- ISIN
- US87279B1061
- CUSIP
- 87279B106
- Issuer
- T. Rowe Price
- Inception Date
- Jul 29, 2011
- Region
- North America (U.S.)
- Category
- High Yield Bonds
- Min. Investment
- $2,500
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
PRFRX Performance Chart
T. Rowe Price Floating Rate Fund - Investor Class (PRFRX) is up 1.8% since the beginning of the year. PRFRX is currently trading at $9 per share. Investors who bought $1,000 worth of PRFRX shares 5 years ago would now be looking at an investment worth $1,541.
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Returns By Period
T. Rowe Price Floating Rate Fund - Investor Class (PRFRX) has returned 1.84% so far this year and 4.74% over the past 12 months. Over the last ten years, PRFRX has returned 6.39% per year, falling short of the S&P 500 Index benchmark, which averaged 13.26% annually.
T. Rowe Price Floating Rate Fund - Investor Class
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 1.93%
- YTD
- 1.84%
- 1Y
- 4.74%
- 3Y*
- 11.42%
- 5Y*
- 9.04%
- 10Y*
- 6.39%
- ALL TIME*
- 5.49%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
PRFRX Monthly Returns History
Based on dividend-adjusted daily data since Aug 1, 2011, PRFRX's average daily return is +0.02%, while the average monthly return is +0.45%. At this rate, an investment would double in approximately 12.9 years.
Historically, 80% of months were positive and 20% were negative. The best month was Apr 2020 with a return of +4.1%, while the worst month was Mar 2020 at -10.1%. The longest winning streak lasted 39 consecutive months, and the longest losing streak was 4 months.
On a daily basis, PRFRX closed higher 24% of trading days. The best single day was Mar 26, 2020 with a return of +3.3%, while the worst single day was Mar 19, 2020 at -4.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -0.09% | -0.92% | 0.53% | 1.86% | 0.56% | -0.21% | 0.11% | 1.84% | |||||
| 2025 | 0.62% | 0.75% | 0.28% | 0.04% | 1.61% | 0.79% | 0.71% | 0.62% | 0.46% | 0.42% | 0.42% | 0.80% | 7.78% |
| 2024 | 1.35% | 1.48% | 1.44% | 1.29% | 1.74% | 0.42% | 1.65% | 1.41% | 1.17% | 1.43% | 1.70% | 0.42% | 16.63% |
| 2023 | 3.15% | 1.10% | 0.94% | 0.74% | 0.48% | 2.82% | 1.94% | 1.85% | 1.26% | 0.06% | 2.23% | 2.41% | 20.66% |
| 2022 | 0.19% | -0.56% | 0.01% | 0.11% | -2.31% | -2.73% | 2.02% | 1.26% | -2.62% | 1.09% | 1.26% | 0.46% | -1.95% |
| 2021 | 0.83% | 0.49% | 0.14% | 0.55% | 0.43% | 0.30% | 0.02% | 0.43% | 0.55% | 0.33% | -0.31% | 0.76% | 4.60% |
Benchmark Metrics
T. Rowe Price Floating Rate Fund - Investor Class has an annualized alpha of 4.89%, beta of 0.05, and R2 of 0.06 versus S&P 500 Index. Calculated based on daily prices since August 01, 2011.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (20.84%) than losses (7.76%) - 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
- 4.89%
- Beta
- 0.05
- R²
- 0.06
- Upside Capture
- 20.84%
- Downside Capture
- 7.76%
Expense Ratio
PRFRX has an expense ratio of 0.76%, placing it in the medium range.
Return for Risk
Risk / Return Rank
PRFRX ranks 88 for risk / return — above 88% of mutual funds peers on PortfoliosLab. Its historical combined result is among the stronger results in the peer group.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for T. Rowe Price Floating Rate Fund - Investor Class (PRFRX) and compare them to S&P 500 Index.
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.
| PRFRX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.50 | ||
| Sortino ratioReturn per unit of downside risk | +2.29 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 1.25 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 3.02 | 2.00 | +1.02 |
| Martin ratioReturn relative to average drawdown | 10.89 | 8.49 | +2.40 |
Dividends
Dividend History
T. Rowe Price Floating Rate Fund - Investor Class provided a 6.76% dividend yield over the last twelve months, with an annual payout of $0.61 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.61 | $0.75 | $1.40 | $1.42 | $0.36 | $0.37 | $0.38 | $0.47 | $0.46 | $0.40 | $0.40 | $0.39 |
Dividend yield | 6.76% | 8.11% | 15.09% | 15.33% | 4.03% | 3.86% | 4.00% | 4.84% | 4.87% | 4.04% | 4.07% | 4.07% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price Floating Rate Fund - Investor Class. 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 | $0.10 | $0.05 | $0.05 | $0.00 | $0.34 | |||||
| 2025 | $0.06 | $0.10 | $0.11 | $0.05 | $0.06 | $0.05 | $0.06 | $0.06 | $0.05 | $0.06 | $0.05 | $0.05 | $0.75 |
| 2024 | $0.13 | $0.13 | $0.13 | $0.13 | $0.14 | $0.06 | $0.13 | $0.14 | $0.12 | $0.12 | $0.12 | $0.06 | $1.40 |
| 2023 | $0.11 | $0.12 | $0.13 | $0.06 | $0.13 | $0.13 | $0.13 | $0.14 | $0.14 | $0.07 | $0.13 | $0.14 | $1.42 |
| 2022 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.00 | $0.04 | $0.00 | $0.05 | $0.05 | $0.07 | $0.36 |
| 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 Floating Rate Fund - Investor Class. 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 Floating Rate Fund - Investor Class was 20.05%, occurring on Mar 23, 2020. Recovery took 175 trading sessions.
The current T. Rowe Price Floating Rate Fund - Investor Class drawdown is 0.22%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-20.05%Mar 2020 | 2mo 2d | 8mo 12d | 10mo 14dJan 2020 - Nov 2020 | COVID crash2020 |
-5.94%Jul 2022 | 5mo 13d | 6mo 28d | 1y 6dJan 2022 - Jan 2023 | Bear market2022 |
-5.01%Aug 2011 | 22d | 4mo 13d | 5mo 5dAug 2011 - Jan 2012 | — |
-3.46%Dec 2018 | 1mo 14d | 1mo 27d | 3mo 11dNov 2018 - Feb 2019 | Rate-hike selloffLate 2018 |
-3.26%Feb 2016 | 6mo 25d | 1mo 21d | 8mo 16dAug 2015 - Apr 2016 | — |
Drawdown Indicators
| PRFRX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.05% | -56.78% | +36.73% |
Max Drawdown (1Y)Largest decline over 1 year | -1.50% | -9.10% | +7.60% |
Max Drawdown (3Y)Largest decline over 3 years | -2.07% | -18.90% | +16.83% |
Max Drawdown (5Y)Largest decline over 5 years | -5.94% | -25.43% | +19.49% |
Max Drawdown (10Y)Largest decline over 10 years | -20.05% | -33.92% | +13.87% |
Current DrawdownCurrent decline from peak | -0.22% | -1.58% | +1.36% |
Average DrawdownAverage peak-to-trough decline | -0.68% | -10.70% | +10.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.42% | 2.14% | -1.72% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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