PRFRX vs. PAFRX
PRFRX (T. Rowe Price Floating Rate Fund - Investor Class) and PAFRX (T. Rowe Price Floating Rate Fund) are both mutual funds - PRFRX is a High Yield Bonds fund managed by T. Rowe Price, while PAFRX is a Bank Loan fund managed by T. Rowe Price. Over the past 10 years, PRFRX returned 6.39%/yr vs 4.28%/yr for PAFRX. Their 0.78 correlation means they have sometimes moved together and sometimes differently. PRFRX charges 0.76%/yr vs 0.97%/yr for PAFRX.
Performance
PRFRX vs. PAFRX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PRFRX achieves a 1.84% return, which is significantly higher than PAFRX's 0.65% return. Over the past 10 years, PRFRX has outperformed PAFRX with an annualized return of 6.39%, while PAFRX has yielded a comparatively lower 4.28% 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%
PAFRX
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 0.76%
- YTD
- 0.65%
- 1Y
- 3.32%
- 3Y*
- 6.33%
- 5Y*
- 4.93%
- 10Y*
- 4.28%
- ALL TIME*
- 4.05%
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. PAFRX - 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% |
PAFRX T. Rowe Price Floating Rate Fund | 0.65% | 6.37% | 7.89% | 10.68% | -2.11% | 4.38% | 1.53% | 8.32% | -0.29% | 3.27% |
Correlation
The correlation between PRFRX and PAFRX is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.78 |
Correlation (3Y) Balances recent behavior with more history. | 0.67 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.81 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.78 |
Correlation (All Time) Calculated using the full available price history since Aug 1, 2011 | 0.78 |
The correlation between PRFRX and PAFRX shifts across timeframes, from 0.67 (3 years) to 0.81 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PRFRX vs. PAFRX — Risk / Return Rank
PRFRX
PAFRX
PRFRX vs. PAFRX - 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 T. Rowe Price Floating Rate Fund (PAFRX). 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 | PAFRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.38 | ||
| Sortino ratioReturn per unit of downside risk | +1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 1.46 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 3.02 | 2.13 | +0.89 |
| Martin ratioReturn relative to average drawdown | 10.89 | 6.94 | +3.96 |
Loading charts...
Drawdowns
PRFRX vs. PAFRX - Drawdown Comparison
The maximum PRFRX drawdown since its inception was -20.05%, roughly equal to the maximum PAFRX drawdown of -19.95%. Use the drawdown chart below to compare losses from any high point for PRFRX and PAFRX.
Loading charts...
Drawdown Indicators
| PRFRX | PAFRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.05% | -19.95% | -0.10% |
Max Drawdown (1Y)Largest decline over 1 year | -1.50% | -1.51% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -2.07% | -2.47% | +0.40% |
Max Drawdown (5Y)Largest decline over 5 years | -5.94% | -6.03% | +0.09% |
Max Drawdown (10Y)Largest decline over 10 years | -20.05% | -19.95% | -0.10% |
Current DrawdownCurrent decline from peak | -0.22% | -0.44% | +0.22% |
Average DrawdownAverage peak-to-trough decline | -0.68% | -0.70% | +0.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.42% | 0.46% | -0.04% |
Volatility
PRFRX vs. PAFRX - Volatility Comparison
T. Rowe Price Floating Rate Fund - Investor Class (PRFRX) and T. Rowe Price Floating Rate Fund (PAFRX) have volatilities of 0.30% and 0.30%, 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.
Loading charts...
Volatility by Period
| PRFRX | PAFRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.30% | 0.30% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 1.78% | 1.63% | +0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.44% | 2.18% | +0.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.15% | 2.66% | +0.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.00% | 3.79% | +0.21% |
PRFRX vs. PAFRX - Expense Ratio Comparison
PRFRX has a 0.76% expense ratio, which is lower than PAFRX's 0.97% expense ratio.
Dividends
PRFRX vs. PAFRX - Dividend Comparison
PRFRX's dividend yield for the trailing twelve months is around 6.76%, more than PAFRX's 5.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PAFRX T. Rowe Price Floating Rate Fund | 5.50% | 6.81% | 7.34% | 6.87% | 3.85% | 3.66% | 3.79% | 4.62% | 4.64% | 3.83% | 3.87% | 3.96% |
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 PAFRX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PAFRX has higher volatility (0.30%) compared to PRFRX (0.30%). In terms of maximum drawdown, PRFRX dropped -20.05% vs PAFRX's -19.95%.
PRFRX currently has the higher Sharpe Ratio (1.92 vs 1.54), 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.
Find the right allocation for PRFRX and PAFRX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer