PRFRX vs. SLQD
PRFRX (T. Rowe Price Floating Rate Fund) and SLQD (iShares 0-5 Year Investment Grade Corporate Bond ETF) are both funds - PRFRX is a High Yield Bonds fund managed by T. Rowe Price, while SLQD is a Corporate Bonds fund tracking the Markit iBoxx USD Liquid Investment Grade 0-5 Index. Over the past 10 years, PRFRX returned 5.46%/yr vs 2.71%/yr for SLQD. At a 0.07 correlation, their price movements are largely independent. PRFRX charges 0.75%/yr vs 0.06%/yr for SLQD.
Performance
PRFRX vs. SLQD - Performance Comparison
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Returns By Period
In the year-to-date period, PRFRX achieves a 0.83% return, which is significantly lower than SLQD's 1.01% return. Over the past 10 years, PRFRX has outperformed SLQD with an annualized return of 5.46%, while SLQD has yielded a comparatively lower 2.71% annualized 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%
SLQD
- 1D
- -0.02%
- 1M
- 0.26%
- YTD
- 1.01%
- 6M
- 1.39%
- 1Y
- 4.39%
- 3Y*
- 5.51%
- 5Y*
- 2.53%
- 10Y*
- 2.71%
PRFRX vs. SLQD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRFRX T. Rowe Price Floating Rate Fund | 0.83% | 9.82% | 11.04% | 13.78% | -1.95% | 4.60% | 1.75% | 8.46% | -0.08% | 3.48% |
SLQD iShares 0-5 Year Investment Grade Corporate Bond ETF | 1.01% | 6.27% | 4.94% | 5.98% | -4.38% | -0.61% | 4.76% | 6.09% | 1.09% | 2.12% |
Correlation
The correlation between PRFRX and SLQD is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Oct 17, 2013 | 0.07 |
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Return for Risk
PRFRX vs. SLQD — Risk / Return Rank
PRFRX
SLQD
PRFRX vs. SLQD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Floating Rate Fund (PRFRX) and iShares 0-5 Year Investment Grade Corporate Bond ETF (SLQD). 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 | SLQD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | +2.61 | ||
| Omega ratioGain probability vs. loss probability | 2.14 | 1.61 | +0.53 |
| Calmar ratioReturn relative to maximum drawdown | 5.15 | 4.15 | +1.00 |
| Martin ratioReturn relative to average drawdown | 19.34 | 18.78 | +0.56 |
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Drawdowns
PRFRX vs. SLQD - Drawdown Comparison
The maximum PRFRX drawdown since its inception was -20.05%, which is greater than SLQD's maximum drawdown of -12.69%. Use the drawdown chart below to compare losses from any high point for PRFRX and SLQD.
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Drawdown Indicators
| PRFRX | SLQD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.05% | -12.69% | -7.36% |
Max Drawdown (1Y)Largest decline over 1 year | -1.50% | -1.06% | -0.44% |
Max Drawdown (3Y)Largest decline over 3 years | -2.35% | -1.06% | -1.29% |
Max Drawdown (5Y)Largest decline over 5 years | -5.94% | -7.63% | +1.69% |
Max Drawdown (10Y)Largest decline over 10 years | -20.05% | -12.69% | -7.36% |
Current DrawdownCurrent decline from peak | -0.55% | -0.02% | -0.53% |
Average DrawdownAverage peak-to-trough decline | -0.69% | -0.87% | +0.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.40% | 0.23% | +0.17% |
Volatility
PRFRX vs. SLQD - Volatility Comparison
T. Rowe Price Floating Rate Fund (PRFRX) has a higher volatility of 0.64% compared to iShares 0-5 Year Investment Grade Corporate Bond ETF (SLQD) at 0.53%. This indicates that PRFRX's price experiences larger fluctuations and is considered to be riskier than SLQD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRFRX | SLQD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.64% | 0.53% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 1.86% | 1.13% | +0.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.65% | 1.49% | +1.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.91% | 2.44% | +0.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.92% | 3.14% | +0.78% |
PRFRX vs. SLQD - Expense Ratio Comparison
PRFRX has a 0.75% expense ratio, which is higher than SLQD's 0.06% expense ratio.
Dividends
PRFRX vs. SLQD - Dividend Comparison
PRFRX's dividend yield for the trailing twelve months is around 9.26%, more than SLQD's 4.31% 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% |
SLQD iShares 0-5 Year Investment Grade Corporate Bond ETF | 4.31% | 4.15% | 3.71% | 2.99% | 2.00% | 1.67% | 2.34% | 2.89% | 2.55% | 1.98% | 1.81% | 1.43% |
Frequently Asked Questions
PRFRX and SLQD have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRFRX has higher volatility (0.64%) compared to SLQD (0.53%). In terms of maximum drawdown, PRFRX dropped -20.05% vs SLQD's -12.69%.
SLQD currently has the higher Sharpe Ratio (2.96 vs 2.91), 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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