- Issuer
- T. Rowe Price
- Inception Date
- Jul 6, 2017
- Category
- Ultrashort Bond
- 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
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Performance
TRSTX Performance Chart
T. Rowe Price Ultra Short-Term Bond Fund Class I (TRSTX) is up 1.6% since the beginning of the year. TRSTX is currently trading at $5 per share. Investors who bought $1,000 worth of TRSTX shares 5 years ago would now be looking at an investment worth $1,191.
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Returns By Period
T. Rowe Price Ultra Short-Term Bond Fund Class I (TRSTX) has returned 1.64% so far this year and 3.67% over the past 12 months.
T. Rowe Price Ultra Short-Term Bond Fund Class I
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 1.06%
- YTD
- 1.64%
- 1Y
- 3.67%
- 3Y*
- 5.35%
- 5Y*
- 3.56%
- 10Y*
- —
- ALL TIME*
- 3.22%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
TRSTX Monthly Returns History
Based on dividend-adjusted daily data since Apr 30, 2018, TRSTX's average daily return is +0.01%, while the average monthly return is +0.26%. At this rate, an investment would double in approximately 22.2 years.
Historically, 83% of months were positive and 17% 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 30 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%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.58% | 0.15% | 0.17% | 0.36% | 0.00% | 0.37% | 0.00% | 1.64% | |||||
| 2025 | 0.83% | 0.18% | 0.40% | 0.20% | 0.63% | 0.38% | 0.41% | 0.61% | 0.38% | 0.43% | 0.36% | 0.40% | 5.34% |
| 2024 | 0.82% | 0.40% | 0.44% | 0.44% | 0.68% | 0.40% | 0.66% | 0.69% | 0.60% | 0.24% | 0.63% | 0.24% | 6.41% |
| 2023 | 0.88% | 0.26% | 0.14% | 0.41% | 0.34% | 0.36% | 0.75% | 0.56% | 0.38% | 0.00% | 0.80% | 0.84% | 5.89% |
| 2022 | -0.14% | -0.34% | -0.52% | -0.12% | -0.10% | -0.60% | 0.00% | 0.18% | -0.40% | -0.20% | 0.45% | 0.60% | -1.20% |
| 2021 | 0.09% | 0.08% | 0.08% | 0.08% | 0.06% | -0.14% | 0.08% | 0.06% | 0.06% | -0.13% | -0.14% | 0.10% | 0.29% |
Benchmark Metrics
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 April 30, 2018.
- This fund captured 7.67% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -2.25%) - 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
- 3.20%
- Beta
- 0.00
- R²
- 0.00
- Upside Capture
- 7.67%
- Downside Capture
- -2.25%
Expense Ratio
TRSTX has an expense ratio of 0.20%, which is considered low.
Return for Risk
Risk / Return Rank
TRSTX ranks 99 for risk / return — above 99% of mutual funds peers on PortfoliosLab. Its historical combined result is among the stronger results in the peer group.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for T. Rowe Price Ultra Short-Term Bond Fund Class I (TRSTX) 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.
| TRSTX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.31 | ||
| Sortino ratioReturn per unit of downside risk | +5.48 | ||
| Omega ratioGain probability vs. loss probability | 3.77 | 1.25 | +2.52 |
| Calmar ratioReturn relative to maximum drawdown | 20.32 | 2.00 | +18.32 |
| Martin ratioReturn relative to average drawdown | 44.59 | 8.49 | +36.09 |
Dividends
Dividend History
T. Rowe Price Ultra Short-Term Bond Fund Class I provided a 3.80% dividend yield over the last twelve months, with an annual payout of $0.19 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.19 | $0.24 | $0.26 | $0.17 | $0.08 | $0.06 | $0.10 | $0.14 | $0.10 |
Dividend yield | 3.80% | 4.79% | 5.19% | 3.46% | 1.61% | 1.28% | 1.94% | 2.78% | 1.98% |
Monthly Dividends
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.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.02 | $0.02 | $0.02 | $0.02 | $0.00 | $0.02 | $0.00 | $0.09 | |||||
| 2025 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.24 |
| 2024 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.02 | $0.02 | $0.02 | $0.02 | $0.26 |
| 2023 | $0.01 | $0.01 | $0.02 | $0.00 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.00 | $0.02 | $0.02 | $0.17 |
| 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 | $0.03 | $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 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.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-4.34%Mar 2020 | 14d | 2mo 13d | 2mo 27dMar 2020 - Jun 2020 | COVID crash2020 |
-2.58%Oct 2022 | 1y 5d | 5mo 15d | 1y 5moOct 2021 - Apr 2023 | Bear market2022 |
-0.59%Dec 2024 | 2d | 10d | 12dDec 2024 - Dec 2024 | — |
-0.59%Nov 2024 | 1d | 18d | 18dNov 2024 - Nov 2024 | — |
-0.40%Sep 2019 | 8d | 17d | 25dSep 2019 - Sep 2019 | — |
Drawdown Indicators
| TRSTX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.34% | -56.78% | +52.44% |
Max Drawdown (1Y)Largest decline over 1 year | -0.20% | -9.10% | +8.90% |
Max Drawdown (3Y)Largest decline over 3 years | -0.59% | -18.90% | +18.31% |
Max Drawdown (5Y)Largest decline over 5 years | -2.58% | -25.43% | +22.85% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | 0.00% | -1.58% | +1.58% |
Average DrawdownAverage peak-to-trough decline | -0.30% | -10.70% | +10.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.09% | 2.14% | -2.05% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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