FDHIX vs. RPIFX
FDHIX (First Trust Short Duration High Income Fund) and RPIFX (T. Rowe Price Institutional Floating Rate Fund) are both Bank Loan funds. Over the past 10 years, FDHIX returned 4.30%/yr vs 4.83%/yr for RPIFX. A 0.64 correlation means they provide meaningful diversification when combined. FDHIX charges 1.01%/yr vs 0.57%/yr for RPIFX.
Performance
FDHIX vs. RPIFX - Performance Comparison
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Returns By Period
In the year-to-date period, FDHIX achieves a -0.31% return, which is significantly lower than RPIFX's 1.15% return. Over the past 10 years, FDHIX has underperformed RPIFX with an annualized return of 4.30%, while RPIFX has yielded a comparatively higher 4.83% annualized return.
FDHIX
- 1D
- 0.00%
- 1M
- 0.57%
- YTD
- -0.31%
- 6M
- 0.30%
- 1Y
- 4.38%
- 3Y*
- 6.78%
- 5Y*
- 3.97%
- 10Y*
- 4.30%
RPIFX
- 1D
- 0.00%
- 1M
- 0.25%
- YTD
- 1.15%
- 6M
- 1.76%
- 1Y
- 5.61%
- 3Y*
- 7.42%
- 5Y*
- 5.23%
- 10Y*
- 4.83%
FDHIX vs. RPIFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FDHIX First Trust Short Duration High Income Fund | -0.31% | 7.31% | 7.09% | 10.41% | -5.22% | 3.56% | 3.66% | 9.62% | -0.63% | 4.34% |
RPIFX T. Rowe Price Institutional Floating Rate Fund | 1.15% | 6.71% | 8.47% | 10.13% | -1.96% | 4.67% | 2.42% | 8.82% | 0.39% | 3.78% |
Correlation
The correlation between FDHIX and RPIFX is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Nov 2, 2012 | 0.64 |
Over the past year, the correlation between FDHIX and RPIFX has dropped to 0.43 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.
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Return for Risk
FDHIX vs. RPIFX — Risk / Return Rank
FDHIX
RPIFX
FDHIX vs. RPIFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Short Duration High Income Fund (FDHIX) and T. Rowe Price Institutional Floating Rate Fund (RPIFX). 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.
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.
| FDHIX | RPIFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.78 | ||
| Sortino ratioReturn per unit of downside risk | -2.83 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.90 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | 1.46 | 3.91 | -2.46 |
| Martin ratioReturn relative to average drawdown | 5.68 | 14.27 | -8.59 |
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Drawdowns
FDHIX vs. RPIFX - Drawdown Comparison
The maximum FDHIX drawdown since its inception was -20.32%, smaller than the maximum RPIFX drawdown of -25.10%. Use the drawdown chart below to compare losses from any high point for FDHIX and RPIFX.
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Drawdown Indicators
| FDHIX | RPIFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.32% | -25.10% | +4.78% |
Max Drawdown (1Y)Largest decline over 1 year | -3.21% | -1.44% | -1.77% |
Max Drawdown (3Y)Largest decline over 3 years | -3.21% | -2.28% | -0.93% |
Max Drawdown (5Y)Largest decline over 5 years | -9.09% | -5.90% | -3.19% |
Max Drawdown (10Y)Largest decline over 10 years | -20.32% | -19.67% | -0.65% |
Current DrawdownCurrent decline from peak | -0.42% | -0.32% | -0.10% |
Average DrawdownAverage peak-to-trough decline | -1.06% | -1.33% | +0.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 0.39% | +0.41% |
Volatility
FDHIX vs. RPIFX - Volatility Comparison
First Trust Short Duration High Income Fund (FDHIX) has a higher volatility of 0.74% compared to T. Rowe Price Institutional Floating Rate Fund (RPIFX) at 0.57%. This indicates that FDHIX's price experiences larger fluctuations and is considered to be riskier than RPIFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FDHIX | RPIFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.74% | 0.57% | +0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 2.34% | 1.74% | +0.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.93% | 2.38% | +0.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.33% | 2.76% | +0.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.50% | 3.80% | +0.70% |
FDHIX vs. RPIFX - Expense Ratio Comparison
FDHIX has a 1.01% expense ratio, which is higher than RPIFX's 0.57% expense ratio.
Dividends
FDHIX vs. RPIFX - Dividend Comparison
FDHIX's dividend yield for the trailing twelve months is around 5.70%, less than RPIFX's 7.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FDHIX First Trust Short Duration High Income Fund | 5.70% | 6.34% | 7.99% | 6.76% | 4.86% | 3.51% | 4.09% | 4.57% | 4.94% | 4.83% | 4.81% | 4.59% |
RPIFX T. Rowe Price Institutional Floating Rate Fund | 7.02% | 7.22% | 7.77% | 6.53% | 4.12% | 3.94% | 4.29% | 5.12% | 5.16% | 4.32% | 4.31% | 4.45% |
Frequently Asked Questions
FDHIX and RPIFX have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FDHIX has higher volatility (0.74%) compared to RPIFX (0.57%). In terms of maximum drawdown, FDHIX dropped -20.32% vs RPIFX's -25.10%.
RPIFX currently has the higher Sharpe Ratio (2.38 vs 1.59), 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.
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