short-Term Bond fund managed by T. Rowe Price, while PRWCX is a Diversified Portfolio fund managed by T. Rowe Price. Over the past 5 years, TSDLX returned 3.33%/yr vs 8.87%/yr for PRWCX. At a 0.18 correlation, their price movements are largely independent. TSDLX charges 0.40%/yr vs 0.68%/yr for PRWCX.

Performance

TSDLX vs. PRWCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Short Duration Income Fund (TSDLX) 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, TSDLX achieves a 0.90% return, which is significantly lower than PRWCX's 5.76% return.

TSDLX

• 1D: 0.00%
• 1M: 0.39%
• YTD: 0.90%
• 6M: 1.84%
• 1Y: 6.54%
• 3Y*: 6.92%
• 5Y*: 3.33%
• 10Y*: —

PRWCX

• 1D: -0.26%
• 1M: 2.52%
• YTD: 5.76%
• 6M: 5.87%
• 1Y: 14.88%
• 3Y*: 13.48%
• 5Y*: 8.87%
• 10Y*: 11.25%

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

TSDLX vs. PRWCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TSDLX T. Rowe Price Short Duration Income Fund	0.90%	8.12%	7.69%	6.68%	-5.69%	0.77%	0.10%
PRWCX T. Rowe Price Capital Appreciation Fund	5.76%	12.45%	12.50%	18.85%	-12.00%	18.45%	0.98%

Correlation

The correlation between TSDLX and PRWCX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (All Time) Calculated using the full available price history since Dec 9, 2020	0.18

Return for Risk

TSDLX vs. PRWCX — Risk / Return Rank

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

TSDLX

TSDLX Risk / Return Rank: 96
TSDLX Sharpe Ratio Rank: 94
TSDLX Sortino Ratio Rank: 98
TSDLX Omega Ratio Rank: 97
TSDLX Calmar Ratio Rank: 93
TSDLX Martin Ratio Rank: 95

PRWCX

PRWCX Risk / Return Rank: 49
PRWCX Sharpe Ratio Rank: 49
PRWCX Sortino Ratio Rank: 50
PRWCX Omega Ratio Rank: 50
PRWCX Calmar Ratio Rank: 41
PRWCX Martin Ratio Rank: 53

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.

TSDLX vs. PRWCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Short Duration Income Fund (TSDLX) 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.

	TSDLX	PRWCX	Difference
Sharpe ratio: Return per unit of total volatility	3.32	2.08	+1.24
Sortino ratio: Return per unit of downside risk	7.09	2.97	+4.12
Omega ratio: Gain probability vs. loss probability	1.99	1.39	+0.60
Calmar ratio: Return relative to maximum drawdown	5.28	2.45	+2.83
Martin ratio: Return relative to average drawdown	22.28	10.72	+11.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSDLX vs. PRWCX - Sharpe Ratio Comparison

The current TSDLX Sharpe Ratio is 3.32, which is higher than the PRWCX Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of TSDLX 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.

Sharpe Ratios by Period

	TSDLX	PRWCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.32	2.08	+1.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.45	0.70	+0.75
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.48	0.91	+0.57

Drawdowns

TSDLX vs. PRWCX - Drawdown Comparison

The maximum TSDLX drawdown since its inception was -7.86%, smaller than the maximum PRWCX drawdown of -41.77%. Use the drawdown chart below to compare losses from any high point for TSDLX and PRWCX.

Drawdown Indicators

	TSDLX	PRWCX	Difference
Max Drawdown Largest peak-to-trough decline	-7.86%	-41.77%	+33.91%
Max Drawdown (1Y) Largest decline over 1 year	-1.26%	-6.32%	+5.06%
Max Drawdown (3Y) Largest decline over 3 years	-1.26%	-15.96%	+14.70%
Max Drawdown (5Y) Largest decline over 5 years	-7.86%	-17.07%	+9.21%
Max Drawdown (10Y) Largest decline over 10 years	—	-26.86%	—
Current Drawdown Current decline from peak	-0.11%	-0.42%	+0.31%
Average Drawdown Average peak-to-trough decline	-1.68%	-3.33%	+1.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	1.44%	-1.15%

Volatility

TSDLX vs. PRWCX - Volatility Comparison

The current volatility for T. Rowe Price Short Duration Income Fund (TSDLX) is 0.56%, while T. Rowe Price Capital Appreciation Fund (PRWCX) has a volatility of 1.92%. This indicates that TSDLX 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

	TSDLX	PRWCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.56%	1.92%	-1.36%
Volatility (6M) Calculated over the trailing 6-month period	1.41%	6.04%	-4.63%
Volatility (1Y) Calculated over the trailing 1-year period	2.00%	7.45%	-5.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.33%	12.74%	-10.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.23%	12.74%	-10.51%

TSDLX vs. PRWCX - Expense Ratio Comparison

TSDLX has a 0.40% expense ratio, which is lower than PRWCX's 0.68% expense ratio.

Dividends

TSDLX vs. PRWCX - Dividend Comparison

TSDLX's dividend yield for the trailing twelve months is around 6.36%, less than PRWCX's 8.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRWCX T. Rowe Price Capital Appreciation Fund	8.33%	8.81%	10.38%	4.15%	9.44%	9.23%	7.97%	5.83%	7.46%	6.82%	3.51%	9.86%
TSDLX T. Rowe Price Short Duration Income Fund	6.36%	6.50%	6.73%	4.78%	1.82%	1.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSDLX and PRWCX in my portfolio?

TSDLX and PRWCX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSDLX or PRWCX?

PRWCX has higher volatility (1.92%) compared to TSDLX (0.56%). In terms of maximum drawdown, TSDLX dropped -7.86% vs PRWCX's -41.77%.

Which has better risk-adjusted returns?

TSDLX currently has the higher Sharpe Ratio (3.32 vs 2.08), 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.