T. Rowe Price Ultra Short-Term Bond Fund Class I (TRSTX)

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The chart shows the growth of an initial investment of $10,000 in T. Rowe Price Ultra Short-Term Bond Fund Class I, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.

T. Rowe Price Ultra Short-Term Bond Fund Class I (TRSTX) has returned 0.53% so far this year and 4.41% over the past 12 months.

Based on dividend-adjusted daily data since Apr 30, 2018, TRSTX's average daily return is +0.01%, while the average monthly return is +0.27%. At this rate, your investment would double in approximately 21.4 years.

Historically, 84% of months were positive and 16% were negative. The best month was Apr 2020 with a return of +1.6%, while the worst month was Mar 2020 at -2.6%. The longest winning streak lasted 28 consecutive months, and the longest losing streak was 6 months.

On a daily basis, TRSTX closed higher 10% of trading days. The best single day was May 31, 2024 with a return of +0.7%, while the worst single day was Mar 19, 2020 at -1.0%.

T. Rowe Price Ultra Short-Term Bond Fund Class I has an annualized alpha of 3.20%, beta of 0.00, and R² of 0.00 versus S&P 500 Index. Calculated based on daily prices since May 01, 2018.

• This fund captured 8.10% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -1.64%) — 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.

TRSTX has an expense ratio of 0.20%, which is considered low.

TRSTX 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.

The table below present risk-adjusted performance metrics for T. Rowe Price Ultra Short-Term Bond Fund Class I (TRSTX) and compare them to a chosen benchmark (S&P 500 Index).

T. Rowe Price Ultra Short-Term Bond Fund Class I provided a 4.31% dividend yield over the last twelve months, with an annual payout of $0.22 per share.

The table displays the monthly dividend distributions for T. Rowe Price Ultra Short-Term Bond Fund Class I. The dividends shown in the table have been adjusted to account for any splits that may have occurred.

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.

The table below displays the maximum drawdowns of the T. Rowe Price Ultra Short-Term Bond 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 Ultra Short-Term Bond Fund Class I was 4.34%, occurring on Mar 24, 2020. Recovery took 51 trading sessions.

The current T. Rowe Price Ultra Short-Term Bond Fund Class I drawdown is 0.20%.

The chart below shows the rolling one-month volatility.