RPIDX vs. PRFRX

Last updated Jun 4, 2026

RPIDX (T. Rowe Price Dynamic Credit Fund) and PRFRX (T. Rowe Price Floating Rate Fund) are both mutual funds - RPIDX is a Nontraditional Bonds fund managed by T. Rowe Price, while PRFRX is a High Yield Bonds fund managed by T. Rowe Price. Over the past 5 years, RPIDX returned 4.36%/yr vs 7.09%/yr for PRFRX. At a 0.25 correlation, their price movements are largely independent. RPIDX charges 0.63%/yr vs 0.75%/yr for PRFRX.

Performance

RPIDX vs. PRFRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Dynamic Credit Fund (RPIDX) and T. Rowe Price Floating Rate Fund (PRFRX). 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 PRFRX's 1.39% return.

RPIDX

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

PRFRX

• 1D: 0.00%
• 1M: 0.45%
• YTD: 1.39%
• 6M: 2.68%
• 1Y: 8.28%
• 3Y*: 10.21%
• 5Y*: 7.09%
• 10Y*: 5.51%

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

RPIDX vs. PRFRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
RPIDX T. Rowe Price Dynamic Credit Fund	0.16%	9.74%	9.92%	4.72%	-0.76%	6.21%	2.71%	6.87%
PRFRX T. Rowe Price Floating Rate Fund	1.39%	9.82%	11.04%	13.78%	-1.95%	4.60%	1.75%	6.53%

Correlation

The correlation between RPIDX and PRFRX is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (All Time) Calculated using the full available price history since Jan 15, 2019	0.25

Return for Risk

RPIDX vs. PRFRX — 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

PRFRX

PRFRX Risk / Return Rank: 96
PRFRX Sharpe Ratio Rank: 93
PRFRX Sortino Ratio Rank: 99
PRFRX Omega Ratio Rank: 98
PRFRX Calmar Ratio Rank: 94
PRFRX Martin Ratio Rank: 94

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. PRFRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Dynamic Credit Fund (RPIDX) and T. Rowe Price Floating Rate Fund (PRFRX). 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	PRFRX	Difference
Sharpe ratio: Return per unit of total volatility	2.11	3.15	-1.05
Sortino ratio: Return per unit of downside risk	4.05	8.09	-4.05
Omega ratio: Gain probability vs. loss probability	1.49	2.31	-0.81
Calmar ratio: Return relative to maximum drawdown	5.25	5.54	-0.29
Martin ratio: Return relative to average drawdown	13.88	20.99	-7.11
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. PRFRX - Sharpe Ratio Comparison

The current RPIDX Sharpe Ratio is 2.11, which is lower than the PRFRX Sharpe Ratio of 3.15. The chart below compares the historical Sharpe Ratios of RPIDX and PRFRX, 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	PRFRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	3.15	-1.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.14	2.45	-1.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.41	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.11	1.43	-0.32

Drawdowns

RPIDX vs. PRFRX - Drawdown Comparison

The maximum RPIDX drawdown since its inception was -19.95%, roughly equal to the maximum PRFRX drawdown of -20.05%. Use the drawdown chart below to compare losses from any high point for RPIDX and PRFRX.

Drawdown Indicators

	RPIDX	PRFRX	Difference
Max Drawdown Largest peak-to-trough decline	-19.95%	-20.05%	+0.10%
Max Drawdown (1Y) Largest decline over 1 year	-1.34%	-1.50%	+0.16%
Max Drawdown (3Y) Largest decline over 3 years	-3.17%	-2.35%	-0.82%
Max Drawdown (5Y) Largest decline over 5 years	-7.31%	-5.94%	-1.37%
Max Drawdown (10Y) Largest decline over 10 years	—	-20.05%	—
Current Drawdown Current decline from peak	-0.86%	0.00%	-0.86%
Average Drawdown Average peak-to-trough decline	-1.87%	-0.69%	-1.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.51%	0.40%	+0.11%

Volatility

RPIDX vs. PRFRX - Volatility Comparison

T. Rowe Price Dynamic Credit Fund (RPIDX) and T. Rowe Price Floating Rate Fund (PRFRX) have volatilities of 0.64% and 0.61%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RPIDX	PRFRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	0.61%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	2.58%	1.84%	+0.74%
Volatility (1Y) Calculated over the trailing 1-year period	3.35%	2.63%	+0.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.83%	2.91%	+0.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.80%	3.92%	+0.88%

RPIDX vs. PRFRX - Expense Ratio Comparison

RPIDX has a 0.63% expense ratio, which is lower than PRFRX's 0.75% expense ratio.

Dividends

RPIDX vs. PRFRX - Dividend Comparison

RPIDX's dividend yield for the trailing twelve months is around 9.93%, more than PRFRX's 9.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRFRX T. Rowe Price Floating Rate Fund	9.21%	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	9.93%	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

Can I hold both RPIDX and PRFRX in my portfolio?

RPIDX and PRFRX have a correlation of 0.19, 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 PRFRX?

RPIDX has higher volatility (0.64%) compared to PRFRX (0.61%). In terms of maximum drawdown, RPIDX dropped -19.95% vs PRFRX's -20.05%.

Which has better risk-adjusted returns?

PRFRX currently has the higher Sharpe Ratio (3.15 vs 2.11), 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.