- CUSIP
- 87279B304
- Issuer
- T. Rowe Price
- Inception Date
- Nov 29, 2016
- Category
- Bank Loan
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Asset Class Size
- Multi-Cap
- Asset Class Style
- Blend
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
TFAIX Performance Chart
T. Rowe Price Floating Rate Fund Class I (TFAIX) is up 1.0% since the beginning of the year. TFAIX is currently trading at $9 per share. Investors who bought $1,000 worth of TFAIX shares 5 years ago would now be looking at an investment worth $1,306.
Loading charts...
Returns By Period
T. Rowe Price Floating Rate Fund Class I (TFAIX) has returned 1.00% so far this year and 5.42% over the past 12 months.
T. Rowe Price Floating Rate Fund Class I
- 1D
- 0.00%
- 1M
- 0.13%
- YTD
- 1.00%
- 6M
- 1.60%
- 1Y
- 5.42%
- 3Y*
- 7.78%
- 5Y*
- 5.48%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -1.44%
- 1M
- -1.45%
- YTD
- 7.60%
- 6M
- 6.59%
- 1Y
- 22.24%
- 3Y*
- 19.20%
- 5Y*
- 11.54%
- 10Y*
- 13.71%
TFAIX Monthly Returns History
Based on dividend-adjusted daily data since Jan 3, 2017, TFAIX's average daily return is +0.02%, while the average monthly return is +0.39%. At this rate, an investment would double in approximately 14.8 years.
Historically, 81% of months were positive and 19% 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 19 consecutive months, and the longest losing streak was 2 months.
On a daily basis, TFAIX closed higher 23% 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 -4.1%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -0.08% | -0.91% | 0.54% | 1.44% | 0.46% | -0.44% | 1.00% | ||||||
| 2025 | 0.63% | 0.22% | -0.28% | -0.06% | 1.74% | 0.80% | 0.72% | 0.52% | 0.58% | 0.32% | 0.43% | 0.81% | 6.61% |
| 2024 | 0.74% | 0.69% | 0.73% | 0.71% | 0.99% | 0.43% | 0.83% | 0.66% | 0.54% | 0.78% | 1.07% | 0.53% | 9.06% |
| 2023 | 2.52% | 0.34% | 0.20% | 0.22% | -0.36% | 2.20% | 1.14% | 1.09% | 0.64% | -0.76% | 1.50% | 1.65% | 10.85% |
| 2022 | 0.20% | -0.54% | 0.02% | 0.01% | -2.30% | -2.73% | 2.13% | 1.27% | -2.73% | 1.10% | 1.39% | 0.47% | -1.85% |
| 2021 | 0.73% | 0.60% | 0.04% | 0.56% | 0.44% | 0.42% | 0.03% | 0.34% | 0.56% | 0.34% | -0.20% | 0.77% | 4.73% |
Benchmark Metrics
T. Rowe Price Floating Rate Fund Class I 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 January 03, 2017.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (17.46%) than losses (11.08%) - 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
- 17.46%
- Downside Capture
- 11.08%
Expense Ratio
TFAIX has an expense ratio of 0.63%, placing it in the medium range.
Return for Risk
Risk / Return Rank
TFAIX ranks 83 for risk / return — in the top 83% 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 Floating Rate Fund Class I (TFAIX) 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.
| TFAIX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.47 | ||
| Sortino ratioReturn per unit of downside risk | +2.75 | ||
| Omega ratioGain probability vs. loss probability | 1.78 | 1.32 | +0.46 |
| Calmar ratioReturn relative to maximum drawdown | 3.41 | 2.46 | +0.96 |
| Martin ratioReturn relative to average drawdown | 12.88 | 10.92 | +1.96 |
Dividends
Dividend History
T. Rowe Price Floating Rate Fund Class I provided a 6.98% dividend yield over the last twelve months, with an annual payout of $0.63 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.63 | $0.66 | $0.77 | $0.66 | $0.37 | $0.38 | $0.39 | $0.48 | $0.47 | $0.41 |
Dividend yield | 6.98% | 7.14% | 8.30% | 7.12% | 4.13% | 3.98% | 4.12% | 4.97% | 5.01% | 4.15% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price Floating Rate Fund Class I. 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 | $0.05 | $0.66 |
| 2024 | $0.07 | $0.06 | $0.07 | $0.07 | $0.07 | $0.06 | $0.07 | $0.07 | $0.06 | $0.06 | $0.06 | $0.06 | $0.77 |
| 2023 | $0.06 | $0.06 | $0.07 | $0.00 | $0.07 | $0.07 | $0.06 | $0.07 | $0.07 | $0.00 | $0.07 | $0.07 | $0.66 |
| 2022 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.00 | $0.05 | $0.00 | $0.05 | $0.05 | $0.07 | $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 | $0.38 |
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 Floating Rate Fund Class I. 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 Class I was 19.93%, occurring on Mar 23, 2020. Recovery took 175 trading sessions.
The current T. Rowe Price Floating Rate Fund Class I drawdown is 0.44%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -19.93%Mar 2020 | 2mo 1d | 8mo 12d | 10mo 13dJan 2020 - Nov 2020 |
Bear market2022 | -5.88%Jul 2022 | 5mo 16d | 6mo 29d | 1y 10dJan 2022 - Jan 2023 |
Rate-hike selloffLate 2018 | -3.54%Dec 2018 | 1mo 22d | 2mo | 3mo 22dNov 2018 - Feb 2019 |
2025 selloff2025 | -2.34%Apr 2025 | 1mo 5d | 1mo 1d | 2mo 6dMar 2025 - May 2025 |
2023 pullback2023 | -1.74%Mar 2023 | 10d | 14d | 24dMar 2023 - Apr 2023 |
Drawdown Indicators
| TFAIX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.93% | -56.78% | +36.85% |
Max Drawdown (1Y)Largest decline over 1 year | -1.59% | -9.10% | +7.51% |
Max Drawdown (3Y)Largest decline over 3 years | -2.34% | -18.90% | +16.56% |
Max Drawdown (5Y)Largest decline over 5 years | -5.88% | -25.43% | +19.55% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.44% | -3.21% | +2.77% |
Average DrawdownAverage peak-to-trough decline | -0.78% | -10.71% | +9.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.42% | 2.04% | -1.62% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
Loading charts...
Build a portfolio with TFAIX
Add T. Rowe Price Floating Rate Fund Class I 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 TFAIX