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T. Rowe Price funds beat passive competitors more frequently—and with higher average returns.1
10-year trailing periods, rolling monthly. Period analyzed is 20 years ended December 31, 2024. Results are net of fees.
For more information on the methodology of this analysis, please visit troweprice.com/complete-performance-study
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Asset class figures and retirement percentage shown represent total assets under management of $1.79 trillion as of October 31, 2025. All amounts shown in U.S. dollars and subject to adjustment.
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Important Information
The performance data shown is past performance and is no guarantee of future results. All investments are subject to risk, including the possible loss of principal. Results from other time periods may differ. Active investing may have higher costs than passive investing and may underperform the broad market or passive peers with similar objectives. Passive investing may lag the performance of actively managed peers as holdings are not reallocated based on changes in market conditions or outlooks on specific securities.
Analysis by T. Rowe Price. Comparable passive funds are (1) mutual funds and exchange-traded funds (ETFs) classified as an "index fund" in the Momingstar Dirct database and (2) in the same Morningstar category as the active funds being analyzed. All Active Managers represents the actively managed (non-"index fund") mutual funds and ETFs in the Morningstar Direct database, excluding those managed by T. Rowe Price. The performance of the T. Rowe Price active funds were compared against the comparable passive funds using 10-year rolling monthly periods from 1/1/05 to 12/31/24. The analysis was conducted at the Morningstar category level analyzing all open-end funds and ETFs within U.S. Morningstar categories where passive funds are present. Oldest share class returns are used for analysis. Money market funds are excluded from the analysis.
(1) 115 funds covering 9,303 rolling 10-year periods.
Call 1-800-225-5132 to request a prospectus or summary prospectus; each includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.
T. Rowe Price Investment Services, Inc., distributor, T. Rowe Price funds.
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