PRFRX vs. FSREX

Last updated Jun 3, 2026

PRFRX (T. Rowe Price Floating Rate Fund) and FSREX (Fidelity Series Real Estate Income Fund) are both mutual funds - PRFRX is a High Yield Bonds fund managed by T. Rowe Price, while FSREX is a REIT fund managed by Fidelity. Over the past 10 years, PRFRX returned 5.57%/yr vs 5.36%/yr for FSREX. At a 0.29 correlation, their price movements are largely independent. PRFRX charges 0.75%/yr vs 0.00%/yr for FSREX.

Performance

PRFRX vs. FSREX - Performance Comparison

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

Returns By Period

In the year-to-date period, PRFRX achieves a 1.96% return, which is significantly higher than FSREX's 1.59% return. Both investments have delivered pretty close results over the past 10 years, with PRFRX having a 5.57% annualized return and FSREX not far behind at 5.36%.

PRFRX

• 1D: 0.00%
• 1M: 1.01%
• YTD: 1.96%
• 6M: 3.36%
• 1Y: 8.88%
• 3Y*: 10.41%
• 5Y*: 7.21%
• 10Y*: 5.57%

FSREX

• 1D: 0.10%
• 1M: 0.29%
• YTD: 1.59%
• 6M: 2.16%
• 1Y: 7.79%
• 3Y*: 8.75%
• 5Y*: 4.23%
• 10Y*: 5.36%

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

PRFRX vs. FSREX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRFRX T. Rowe Price Floating Rate Fund	1.96%	9.82%	11.04%	13.78%	-1.95%	4.60%	1.75%	8.46%	-0.08%	3.48%
FSREX Fidelity Series Real Estate Income Fund	1.59%	8.93%	9.87%	8.29%	-11.78%	15.78%	0.58%	16.02%	-0.73%	5.91%

Correlation

The correlation between PRFRX and FSREX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (10Y) Calculated over the trailing 10-year period	0.29
Correlation (All Time) Calculated using the full available price history since Oct 25, 2011	0.29

The correlation between PRFRX and FSREX shifts across timeframes, from 0.17 (1 year) to 0.33 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PRFRX vs. FSREX — 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: 95
PRFRX Sortino Ratio Rank: 99
PRFRX Omega Ratio Rank: 98
PRFRX Calmar Ratio Rank: 95
PRFRX Martin Ratio Rank: 95

FSREX

FSREX Risk / Return Rank: 88
FSREX Sharpe Ratio Rank: 92
FSREX Sortino Ratio Rank: 93
FSREX Omega Ratio Rank: 89
FSREX Calmar Ratio Rank: 80
FSREX Martin Ratio Rank: 85

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. FSREX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Floating Rate Fund (PRFRX) and Fidelity Series Real Estate Income Fund (FSREX). 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.

	PRFRX	FSREX	Difference
Sharpe ratio Return per unit of total volatility	3.32	3.08	+0.24
Sortino ratio Return per unit of downside risk	8.66	4.78	+3.88
Omega ratio Gain probability vs. loss probability	2.40	1.63	+0.77
Calmar ratio Return relative to maximum drawdown	5.92	3.68	+2.24
Martin ratio Return relative to average drawdown	22.48	16.22	+6.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PRFRX vs. FSREX - Sharpe Ratio Comparison

The current PRFRX Sharpe Ratio is 3.32, which is comparable to the FSREX Sharpe Ratio of 3.08. The chart below compares the historical Sharpe Ratios of PRFRX and FSREX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PRFRX	FSREX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.32	3.08	+0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.48	0.89	+1.59
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.43	0.68	+0.74
Sharpe Ratio (All Time) Calculated using the full available price history	1.44	0.95	+0.49

Drawdowns

PRFRX vs. FSREX - Drawdown Comparison

The maximum PRFRX drawdown since its inception was -20.05%, smaller than the maximum FSREX drawdown of -32.02%. Use the drawdown chart below to compare losses from any high point for PRFRX and FSREX.

Drawdown Indicators

	PRFRX	FSREX	Difference
Max Drawdown Largest peak-to-trough decline	-20.05%	-32.02%	+11.97%
Max Drawdown (1Y) Largest decline over 1 year	-1.50%	-2.06%	+0.56%
Max Drawdown (3Y) Largest decline over 3 years	-2.35%	-5.12%	+2.77%
Max Drawdown (5Y) Largest decline over 5 years	-5.94%	-15.22%	+9.28%
Max Drawdown (10Y) Largest decline over 10 years	-20.05%	-32.02%	+11.97%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.69%	-2.55%	+1.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	0.47%	-0.07%

Volatility

PRFRX vs. FSREX - Volatility Comparison

The current volatility for T. Rowe Price Floating Rate Fund (PRFRX) is 0.81%, while Fidelity Series Real Estate Income Fund (FSREX) has a volatility of 0.86%. This indicates that PRFRX experiences smaller price fluctuations and is considered to be less risky than FSREX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRFRX	FSREX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.81%	0.86%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	1.91%	1.85%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	2.69%	2.47%	+0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.92%	4.77%	-1.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.92%	7.89%	-3.97%

PRFRX vs. FSREX - Expense Ratio Comparison

PRFRX has a 0.75% expense ratio, which is higher than FSREX's 0.00% expense ratio.

Dividends

PRFRX vs. FSREX - Dividend Comparison

PRFRX's dividend yield for the trailing twelve months is around 9.76%, more than FSREX's 5.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSREX Fidelity Series Real Estate Income Fund	5.58%	5.64%	6.05%	7.43%	9.99%	3.58%	6.24%	6.62%	5.87%	5.49%	5.22%	4.33%
PRFRX T. Rowe Price Floating Rate Fund	9.76%	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 FSREX in my portfolio?

PRFRX and FSREX have a correlation of 0.17, 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 FSREX?

FSREX has higher volatility (0.86%) compared to PRFRX (0.81%). In terms of maximum drawdown, PRFRX dropped -20.05% vs FSREX's -32.02%.

Which has better risk-adjusted returns?

PRFRX currently has the higher Sharpe Ratio (3.32 vs 3.08), 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.