PAFRX vs. FFRAX
Compare and contrast key facts about T. Rowe Price Floating Rate Fund (PAFRX) and Fidelity Advisor Floating Rate High Income Fund Class A (FFRAX).
PAFRX is managed by T. Rowe Price. It was launched on Jul 28, 2011. FFRAX is managed by Fidelity. It was launched on Aug 16, 2000.
Performance
PAFRX vs. FFRAX - Performance Comparison
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PAFRX vs. FFRAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PAFRX T. Rowe Price Floating Rate Fund | -1.03% | 6.37% | 7.89% | 10.68% | -2.11% | 4.38% | 1.53% | 8.32% | -0.29% | 3.27% |
FFRAX Fidelity Advisor Floating Rate High Income Fund Class A | -0.66% | 5.28% | 6.83% | 11.35% | -1.77% | 4.83% | 1.38% | 8.19% | -0.09% | 3.52% |
Returns By Period
In the year-to-date period, PAFRX achieves a -1.03% return, which is significantly lower than FFRAX's -0.66% return. Both investments have delivered pretty close results over the past 10 years, with PAFRX having a 4.41% annualized return and FFRAX not far ahead at 4.62%.
PAFRX
- 1D
- 0.11%
- 1M
- 0.22%
- YTD
- -1.03%
- 6M
- 0.53%
- 1Y
- 4.76%
- 3Y*
- 6.82%
- 5Y*
- 4.84%
- 10Y*
- 4.41%
FFRAX
- 1D
- 0.11%
- 1M
- 0.34%
- YTD
- -0.66%
- 6M
- 0.65%
- 1Y
- 4.50%
- 3Y*
- 6.53%
- 5Y*
- 4.76%
- 10Y*
- 4.62%
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PAFRX vs. FFRAX - Expense Ratio Comparison
PAFRX has a 0.97% expense ratio, which is lower than FFRAX's 0.98% expense ratio.
Return for Risk
PAFRX vs. FFRAX — Risk / Return Rank
PAFRX
FFRAX
PAFRX vs. FFRAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Floating Rate Fund (PAFRX) and Fidelity Advisor Floating Rate High Income Fund Class A (FFRAX). 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.
| PAFRX | FFRAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.76 | 1.33 | +0.43 |
Sortino ratioReturn per unit of downside risk | 2.90 | 1.85 | +1.05 |
Omega ratioGain probability vs. loss probability | 1.55 | 1.44 | +0.12 |
Calmar ratioReturn relative to maximum drawdown | 2.36 | 1.69 | +0.67 |
Martin ratioReturn relative to average drawdown | 9.51 | 8.19 | +1.32 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PAFRX | FFRAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.76 | 1.33 | +0.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.85 | 1.69 | +0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.17 | 1.12 | +0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.21 | 1.15 | +0.06 |
Correlation
The correlation between PAFRX and FFRAX is 0.67, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
PAFRX vs. FFRAX - Dividend Comparison
PAFRX's dividend yield for the trailing twelve months is around 6.28%, less than FFRAX's 6.48% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PAFRX T. Rowe Price Floating Rate Fund | 6.28% | 6.81% | 7.34% | 6.87% | 3.85% | 3.66% | 3.79% | 4.62% | 4.64% | 3.83% | 3.87% | 3.96% |
FFRAX Fidelity Advisor Floating Rate High Income Fund Class A | 6.48% | 7.12% | 6.69% | 7.24% | 3.57% | 2.47% | 3.56% | 4.86% | 4.42% | 3.77% | 4.14% | 3.42% |
Drawdowns
PAFRX vs. FFRAX - Drawdown Comparison
The maximum PAFRX drawdown since its inception was -19.95%, smaller than the maximum FFRAX drawdown of -22.21%. Use the drawdown chart below to compare losses from any high point for PAFRX and FFRAX.
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Drawdown Indicators
| PAFRX | FFRAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.95% | -22.21% | +2.26% |
Max Drawdown (1Y)Largest decline over 1 year | -2.06% | -2.73% | +0.67% |
Max Drawdown (5Y)Largest decline over 5 years | -6.03% | -6.02% | -0.01% |
Max Drawdown (10Y)Largest decline over 10 years | -19.95% | -22.21% | +2.26% |
Current DrawdownCurrent decline from peak | -1.14% | -0.77% | -0.37% |
Average DrawdownAverage peak-to-trough decline | -0.71% | -1.03% | +0.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 0.58% | -0.04% |
Volatility
PAFRX vs. FFRAX - Volatility Comparison
T. Rowe Price Floating Rate Fund (PAFRX) has a higher volatility of 0.71% compared to Fidelity Advisor Floating Rate High Income Fund Class A (FFRAX) at 0.67%. This indicates that PAFRX's price experiences larger fluctuations and is considered to be riskier than FFRAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAFRX | FFRAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 0.67% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 1.56% | 1.70% | -0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.69% | 3.33% | -0.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.63% | 2.84% | -0.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.78% | 4.12% | -0.34% |