- ISIN
- US77958B6002
- Issuer
- T. Rowe Price
- Inception Date
- Jun 2, 2013
- Category
- Long-Term Bond
- Min. Investment
- $1,000,000
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
Loading charts...
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Performance
RPLCX Performance Chart
T. Rowe Price Institutional Long Duration Credit Fund (RPLCX) is up 1.3% since the beginning of the year. RPLCX is currently trading at $8 per share. Investors who bought $1,000 worth of RPLCX shares 5 years ago would now be looking at an investment worth $865.
Loading charts...
Returns By Period
T. Rowe Price Institutional Long Duration Credit Fund (RPLCX) has returned 1.31% so far this year and 7.76% over the past 12 months. Over the last ten years, RPLCX has returned 2.30% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
T. Rowe Price Institutional Long Duration Credit Fund
- 1D
- 0.27%
- 1M
- 2.51%
- YTD
- 1.31%
- 6M
- 2.05%
- 1Y
- 7.76%
- 3Y*
- 4.00%
- 5Y*
- -2.85%
- 10Y*
- 2.30%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
RPLCX Monthly Returns History
Based on dividend-adjusted daily data since Jan 2, 2014, RPLCX's average daily return is +0.02%, while the average monthly return is +0.34%. At this rate, an investment would double in approximately 17.0 years.
Historically, 61% of months were positive and 39% were negative. The best month was Nov 2023 with a return of +10.2%, while the worst month was Apr 2022 at -9.4%. The longest winning streak lasted 9 consecutive months, and the longest losing streak was 5 months.
On a daily basis, RPLCX closed higher 49% of trading days. The best single day was Nov 10, 2022 with a return of +3.3%, while the worst single day was Mar 19, 2020 at -7.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.19% | 2.13% | -3.46% | 0.59% | 1.41% | 0.53% | 1.31% | ||||||
| 2025 | 0.49% | 3.66% | -1.52% | -1.55% | -0.60% | 3.04% | 0.05% | 0.60% | 3.24% | 0.59% | 0.40% | -0.84% | 7.65% |
| 2024 | -0.96% | -2.26% | 1.64% | -4.73% | 2.97% | 0.27% | 3.26% | 2.15% | 2.43% | -4.15% | 2.19% | -4.16% | -1.84% |
| 2023 | 7.07% | -4.78% | 3.83% | 0.38% | -2.58% | 1.10% | -0.48% | -2.01% | -5.38% | -4.78% | 10.22% | 7.59% | 9.05% |
| 2022 | -4.84% | -3.15% | -3.23% | -9.43% | 0.13% | -4.66% | 4.03% | -3.98% | -8.96% | -2.44% | 8.46% | -1.63% | -27.00% |
| 2021 | -2.27% | -3.40% | -2.85% | 2.24% | 0.86% | 3.86% | 2.39% | -0.16% | -1.94% | 1.49% | 0.65% | -0.79% | -0.19% |
Benchmark Metrics
T. Rowe Price Institutional Long Duration Credit Fund has an annualized alpha of 4.39%, beta of -0.02, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since January 02, 2014.
- This fund participated in 43.84% of S&P 500 Index downside but only 31.24% of its upside - more exposed to losses than it benefited from rallies.
- Beta of -0.02 may look defensive, but with R2 of 0.00 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 0.00 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
- 4.39%
- Beta
- -0.02
- R²
- 0.00
- Upside Capture
- 31.24%
- Downside Capture
- 43.84%
Expense Ratio
RPLCX has an expense ratio of 0.45%, placing it in the medium range.
Return for Risk
Risk / Return Rank
RPLCX ranks 15 for risk / return — in the bottom 15% of mutual funds on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for T. Rowe Price Institutional Long Duration Credit Fund (RPLCX) 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.
| RPLCX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.04 | ||
| Sortino ratioReturn per unit of downside risk | -1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.37 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.47 | 2.78 | -1.31 |
| Martin ratioReturn relative to average drawdown | 4.01 | 12.44 | -8.43 |
Dividends
Dividend History
T. Rowe Price Institutional Long Duration Credit Fund provided a 5.33% dividend yield over the last twelve months, with an annual payout of $0.40 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.40 | $0.40 | $0.38 | $0.33 | $0.27 | $0.66 | $0.82 | $1.43 | $0.42 | $0.44 | $0.39 | $0.46 |
Dividend yield | 5.33% | 5.32% | 5.17% | 4.15% | 3.54% | 6.09% | 7.16% | 13.58% | 4.33% | 4.07% | 3.79% | 4.70% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price Institutional Long Duration Credit 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.17 | ||||||
| 2025 | $0.04 | $0.03 | $0.03 | $0.03 | $0.04 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.03 | $0.04 | $0.40 |
| 2024 | $0.03 | $0.03 | $0.04 | $0.03 | $0.04 | $0.00 | $0.04 | $0.04 | $0.03 | $0.04 | $0.04 | $0.04 | $0.38 |
| 2023 | $0.03 | $0.03 | $0.04 | $0.00 | $0.03 | $0.04 | $0.03 | $0.03 | $0.03 | $0.00 | $0.03 | $0.04 | $0.33 |
| 2022 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.00 | $0.03 | $0.00 | $0.03 | $0.03 | $0.03 | $0.27 |
| 2021 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.03 | $0.03 | $0.03 | $0.03 | $0.30 | $0.66 |
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.
Loading charts...
Worst Drawdowns
The table below displays the maximum drawdowns of the T. Rowe Price Institutional Long Duration Credit 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 Institutional Long Duration Credit Fund was 35.21%, occurring on Oct 24, 2022. The portfolio has not yet recovered.
The current T. Rowe Price Institutional Long Duration Credit Fund drawdown is 16.42%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -35.21%Oct 2022 | 10mo 22d | — | 4y 6moDec 2021 - now |
COVID crash2020 | -21.56%Mar 2020 | 9d | 3mo 22d | 4mo 1dMar 2020 - Jul 2020 |
2021 pullback2021 | -9.97%Mar 2021 | 2mo 13d | 3mo 22d | 6mo 5dJan 2021 - Jul 2021 |
2015 pullback2015 | -9.64%Jun 2015 | 4mo 24d | 10mo 8d | 1y 2moFeb 2015 - Apr 2016 |
Rate-hike selloffLate 2018 | -9.52%Nov 2018 | 11mo 15d | 3mo 29d | 1y 3moDec 2017 - Mar 2019 |
Drawdown Indicators
| RPLCX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.21% | -56.78% | +21.57% |
Max Drawdown (1Y)Largest decline over 1 year | -5.19% | -9.10% | +3.91% |
Max Drawdown (3Y)Largest decline over 3 years | -13.32% | -18.90% | +5.58% |
Max Drawdown (5Y)Largest decline over 5 years | -35.21% | -25.43% | -9.78% |
Max Drawdown (10Y)Largest decline over 10 years | -35.21% | -33.92% | -1.29% |
Current DrawdownCurrent decline from peak | -16.42% | -1.80% | -14.62% |
Average DrawdownAverage peak-to-trough decline | -10.15% | -10.71% | +0.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.90% | 2.03% | -0.13% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
Loading charts...
Build a portfolio with RPLCX
Add T. Rowe Price Institutional Long Duration Credit Fund to a portfolio and analyze allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Analyzer with RPLCX