RPIDX vs. CLOZ

Last updated Jun 4, 2026

RPIDX (T. Rowe Price Dynamic Credit Fund) and CLOZ (Panagram Bbb-B Clo ETF) are both funds - RPIDX is a Nontraditional Bonds fund managed by T. Rowe Price, while CLOZ is a CLO fund actively managed by Panagram. Over the past 3 years, RPIDX returned 7.66%/yr vs 10.62%/yr for CLOZ. At a 0.01 correlation, their price movements are largely independent. RPIDX charges 0.63%/yr vs 0.50%/yr for CLOZ.

Performance

RPIDX vs. CLOZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Dynamic Credit Fund (RPIDX) and Panagram Bbb-B Clo ETF (CLOZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RPIDX achieves a 0.16% return, which is significantly lower than CLOZ's 2.53% return.

RPIDX

• 1D: -0.12%
• 1M: -0.75%
• YTD: 0.16%
• 6M: 0.98%
• 1Y: 6.90%
• 3Y*: 7.66%
• 5Y*: 4.36%
• 10Y*: —

CLOZ

• 1D: -0.02%
• 1M: 0.66%
• YTD: 2.53%
• 6M: 3.13%
• 1Y: 6.21%
• 3Y*: 10.62%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

RPIDX vs. CLOZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
RPIDX T. Rowe Price Dynamic Credit Fund	0.16%	9.74%	9.92%	5.42%
CLOZ Panagram Bbb-B Clo ETF	2.53%	5.99%	11.85%	14.92%

Correlation

The correlation between RPIDX and CLOZ is -0.09, 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	-0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (All Time) Calculated using the full available price history since Jan 25, 2023	0.01

The correlation between RPIDX and CLOZ shifts across timeframes, from -0.09 (1 year) to 0.01 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

RPIDX vs. CLOZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

RPIDX

RPIDX Risk / Return Rank: 76
RPIDX Sharpe Ratio Rank: 51
RPIDX Sortino Ratio Rank: 86
RPIDX Omega Ratio Rank: 76
RPIDX Calmar Ratio Rank: 93
RPIDX Martin Ratio Rank: 73

CLOZ

CLOZ Risk / Return Rank: 47
CLOZ Sharpe Ratio Rank: 51
CLOZ Sortino Ratio Rank: 45
CLOZ Omega Ratio Rank: 75
CLOZ Calmar Ratio Rank: 32
CLOZ Martin Ratio Rank: 34

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

RPIDX vs. CLOZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Dynamic Credit Fund (RPIDX) and Panagram Bbb-B Clo ETF (CLOZ). 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.

	RPIDX	CLOZ	Difference
Sharpe ratio: Return per unit of total volatility	2.11	1.81	+0.30
Sortino ratio: Return per unit of downside risk	4.05	2.31	+1.74
Omega ratio: Gain probability vs. loss probability	1.49	1.46	+0.04
Calmar ratio: Return relative to maximum drawdown	5.25	1.60	+3.65
Martin ratio: Return relative to average drawdown	13.88	5.31	+8.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RPIDX vs. CLOZ - Sharpe Ratio Comparison

The current RPIDX Sharpe Ratio is 2.11, which is comparable to the CLOZ Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of RPIDX and CLOZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	RPIDX	CLOZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	1.81	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.14	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.11	2.77	-1.66

Drawdowns

RPIDX vs. CLOZ - Drawdown Comparison

The maximum RPIDX drawdown since its inception was -19.95%, which is greater than CLOZ's maximum drawdown of -5.32%. Use the drawdown chart below to compare losses from any high point for RPIDX and CLOZ.

Drawdown Indicators

	RPIDX	CLOZ	Difference
Max Drawdown Largest peak-to-trough decline	-19.95%	-5.32%	-14.63%
Max Drawdown (1Y) Largest decline over 1 year	-1.34%	-3.90%	+2.56%
Max Drawdown (3Y) Largest decline over 3 years	-3.17%	-5.32%	+2.15%
Max Drawdown (5Y) Largest decline over 5 years	-7.31%	—	—
Current Drawdown Current decline from peak	-0.86%	-0.12%	-0.74%
Average Drawdown Average peak-to-trough decline	-1.87%	-0.38%	-1.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.51%	1.17%	-0.66%

Volatility

RPIDX vs. CLOZ - Volatility Comparison

T. Rowe Price Dynamic Credit Fund (RPIDX) has a higher volatility of 0.64% compared to Panagram Bbb-B Clo ETF (CLOZ) at 0.42%. This indicates that RPIDX's price experiences larger fluctuations and is considered to be riskier than CLOZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RPIDX	CLOZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	0.42%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	2.58%	3.13%	-0.55%
Volatility (1Y) Calculated over the trailing 1-year period	3.35%	3.45%	-0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.83%	3.80%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.80%	3.80%	+1.00%

RPIDX vs. CLOZ - Expense Ratio Comparison

RPIDX has a 0.63% expense ratio, which is higher than CLOZ's 0.50% expense ratio.

Dividends

RPIDX vs. CLOZ - Dividend Comparison

RPIDX's dividend yield for the trailing twelve months is around 9.93%, more than CLOZ's 7.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CLOZ Panagram Bbb-B Clo ETF	7.39%	7.63%	9.09%	8.81%	0.00%	0.00%	0.00%	0.00%
RPIDX T. Rowe Price Dynamic Credit Fund	9.93%	9.91%	9.20%	6.64%	7.97%	5.34%	7.14%	4.41%

Frequently Asked Questions

Can I hold both RPIDX and CLOZ in my portfolio?

RPIDX and CLOZ have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RPIDX or CLOZ?

RPIDX has higher volatility (0.64%) compared to CLOZ (0.42%). In terms of maximum drawdown, RPIDX dropped -19.95% vs CLOZ's -5.32%.

Which has better risk-adjusted returns?

RPIDX currently has the higher Sharpe Ratio (2.11 vs 1.81), 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.