FFRAX vs. PAFRX
FFRAX (Fidelity Advisor Floating Rate High Income Fund Class A) and PAFRX (T. Rowe Price Floating Rate Fund) are both mutual funds - FFRAX is a High Yield Bonds fund managed by Fidelity, while PAFRX is a Bank Loan fund managed by T. Rowe Price. Over the past 10 years, FFRAX returned 4.60%/yr vs 4.49%/yr for PAFRX. A 0.66 correlation means they provide meaningful diversification when combined. FFRAX charges 0.98%/yr vs 0.97%/yr for PAFRX.
Performance
FFRAX vs. PAFRX - Performance Comparison
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Returns By Period
In the year-to-date period, FFRAX achieves a 1.48% return, which is significantly higher than PAFRX's 0.87% return. Both investments have delivered pretty close results over the past 10 years, with FFRAX having a 4.60% annualized return and PAFRX not far behind at 4.49%.
FFRAX
- 1D
- 0.00%
- 1M
- 0.20%
- YTD
- 1.48%
- 6M
- 2.17%
- 1Y
- 5.59%
- 3Y*
- 6.65%
- 5Y*
- 4.95%
- 10Y*
- 4.60%
PAFRX
- 1D
- 0.00%
- 1M
- 0.10%
- YTD
- 0.87%
- 6M
- 1.44%
- 1Y
- 5.07%
- 3Y*
- 7.21%
- 5Y*
- 5.04%
- 10Y*
- 4.49%
FFRAX vs. PAFRX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FFRAX Fidelity Advisor Floating Rate High Income Fund Class A | 1.48% | 5.28% | 6.83% | 11.35% | -1.77% | 4.83% | 1.38% | 8.19% | -0.09% | 3.52% |
PAFRX T. Rowe Price Floating Rate Fund | 0.87% | 6.37% | 7.89% | 10.68% | -2.11% | 4.38% | 1.53% | 8.32% | -0.29% | 3.27% |
Correlation
The correlation between FFRAX and PAFRX is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Aug 1, 2011 | 0.66 |
Over the past year, the correlation between FFRAX and PAFRX has dropped to 0.38 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.
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Return for Risk
FFRAX vs. PAFRX — Risk / Return Rank
FFRAX
PAFRX
FFRAX vs. PAFRX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Floating Rate High Income Fund Class A (FFRAX) and T. Rowe Price Floating Rate Fund (PAFRX). 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.
| FFRAX | PAFRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.78 | 1.79 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 4.53 | 3.37 | +1.16 |
| Martin ratioReturn relative to average drawdown | 15.86 | 12.36 | +3.50 |
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Drawdowns
FFRAX vs. PAFRX - Drawdown Comparison
The maximum FFRAX drawdown since its inception was -22.21%, which is greater than PAFRX's maximum drawdown of -19.95%. Use the drawdown chart below to compare losses from any high point for FFRAX and PAFRX.
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Drawdown Indicators
| FFRAX | PAFRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.21% | -19.95% | -2.26% |
Max Drawdown (1Y)Largest decline over 1 year | -1.21% | -1.51% | +0.30% |
Max Drawdown (3Y)Largest decline over 3 years | -3.31% | -2.47% | -0.84% |
Max Drawdown (5Y)Largest decline over 5 years | -6.02% | -6.03% | +0.01% |
Max Drawdown (10Y)Largest decline over 10 years | -22.21% | -19.95% | -2.26% |
Current DrawdownCurrent decline from peak | -0.44% | -0.44% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -1.02% | -0.70% | -0.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.35% | 0.41% | -0.06% |
Volatility
FFRAX vs. PAFRX - Volatility Comparison
Fidelity Advisor Floating Rate High Income Fund Class A (FFRAX) and T. Rowe Price Floating Rate Fund (PAFRX) have volatilities of 0.62% and 0.62%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FFRAX | PAFRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.62% | 0.62% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 1.73% | 1.73% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.39% | 2.25% | +0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.88% | 2.66% | +0.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.13% | 3.80% | +0.33% |
FFRAX vs. PAFRX - Expense Ratio Comparison
FFRAX has a 0.98% expense ratio, which is higher than PAFRX's 0.97% expense ratio.
Dividends
FFRAX vs. PAFRX - Dividend Comparison
FFRAX's dividend yield for the trailing twelve months is around 6.80%, more than PAFRX's 6.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FFRAX Fidelity Advisor Floating Rate High Income Fund Class A | 6.80% | 7.12% | 6.69% | 7.24% | 3.57% | 2.47% | 3.56% | 4.86% | 4.42% | 3.77% | 4.14% | 3.42% |
PAFRX T. Rowe Price Floating Rate Fund | 6.64% | 6.81% | 7.34% | 6.87% | 3.85% | 3.66% | 3.79% | 4.62% | 4.64% | 3.83% | 3.87% | 3.96% |
Frequently Asked Questions
FFRAX and PAFRX have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PAFRX has higher volatility (0.62%) compared to FFRAX (0.62%). In terms of maximum drawdown, FFRAX dropped -22.21% vs PAFRX's -19.95%.
FFRAX currently has the higher Sharpe Ratio (2.30 vs 2.27), 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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