PRFRX vs. FLRN
Compare and contrast key facts about T. Rowe Price Floating Rate Fund (PRFRX) and SPDR Bloomberg Barclays Investment Grade Floating Rate ETF (FLRN).
PRFRX is managed by T. Rowe Price. It was launched on Jul 29, 2011. FLRN is a passively managed fund by State Street that tracks the performance of the Bloomberg US Floating Rate Notes (<5 Y). It was launched on Nov 30, 2011.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: PRFRX or FLRN.
Key characteristics
| PRFRX | FLRN | |
|---|---|---|
| YTD Return | 5.72% | 4.56% |
| 1Y Return | 9.34% | 6.49% |
| 3Y Return (Ann) | 6.08% | 4.11% |
| 5Y Return (Ann) | 5.05% | 2.86% |
| 10Y Return (Ann) | 4.35% | 2.25% |
| Sharpe Ratio | 3.52 | 7.50 |
| Daily Std Dev | 2.69% | 0.87% |
| Max Drawdown | -20.05% | -14.64% |
| Current Drawdown | -0.11% | -0.06% |
Correlation
The correlation between PRFRX and FLRN is 0.10, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Performance
PRFRX vs. FLRN - Performance Comparison
In the year-to-date period, PRFRX achieves a 5.72% return, which is significantly higher than FLRN's 4.56% return. Over the past 10 years, PRFRX has outperformed FLRN with an annualized return of 4.35%, while FLRN has yielded a comparatively lower 2.25% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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PRFRX vs. FLRN - Expense Ratio Comparison
PRFRX has a 0.75% expense ratio, which is higher than FLRN's 0.15% expense ratio.
Risk-Adjusted Performance
PRFRX vs. FLRN - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Floating Rate Fund (PRFRX) and SPDR Bloomberg Barclays Investment Grade Floating Rate ETF (FLRN). 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.
Dividends
PRFRX vs. FLRN - Dividend Comparison
PRFRX's dividend yield for the trailing twelve months is around 8.56%, more than FLRN's 5.92% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRFRX T. Rowe Price Floating Rate Fund | 8.56% | 8.33% | 5.32% | 3.87% | 4.00% | 4.84% | 4.86% | 4.04% | 4.08% | 4.08% | 3.95% | 3.65% |
FLRN SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | 5.92% | 5.68% | 1.95% | 0.39% | 1.22% | 2.76% | 2.39% | 1.64% | 1.06% | 0.63% | 0.53% | 0.72% |
Drawdowns
PRFRX vs. FLRN - Drawdown Comparison
The maximum PRFRX drawdown since its inception was -20.05%, which is greater than FLRN's maximum drawdown of -14.64%. Use the drawdown chart below to compare losses from any high point for PRFRX and FLRN. For additional features, visit the drawdowns tool.
Volatility
PRFRX vs. FLRN - Volatility Comparison
T. Rowe Price Floating Rate Fund (PRFRX) has a higher volatility of 0.77% compared to SPDR Bloomberg Barclays Investment Grade Floating Rate ETF (FLRN) at 0.23%. This indicates that PRFRX's price experiences larger fluctuations and is considered to be riskier than FLRN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.