PRPIX vs. RPIFX
PRPIX (T. Rowe Price Corporate Income Fund) and RPIFX (T. Rowe Price Institutional Floating Rate Fund) are both mutual funds - PRPIX is a Corporate Bonds fund managed by T. Rowe Price, while RPIFX is a Bank Loan fund managed by T. Rowe Price. Over the past 10 years, PRPIX returned 3.23%/yr vs 4.83%/yr for RPIFX. At a 0.18 correlation, their price movements are largely independent. PRPIX charges 0.56%/yr vs 0.57%/yr for RPIFX.
Performance
PRPIX vs. RPIFX - Performance Comparison
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Returns By Period
In the year-to-date period, PRPIX achieves a 0.27% return, which is significantly lower than RPIFX's 1.15% return. Over the past 10 years, PRPIX has underperformed RPIFX with an annualized return of 3.23%, while RPIFX has yielded a comparatively higher 4.83% annualized return.
PRPIX
- 1D
- 0.12%
- 1M
- 1.02%
- YTD
- 0.27%
- 6M
- 0.81%
- 1Y
- 5.27%
- 3Y*
- 7.98%
- 5Y*
- 1.57%
- 10Y*
- 3.23%
RPIFX
- 1D
- 0.00%
- 1M
- 0.25%
- YTD
- 1.15%
- 6M
- 1.76%
- 1Y
- 5.61%
- 3Y*
- 7.42%
- 5Y*
- 5.23%
- 10Y*
- 4.83%
PRPIX vs. RPIFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRPIX T. Rowe Price Corporate Income Fund | 0.27% | 9.21% | 6.49% | 12.72% | -17.71% | -0.76% | 7.87% | 15.77% | -3.05% | 6.58% |
RPIFX T. Rowe Price Institutional Floating Rate Fund | 1.15% | 6.71% | 8.47% | 10.13% | -1.96% | 4.67% | 2.42% | 8.82% | 0.39% | 3.78% |
Correlation
The correlation between PRPIX and RPIFX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2008 | 0.18 |
The correlation between PRPIX and RPIFX shifts across timeframes, from 0.18 (all time) to 0.29 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PRPIX vs. RPIFX — Risk / Return Rank
PRPIX
RPIFX
PRPIX vs. RPIFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Corporate Income Fund (PRPIX) and T. Rowe Price Institutional Floating Rate Fund (RPIFX). 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.
| PRPIX | RPIFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.06 | ||
| Sortino ratioReturn per unit of downside risk | -3.73 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.90 | -0.66 |
| Calmar ratioReturn relative to maximum drawdown | 1.65 | 3.91 | -2.26 |
| Martin ratioReturn relative to average drawdown | 5.54 | 14.27 | -8.73 |
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Drawdowns
PRPIX vs. RPIFX - Drawdown Comparison
The maximum PRPIX drawdown since its inception was -24.24%, roughly equal to the maximum RPIFX drawdown of -25.10%. Use the drawdown chart below to compare losses from any high point for PRPIX and RPIFX.
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Drawdown Indicators
| PRPIX | RPIFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.24% | -25.10% | +0.86% |
Max Drawdown (1Y)Largest decline over 1 year | -3.29% | -1.44% | -1.85% |
Max Drawdown (3Y)Largest decline over 3 years | -5.67% | -2.28% | -3.39% |
Max Drawdown (5Y)Largest decline over 5 years | -24.24% | -5.90% | -18.34% |
Max Drawdown (10Y)Largest decline over 10 years | -24.24% | -19.67% | -4.57% |
Current DrawdownCurrent decline from peak | -0.91% | -0.32% | -0.59% |
Average DrawdownAverage peak-to-trough decline | -2.87% | -1.33% | -1.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.98% | 0.39% | +0.59% |
Volatility
PRPIX vs. RPIFX - Volatility Comparison
T. Rowe Price Corporate Income Fund (PRPIX) has a higher volatility of 1.23% compared to T. Rowe Price Institutional Floating Rate Fund (RPIFX) at 0.57%. This indicates that PRPIX's price experiences larger fluctuations and is considered to be riskier than RPIFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRPIX | RPIFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 0.57% | +0.66% |
Volatility (6M)Calculated over the trailing 6-month period | 3.12% | 1.74% | +1.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.12% | 2.38% | +1.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.65% | 2.76% | +3.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.06% | 3.80% | +2.26% |
PRPIX vs. RPIFX - Expense Ratio Comparison
PRPIX has a 0.56% expense ratio, which is lower than RPIFX's 0.57% expense ratio.
Dividends
PRPIX vs. RPIFX - Dividend Comparison
PRPIX's dividend yield for the trailing twelve months is around 4.67%, less than RPIFX's 7.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRPIX T. Rowe Price Corporate Income Fund | 4.67% | 5.87% | 8.35% | 7.54% | 2.42% | 5.61% | 3.82% | 5.47% | 3.47% | 3.95% | 3.20% | 4.23% |
RPIFX T. Rowe Price Institutional Floating Rate Fund | 7.02% | 7.22% | 7.77% | 6.53% | 4.12% | 3.94% | 4.29% | 5.12% | 5.16% | 4.32% | 4.31% | 4.45% |
Frequently Asked Questions
PRPIX and RPIFX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRPIX has higher volatility (1.23%) compared to RPIFX (0.57%). In terms of maximum drawdown, PRPIX dropped -24.24% vs RPIFX's -25.10%.
RPIFX currently has the higher Sharpe Ratio (2.38 vs 1.32), 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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