PFFRX vs. PRFRX

Last updated Jun 5, 2026

PFFRX (T. Rowe Price Institutional Floating Rate Fund Class F) and PRFRX (T. Rowe Price Floating Rate Fund) are both mutual funds - PFFRX is a Bank Loan fund actively managed by T. Rowe Price, while PRFRX is a High Yield Bonds fund managed by T. Rowe Price. Over the past 10 years, PFFRX returned 4.70%/yr vs 5.50%/yr for PRFRX. A 0.75 correlation means they provide meaningful diversification when combined. PFFRX charges 0.70%/yr vs 0.75%/yr for PRFRX.

Performance

PFFRX vs. PRFRX - Performance Comparison

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

Returns By Period

In the year-to-date period, PFFRX achieves a 1.43% return, which is significantly higher than PRFRX's 1.28% return. Over the past 10 years, PFFRX has underperformed PRFRX with an annualized return of 4.70%, while PRFRX has yielded a comparatively higher 5.50% annualized return.

PFFRX

• 1D: 0.00%
• 1M: 0.34%
• YTD: 1.43%
• 6M: 2.03%
• 1Y: 5.70%
• 3Y*: 7.73%
• 5Y*: 5.18%
• 10Y*: 4.70%

PRFRX

• 1D: -0.11%
• 1M: 0.34%
• YTD: 1.28%
• 6M: 2.57%
• 1Y: 8.04%
• 3Y*: 10.17%
• 5Y*: 7.06%
• 10Y*: 5.50%

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

PFFRX vs. PRFRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PFFRX T. Rowe Price Institutional Floating Rate Fund Class F	1.43%	6.57%	7.54%	10.89%	-2.14%	4.64%	2.29%	8.69%	0.16%	3.66%
PRFRX T. Rowe Price Floating Rate Fund	1.28%	9.82%	11.04%	13.78%	-1.95%	4.60%	1.75%	8.46%	-0.08%	3.48%

Correlation

The correlation between PFFRX and PRFRX is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Aug 2, 2011	0.75

The correlation between PFFRX and PRFRX has been stable across timeframes, ranging from 0.73 to 0.80 - a consistent structural relationship.

Return for Risk

PFFRX vs. PRFRX — Risk / Return Rank

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

PFFRX

PFFRX Risk / Return Rank: 87
PFFRX Sharpe Ratio Rank: 75
PFFRX Sortino Ratio Rank: 97
PFFRX Omega Ratio Rank: 97
PFFRX Calmar Ratio Rank: 86
PFFRX Martin Ratio Rank: 83

PRFRX

PRFRX Risk / Return Rank: 95
PRFRX Sharpe Ratio Rank: 91
PRFRX Sortino Ratio Rank: 99
PRFRX Omega Ratio Rank: 98
PRFRX Calmar Ratio Rank: 94
PRFRX Martin Ratio Rank: 94

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.

PFFRX vs. PRFRX - 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 T. Rowe Price Floating Rate Fund (PRFRX). 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.

	PFFRX	PRFRX	Difference
Sharpe ratio: Return per unit of total volatility	2.46	3.10	-0.64
Sortino ratio: Return per unit of downside risk	5.72	7.93	-2.21
Omega ratio: Gain probability vs. loss probability	1.95	2.27	-0.32
Calmar ratio: Return relative to maximum drawdown	3.94	5.46	-1.52
Martin ratio: Return relative to average drawdown	14.82	20.69	-5.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PFFRX vs. PRFRX - Sharpe Ratio Comparison

The current PFFRX Sharpe Ratio is 2.46, which is comparable to the PRFRX Sharpe Ratio of 3.10. The chart below compares the historical Sharpe Ratios of PFFRX and PRFRX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PFFRX	PRFRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.46	3.10	-0.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.92	2.44	-0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.24	1.41	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	1.38	1.43	-0.05

Drawdowns

PFFRX vs. PRFRX - Drawdown Comparison

The maximum PFFRX drawdown since its inception was -19.70%, roughly equal to the maximum PRFRX drawdown of -20.05%. Use the drawdown chart below to compare losses from any high point for PFFRX and PRFRX.

Drawdown Indicators

	PFFRX	PRFRX	Difference
Max Drawdown Largest peak-to-trough decline	-19.70%	-20.05%	+0.35%
Max Drawdown (1Y) Largest decline over 1 year	-1.46%	-1.50%	+0.04%
Max Drawdown (3Y) Largest decline over 3 years	-2.29%	-2.35%	+0.06%
Max Drawdown (5Y) Largest decline over 5 years	-6.05%	-5.94%	-0.11%
Max Drawdown (10Y) Largest decline over 10 years	-19.70%	-20.05%	+0.35%
Current Drawdown Current decline from peak	-0.11%	-0.11%	0.00%
Average Drawdown Average peak-to-trough decline	-0.68%	-0.69%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.39%	0.40%	-0.01%

Volatility

PFFRX vs. PRFRX - Volatility Comparison

T. Rowe Price Institutional Floating Rate Fund Class F (PFFRX) and T. Rowe Price Floating Rate Fund (PRFRX) have volatilities of 0.63% and 0.63%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFFRX	PRFRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.63%	0.63%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	1.74%	1.84%	-0.10%
Volatility (1Y) Calculated over the trailing 1-year period	2.33%	2.64%	-0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.72%	2.91%	-0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.80%	3.92%	-0.12%

PFFRX vs. PRFRX - Expense Ratio Comparison

PFFRX has a 0.70% expense ratio, which is lower than PRFRX's 0.75% expense ratio.

Dividends

PFFRX vs. PRFRX - Dividend Comparison

PFFRX's dividend yield for the trailing twelve months is around 6.86%, less than PRFRX's 9.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFFRX T. Rowe Price Institutional Floating Rate Fund Class F	6.86%	7.09%	6.92%	7.21%	4.03%	3.81%	4.18%	5.01%	5.04%	4.20%	4.18%	4.32%
PRFRX T. Rowe Price Floating Rate Fund	9.22%	9.99%	10.20%	9.57%	4.03%	3.86%	4.00%	4.84%	4.87%	4.04%	4.07%	4.07%

Frequently Asked Questions

Can I hold both PFFRX and PRFRX in my portfolio?

PFFRX and PRFRX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFFRX or PRFRX?

PRFRX has higher volatility (0.63%) compared to PFFRX (0.63%). In terms of maximum drawdown, PFFRX dropped -19.70% vs PRFRX's -20.05%.

Which has better risk-adjusted returns?

PRFRX currently has the higher Sharpe Ratio (3.10 vs 2.46), 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.