PFFRX vs. DAFRX
PFFRX (T. Rowe Price Institutional Floating Rate Fund Class F) and DAFRX (Dunham Floating Rate Bond Fund) are both Bank Loan funds. Over the past 10 years, PFFRX returned 4.66%/yr vs 3.97%/yr for DAFRX. A 0.54 correlation means they provide meaningful diversification when combined. PFFRX charges 0.70%/yr vs 1.29%/yr for DAFRX.
Performance
PFFRX vs. DAFRX - Performance Comparison
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Returns By Period
In the year-to-date period, PFFRX achieves a 0.77% return, which is significantly lower than DAFRX's 1.99% return. Over the past 10 years, PFFRX has outperformed DAFRX with an annualized return of 4.66%, while DAFRX has yielded a comparatively lower 3.97% annualized return.
PFFRX
- 1D
- 0.11%
- 1M
- -0.75%
- YTD
- 0.77%
- 6M
- 0.77%
- 1Y
- 4.08%
- 3Y*
- 6.77%
- 5Y*
- 4.98%
- 10Y*
- 4.66%
DAFRX
- 1D
- -0.03%
- 1M
- -0.03%
- YTD
- 1.99%
- 6M
- 1.99%
- 1Y
- 4.07%
- 3Y*
- 7.05%
- 5Y*
- 5.07%
- 10Y*
- 3.97%
PFFRX vs. DAFRX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PFFRX T. Rowe Price Institutional Floating Rate Fund Class F | 0.77% | 6.57% | 7.54% | 10.89% | -2.14% | 4.64% | 2.29% | 8.69% | 0.16% | 3.66% |
DAFRX Dunham Floating Rate Bond Fund | 1.99% | 5.04% | 7.26% | 13.05% | -2.54% | 3.51% | -0.09% | 7.18% | -1.06% | 2.71% |
Correlation
The correlation between PFFRX and DAFRX is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Nov 5, 2013 | 0.54 |
The correlation between PFFRX and DAFRX shifts across timeframes, from 0.43 (3 years) to 0.57 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PFFRX vs. DAFRX — Risk / Return Rank
PFFRX
DAFRX
PFFRX vs. DAFRX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Institutional Floating Rate Fund Class F (PFFRX) and Dunham Floating Rate Bond Fund (DAFRX). 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.
| PFFRX | DAFRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.58 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 1.60 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.90 | 2.81 | +0.09 |
| Martin ratioReturn relative to average drawdown | 10.21 | 9.03 | +1.18 |
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Drawdowns
PFFRX vs. DAFRX - Drawdown Comparison
The maximum PFFRX drawdown since its inception was -19.70%, roughly equal to the maximum DAFRX drawdown of -19.42%. Use the drawdown chart below to compare losses from any high point for PFFRX and DAFRX.
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Drawdown Indicators
| PFFRX | DAFRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.70% | -19.42% | -0.28% |
Max Drawdown (1Y)Largest decline over 1 year | -1.46% | -1.45% | -0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -2.29% | -3.34% | +1.05% |
Max Drawdown (5Y)Largest decline over 5 years | -6.05% | -7.08% | +1.03% |
Max Drawdown (10Y)Largest decline over 10 years | -19.70% | -19.42% | -0.28% |
Current DrawdownCurrent decline from peak | -0.75% | -0.26% | -0.49% |
Average DrawdownAverage peak-to-trough decline | -0.68% | -0.96% | +0.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 0.45% | -0.04% |
Volatility
PFFRX vs. DAFRX - Volatility Comparison
T. Rowe Price Institutional Floating Rate Fund Class F (PFFRX) has a higher volatility of 0.39% compared to Dunham Floating Rate Bond Fund (DAFRX) at 0.35%. This indicates that PFFRX's price experiences larger fluctuations and is considered to be riskier than DAFRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFFRX | DAFRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.39% | 0.35% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 1.78% | 1.29% | +0.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.27% | 1.69% | +0.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.72% | 2.25% | +0.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.80% | 3.38% | +0.42% |
PFFRX vs. DAFRX - Expense Ratio Comparison
PFFRX has a 0.70% expense ratio, which is lower than DAFRX's 1.29% expense ratio.
Dividends
PFFRX vs. DAFRX - Dividend Comparison
PFFRX's dividend yield for the trailing twelve months is around 6.32%, less than DAFRX's 7.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DAFRX Dunham Floating Rate Bond Fund | 7.43% | 7.26% | 7.87% | 8.91% | 5.76% | 3.13% | 3.27% | 4.36% | 4.30% | 3.31% | 3.01% | 3.13% |
PFFRX T. Rowe Price Institutional Floating Rate Fund Class F | 6.32% | 7.09% | 6.92% | 7.21% | 4.03% | 3.81% | 4.18% | 5.01% | 5.04% | 4.20% | 4.18% | 4.32% |
Frequently Asked Questions
PFFRX and DAFRX have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFFRX has higher volatility (0.39%) compared to DAFRX (0.35%). In terms of maximum drawdown, PFFRX dropped -19.70% vs DAFRX's -19.42%.
DAFRX currently has the higher Sharpe Ratio (2.44 vs 1.86), 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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