PAFRX vs. DFRPX

Last updated Jun 24, 2026

PAFRX (T. Rowe Price Floating Rate Fund) and DFRPX (DWS Floating Rate Fund Class S) are both Bank Loan funds. A 0.52 correlation means they provide meaningful diversification when combined. PAFRX charges 0.97%/yr vs 0.87%/yr for DFRPX.

Performance

PAFRX vs. DFRPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Floating Rate Fund (PAFRX) and DWS Floating Rate Fund Class S (DFRPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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%

DFRPX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PAFRX vs. DFRPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
DFRPX DWS Floating Rate Fund Class S	0.38%	3.45%	7.72%	11.42%	-1.52%	3.75%	0.89%	8.69%	-0.58%	1.57%

Correlation

The correlation between PAFRX and DFRPX is 0.09, 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	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.53
Correlation (All Time) Calculated using the full available price history since Aug 1, 2011	0.52

Over the past year, the correlation between PAFRX and DFRPX has dropped to 0.09 - well below their long-term average of 0.52, suggesting their price drivers have been diverging.

Return for Risk

PAFRX vs. DFRPX — Risk / Return Rank

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

PAFRX

PAFRX Risk / Return Rank: 82
PAFRX Sharpe Ratio Rank: 71
PAFRX Sortino Ratio Rank: 96
PAFRX Omega Ratio Rank: 96
PAFRX Calmar Ratio Rank: 78
PAFRX Martin Ratio Rank: 68

DFRPX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

PAFRX vs. DFRPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Floating Rate Fund (PAFRX) and DWS Floating Rate Fund Class S (DFRPX). 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.

	PAFRX	DFRPX	Difference
Sharpe ratio: Return per unit of total volatility	2.27	—	—
Sortino ratio: Return per unit of downside risk	5.17	—	—
Omega ratio: Gain probability vs. loss probability	1.79	—	—
Calmar ratio: Return relative to maximum drawdown	3.37	—	—
Martin ratio: Return relative to average drawdown	12.36	—	—

Drawdowns

Drawdown Indicators

	PAFRX	DFRPX	Difference
Max Drawdown Largest peak-to-trough decline	-19.95%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-1.51%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-2.47%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-6.03%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-19.95%	—	—
Current Drawdown Current decline from peak	-0.44%	—	—
Average Drawdown Average peak-to-trough decline	-0.70%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.41%	—	—

Volatility

Volatility by Period

	PAFRX	DFRPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.62%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.73%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.25%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.66%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.80%	—	—

PAFRX vs. DFRPX - Expense Ratio Comparison

PAFRX has a 0.97% expense ratio, which is higher than DFRPX's 0.87% expense ratio.

Dividends

PAFRX vs. DFRPX - Dividend Comparison

PAFRX's dividend yield for the trailing twelve months is around 6.64%, more than DFRPX's 4.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFRPX DWS Floating Rate Fund Class S	4.52%	5.99%	8.67%	8.22%	4.25%	3.31%	3.75%	4.80%	4.21%	4.39%	4.76%	4.63%
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

Can I hold both PAFRX and DFRPX in my portfolio?

PAFRX and DFRPX have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.