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
| ISIN | US77957P1057 |
|---|---|
| CUSIP | 77957P105 |
| Issuer | T. Rowe Price |
| Inception Date | Mar 2, 1984 |
| Category | Short-Term Bond |
| Min. Investment | $2,500 |
| Asset Class | Bond |
Expense Ratio
PRWBX features an expense ratio of 0.43%, falling within the medium range.
Share Price Chart
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Compare to other instruments
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Popular comparisons: PRWBX vs. DFGFX, PRWBX vs. DFEQX, PRWBX vs. DFIHX
Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in T. Rowe Price Short-Term Bond Fund, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
Returns By Period
T. Rowe Price Short-Term Bond Fund had a return of 4.12% year-to-date (YTD) and 6.41% in the last 12 months. Over the past 10 years, T. Rowe Price Short-Term Bond Fund had an annualized return of 1.97%, while the S&P 500 had an annualized return of 11.31%, indicating that T. Rowe Price Short-Term Bond Fund did not perform as well as the benchmark.
| Period | Return | Benchmark |
|---|---|---|
| Year-To-Date | 4.12% | 24.72% |
| 1 month | -0.30% | 2.30% |
| 6 months | 3.03% | 12.31% |
| 1 year | 6.41% | 32.12% |
| 5 years (annualized) | 2.18% | 13.81% |
| 10 years (annualized) | 1.97% | 11.31% |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 0.52% | -0.14% | 0.33% | -0.10% | 0.61% | 0.55% | 1.23% | 0.82% | 0.97% | -0.52% | 4.12% | ||
| 2023 | 1.34% | -0.88% | 1.16% | 0.45% | -0.40% | -0.18% | 0.48% | 0.27% | 0.06% | 0.07% | 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% | 0.03% | 0.24% | 0.20% | -0.01% | 0.10% | 0.17% | -0.03% | -0.22% | -0.03% | -0.10% | 0.78% |
| 2020 | 0.84% | 0.81% | -2.74% | 1.91% | 1.02% | 1.21% | 0.38% | 0.35% | 0.14% | 0.14% | 0.33% | 0.35% | 4.77% |
| 2019 | 0.64% | 0.21% | 0.65% | 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% | 0.40% | -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% | 0.14% | 0.15% | 0.15% | 0.36% | -0.06% | -0.07% | -0.07% | -0.06% | 1.61% |
| 2016 | 0.11% | 0.13% | 0.55% | 0.34% | -0.09% | 0.55% | 0.12% | 0.13% | 0.15% | -0.09% | -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% | 0.32% | 0.10% | -0.52% | 0.58% |
| 2013 | -0.08% | 0.12% | 0.14% | 0.14% | -0.29% | -0.50% | 0.34% | -0.29% | 0.33% | 0.34% | 0.13% | -0.10% | 0.27% |
Risk-Adjusted Performance
Risk-Adjusted Performance Rank
The current risk-adjusted rank of PRWBX is 82, placing it in the top 18% of mutual funds on our website in terms of risk-adjusted performance. This ranking is based on the combined values of the indicators listed below.
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.
Dividends
Dividend History
T. Rowe Price Short-Term Bond Fund provided a 3.98% dividend yield over the last twelve months, with an annual payout of $0.18 per share.
| Period | TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.18 | $0.14 | $0.11 | $0.11 | $0.10 | $0.12 | $0.11 | $0.10 | $0.07 | $0.07 | $0.07 | $0.07 |
Dividend yield | 3.98% | 3.15% | 2.39% | 2.25% | 2.11% | 2.51% | 2.40% | 2.03% | 1.57% | 1.49% | 1.43% | 1.52% |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | $0.01 | $0.01 | $0.02 | $0.02 | $0.02 | $0.01 | $0.02 | $0.02 | $0.01 | $0.02 | $0.00 | $0.15 | |
| 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 |
| 2013 | $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.
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 293 trading sessions.
The current T. Rowe Price Short-Term Bond Fund drawdown is 0.73%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -6.29% | Sep 22, 2021 | 273 | Oct 20, 2022 | 293 | Dec 22, 2023 | 566 |
| -5.64% | Jan 28, 2020 | 41 | Mar 25, 2020 | 57 | Jun 16, 2020 | 98 |
| -4.48% | Feb 1, 1994 | 228 | Dec 27, 1994 | 89 | May 4, 1995 | 317 |
| -3.9% | Sep 12, 2008 | 35 | Oct 30, 2008 | 69 | Feb 10, 2009 | 104 |
| -2.14% | Oct 6, 1992 | 11 | Oct 20, 1992 | 60 | Jan 15, 1993 | 71 |
Volatility
Volatility Chart
The current T. Rowe Price Short-Term Bond Fund volatility is 0.75%, representing the average percentage change in the investments's value, either up or down over the past month. The chart below shows the rolling one-month volatility.