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PAFRX vs. DODEX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PAFRX vs. DODEX

Last updated Jun 24, 2026

PAFRX (T. Rowe Price Floating Rate Fund) and DODEX (Dodge & Cox Emerging Markets Stock Fund) are both mutual funds - PAFRX is a Bank Loan fund managed by T. Rowe Price, while DODEX is a Emerging Markets Diversified fund managed by Dodge & Cox. Over the past 5 years, PAFRX returned 5.04%/yr vs 10.31%/yr for DODEX. At a 0.30 correlation, their price movements are largely independent. PAFRX charges 0.97%/yr vs 0.70%/yr for DODEX.

Performance

PAFRX vs. DODEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Floating Rate Fund (PAFRX) and Dodge & Cox Emerging Markets Stock Fund (DODEX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PAFRX achieves a 0.87% return, which is significantly lower than DODEX's 25.94% return.

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%

DODEX

1D
0.89%
1M
4.53%
YTD
25.94%
6M
26.80%
1Y
54.38%
3Y*
25.90%
5Y*
10.31%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

PAFRX vs. DODEX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
PAFRX
T. Rowe Price Floating Rate Fund		0.87%6.37%7.89%10.68%-2.11%2.49%
DODEX
Dodge & Cox Emerging Markets Stock Fund		25.94%38.64%7.47%13.37%-14.91%-9.57%

Correlation

The correlation between PAFRX and DODEX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.30

Correlation (3Y)
Calculated over the trailing 3-year period

0.28

Correlation (5Y)
Calculated over the trailing 5-year period

0.31

Correlation (All Time)
Calculated using the full available price history since May 20, 2021

0.30

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

T. Rowe Price Floating Rate Fund

Dodge & Cox Emerging Markets Stock Fund

Often compared with PAFRX:
PAFRX vs. FFRAXPAFRX vs. FJSYXPAFRX vs. PRFRXPAFRX vs. CLOZPAFRX vs. GLDPAFRX vs. VOOPAFRX vs. SPY
Often compared with DODEX:
DODEX vs. FEMKXDODEX vs. DODIXDODEX vs. DODFXDODEX vs. SCHDDODEX vs. EELVDODEX vs. DODBXDODEX vs. QTERX

Return for Risk

PAFRX vs. DODEX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PAFRX
PAFRX Risk / Return Rank: 8282
Overall Rank
PAFRX Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
PAFRX Sortino Ratio Rank: 9696
Sortino Ratio Rank
PAFRX Omega Ratio Rank: 9696
Omega Ratio Rank
PAFRX Calmar Ratio Rank: 7878
Calmar Ratio Rank
PAFRX Martin Ratio Rank: 6868
Martin Ratio Rank
DODEX
DODEX Risk / Return Rank: 9494
Overall Rank
DODEX Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
DODEX Sortino Ratio Rank: 9292
Sortino Ratio Rank
DODEX Omega Ratio Rank: 9191
Omega Ratio Rank
DODEX Calmar Ratio Rank: 9494
Calmar Ratio Rank
DODEX Martin Ratio Rank: 9393
Martin Ratio Rank
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. DODEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Floating Rate Fund (PAFRX) and Dodge & Cox Emerging Markets Stock Fund (DODEX). 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.

PAFRXDODEXDifference
Sharpe ratioReturn per unit of total volatility
2.27
3.47

-1.21

Sortino ratioReturn per unit of downside risk
5.17
4.32

+0.86

Omega ratioGain probability vs. loss probability

1.79

1.64

+0.15

Calmar ratioReturn relative to maximum drawdown

3.37

4.98

-1.61

Martin ratioReturn relative to average drawdown

12.36

18.35

-5.99

PAFRX vs. DODEX - Sharpe Ratio Comparison

The current PAFRX Sharpe Ratio is 2.27, which is lower than the DODEX Sharpe Ratio of 3.47. The chart below compares the historical Sharpe Ratios of PAFRX and DODEX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

PAFRX vs. DODEX - Drawdown Comparison

The maximum PAFRX drawdown since its inception was -19.95%, smaller than the maximum DODEX drawdown of -37.01%. Use the drawdown chart below to compare losses from any high point for PAFRX and DODEX.

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Drawdown Indicators

PAFRXDODEXDifference

Max Drawdown

Largest peak-to-trough decline

-19.95%

-37.01%

+17.06%

Max Drawdown (1Y)

Largest decline over 1 year

-1.51%

-10.97%

+9.46%

Max Drawdown (3Y)

Largest decline over 3 years

-2.47%

-16.15%

+13.68%

Max Drawdown (5Y)

Largest decline over 5 years

-6.03%

-36.02%

+29.99%

Max Drawdown (10Y)

Largest decline over 10 years

-19.95%

—

—

Current Drawdown

Current decline from peak

-0.44%

0.00%

-0.44%

Average Drawdown

Average peak-to-trough decline

-0.70%

-12.69%

+11.99%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.41%

2.97%

-2.56%

Volatility

PAFRX vs. DODEX - Volatility Comparison

The current volatility for T. Rowe Price Floating Rate Fund (PAFRX) is 0.62%, while Dodge & Cox Emerging Markets Stock Fund (DODEX) has a volatility of 7.37%. This indicates that PAFRX experiences smaller price fluctuations and is considered to be less risky than DODEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PAFRXDODEXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.62%

7.37%

-6.75%

Volatility (6M)

Calculated over the trailing 6-month period

1.73%

13.74%

-12.01%

Volatility (1Y)

Calculated over the trailing 1-year period

2.25%

15.77%

-13.52%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.66%

17.06%

-14.40%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.80%

16.96%

-13.16%

PAFRX vs. DODEX - Expense Ratio Comparison

PAFRX has a 0.97% expense ratio, which is higher than DODEX's 0.70% expense ratio.

Dividends

PAFRX vs. DODEX - Dividend Comparison

PAFRX's dividend yield for the trailing twelve months is around 6.64%, more than DODEX's 2.25% yield.

PositionTTM20252024202320222021202020192018201720162015
DODEX
Dodge & Cox Emerging Markets Stock Fund		2.25%2.83%1.94%1.92%1.93%1.38%0.00%0.00%0.00%0.00%0.00%0.00%
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

PAFRX and DODEX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DODEX has higher volatility (7.37%) compared to PAFRX (0.62%). In terms of maximum drawdown, PAFRX dropped -19.95% vs DODEX's -37.01%.

DODEX currently has the higher Sharpe Ratio (3.47 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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