PRCIX vs. LQD
Compare and contrast key facts about T. Rowe Price New Income Fund (PRCIX) and iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD).
PRCIX is managed by T. Rowe Price. It was launched on Aug 31, 1973. LQD is a passively managed fund by iShares that tracks the performance of the iBoxx $ Liquid Investment Grade Index. It was launched on Jul 26, 2002.
Performance
PRCIX vs. LQD - Performance Comparison
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PRCIX vs. LQD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRCIX T. Rowe Price New Income Fund | -0.24% | 10.79% | 1.31% | 5.31% | -14.87% | -0.54% | 5.77% | 9.28% | -0.62% | 4.01% |
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | -0.38% | 7.90% | 0.86% | 9.40% | -17.92% | -1.84% | 10.97% | 17.37% | -3.79% | 7.06% |
Returns By Period
In the year-to-date period, PRCIX achieves a -0.24% return, which is significantly higher than LQD's -0.38% return. Over the past 10 years, PRCIX has underperformed LQD with an annualized return of 1.78%, while LQD has yielded a comparatively higher 2.61% annualized return.
PRCIX
- 1D
- 0.51%
- 1M
- -2.46%
- YTD
- -0.24%
- 6M
- 2.00%
- 1Y
- 7.55%
- 3Y*
- 4.38%
- 5Y*
- 0.50%
- 10Y*
- 1.78%
LQD
- 1D
- 0.63%
- 1M
- -2.07%
- YTD
- -0.38%
- 6M
- -0.04%
- 1Y
- 4.88%
- 3Y*
- 4.26%
- 5Y*
- 0.09%
- 10Y*
- 2.61%
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PRCIX vs. LQD - Expense Ratio Comparison
PRCIX has a 0.44% expense ratio, which is higher than LQD's 0.15% expense ratio.
Return for Risk
PRCIX vs. LQD — Risk / Return Rank
PRCIX
LQD
PRCIX vs. LQD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price New Income Fund (PRCIX) and iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD). 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.
| PRCIX | LQD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.80 | 0.74 | +1.06 |
Sortino ratioReturn per unit of downside risk | 2.67 | 1.04 | +1.62 |
Omega ratioGain probability vs. loss probability | 1.33 | 1.14 | +0.19 |
Calmar ratioReturn relative to maximum drawdown | 2.96 | 1.50 | +1.46 |
Martin ratioReturn relative to average drawdown | 9.93 | 4.15 | +5.78 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PRCIX | LQD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.80 | 0.74 | +1.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.08 | 0.01 | +0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.36 | 0.30 | +0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.79 | 0.54 | +0.25 |
Correlation
The correlation between PRCIX and LQD is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
PRCIX vs. LQD - Dividend Comparison
PRCIX's dividend yield for the trailing twelve months is around 8.24%, more than LQD's 4.52% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRCIX T. Rowe Price New Income Fund | 8.24% | 7.79% | 4.48% | 4.37% | 1.80% | 2.65% | 3.33% | 2.88% | 3.03% | 2.66% | 2.56% | 2.55% |
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 4.52% | 4.48% | 4.45% | 3.99% | 3.30% | 2.30% | 2.66% | 3.29% | 3.67% | 3.10% | 3.34% | 3.47% |
Drawdowns
PRCIX vs. LQD - Drawdown Comparison
The maximum PRCIX drawdown since its inception was -22.34%, smaller than the maximum LQD drawdown of -24.95%. Use the drawdown chart below to compare losses from any high point for PRCIX and LQD.
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Drawdown Indicators
| PRCIX | LQD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.34% | -24.95% | +2.61% |
Max Drawdown (1Y)Largest decline over 1 year | -2.96% | -3.38% | +0.42% |
Max Drawdown (5Y)Largest decline over 5 years | -19.65% | -24.95% | +5.30% |
Max Drawdown (10Y)Largest decline over 10 years | -19.65% | -24.95% | +5.30% |
Current DrawdownCurrent decline from peak | -2.46% | -4.52% | +2.06% |
Average DrawdownAverage peak-to-trough decline | -4.43% | -3.99% | -0.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 1.22% | -0.34% |
Volatility
PRCIX vs. LQD - Volatility Comparison
The current volatility for T. Rowe Price New Income Fund (PRCIX) is 1.67%, while iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) has a volatility of 2.65%. This indicates that PRCIX experiences smaller price fluctuations and is considered to be less risky than LQD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRCIX | LQD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.67% | 2.65% | -0.98% |
Volatility (6M)Calculated over the trailing 6-month period | 2.81% | 3.76% | -0.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.58% | 6.60% | -2.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.93% | 8.66% | -2.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.93% | 8.67% | -3.74% |