PRFRX vs. FCNVX
PRFRX (T. Rowe Price Floating Rate Fund - Investor Class) and FCNVX (Fidelity Conservative Income Bond Institutional Class) are both mutual funds - PRFRX is a High Yield Bonds fund managed by T. Rowe Price, while FCNVX is a Ultrashort Bond fund actively managed by Fidelity. Over the past 10 years, PRFRX returned 6.39%/yr vs 2.60%/yr for FCNVX. Their 0.28 correlation means their historical movements had little consistent relationship. PRFRX charges 0.76%/yr vs 0.25%/yr for FCNVX.
Performance
PRFRX vs. FCNVX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with PRFRX having a 1.84% return and FCNVX slightly lower at 1.82%. Over the past 10 years, PRFRX has outperformed FCNVX with an annualized return of 6.39%, while FCNVX has yielded a comparatively lower 2.60% annualized return.
PRFRX
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 1.93%
- YTD
- 1.84%
- 1Y
- 4.74%
- 3Y*
- 11.42%
- 5Y*
- 9.04%
- 10Y*
- 6.39%
- ALL TIME*
- 5.49%
FCNVX
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 1.49%
- YTD
- 1.82%
- 1Y
- 3.71%
- 3Y*
- 4.81%
- 5Y*
- 3.66%
- 10Y*
- 2.60%
- ALL TIME*
- 1.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
PRFRX vs. FCNVX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRFRX T. Rowe Price Floating Rate Fund - Investor Class | 1.84% | 7.78% | 16.63% | 20.66% | -1.95% | 4.60% | 1.75% | 8.46% | -0.08% | 3.48% |
FCNVX Fidelity Conservative Income Bond Institutional Class | 1.82% | 4.51% | 5.43% | 5.86% | 0.85% | -0.06% | 1.10% | 3.00% | 1.82% | 1.42% |
Correlation
The correlation between PRFRX and FCNVX is 0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.05 |
Correlation (3Y) Balances recent behavior with more history. | 0.15 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.20 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.27 |
Correlation (All Time) Calculated using the full available price history since Aug 1, 2011 | 0.28 |
Over the past year, the correlation between PRFRX and FCNVX has dropped to 0.05 - well below their long-term average of 0.28, suggesting their price drivers have been diverging.
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Return for Risk
PRFRX vs. FCNVX — Risk / Return Rank
PRFRX
FCNVX
PRFRX vs. FCNVX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Floating Rate Fund - Investor Class (PRFRX) and Fidelity Conservative Income Bond Institutional Class (FCNVX). 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.
| PRFRX | FCNVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.53 | ||
| Sortino ratioReturn per unit of downside risk | -12.20 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 7.52 | -5.89 |
| Calmar ratioReturn relative to maximum drawdown | 3.02 | 41.30 | -38.27 |
| Martin ratioReturn relative to average drawdown | 10.89 | 118.36 | -107.47 |
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Drawdowns
PRFRX vs. FCNVX - Drawdown Comparison
The maximum PRFRX drawdown since its inception was -20.05%, which is greater than FCNVX's maximum drawdown of -2.19%. Use the drawdown chart below to compare losses from any high point for PRFRX and FCNVX.
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Drawdown Indicators
| PRFRX | FCNVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.05% | -2.19% | -17.86% |
Max Drawdown (1Y)Largest decline over 1 year | -1.50% | -0.10% | -1.40% |
Max Drawdown (3Y)Largest decline over 3 years | -2.07% | -0.30% | -1.77% |
Max Drawdown (5Y)Largest decline over 5 years | -5.94% | -0.59% | -5.35% |
Max Drawdown (10Y)Largest decline over 10 years | -20.05% | -2.19% | -17.86% |
Current DrawdownCurrent decline from peak | -0.22% | 0.00% | -0.22% |
Average DrawdownAverage peak-to-trough decline | -0.68% | -0.05% | -0.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.42% | 0.03% | +0.39% |
Volatility
PRFRX vs. FCNVX - Volatility Comparison
T. Rowe Price Floating Rate Fund - Investor Class (PRFRX) has a higher volatility of 0.30% compared to Fidelity Conservative Income Bond Institutional Class (FCNVX) at 0.25%. This indicates that PRFRX's price experiences larger fluctuations and is considered to be riskier than FCNVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRFRX | FCNVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.30% | 0.25% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 1.78% | 0.82% | +0.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.44% | 1.19% | +1.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.15% | 1.30% | +1.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.00% | 1.05% | +2.95% |
PRFRX vs. FCNVX - Expense Ratio Comparison
PRFRX has a 0.76% expense ratio, which is higher than FCNVX's 0.25% expense ratio.
Dividends
PRFRX vs. FCNVX - Dividend Comparison
PRFRX's dividend yield for the trailing twelve months is around 6.76%, more than FCNVX's 3.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCNVX Fidelity Conservative Income Bond Institutional Class | 3.74% | 4.41% | 5.17% | 4.97% | 1.24% | 0.24% | 0.99% | 2.45% | 2.21% | 1.30% | 1.01% | 0.48% |
PRFRX T. Rowe Price Floating Rate Fund - Investor Class | 6.76% | 8.11% | 15.09% | 15.33% | 4.03% | 3.86% | 4.00% | 4.84% | 4.87% | 4.04% | 4.07% | 4.07% |
Frequently Asked Questions
PRFRX and FCNVX have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRFRX has higher volatility (0.30%) compared to FCNVX (0.25%). In terms of maximum drawdown, PRFRX dropped -20.05% vs FCNVX's -2.19%.
FCNVX currently has the higher Sharpe Ratio (3.44 vs 1.92), 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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