RPIFX vs. FFRAX
Compare and contrast key facts about T. Rowe Price Institutional Floating Rate Fund (RPIFX) and Fidelity Advisor Floating Rate High Income Fund Class A (FFRAX).
RPIFX is managed by T. Rowe Price. It was launched on Jan 30, 2008. FFRAX is managed by Fidelity. It was launched on Aug 16, 2000.
Performance
RPIFX vs. FFRAX - Performance Comparison
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RPIFX vs. FFRAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RPIFX T. Rowe Price Institutional Floating Rate Fund | -0.94% | 6.71% | 8.47% | 10.13% | -1.96% | 4.67% | 2.42% | 8.82% | 0.39% | 3.78% |
FFRAX Fidelity Advisor Floating Rate High Income Fund Class A | -0.66% | 5.28% | 6.83% | 11.35% | -1.77% | 4.83% | 1.38% | 8.19% | -0.09% | 3.52% |
Returns By Period
In the year-to-date period, RPIFX achieves a -0.94% return, which is significantly lower than FFRAX's -0.66% return. Both investments have delivered pretty close results over the past 10 years, with RPIFX having a 4.79% annualized return and FFRAX not far behind at 4.62%.
RPIFX
- 1D
- 0.00%
- 1M
- 0.11%
- YTD
- -0.94%
- 6M
- 0.72%
- 1Y
- 5.15%
- 3Y*
- 6.99%
- 5Y*
- 5.01%
- 10Y*
- 4.79%
FFRAX
- 1D
- 0.11%
- 1M
- 0.34%
- YTD
- -0.66%
- 6M
- 0.65%
- 1Y
- 4.50%
- 3Y*
- 6.53%
- 5Y*
- 4.76%
- 10Y*
- 4.62%
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RPIFX vs. FFRAX - Expense Ratio Comparison
RPIFX has a 0.57% expense ratio, which is lower than FFRAX's 0.98% expense ratio.
Return for Risk
RPIFX vs. FFRAX — Risk / Return Rank
RPIFX
FFRAX
RPIFX vs. FFRAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Institutional Floating Rate Fund (RPIFX) and Fidelity Advisor Floating Rate High Income Fund Class A (FFRAX). 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 | FFRAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.85 | 1.33 | +0.52 |
Sortino ratioReturn per unit of downside risk | 3.28 | 1.85 | +1.43 |
Omega ratioGain probability vs. loss probability | 1.63 | 1.44 | +0.19 |
Calmar ratioReturn relative to maximum drawdown | 2.68 | 1.69 | +1.00 |
Martin ratioReturn relative to average drawdown | 10.39 | 8.19 | +2.19 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| RPIFX | FFRAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.85 | 1.33 | +0.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.85 | 1.69 | +0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.27 | 1.12 | +0.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.27 | 1.15 | +0.12 |
Correlation
The correlation between RPIFX and FFRAX is 0.69, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
RPIFX vs. FFRAX - Dividend Comparison
RPIFX's dividend yield for the trailing twelve months is around 6.63%, more than FFRAX's 6.48% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RPIFX T. Rowe Price Institutional Floating Rate Fund | 6.63% | 7.22% | 7.77% | 6.53% | 4.12% | 3.94% | 4.29% | 5.12% | 5.16% | 4.32% | 4.31% | 4.45% |
FFRAX Fidelity Advisor Floating Rate High Income Fund Class A | 6.48% | 7.12% | 6.69% | 7.24% | 3.57% | 2.47% | 3.56% | 4.86% | 4.42% | 3.77% | 4.14% | 3.42% |
Drawdowns
RPIFX vs. FFRAX - Drawdown Comparison
The maximum RPIFX drawdown since its inception was -25.10%, which is greater than FFRAX's maximum drawdown of -22.21%. Use the drawdown chart below to compare losses from any high point for RPIFX and FFRAX.
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Drawdown Indicators
| RPIFX | FFRAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.10% | -22.21% | -2.89% |
Max Drawdown (1Y)Largest decline over 1 year | -1.92% | -2.73% | +0.81% |
Max Drawdown (5Y)Largest decline over 5 years | -5.90% | -6.02% | +0.12% |
Max Drawdown (10Y)Largest decline over 10 years | -19.67% | -22.21% | +2.54% |
Current DrawdownCurrent decline from peak | -1.15% | -0.77% | -0.38% |
Average DrawdownAverage peak-to-trough decline | -1.35% | -1.03% | -0.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.52% | 0.58% | -0.06% |
Volatility
RPIFX vs. FFRAX - Volatility Comparison
T. Rowe Price Institutional Floating Rate Fund (RPIFX) has a higher volatility of 0.71% compared to Fidelity Advisor Floating Rate High Income Fund Class A (FFRAX) at 0.67%. This indicates that RPIFX's price experiences larger fluctuations and is considered to be riskier than FFRAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RPIFX | FFRAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 0.67% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 1.76% | 1.70% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.79% | 3.33% | -0.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.73% | 2.84% | -0.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.79% | 4.12% | -0.33% |