- ISIN
- US74149P5492
- CUSIP
- 74149P549
- Issuer
- T. Rowe Price
- Inception Date
- Aug 27, 2010
- Region
- North America (U.S.)
- Category
- Bank Loan
- Leveraged
- 1x (No leverage)
- Min. Investment
- $1,000,000
- Index Tracked
- No Index (Active)
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
PFFRX Performance Chart
T. Rowe Price Institutional Floating Rate Fund Class F (PFFRX) is up 1.4% since the beginning of the year. PFFRX is currently trading at $9 per share. Investors who bought $1,000 worth of PFFRX shares 5 years ago would now be looking at an investment worth $1,287.
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Returns By Period
T. Rowe Price Institutional Floating Rate Fund Class F (PFFRX) has returned 1.43% so far this year and 5.70% over the past 12 months. Over the last ten years, PFFRX has returned 4.70% per year, falling short of the S&P 500 Index benchmark, which averaged 13.66% annually.
T. Rowe Price Institutional Floating Rate Fund Class F
- 1D
- 0.00%
- 1M
- 0.34%
- YTD
- 1.43%
- 6M
- 2.13%
- 1Y
- 5.70%
- 3Y*
- 7.73%
- 5Y*
- 5.18%
- 10Y*
- 4.70%
Benchmark (S&P 500 Index)
- 1D
- -0.74%
- 1M
- 4.90%
- YTD
- 10.35%
- 6M
- 10.28%
- 1Y
- 26.52%
- 3Y*
- 20.83%
- 5Y*
- 12.30%
- 10Y*
- 13.66%
PFFRX Monthly Returns History
Based on dividend-adjusted daily data since Aug 27, 2010, PFFRX's average daily return is +0.02%, while the average monthly return is +0.37%. At this rate, an investment would double in approximately 15.6 years.
Historically, 76% of months were positive and 24% were negative. The best month was Apr 2020 with a return of +4.3%, while the worst month was Mar 2020 at -10.1%. The longest winning streak lasted 19 consecutive months, and the longest losing streak was 4 months.
On a daily basis, PFFRX closed higher 24% of trading days. The best single day was Mar 26, 2020 with a return of +3.1%, while the worst single day was Mar 19, 2020 at -4.1%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.14% | -1.11% | 0.65% | 1.30% | 0.56% | -0.11% | 1.43% | ||||||
| 2025 | 0.63% | 0.23% | -0.27% | -0.06% | 1.71% | 0.79% | 0.72% | 0.52% | 0.57% | 0.42% | 0.42% | 0.70% | 6.57% |
| 2024 | 0.75% | 0.80% | 0.74% | 0.61% | 0.99% | -0.21% | 0.94% | -0.11% | 0.43% | 0.78% | 1.17% | 0.43% | 7.54% |
| 2023 | 2.50% | 0.35% | 0.22% | 0.22% | -0.32% | 2.19% | 1.25% | 1.10% | 0.54% | -0.64% | 1.39% | 1.64% | 10.89% |
| 2022 | 0.20% | -0.52% | -0.07% | 0.13% | -2.36% | -2.78% | 1.98% | 1.26% | -2.68% | 1.09% | 1.27% | 0.47% | -2.14% |
| 2021 | 0.82% | 0.58% | 0.03% | 0.54% | 0.42% | 0.41% | 0.02% | 0.31% | 0.64% | 0.23% | -0.19% | 0.74% | 4.64% |
Benchmark Metrics
T. Rowe Price Institutional Floating Rate Fund Class F has an annualized alpha of 3.92%, beta of 0.05, and R2 of 0.06 versus S&P 500 Index. Calculated based on daily prices since August 30, 2010.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (18.56%) than losses (10.98%) - typical of diversified or defensive assets.
- Beta of 0.05 may look defensive, but with R2 of 0.06 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.06 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 3.92%
- Beta
- 0.05
- R²
- 0.06
- Upside Capture
- 18.56%
- Downside Capture
- 10.98%
Expense Ratio
PFFRX has an expense ratio of 0.70%, placing it in the medium range.
Return for Risk
Risk / Return Rank
PFFRX ranks 85 for risk / return — in the top 85% of mutual funds on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for T. Rowe Price Institutional Floating Rate Fund Class F (PFFRX) and compare them to S&P 500 Index.
| PFFRX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +2.65 | ||
| Omega ratioGain probability vs. loss probability | 1.95 | 1.41 | +0.54 |
| Calmar ratioReturn relative to maximum drawdown | 3.94 | 2.93 | +1.01 |
| Martin ratioReturn relative to average drawdown | 14.82 | 13.52 | +1.30 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
T. Rowe Price Institutional Floating Rate Fund Class F provided a 6.86% dividend yield over the last twelve months, with an annual payout of $0.64 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.64 | $0.67 | $0.66 | $0.68 | $0.37 | $0.37 | $0.40 | $0.49 | $0.48 | $0.42 | $0.42 | $0.42 |
Dividend yield | 6.86% | 7.09% | 6.92% | 7.21% | 4.03% | 3.81% | 4.18% | 5.01% | 5.04% | 4.20% | 4.18% | 4.32% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price Institutional Floating Rate Fund Class F. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.00 | $0.25 | ||||||
| 2025 | $0.06 | $0.05 | $0.05 | $0.05 | $0.06 | $0.05 | $0.06 | $0.06 | $0.05 | $0.06 | $0.05 | $0.06 | $0.67 |
| 2024 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.00 | $0.07 | $0.00 | $0.06 | $0.06 | $0.06 | $0.06 | $0.66 |
| 2023 | $0.06 | $0.06 | $0.07 | $0.00 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.00 | $0.07 | $0.07 | $0.68 |
| 2022 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.00 | $0.05 | $0.00 | $0.05 | $0.06 | $0.06 | $0.37 |
| 2021 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.37 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the T. Rowe Price Institutional Floating Rate Fund Class F. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the T. Rowe Price Institutional Floating Rate Fund Class F was 19.70%, occurring on Mar 23, 2020. Recovery took 161 trading sessions.
The current T. Rowe Price Institutional Floating Rate Fund Class F drawdown is 0.11%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -19.70%Mar 2020 | 2mo | 7mo 21d | 9mo 21dJan 2020 - Nov 2020 |
2011 pullback2011 | -6.26%Aug 2011 | 3mo 16d | 5mo | 8mo 16dMay 2011 - Jan 2012 |
Bear market2022 | -6.05%Jul 2022 | 5mo 13d | 7mo | 1y 8dJan 2022 - Feb 2023 |
Rate-hike selloffLate 2018 | -3.56%Dec 2018 | 2mo 19d | 2mo | 4mo 19dOct 2018 - Feb 2019 |
2016 pullback2016 | -3.31%Feb 2016 | 7mo 12d | 1mo 18d | 9moJul 2015 - Apr 2016 |
Drawdown Indicators
| PFFRX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.70% | -56.78% | +37.08% |
Max Drawdown (1Y)Largest decline over 1 year | -1.46% | -9.10% | +7.64% |
Max Drawdown (3Y)Largest decline over 3 years | -2.29% | -18.90% | +16.61% |
Max Drawdown (5Y)Largest decline over 5 years | -6.05% | -25.43% | +19.38% |
Max Drawdown (10Y)Largest decline over 10 years | -19.70% | -33.92% | +14.22% |
Current DrawdownCurrent decline from peak | -0.11% | -0.74% | +0.63% |
Average DrawdownAverage peak-to-trough decline | -0.68% | -10.72% | +10.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.39% | 1.97% | -1.58% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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