PRPIX vs. SMARX
PRPIX (T. Rowe Price Corporate Income Fund) and SMARX (Brandes Separately Managed Account Reserve Trust) are both Corporate Bonds funds. Over the past 10 years, PRPIX returned 3.01%/yr vs 2.85%/yr for SMARX. A 0.69 correlation means they provide meaningful diversification when combined. PRPIX charges 0.56%/yr vs 0.00%/yr for SMARX.
Performance
PRPIX vs. SMARX - Performance Comparison
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Returns By Period
In the year-to-date period, PRPIX achieves a 0.30% return, which is significantly lower than SMARX's 0.78% return. Over the past 10 years, PRPIX has outperformed SMARX with an annualized return of 3.01%, while SMARX has yielded a comparatively lower 2.85% annualized return.
PRPIX
- 1D
- 0.00%
- 1M
- -0.36%
- 6M
- 0.42%
- YTD
- 0.30%
- 1Y
- 4.76%
- 3Y*
- 8.09%
- 5Y*
- 1.46%
- 10Y*
- 3.01%
SMARX
- 1D
- -0.13%
- 1M
- 0.04%
- 6M
- 0.78%
- YTD
- 0.78%
- 1Y
- 4.47%
- 3Y*
- 5.60%
- 5Y*
- 1.58%
- 10Y*
- 2.85%
PRPIX vs. SMARX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRPIX T. Rowe Price Corporate Income Fund | 0.30% | 9.21% | 6.49% | 12.72% | -17.71% | -0.76% | 7.87% | 15.77% | -3.05% | 6.58% |
SMARX Brandes Separately Managed Account Reserve Trust | 0.78% | 6.91% | 3.73% | 9.76% | -11.77% | 0.76% | 6.55% | 7.77% | -1.13% | 4.75% |
Correlation
The correlation between PRPIX and SMARX is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2005 | 0.69 |
The correlation between PRPIX and SMARX shifts across timeframes, from 0.69 (all time) to 0.88 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PRPIX vs. SMARX — Risk / Return Rank
PRPIX
SMARX
PRPIX vs. SMARX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Corporate Income Fund (PRPIX) and Brandes Separately Managed Account Reserve Trust (SMARX). 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 | SMARX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.20 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.30 | 1.57 | -0.27 |
| Martin ratioReturn relative to average drawdown | 4.68 | 5.49 | -0.81 |
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Drawdowns
PRPIX vs. SMARX - Drawdown Comparison
The maximum PRPIX drawdown since its inception was -24.24%, smaller than the maximum SMARX drawdown of -47.07%. Use the drawdown chart below to compare losses from any high point for PRPIX and SMARX.
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Drawdown Indicators
| PRPIX | SMARX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.24% | -47.07% | +22.83% |
Max Drawdown (1Y)Largest decline over 1 year | -3.29% | -2.61% | -0.68% |
Max Drawdown (3Y)Largest decline over 3 years | -5.67% | -5.19% | -0.48% |
Max Drawdown (5Y)Largest decline over 5 years | -24.24% | -16.20% | -8.04% |
Max Drawdown (10Y)Largest decline over 10 years | -24.24% | -16.20% | -8.04% |
Current DrawdownCurrent decline from peak | -1.12% | -0.63% | -0.49% |
Average DrawdownAverage peak-to-trough decline | -2.86% | -6.94% | +4.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.91% | 0.75% | +0.16% |
Volatility
PRPIX vs. SMARX - Volatility Comparison
T. Rowe Price Corporate Income Fund (PRPIX) has a higher volatility of 1.24% compared to Brandes Separately Managed Account Reserve Trust (SMARX) at 1.09%. This indicates that PRPIX's price experiences larger fluctuations and is considered to be riskier than SMARX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRPIX | SMARX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.24% | 1.09% | +0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 3.26% | 2.95% | +0.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.20% | 3.69% | +0.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.65% | 5.16% | +1.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.06% | 4.39% | +1.67% |
PRPIX vs. SMARX - Expense Ratio Comparison
PRPIX has a 0.56% expense ratio, which is higher than SMARX's 0.00% expense ratio.
Dividends
PRPIX vs. SMARX - Dividend Comparison
PRPIX's dividend yield for the trailing twelve months is around 5.10%, more than SMARX's 4.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRPIX T. Rowe Price Corporate Income Fund | 5.10% | 5.87% | 8.35% | 7.54% | 2.42% | 5.61% | 3.82% | 5.47% | 3.47% | 3.95% | 3.20% | 4.23% |
SMARX Brandes Separately Managed Account Reserve Trust | 4.79% | 5.02% | 4.07% | 3.85% | 3.53% | 2.57% | 3.35% | 4.19% | 4.55% | 4.20% | 4.87% | 5.24% |
Frequently Asked Questions
PRPIX and SMARX 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.
PRPIX has higher volatility (1.24%) compared to SMARX (1.09%). In terms of maximum drawdown, PRPIX dropped -24.24% vs SMARX's -47.07%.
SMARX currently has the higher Sharpe Ratio (1.11 vs 1.02), 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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