PRFRX vs. ICVT
Compare and contrast key facts about T. Rowe Price Floating Rate Fund (PRFRX) and iShares Convertible Bond ETF (ICVT).
PRFRX is managed by T. Rowe Price. It was launched on Jul 29, 2011. ICVT is a passively managed fund by iShares that tracks the performance of the Barclays U.S. Convertible Cash Pay Bond > $250MM Index. It was launched on Jun 2, 2015.
Performance
PRFRX vs. ICVT - Performance Comparison
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PRFRX vs. ICVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRFRX T. Rowe Price Floating Rate Fund | -0.06% | 13.09% | 8.80% | 13.78% | -1.95% | 4.60% | 1.75% | 8.46% | -0.08% | 3.48% |
ICVT iShares Convertible Bond ETF | 3.58% | 18.10% | 10.61% | 15.35% | -20.66% | -0.66% | 61.01% | 21.76% | -0.27% | 16.38% |
Returns By Period
In the year-to-date period, PRFRX achieves a -0.06% return, which is significantly lower than ICVT's 3.58% return. Over the past 10 years, PRFRX has underperformed ICVT with an annualized return of 5.66%, while ICVT has yielded a comparatively higher 12.24% annualized return.
PRFRX
- 1D
- 0.00%
- 1M
- -0.11%
- YTD
- -0.06%
- 6M
- 3.35%
- 1Y
- 11.72%
- 3Y*
- 10.22%
- 5Y*
- 7.18%
- 10Y*
- 5.66%
ICVT
- 1D
- 2.66%
- 1M
- -3.62%
- YTD
- 3.58%
- 6M
- 1.65%
- 1Y
- 23.50%
- 3Y*
- 14.18%
- 5Y*
- 3.55%
- 10Y*
- 12.24%
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PRFRX vs. ICVT - Expense Ratio Comparison
PRFRX has a 0.75% expense ratio, which is higher than ICVT's 0.20% expense ratio.
Return for Risk
PRFRX vs. ICVT — Risk / Return Rank
PRFRX
ICVT
PRFRX vs. ICVT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Floating Rate Fund (PRFRX) and iShares Convertible Bond ETF (ICVT). 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 | ICVT | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 3.66 | 1.71 | +1.94 |
Sortino ratioReturn per unit of downside risk | 7.34 | 2.33 | +5.01 |
Omega ratioGain probability vs. loss probability | 2.39 | 1.32 | +1.07 |
Calmar ratioReturn relative to maximum drawdown | 5.81 | 3.10 | +2.71 |
Martin ratioReturn relative to average drawdown | 28.10 | 10.57 | +17.52 |
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
| PRFRX | ICVT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.66 | 1.71 | +1.94 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 2.48 | 0.27 | +2.21 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.45 | 0.79 | +0.66 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.43 | 0.67 | +0.76 |
Correlation
The correlation between PRFRX and ICVT is 0.25, 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.
Dividends
PRFRX vs. ICVT - Dividend Comparison
PRFRX's dividend yield for the trailing twelve months is around 12.94%, more than ICVT's 1.62% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRFRX T. Rowe Price Floating Rate Fund | 12.94% | 12.91% | 8.17% | 9.57% | 4.03% | 3.86% | 4.00% | 4.84% | 4.87% | 4.04% | 4.07% | 4.07% |
ICVT iShares Convertible Bond ETF | 1.48% | 1.73% | 2.19% | 1.85% | 1.93% | 7.70% | 3.98% | 1.86% | 4.82% | 2.56% | 3.06% | 1.57% |
Drawdowns
PRFRX vs. ICVT - Drawdown Comparison
The maximum PRFRX drawdown since its inception was -20.05%, smaller than the maximum ICVT drawdown of -33.25%. Use the drawdown chart below to compare losses from any high point for PRFRX and ICVT.
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Drawdown Indicators
| PRFRX | ICVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.05% | -33.25% | +13.20% |
Max Drawdown (1Y)Largest decline over 1 year | -2.07% | -7.55% | +5.48% |
Max Drawdown (5Y)Largest decline over 5 years | -5.94% | -29.95% | +24.01% |
Max Drawdown (10Y)Largest decline over 10 years | -20.05% | -33.25% | +13.20% |
Current DrawdownCurrent decline from peak | -0.64% | -3.67% | +3.03% |
Average DrawdownAverage peak-to-trough decline | -0.69% | -9.64% | +8.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.43% | 2.21% | -1.78% |
Volatility
PRFRX vs. ICVT - Volatility Comparison
The current volatility for T. Rowe Price Floating Rate Fund (PRFRX) is 0.74%, while iShares Convertible Bond ETF (ICVT) has a volatility of 6.74%. This indicates that PRFRX experiences smaller price fluctuations and is considered to be less risky than ICVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRFRX | ICVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.74% | 6.74% | -6.00% |
Volatility (6M)Calculated over the trailing 6-month period | 2.18% | 11.65% | -9.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.34% | 14.02% | -10.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.91% | 13.20% | -10.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.92% | 15.54% | -11.62% |