- ISIN
- US77958R1005
- CUSIP
- 77958R100
- Issuer
- T. Rowe Price
- Inception Date
- Feb 22, 2018
- Category
- Multistrategy
- Min. Investment
- $2,500
- Distribution Policy
- Distributing
- Asset Class
- Alternatives
Share Price Chart
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Performance
TMSRX Performance Chart
T. Rowe Price Multi-Strategy Total Return Fund (TMSRX) is up 0.4% since the beginning of the year. TMSRX is currently trading at $9 per share. Investors who bought $1,000 worth of TMSRX shares 5 years ago would now be looking at an investment worth $1,054.
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Returns By Period
T. Rowe Price Multi-Strategy Total Return Fund (TMSRX) has returned 0.41% so far this year and 3.49% over the past 12 months.
T. Rowe Price Multi-Strategy Total Return Fund
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.41%
- 6M
- 0.64%
- 1Y
- 3.49%
- 3Y*
- 4.09%
- 5Y*
- 1.05%
- 10Y*
- —
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%
TMSRX Monthly Returns History
Based on dividend-adjusted daily data since Feb 23, 2018, TMSRX's average daily return is +0.01%, while the average monthly return is +0.23%. At this rate, an investment would double in approximately 25.1 years.
Historically, 61% of months were positive and 39% were negative. The best month was Apr 2020 with a return of +4.0%, while the worst month was Mar 2020 at -4.7%. The longest winning streak lasted 12 consecutive months, and the longest losing streak was 9 months.
On a daily basis, TMSRX closed higher 39% of trading days. The best single day was Dec 23, 2024 with a return of +1.2%, while the worst single day was Mar 19, 2020 at -3.1%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.41% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.41% | ||||||
| 2025 | 0.65% | 0.11% | -0.32% | -0.87% | 0.11% | 0.98% | 0.32% | 0.22% | 0.65% | 0.66% | 0.00% | 0.42% | 2.95% |
| 2024 | 0.86% | 1.81% | 0.84% | 0.52% | 0.41% | -0.21% | -0.21% | -0.31% | 0.72% | -0.10% | 0.10% | 0.81% | 5.36% |
| 2023 | 0.96% | 0.32% | -0.42% | 0.74% | -0.10% | 0.31% | 0.52% | 0.52% | 0.10% | 0.31% | 1.13% | 0.59% | 5.09% |
| 2022 | -1.29% | -1.01% | -1.42% | -0.21% | -1.44% | 0.10% | -0.63% | 0.84% | -0.42% | -0.52% | 0.00% | 1.23% | -4.69% |
| 2021 | 0.19% | 1.98% | -1.29% | 0.09% | 0.65% | -0.28% | -0.19% | 1.12% | -0.74% | -0.47% | -1.87% | -1.24% | -2.08% |
Benchmark Metrics
T. Rowe Price Multi-Strategy Total Return Fund has an annualized alpha of 2.38%, beta of 0.03, and R2 of 0.02 versus S&P 500 Index. Calculated based on daily prices since February 23, 2018.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (8.91%) than losses (4.34%) - typical of diversified or defensive assets.
- Beta of 0.03 may look defensive, but with R2 of 0.02 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 0.02 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
- 2.38%
- Beta
- 0.03
- R²
- 0.02
- Upside Capture
- 8.91%
- Downside Capture
- 4.34%
Expense Ratio
TMSRX has a high expense ratio of 1.19%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
TMSRX ranks 79 for risk / return — better than 79% of mutual funds on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for T. Rowe Price Multi-Strategy Total Return Fund (TMSRX) 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.
| TMSRX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.67 | 1.37 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 4.22 | 2.78 | +1.44 |
| Martin ratioReturn relative to average drawdown | 17.07 | 12.44 | +4.63 |
Dividends
Dividend History
T. Rowe Price Multi-Strategy Total Return Fund provided a 9.49% dividend yield over the last twelve months, with an annual payout of $0.82 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.82 | $0.67 | $0.62 | $0.55 | $0.21 | $0.29 | $0.36 | $0.29 | $0.33 |
Dividend yield | 9.49% | 7.59% | 6.72% | 5.95% | 2.29% | 2.88% | 3.35% | 3.00% | 3.56% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price Multi-Strategy Total Return 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 | $0.16 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.16 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.45 | $0.00 | $0.22 | $0.67 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.62 | $0.62 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.55 | $0.55 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.21 | $0.21 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.29 | $0.29 |
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 Multi-Strategy Total Return 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 Multi-Strategy Total Return Fund was 10.67%, occurring on Nov 10, 2022. Recovery took 386 trading sessions.
The current T. Rowe Price Multi-Strategy Total Return Fund drawdown is 0.16%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -10.67%Nov 2022 | 1y 8mo | 1y 6mo | 3y 3moFeb 2021 - May 2024 |
COVID crash2020 | -8.81%Mar 2020 | 14d | 1mo 19d | 2mo 3dMar 2020 - May 2020 |
Rate-hike selloffLate 2018 | -4.99%Dec 2018 | 8mo 21d | 6mo 6d | 1y 2moApr 2018 - Jul 2019 |
2025 selloff2025 | -2.79%Apr 2025 | 2mo 14d | 4mo 6d | 6mo 20dJan 2025 - Aug 2025 |
2024 pullback2024 | -2.35%Aug 2024 | 25d | 3mo 5d | 4moJul 2024 - Nov 2024 |
Drawdown Indicators
| TMSRX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.67% | -56.78% | +46.11% |
Max Drawdown (1Y)Largest decline over 1 year | -0.83% | -9.10% | +8.27% |
Max Drawdown (3Y)Largest decline over 3 years | -2.79% | -18.90% | +16.11% |
Max Drawdown (5Y)Largest decline over 5 years | -10.59% | -25.43% | +14.84% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.16% | -1.80% | +1.64% |
Average DrawdownAverage peak-to-trough decline | -2.71% | -10.71% | +8.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.20% | 2.03% | -1.83% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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