PRFRX vs. FFRHX

Last updated Jun 23, 2026

PRFRX (T. Rowe Price Floating Rate Fund) and FFRHX (Fidelity Floating Rate High Income Fund) are both mutual funds - PRFRX is a High Yield Bonds fund managed by T. Rowe Price, while FFRHX is a Bank Loan fund actively managed by Fidelity. Over the past 10 years, PRFRX returned 5.50%/yr vs 4.94%/yr for FFRHX. A 0.67 correlation means they provide meaningful diversification when combined. PRFRX charges 0.75%/yr vs 0.67%/yr for FFRHX.

Performance

PRFRX vs. FFRHX - Performance Comparison

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

Returns By Period

In the year-to-date period, PRFRX achieves a 0.95% return, which is significantly lower than FFRHX's 1.71% return. Over the past 10 years, PRFRX has outperformed FFRHX with an annualized return of 5.50%, while FFRHX has yielded a comparatively lower 4.94% annualized return.

PRFRX

• 1D: 0.00%
• 1M: 0.12%
• YTD: 0.95%
• 6M: 2.23%
• 1Y: 7.80%
• 3Y*: 9.72%
• 5Y*: 6.97%
• 10Y*: 5.50%

FFRHX

• 1D: 0.00%
• 1M: 0.22%
• YTD: 1.71%
• 6M: 2.32%
• 1Y: 5.89%
• 3Y*: 7.17%
• 5Y*: 5.40%
• 10Y*: 4.94%

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

PRFRX vs. FFRHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRFRX T. Rowe Price Floating Rate Fund	0.95%	9.82%	11.04%	13.78%	-1.95%	4.60%	1.75%	8.46%	-0.08%	3.48%
FFRHX Fidelity Floating Rate High Income Fund	1.71%	5.47%	7.10%	12.63%	-1.55%	5.01%	1.69%	8.63%	0.10%	3.91%

Correlation

The correlation between PRFRX and FFRHX is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Aug 1, 2011	0.67

Over the past year, the correlation between PRFRX and FFRHX has dropped to 0.43 - well below their long-term average of 0.67, suggesting their price drivers have been diverging.

Return for Risk

PRFRX vs. FFRHX — Risk / Return Rank

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

PRFRX

PRFRX Risk / Return Rank: 96
PRFRX Sharpe Ratio Rank: 94
PRFRX Sortino Ratio Rank: 99
PRFRX Omega Ratio Rank: 98
PRFRX Calmar Ratio Rank: 95
PRFRX Martin Ratio Rank: 94

FFRHX

FFRHX Risk / Return Rank: 92
FFRHX Sharpe Ratio Rank: 83
FFRHX Sortino Ratio Rank: 98
FFRHX Omega Ratio Rank: 97
FFRHX Calmar Ratio Rank: 94
FFRHX Martin Ratio Rank: 91

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.

PRFRX vs. FFRHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Floating Rate Fund (PRFRX) and Fidelity Floating Rate High Income Fund (FFRHX). 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	FFRHX	Difference
Sharpe ratio: Return per unit of total volatility	2.96	2.50	+0.46
Sortino ratio: Return per unit of downside risk	7.51	5.94	+1.57
Omega ratio: Gain probability vs. loss probability	2.17	1.87	+0.30
Calmar ratio: Return relative to maximum drawdown	5.22	4.97	+0.26
Martin ratio: Return relative to average drawdown	19.38	17.11	+2.27

PRFRX vs. FFRHX - Sharpe Ratio Comparison

The current PRFRX Sharpe Ratio is 2.96, which is comparable to the FFRHX Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of PRFRX and FFRHX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PRFRX vs. FFRHX - Drawdown Comparison

The maximum PRFRX drawdown since its inception was -20.05%, smaller than the maximum FFRHX drawdown of -22.20%. Use the drawdown chart below to compare losses from any high point for PRFRX and FFRHX.

Drawdown Indicators

	PRFRX	FFRHX	Difference
Max Drawdown Largest peak-to-trough decline	-20.05%	-22.20%	+2.15%
Max Drawdown (1Y) Largest decline over 1 year	-1.50%	-1.19%	-0.31%
Max Drawdown (3Y) Largest decline over 3 years	-2.35%	-3.29%	+0.94%
Max Drawdown (5Y) Largest decline over 5 years	-5.94%	-5.90%	-0.04%
Max Drawdown (10Y) Largest decline over 10 years	-20.05%	-22.20%	+2.15%
Current Drawdown Current decline from peak	-0.44%	-0.44%	0.00%
Average Drawdown Average peak-to-trough decline	-0.69%	-1.15%	+0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	0.35%	+0.05%

Volatility

PRFRX vs. FFRHX - Volatility Comparison

T. Rowe Price Floating Rate Fund (PRFRX) and Fidelity Floating Rate High Income Fund (FFRHX) have volatilities of 0.63% and 0.66%, 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

	PRFRX	FFRHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.63%	0.66%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	1.85%	1.63%	+0.22%
Volatility (1Y) Calculated over the trailing 1-year period	2.64%	2.37%	+0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.91%	2.88%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.92%	4.14%	-0.22%

PRFRX vs. FFRHX - Expense Ratio Comparison

PRFRX has a 0.75% expense ratio, which is higher than FFRHX's 0.67% expense ratio.

Dividends

PRFRX vs. FFRHX - Dividend Comparison

PRFRX's dividend yield for the trailing twelve months is around 9.25%, more than FFRHX's 7.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFRHX Fidelity Floating Rate High Income Fund	7.09%	7.41%	6.94%	8.24%	3.81%	2.74%	3.84%	5.15%	4.74%	4.05%	4.44%	3.69%
PRFRX T. Rowe Price Floating Rate Fund	9.25%	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 PRFRX and FFRHX in my portfolio?

PRFRX and FFRHX have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRFRX or FFRHX?

FFRHX has higher volatility (0.66%) compared to PRFRX (0.63%). In terms of maximum drawdown, PRFRX dropped -20.05% vs FFRHX's -22.20%.

Which has better risk-adjusted returns?

PRFRX currently has the higher Sharpe Ratio (2.96 vs 2.50), 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.