T. Rowe Price Short-Term Bond Fund (PRWBX)
The fund will invest in a diversified portfolio of short- and intermediate-term investment-grade corporate, government, and asset- and mortgage-backed securities. It may also invest in money market securities, bank obligations, collateralized mortgage obligations, and foreign securities, including securities of issuers in emerging markets. The fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in bonds. Its average effective maturity will normally not exceed three years.
Fund Info
US77957P1057
77957P105
Mar 2, 1984
$2,500
Expense Ratio
PRWBX has an expense ratio of 0.43%, placing it in the medium range.
Share Price Chart
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Compare to other instruments
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Performance
Performance Chart
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Returns By Period
T. Rowe Price Short-Term Bond Fund (PRWBX) returned 1.46% year-to-date (YTD) and 5.71% over the past 12 months. Over the past 10 years, PRWBX returned 2.19% annually, underperforming the S&P 500 benchmark at 10.46%.
PRWBX
1.46%
0.22%
2.15%
5.71%
2.38%
2.19%
^GSPC (Benchmark)
-3.77%
7.44%
-5.60%
8.37%
14.12%
10.46%
Monthly Returns
The table below presents the monthly returns of PRWBX, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 0.37% | 0.76% | 0.33% | 0.43% | -0.43% | 1.46% | |||||||
| 2024 | 0.52% | -0.14% | 0.33% | -0.10% | 0.61% | 0.54% | 1.23% | 0.82% | 0.97% | -0.51% | 0.33% | 0.35% | 5.06% |
| 2023 | 1.34% | -0.88% | 1.16% | 0.45% | -0.40% | -0.17% | 0.47% | 0.28% | 0.06% | 0.06% | 1.42% | 1.21% | 5.09% |
| 2022 | -0.54% | -0.76% | -1.17% | -0.85% | 0.35% | -0.94% | 1.00% | -0.70% | -1.56% | -0.49% | 1.12% | 0.47% | -4.04% |
| 2021 | 0.21% | 0.21% | 0.04% | 0.24% | 0.20% | -0.01% | 0.10% | 0.18% | -0.03% | -0.22% | -0.03% | -0.10% | 0.78% |
| 2020 | 0.84% | 0.81% | -2.75% | 1.91% | 1.02% | 1.21% | 0.38% | 0.34% | 0.14% | 0.14% | 0.33% | 0.35% | 4.76% |
| 2019 | 0.64% | 0.21% | 0.66% | 0.22% | 0.67% | 0.62% | 0.00% | 0.65% | -0.02% | 0.42% | -0.01% | 0.20% | 4.32% |
| 2018 | -0.06% | -0.06% | -0.04% | 0.12% | 0.39% | -0.02% | 0.19% | 0.43% | -0.04% | -0.01% | 0.22% | 0.42% | 1.56% |
| 2017 | 0.13% | 0.50% | 0.16% | 0.26% | 0.15% | 0.15% | 0.15% | 0.36% | -0.06% | -0.07% | -0.06% | -0.07% | 1.61% |
| 2016 | 0.10% | 0.13% | 0.55% | 0.34% | -0.09% | 0.55% | 0.13% | 0.13% | 0.15% | -0.08% | -0.27% | -0.06% | 1.58% |
| 2015 | 0.53% | -0.10% | 0.31% | 0.13% | 0.13% | -0.29% | 0.13% | -0.08% | 0.13% | 0.13% | -0.08% | -0.27% | 0.63% |
| 2014 | 0.10% | 0.33% | -0.08% | 0.33% | 0.15% | 0.13% | -0.08% | 0.12% | -0.31% | 0.31% | 0.10% | -0.52% | 0.58% |
Risk-Adjusted Performance
Risk-Adjusted Performance Rank
With an overall rank of 96, PRWBX is among the top 4% of mutual funds on our website when it comes to balancing risk and reward. Below is a breakdown of how it compares using common performance measures.
Risk-Adjusted Performance Indicators
The charts below present risk-adjusted performance metrics for T. Rowe Price Short-Term Bond Fund (PRWBX) and compare them to a chosen benchmark (^GSPC). These indicators evaluate an investment's returns against its associated risks.
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Dividends
Dividend History
T. Rowe Price Short-Term Bond Fund provided a 3.79% dividend yield over the last twelve months, with an annual payout of $0.18 per share. The fund has been increasing its distributions for 2 consecutive years.
| Period | TTM | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.18 | $0.19 | $0.14 | $0.11 | $0.11 | $0.10 | $0.12 | $0.11 | $0.10 | $0.07 | $0.07 | $0.07 |
Dividend yield | 3.79% | 4.05% | 3.15% | 2.39% | 2.25% | 2.11% | 2.51% | 2.40% | 2.03% | 1.57% | 1.49% | 1.43% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price Short-Term Bond Fund. 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | $0.02 | $0.01 | $0.02 | $0.00 | $0.00 | $0.05 | |||||||
| 2024 | $0.01 | $0.01 | $0.02 | $0.02 | $0.02 | $0.01 | $0.02 | $0.02 | $0.01 | $0.02 | $0.02 | $0.02 | $0.19 |
| 2023 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.14 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.01 | $0.01 | $0.01 | $0.02 | $0.01 | $0.01 | $0.01 | $0.02 | $0.01 | $0.11 |
| 2021 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.00 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.11 |
| 2020 | $0.02 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.10 |
| 2019 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.12 |
| 2018 | $0.01 | $0.01 | $0.01 | $0.02 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.11 |
| 2017 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.10 |
| 2016 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.07 |
| 2015 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.07 |
| 2014 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.07 |
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 Short-Term Bond Fund. 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 Short-Term Bond Fund was 6.29%, occurring on Oct 20, 2022. Recovery took 295 trading sessions.
The current T. Rowe Price Short-Term Bond Fund drawdown is 0.43%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -6.29% | Sep 22, 2021 | 273 | Oct 20, 2022 | 295 | Dec 22, 2023 | 568 |
| -5.21% | Mar 9, 2020 | 13 | Mar 25, 2020 | 49 | Jun 4, 2020 | 62 |
| -4.48% | Feb 1, 1994 | 236 | Dec 27, 1994 | 92 | May 4, 1995 | 328 |
| -3.9% | Sep 12, 2008 | 35 | Oct 30, 2008 | 69 | Feb 10, 2009 | 104 |
| -2.14% | Oct 6, 1992 | 11 | Oct 20, 1992 | 63 | Jan 15, 1993 | 74 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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