BBSOX vs. TRSTX

Last updated Jun 5, 2026

BBSOX (BlackRock Short Obligations Fund) and TRSTX (T. Rowe Price Ultra Short-Term Bond Fund Class I) are both Ultrashort Bond funds. Over the past 5 years, BBSOX returned 3.27%/yr vs 3.55%/yr for TRSTX. At a 0.42 correlation, their price movements are largely independent. BBSOX charges 0.30%/yr vs 0.20%/yr for TRSTX.

Performance

BBSOX vs. TRSTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Short Obligations Fund (BBSOX) and T. Rowe Price Ultra Short-Term Bond Fund Class I (TRSTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BBSOX achieves a 1.49% return, which is significantly lower than TRSTX's 1.64% return.

BBSOX

• 1D: 0.00%
• 1M: 0.34%
• YTD: 1.49%
• 6M: 1.85%
• 1Y: 4.24%
• 3Y*: 4.77%
• 5Y*: 3.27%
• 10Y*: 2.48%

TRSTX

• 1D: 0.00%
• 1M: 0.37%
• YTD: 1.64%
• 6M: 2.04%
• 1Y: 4.70%
• 3Y*: 5.74%
• 5Y*: 3.55%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BBSOX vs. TRSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
BBSOX BlackRock Short Obligations Fund	1.49%	4.74%	5.36%	4.36%	0.60%	-0.10%	1.54%	3.01%	1.56%
TRSTX T. Rowe Price Ultra Short-Term Bond Fund Class I	1.64%	5.34%	6.41%	5.89%	-1.20%	0.29%	3.19%	3.65%	1.60%

Correlation

The correlation between BBSOX and TRSTX is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (All Time) Calculated using the full available price history since May 1, 2018	0.42

Over the past year, the correlation between BBSOX and TRSTX has dropped to 0.08 - well below their long-term average of 0.42, suggesting their price drivers have been diverging.

Return for Risk

BBSOX vs. TRSTX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BBSOX

BBSOX Risk / Return Rank: 98
BBSOX Sharpe Ratio Rank: 93
BBSOX Sortino Ratio Rank: 100
BBSOX Omega Ratio Rank: 99
BBSOX Calmar Ratio Rank: 100
BBSOX Martin Ratio Rank: 99

TRSTX

TRSTX Risk / Return Rank: 98
TRSTX Sharpe Ratio Rank: 93
TRSTX Sortino Ratio Rank: 99
TRSTX Omega Ratio Rank: 100
TRSTX Calmar Ratio Rank: 100
TRSTX Martin Ratio Rank: 99

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BBSOX vs. TRSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Short Obligations Fund (BBSOX) and T. Rowe Price Ultra Short-Term Bond Fund Class I (TRSTX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	BBSOX	TRSTX	Difference
Sharpe ratio: Return per unit of total volatility	3.20	3.15	+0.04
Sortino ratio: Return per unit of downside risk	11.68	9.73	+1.95
Omega ratio: Gain probability vs. loss probability	4.23	4.91	-0.68
Calmar ratio: Return relative to maximum drawdown	21.50	24.71	-3.21
Martin ratio: Return relative to average drawdown	70.26	55.77	+14.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BBSOX vs. TRSTX - Sharpe Ratio Comparison

The current BBSOX Sharpe Ratio is 3.20, which is comparable to the TRSTX Sharpe Ratio of 3.15. The chart below compares the historical Sharpe Ratios of BBSOX and TRSTX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BBSOX	TRSTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.20	3.15	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.63	2.17	+0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	2.42	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.24	2.03	+0.20

Drawdowns

BBSOX vs. TRSTX - Drawdown Comparison

The maximum BBSOX drawdown since its inception was -1.59%, smaller than the maximum TRSTX drawdown of -4.34%. Use the drawdown chart below to compare losses from any high point for BBSOX and TRSTX.

Drawdown Indicators

	BBSOX	TRSTX	Difference
Max Drawdown Largest peak-to-trough decline	-1.59%	-4.34%	+2.75%
Max Drawdown (1Y) Largest decline over 1 year	-0.20%	-0.20%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-0.30%	-0.59%	+0.29%
Max Drawdown (5Y) Largest decline over 5 years	-1.00%	-2.58%	+1.58%
Max Drawdown (10Y) Largest decline over 10 years	-1.59%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.08%	-0.30%	+0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	0.09%	-0.03%

Volatility

BBSOX vs. TRSTX - Volatility Comparison

BlackRock Short Obligations Fund (BBSOX) has a higher volatility of 0.40% compared to T. Rowe Price Ultra Short-Term Bond Fund Class I (TRSTX) at 0.37%. This indicates that BBSOX's price experiences larger fluctuations and is considered to be riskier than TRSTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BBSOX	TRSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.40%	0.37%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	0.88%	1.19%	-0.31%
Volatility (1Y) Calculated over the trailing 1-year period	1.33%	1.54%	-0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.25%	1.66%	-0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.03%	1.63%	-0.60%

BBSOX vs. TRSTX - Expense Ratio Comparison

BBSOX has a 0.30% expense ratio, which is higher than TRSTX's 0.20% expense ratio.

Dividends

BBSOX vs. TRSTX - Dividend Comparison

BBSOX's dividend yield for the trailing twelve months is around 4.25%, less than TRSTX's 4.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BBSOX BlackRock Short Obligations Fund	4.25%	4.43%	5.01%	3.35%	1.29%	0.30%	1.13%	2.56%	2.24%	1.17%	1.03%	0.62%
TRSTX T. Rowe Price Ultra Short-Term Bond Fund Class I	4.59%	4.79%	5.19%	3.46%	1.61%	1.28%	1.94%	2.78%	1.98%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BBSOX and TRSTX in my portfolio?

BBSOX and TRSTX have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BBSOX or TRSTX?

BBSOX has higher volatility (0.40%) compared to TRSTX (0.37%). In terms of maximum drawdown, BBSOX dropped -1.59% vs TRSTX's -4.34%.

Which has better risk-adjusted returns?

BBSOX currently has the higher Sharpe Ratio (3.20 vs 3.15), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.