PFFRX vs. PRFRX
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 4.66%/yr vs 5.51%/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
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Returns By Period
In the year-to-date period, PFFRX achieves a 0.77% return, which is significantly lower than PRFRX's 1.16% return. Over the past 10 years, PFFRX has underperformed PRFRX with an annualized return of 4.66%, while PRFRX has yielded a comparatively higher 5.51% 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%
PRFRX
- 1D
- 0.11%
- 1M
- -0.77%
- YTD
- 1.16%
- 6M
- 1.16%
- 1Y
- 7.06%
- 3Y*
- 9.41%
- 5Y*
- 6.95%
- 10Y*
- 5.51%
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 | 0.77% | 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 | 1.16% | 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 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Aug 1, 2011 | 0.75 |
The correlation between PFFRX and PRFRX has been stable across timeframes, ranging from 0.74 to 0.81 - a consistent structural relationship.
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Return for Risk
PFFRX vs. PRFRX — Risk / Return Rank
PFFRX
PRFRX
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.
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 | PRFRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.88 | ||
| Sortino ratioReturn per unit of downside risk | -2.79 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 2.01 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | 2.90 | 4.81 | -1.91 |
| Martin ratioReturn relative to average drawdown | 10.21 | 17.13 | -6.92 |
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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.
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Drawdown Indicators
| PFFRX | PRFRX | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -0.75% | -0.77% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -0.68% | -0.69% | +0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 0.42% | -0.01% |
Volatility
PFFRX vs. PRFRX - Volatility Comparison
T. Rowe Price Institutional Floating Rate Fund Class F (PFFRX) has a higher volatility of 0.39% compared to T. Rowe Price Floating Rate Fund (PRFRX) at 0.33%. This indicates that PFFRX's price experiences larger fluctuations and is considered to be riskier than PRFRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFFRX | PRFRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.39% | 0.33% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 1.78% | 1.94% | -0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.27% | 2.63% | -0.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.72% | 2.92% | -0.20% |
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 6.32%, less than PRFRX's 9.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFFRX T. Rowe Price Institutional Floating Rate Fund Class F | 6.32% | 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 | 9.24% | 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
PFFRX and PRFRX have a correlation of 0.80, 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 PRFRX (0.33%). In terms of maximum drawdown, PFFRX dropped -19.70% vs PRFRX's -20.05%.
PRFRX currently has the higher Sharpe Ratio (2.74 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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