- ISIN
- US77957P3038
- CUSIP
- 77957P303
- Issuer
- T. Rowe Price
- Inception Date
- Dec 3, 2012
- Category
- Ultrashort Bond
- Min. Investment
- $2,500
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
TRBUX Performance Chart
T. Rowe Price Ultra Short-Term Bond Fund (TRBUX) is up 1.4% since the beginning of the year. TRBUX is currently trading at $5 per share. Investors who bought $1,000 worth of TRBUX shares 5 years ago would now be looking at an investment worth $1,233.
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Returns By Period
T. Rowe Price Ultra Short-Term Bond Fund (TRBUX) has returned 1.39% so far this year and 6.22% over the past 12 months. Over the last ten years, TRBUX has returned 3.29% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
T. Rowe Price Ultra Short-Term Bond Fund
- 1D
- 0.00%
- 1M
- 0.36%
- YTD
- 1.39%
- 6M
- 2.18%
- 1Y
- 6.22%
- 3Y*
- 6.75%
- 5Y*
- 4.28%
- 10Y*
- 3.29%
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%
TRBUX Monthly Returns History
Based on dividend-adjusted daily data since Oct 3, 2013, TRBUX'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, 86% of months were positive and 14% were negative. The best month was Apr 2020 with a return of +1.4%, while the worst month was Mar 2020 at -2.4%. The longest winning streak lasted 40 consecutive months, and the longest losing streak was 7 months.
On a daily basis, TRBUX closed higher 10% of trading days. The best single day was Mar 31, 2025 with a return of +0.6%, while the worst single day was Mar 19, 2020 at -1.0%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.37% | 0.34% | -0.04% | 0.55% | 0.36% | -0.20% | 1.39% | ||||||
| 2025 | 0.43% | 0.17% | 0.59% | 0.39% | 0.42% | 0.57% | 0.80% | 0.82% | 0.75% | 0.42% | 0.35% | 0.97% | 6.88% |
| 2024 | 0.80% | 0.40% | 0.42% | 0.42% | 1.14% | 0.40% | 0.64% | 0.68% | 0.59% | 0.67% | 1.04% | 0.42% | 7.88% |
| 2023 | 1.11% | 0.53% | 0.33% | 0.49% | 0.32% | 0.55% | 0.53% | 0.57% | 0.37% | 0.37% | 0.79% | 0.82% | 6.99% |
| 2022 | -0.14% | -0.34% | -0.34% | -0.32% | -0.10% | -0.60% | 0.00% | 0.37% | -0.61% | -0.20% | 0.43% | 0.58% | -1.28% |
| 2021 | 0.08% | 0.08% | 0.08% | 0.08% | 0.06% | 0.06% | -0.14% | 0.06% | 0.06% | -0.14% | 0.06% | -0.12% | 0.22% |
Benchmark Metrics
T. Rowe Price Ultra Short-Term Bond Fund has an annualized alpha of 2.75%, beta of 0.00, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since October 03, 2013.
- This fund captured 7.29% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -3.44%) - a profile typical of hedging or uncorrelated assets.
- Beta of 0.00 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
- 2.75%
- Beta
- 0.00
- R²
- 0.00
- Upside Capture
- 7.29%
- Downside Capture
- -3.44%
Expense Ratio
TRBUX has an expense ratio of 0.31%, placing it in the medium range.
Return for Risk
Risk / Return Rank
TRBUX ranks 99 for risk / return — in the top 99% 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 Ultra Short-Term Bond Fund (TRBUX) 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.
| TRBUX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.66 | ||
| Sortino ratioReturn per unit of downside risk | +6.27 | ||
| Omega ratioGain probability vs. loss probability | 3.56 | 1.37 | +2.20 |
| Calmar ratioReturn relative to maximum drawdown | 16.38 | 2.78 | +13.59 |
| Martin ratioReturn relative to average drawdown | 61.46 | 12.44 | +49.02 |
Dividends
Dividend History
T. Rowe Price Ultra Short-Term Bond Fund provided a 6.04% dividend yield over the last twelve months, with an annual payout of $0.31 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.31 | $0.32 | $0.32 | $0.22 | $0.08 | $0.06 | $0.09 | $0.14 | $0.12 | $0.08 | $0.06 | $0.04 |
Dividend yield | 6.04% | 6.23% | 6.36% | 4.48% | 1.53% | 1.21% | 1.86% | 2.73% | 2.47% | 1.62% | 1.18% | 0.81% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price Ultra 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.00 | $0.09 | ||||||
| 2025 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.04 | $0.04 | $0.04 | $0.02 | $0.02 | $0.04 | $0.32 |
| 2024 | $0.02 | $0.02 | $0.02 | $0.02 | $0.05 | $0.02 | $0.02 | $0.02 | $0.02 | $0.04 | $0.04 | $0.02 | $0.32 |
| 2023 | $0.02 | $0.03 | $0.02 | $0.01 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.22 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.01 | $0.00 | $0.00 | $0.01 | $0.00 | $0.01 | $0.01 | $0.03 | $0.08 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.02 | $0.06 |
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 Ultra 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 Ultra Short-Term Bond Fund was 4.15%, occurring on Mar 23, 2020. Recovery took 51 trading sessions.
The current T. Rowe Price Ultra Short-Term Bond Fund drawdown is 0.20%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -4.15%Mar 2020 | 13d | 2mo 13d | 2mo 26dMar 2020 - Jun 2020 |
Bear market2022 | -2.68%Oct 2022 | 1y 3mo | 4mo 5d | 1y 7moJul 2021 - Feb 2023 |
2024 pullback2024 | -0.78%Nov 2024 | 1d | 17d | 18dNov 2024 - Nov 2024 |
2023 pullback2023 | -0.40%Mar 2023 | 1d | 15d | 16dMar 2023 - Mar 2023 |
2024 pullback2024 | -0.39%Dec 2024 | 0s | 10d | 10dDec 2024 - Dec 2024 |
Drawdown Indicators
| TRBUX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.15% | -56.78% | +52.63% |
Max Drawdown (1Y)Largest decline over 1 year | -0.39% | -9.10% | +8.71% |
Max Drawdown (3Y)Largest decline over 3 years | -0.78% | -18.90% | +18.12% |
Max Drawdown (5Y)Largest decline over 5 years | -2.68% | -25.43% | +22.75% |
Max Drawdown (10Y)Largest decline over 10 years | -4.15% | -33.92% | +29.77% |
Current DrawdownCurrent decline from peak | -0.20% | -1.80% | +1.60% |
Average DrawdownAverage peak-to-trough decline | -0.21% | -10.71% | +10.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.10% | 2.03% | -1.93% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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