PRFRX vs. RPIDX
PRFRX (T. Rowe Price Floating Rate Fund) and RPIDX (T. Rowe Price Dynamic Credit Fund) are both mutual funds - PRFRX is a High Yield Bonds fund managed by T. Rowe Price, while RPIDX is a Nontraditional Bonds fund managed by T. Rowe Price. Over the past 5 years, PRFRX returned 6.95%/yr vs 4.46%/yr for RPIDX. At a 0.25 correlation, their price movements are largely independent. PRFRX charges 0.75%/yr vs 0.63%/yr for RPIDX.
Performance
PRFRX vs. RPIDX - Performance Comparison
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Returns By Period
In the year-to-date period, PRFRX achieves a 0.83% return, which is significantly higher than RPIDX's 0.28% return.
PRFRX
- 1D
- -0.11%
- 1M
- -0.21%
- YTD
- 0.83%
- 6M
- 2.01%
- 1Y
- 7.68%
- 3Y*
- 9.76%
- 5Y*
- 6.95%
- 10Y*
- 5.46%
RPIDX
- 1D
- -0.12%
- 1M
- -0.28%
- YTD
- 0.28%
- 6M
- 1.67%
- 1Y
- 7.02%
- 3Y*
- 7.95%
- 5Y*
- 4.46%
- 10Y*
- —
PRFRX vs. RPIDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PRFRX T. Rowe Price Floating Rate Fund | 0.83% | 9.82% | 11.04% | 13.78% | -1.95% | 4.60% | 1.75% | 6.42% |
RPIDX T. Rowe Price Dynamic Credit Fund | 0.28% | 9.74% | 9.92% | 4.72% | -0.76% | 6.21% | 2.71% | 6.87% |
Correlation
The correlation between PRFRX and RPIDX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Jan 14, 2019 | 0.25 |
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Return for Risk
PRFRX vs. RPIDX — Risk / Return Rank
PRFRX
RPIDX
PRFRX vs. RPIDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Floating Rate Fund (PRFRX) and T. Rowe Price Dynamic Credit Fund (RPIDX). 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 | RPIDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.84 | ||
| Sortino ratioReturn per unit of downside risk | +3.35 | ||
| Omega ratioGain probability vs. loss probability | 2.14 | 1.49 | +0.65 |
| Calmar ratioReturn relative to maximum drawdown | 5.15 | 5.16 | -0.02 |
| Martin ratioReturn relative to average drawdown | 19.34 | 13.35 | +5.99 |
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Drawdowns
PRFRX vs. RPIDX - Drawdown Comparison
The maximum PRFRX drawdown since its inception was -20.05%, roughly equal to the maximum RPIDX drawdown of -19.95%. Use the drawdown chart below to compare losses from any high point for PRFRX and RPIDX.
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Drawdown Indicators
| PRFRX | RPIDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.05% | -19.95% | -0.10% |
Max Drawdown (1Y)Largest decline over 1 year | -1.50% | -1.34% | -0.16% |
Max Drawdown (3Y)Largest decline over 3 years | -2.35% | -3.17% | +0.82% |
Max Drawdown (5Y)Largest decline over 5 years | -5.94% | -7.31% | +1.37% |
Max Drawdown (10Y)Largest decline over 10 years | -20.05% | — | — |
Current DrawdownCurrent decline from peak | -0.55% | -0.74% | +0.19% |
Average DrawdownAverage peak-to-trough decline | -0.69% | -1.87% | +1.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.40% | 0.52% | -0.12% |
Volatility
PRFRX vs. RPIDX - Volatility Comparison
The current volatility for T. Rowe Price Floating Rate Fund (PRFRX) is 0.64%, while T. Rowe Price Dynamic Credit Fund (RPIDX) has a volatility of 0.70%. This indicates that PRFRX experiences smaller price fluctuations and is considered to be less risky than RPIDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRFRX | RPIDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.64% | 0.70% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 1.86% | 2.57% | -0.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.65% | 3.34% | -0.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.91% | 3.83% | -0.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.92% | 4.79% | -0.87% |
PRFRX vs. RPIDX - Expense Ratio Comparison
PRFRX has a 0.75% expense ratio, which is higher than RPIDX's 0.63% expense ratio.
Dividends
PRFRX vs. RPIDX - Dividend Comparison
PRFRX's dividend yield for the trailing twelve months is around 9.26%, less than RPIDX's 9.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRFRX T. Rowe Price Floating Rate Fund | 9.26% | 9.99% | 10.20% | 9.57% | 4.03% | 3.86% | 4.00% | 4.84% | 4.87% | 4.04% | 4.07% | 4.07% |
RPIDX T. Rowe Price Dynamic Credit Fund | 9.92% | 9.91% | 9.20% | 6.64% | 7.97% | 5.34% | 7.14% | 4.41% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PRFRX and RPIDX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RPIDX has higher volatility (0.70%) compared to PRFRX (0.64%). In terms of maximum drawdown, PRFRX dropped -20.05% vs RPIDX's -19.95%.
PRFRX currently has the higher Sharpe Ratio (2.91 vs 2.08), 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.
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