PFFRX vs. RPIFX
PFFRX (T. Rowe Price Institutional Floating Rate Fund Class F) and RPIFX (T. Rowe Price Institutional Floating Rate Fund) are both Bank Loan funds from T. Rowe Price. Over the past 10 years, PFFRX returned 4.74%/yr vs 4.85%/yr for RPIFX. A 0.67 correlation means they provide meaningful diversification when combined. PFFRX charges 0.70%/yr vs 0.57%/yr for RPIFX.
Performance
PFFRX vs. RPIFX - Performance Comparison
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Returns By Period
In the year-to-date period, PFFRX achieves a 0.99% return, which is significantly higher than RPIFX's 0.93% return. Both investments have delivered pretty close results over the past 10 years, with PFFRX having a 4.74% annualized return and RPIFX not far ahead at 4.85%.
PFFRX
- 1D
- -0.11%
- 1M
- 0.02%
- YTD
- 0.99%
- 6M
- 1.59%
- 1Y
- 5.24%
- 3Y*
- 7.27%
- 5Y*
- 5.09%
- 10Y*
- 4.74%
RPIFX
- 1D
- -0.11%
- 1M
- 0.03%
- YTD
- 0.93%
- 6M
- 1.54%
- 1Y
- 5.27%
- 3Y*
- 7.35%
- 5Y*
- 5.20%
- 10Y*
- 4.85%
PFFRX vs. RPIFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PFFRX T. Rowe Price Institutional Floating Rate Fund Class F | 0.99% | 6.57% | 7.54% | 10.89% | -2.14% | 4.64% | 2.29% | 8.69% | 0.16% | 3.66% |
RPIFX T. Rowe Price Institutional Floating Rate Fund | 0.93% | 6.71% | 8.47% | 10.13% | -1.96% | 4.67% | 2.42% | 8.82% | 0.39% | 3.78% |
Correlation
The correlation between PFFRX and RPIFX is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.74 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Aug 27, 2010 | 0.67 |
The correlation between PFFRX and RPIFX has been stable across timeframes, ranging from 0.65 to 0.74 - a consistent structural relationship.
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Return for Risk
PFFRX vs. RPIFX — Risk / Return Rank
PFFRX
RPIFX
PFFRX vs. RPIFX - 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 Institutional Floating Rate Fund (RPIFX). 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 | RPIFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.81 | 1.83 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.63 | 3.75 | -0.13 |
| Martin ratioReturn relative to average drawdown | 13.23 | 13.61 | -0.38 |
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Drawdowns
PFFRX vs. RPIFX - Drawdown Comparison
The maximum PFFRX drawdown since its inception was -19.70%, smaller than the maximum RPIFX drawdown of -25.10%. Use the drawdown chart below to compare losses from any high point for PFFRX and RPIFX.
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Drawdown Indicators
| PFFRX | RPIFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.70% | -25.10% | +5.40% |
Max Drawdown (1Y)Largest decline over 1 year | -1.46% | -1.44% | -0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -2.29% | -2.28% | -0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -6.05% | -5.90% | -0.15% |
Max Drawdown (10Y)Largest decline over 10 years | -19.70% | -19.67% | -0.03% |
Current DrawdownCurrent decline from peak | -0.54% | -0.54% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.68% | -1.33% | +0.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.40% | 0.40% | 0.00% |
Volatility
PFFRX vs. RPIFX - Volatility Comparison
T. Rowe Price Institutional Floating Rate Fund Class F (PFFRX) has a higher volatility of 0.68% compared to T. Rowe Price Institutional Floating Rate Fund (RPIFX) at 0.57%. This indicates that PFFRX's price experiences larger fluctuations and is considered to be riskier than RPIFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFFRX | RPIFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.68% | 0.57% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 1.76% | 1.75% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.36% | 2.38% | -0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.72% | 2.76% | -0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.80% | 3.80% | 0.00% |
PFFRX vs. RPIFX - Expense Ratio Comparison
PFFRX has a 0.70% expense ratio, which is higher than RPIFX's 0.57% expense ratio.
Dividends
PFFRX vs. RPIFX - Dividend Comparison
PFFRX's dividend yield for the trailing twelve months is around 6.89%, less than RPIFX's 7.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFFRX T. Rowe Price Institutional Floating Rate Fund Class F | 6.89% | 7.09% | 6.92% | 7.21% | 4.03% | 3.81% | 4.18% | 5.01% | 5.04% | 4.20% | 4.18% | 4.32% |
RPIFX T. Rowe Price Institutional Floating Rate Fund | 7.03% | 7.22% | 7.77% | 6.53% | 4.12% | 3.94% | 4.29% | 5.12% | 5.16% | 4.32% | 4.31% | 4.45% |
Frequently Asked Questions
PFFRX and RPIFX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFFRX has higher volatility (0.68%) compared to RPIFX (0.57%). In terms of maximum drawdown, PFFRX dropped -19.70% vs RPIFX's -25.10%.
RPIFX currently has the higher Sharpe Ratio (2.27 vs 2.24), 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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