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PAFRX vs. TFLR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PAFRX vs. TFLR

Last updated Jun 3, 2026

PAFRX (T. Rowe Price Floating Rate Fund) and TFLR (T. Rowe Price Floating Rate ETF) are both Bank Loan funds from T. Rowe Price. Over the past 3 years, PAFRX returned 7.68%/yr vs 8.14%/yr for TFLR. At a 0.28 correlation, their price movements are largely independent. PAFRX charges 0.97%/yr vs 0.60%/yr for TFLR.

Performance

PAFRX vs. TFLR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Floating Rate Fund (PAFRX) and T. Rowe Price Floating Rate ETF (TFLR). 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 1.31% return, which is significantly lower than TFLR's 1.45% return.

PAFRX

1D
0.00%
1M
0.43%
YTD
1.31%
6M
2.10%
1Y
5.53%
3Y*
7.68%
5Y*
5.13%
10Y*
4.46%

TFLR

1D
0.02%
1M
0.52%
YTD
1.45%
6M
2.19%
1Y
5.80%
3Y*
8.14%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

PAFRX vs. TFLR - Yearly Performance Comparison

2026 (YTD)2025202420232022
PAFRX
T. Rowe Price Floating Rate Fund		1.31%6.37%7.89%10.68%0.90%
TFLR
T. Rowe Price Floating Rate ETF		1.45%6.57%8.77%12.05%-0.41%

Correlation

The correlation between PAFRX and TFLR is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.35

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

0.27

Correlation (All Time)
Calculated using the full available price history since Nov 18, 2022

0.28

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T. Rowe Price Floating Rate Fund

T. Rowe Price Floating Rate ETF

Often compared with PAFRX:
PAFRX vs. FFRAXPAFRX vs. FJSYXPAFRX vs. PRFRXPAFRX vs. CLOZPAFRX vs. GLDPAFRX vs. VOOPAFRX vs. SPY
Often compared with TFLR:
TFLR vs. CLOZTFLR vs. JAAATFLR vs. FIQSXTFLR vs. JPLDTFLR vs. BBBIXTFLR vs. JBBBTFLR vs. FLTR

Return for Risk

PAFRX vs. TFLR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PAFRX
PAFRX Risk / Return Rank: 8383
Overall Rank
PAFRX Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
PAFRX Sortino Ratio Rank: 9797
Sortino Ratio Rank
PAFRX Omega Ratio Rank: 9696
Omega Ratio Rank
PAFRX Calmar Ratio Rank: 8080
Calmar Ratio Rank
PAFRX Martin Ratio Rank: 7171
Martin Ratio Rank
TFLR
TFLR Risk / Return Rank: 7878
Overall Rank
TFLR Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
TFLR Sortino Ratio Rank: 9191
Sortino Ratio Rank
TFLR Omega Ratio Rank: 9494
Omega Ratio Rank
TFLR Calmar Ratio Rank: 5353
Calmar Ratio Rank
TFLR Martin Ratio Rank: 6666
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. TFLR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Floating Rate Fund (PAFRX) and T. Rowe Price Floating Rate ETF (TFLR). 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.

PAFRXTFLRDifference

Sharpe ratio

Return per unit of total volatility

2.48

2.95

-0.47

Sortino ratio

Return per unit of downside risk

5.71

4.39

+1.31

Omega ratio

Gain probability vs. loss probability

1.89

1.69

+0.20

Calmar ratio

Return relative to maximum drawdown

3.66

2.68

+0.98

Martin ratio

Return relative to average drawdown

13.70

12.31

+1.39

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAFRX vs. TFLR - Sharpe Ratio Comparison

The current PAFRX Sharpe Ratio is 2.48, which is comparable to the TFLR Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of PAFRX and TFLR, 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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Sharpe Ratios by Period

PAFRXTFLRDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.48

2.95

-0.47

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.94

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.18

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.25

2.19

-0.94

Drawdowns

PAFRX vs. TFLR - Drawdown Comparison

The maximum PAFRX drawdown since its inception was -19.95%, which is greater than TFLR's maximum drawdown of -4.01%. Use the drawdown chart below to compare losses from any high point for PAFRX and TFLR.

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Drawdown Indicators

PAFRXTFLRDifference

Max Drawdown

Largest peak-to-trough decline

-19.95%

-4.01%

-15.94%

Max Drawdown (1Y)

Largest decline over 1 year

-1.51%

-2.18%

+0.67%

Max Drawdown (3Y)

Largest decline over 3 years

-2.47%

-4.01%

+1.54%

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

0.00%

-0.02%

+0.02%

Average Drawdown

Average peak-to-trough decline

-0.70%

-0.21%

-0.49%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.40%

0.47%

-0.07%

Volatility

PAFRX vs. TFLR - Volatility Comparison

T. Rowe Price Floating Rate Fund (PAFRX) has a higher volatility of 0.60% compared to T. Rowe Price Floating Rate ETF (TFLR) at 0.42%. This indicates that PAFRX's price experiences larger fluctuations and is considered to be riskier than TFLR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PAFRXTFLRDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.60%

0.42%

+0.18%

Volatility (6M)

Calculated over the trailing 6-month period

1.71%

1.72%

-0.01%

Volatility (1Y)

Calculated over the trailing 1-year period

2.25%

1.97%

+0.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.66%

3.68%

-1.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.80%

3.68%

+0.12%

PAFRX vs. TFLR - Expense Ratio Comparison

PAFRX has a 0.97% expense ratio, which is higher than TFLR's 0.60% expense ratio.

Dividends

PAFRX vs. TFLR - Dividend Comparison

PAFRX's dividend yield for the trailing twelve months is around 6.62%, less than TFLR's 6.76% yield.

PositionTTM20252024202320222021202020192018201720162015
PAFRX
T. Rowe Price Floating Rate Fund		6.62%6.81%7.34%6.87%3.85%3.66%3.79%4.62%4.64%3.83%3.87%3.96%
TFLR
T. Rowe Price Floating Rate ETF		6.76%6.93%8.18%7.76%0.58%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

PAFRX and TFLR have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PAFRX has higher volatility (0.60%) compared to TFLR (0.42%). In terms of maximum drawdown, PAFRX dropped -19.95% vs TFLR's -4.01%.

TFLR currently has the higher Sharpe Ratio (2.95 vs 2.48), 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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