RPIFX vs. BKLN

Last updated Jun 5, 2026

RPIFX (T. Rowe Price Institutional Floating Rate Fund) and BKLN (Invesco Senior Loan ETF) are both funds - RPIFX is a Bank Loan fund managed by T. Rowe Price, while BKLN is a High Yield Bonds fund tracking the S&P/LSTA U.S. Leveraged Loan 100 Index. Over the past 10 years, RPIFX returned 4.82%/yr vs 4.26%/yr for BKLN. At a 0.37 correlation, their price movements are largely independent. RPIFX charges 0.57%/yr vs 0.65%/yr for BKLN.

Performance

RPIFX vs. BKLN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Institutional Floating Rate Fund (RPIFX) and Invesco Senior Loan ETF (BKLN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RPIFX achieves a 1.37% return, which is significantly higher than BKLN's 0.16% return. Over the past 10 years, RPIFX has outperformed BKLN with an annualized return of 4.82%, while BKLN has yielded a comparatively lower 4.26% annualized return.

RPIFX

• 1D: -0.11%
• 1M: 0.25%
• YTD: 1.37%
• 6M: 1.98%
• 1Y: 5.72%
• 3Y*: 7.81%
• 5Y*: 5.29%
• 10Y*: 4.82%

BKLN

• 1D: -0.05%
• 1M: -0.14%
• YTD: 0.16%
• 6M: 0.89%
• 1Y: 4.75%
• 3Y*: 7.72%
• 5Y*: 5.14%
• 10Y*: 4.26%

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

RPIFX vs. BKLN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RPIFX T. Rowe Price Institutional Floating Rate Fund	1.37%	6.71%	8.47%	10.13%	-1.96%	4.67%	2.42%	8.82%	0.39%	3.78%
BKLN Invesco Senior Loan ETF	0.16%	6.88%	8.21%	12.53%	-2.51%	2.32%	1.32%	10.03%	-1.32%	2.13%

Correlation

The correlation between RPIFX and BKLN is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Mar 4, 2011	0.37

Return for Risk

RPIFX vs. BKLN — Risk / Return Rank

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

RPIFX

RPIFX Risk / Return Rank: 86
RPIFX Sharpe Ratio Rank: 70
RPIFX Sortino Ratio Rank: 97
RPIFX Omega Ratio Rank: 97
RPIFX Calmar Ratio Rank: 85
RPIFX Martin Ratio Rank: 80

BKLN

BKLN Risk / Return Rank: 49
BKLN Sharpe Ratio Rank: 51
BKLN Sortino Ratio Rank: 54
BKLN Omega Ratio Rank: 69
BKLN Calmar Ratio Rank: 32
BKLN Martin Ratio Rank: 39

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.

RPIFX vs. BKLN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Institutional Floating Rate Fund (RPIFX) and Invesco Senior Loan ETF (BKLN). 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.

	RPIFX	BKLN	Difference
Sharpe ratio: Return per unit of total volatility	2.43	1.73	+0.70
Sortino ratio: Return per unit of downside risk	5.86	2.56	+3.30
Omega ratio: Gain probability vs. loss probability	1.93	1.40	+0.53
Calmar ratio: Return relative to maximum drawdown	3.99	1.55	+2.44
Martin ratio: Return relative to average drawdown	14.77	6.11	+8.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RPIFX vs. BKLN - Sharpe Ratio Comparison

The current RPIFX Sharpe Ratio is 2.43, which is higher than the BKLN Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of RPIFX and BKLN, 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

	RPIFX	BKLN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	1.73	+0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.93	1.15	+0.78
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.27	0.66	+0.61
Sharpe Ratio (All Time) Calculated using the full available price history	1.29	0.64	+0.65

Drawdowns

RPIFX vs. BKLN - Drawdown Comparison

The maximum RPIFX drawdown since its inception was -25.10%, roughly equal to the maximum BKLN drawdown of -24.17%. Use the drawdown chart below to compare losses from any high point for RPIFX and BKLN.

Drawdown Indicators

	RPIFX	BKLN	Difference
Max Drawdown Largest peak-to-trough decline	-25.10%	-24.17%	-0.93%
Max Drawdown (1Y) Largest decline over 1 year	-1.44%	-3.07%	+1.63%
Max Drawdown (3Y) Largest decline over 3 years	-2.28%	-3.55%	+1.27%
Max Drawdown (5Y) Largest decline over 5 years	-5.90%	-7.31%	+1.41%
Max Drawdown (10Y) Largest decline over 10 years	-19.67%	-24.17%	+4.50%
Current Drawdown Current decline from peak	-0.11%	-0.29%	+0.18%
Average Drawdown Average peak-to-trough decline	-1.34%	-1.09%	-0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.39%	0.78%	-0.39%

Volatility

RPIFX vs. BKLN - Volatility Comparison

T. Rowe Price Institutional Floating Rate Fund (RPIFX) has a higher volatility of 0.57% compared to Invesco Senior Loan ETF (BKLN) at 0.42%. This indicates that RPIFX's price experiences larger fluctuations and is considered to be riskier than BKLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RPIFX	BKLN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.57%	0.42%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	1.73%	2.52%	-0.79%
Volatility (1Y) Calculated over the trailing 1-year period	2.37%	2.75%	-0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.76%	4.47%	-1.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.80%	6.43%	-2.63%

RPIFX vs. BKLN - Expense Ratio Comparison

RPIFX has a 0.57% expense ratio, which is lower than BKLN's 0.65% expense ratio.

Dividends

RPIFX vs. BKLN - Dividend Comparison

RPIFX's dividend yield for the trailing twelve months is around 7.00%, more than BKLN's 6.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKLN Invesco Senior Loan ETF	6.62%	6.95%	8.41%	8.59%	4.93%	3.11%	3.56%	4.86%	4.52%	3.50%	4.54%	4.12%
RPIFX T. Rowe Price Institutional Floating Rate Fund	7.00%	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

Can I hold both RPIFX and BKLN in my portfolio?

RPIFX and BKLN have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RPIFX or BKLN?

RPIFX has higher volatility (0.57%) compared to BKLN (0.42%). In terms of maximum drawdown, RPIFX dropped -25.10% vs BKLN's -24.17%.

Which has better risk-adjusted returns?

RPIFX currently has the higher Sharpe Ratio (2.43 vs 1.73), 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.