RPIFX vs. FFRAX

Last updated Jun 5, 2026

RPIFX (T. Rowe Price Institutional Floating Rate Fund) and FFRAX (Fidelity Advisor Floating Rate High Income Fund Class A) are both mutual funds - RPIFX is a Bank Loan fund managed by T. Rowe Price, while FFRAX is a High Yield Bonds fund managed by Fidelity. Over the past 10 years, RPIFX returned 4.82%/yr vs 4.57%/yr for FFRAX. A 0.69 correlation means they provide meaningful diversification when combined. RPIFX charges 0.57%/yr vs 0.98%/yr for FFRAX.

Performance

RPIFX vs. FFRAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Institutional Floating Rate Fund (RPIFX) and Fidelity Advisor Floating Rate High Income Fund Class A (FFRAX). 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 lower than FFRAX's 1.82% return. Over the past 10 years, RPIFX has outperformed FFRAX with an annualized return of 4.82%, while FFRAX has yielded a comparatively lower 4.57% 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%

FFRAX

• 1D: 0.00%
• 1M: 0.64%
• YTD: 1.82%
• 6M: 2.43%
• 1Y: 5.82%
• 3Y*: 7.04%
• 5Y*: 5.02%
• 10Y*: 4.57%

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

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	1.37%	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	1.82%	5.28%	6.83%	11.35%	-1.77%	4.83%	1.38%	8.19%	-0.09%	3.52%

Correlation

The correlation between RPIFX and FFRAX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Feb 4, 2008	0.69

Over the past year, the correlation between RPIFX and FFRAX has dropped to 0.34 - well below their long-term average of 0.69, suggesting their price drivers have been diverging.

Return for Risk

RPIFX vs. FFRAX — 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

FFRAX

FFRAX Risk / Return Rank: 89
FFRAX Sharpe Ratio Rank: 71
FFRAX Sortino Ratio Rank: 97
FFRAX Omega Ratio Rank: 96
FFRAX Calmar Ratio Rank: 91
FFRAX Martin Ratio Rank: 89

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. 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 ratio: Return per unit of total volatility	2.43	2.45	-0.02
Sortino ratio: Return per unit of downside risk	5.86	5.63	+0.23
Omega ratio: Gain probability vs. loss probability	1.93	1.85	+0.08
Calmar ratio: Return relative to maximum drawdown	3.99	4.82	-0.82
Martin ratio: Return relative to average drawdown	14.77	17.30	-2.53
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. FFRAX - Sharpe Ratio Comparison

The current RPIFX Sharpe Ratio is 2.43, which is comparable to the FFRAX Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of RPIFX and FFRAX, 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	FFRAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	2.45	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.93	1.75	+0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.27	1.11	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	1.29	1.17	+0.12

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.

Drawdown Indicators

	RPIFX	FFRAX	Difference
Max Drawdown Largest peak-to-trough decline	-25.10%	-22.21%	-2.89%
Max Drawdown (1Y) Largest decline over 1 year	-1.44%	-1.21%	-0.23%
Max Drawdown (3Y) Largest decline over 3 years	-2.28%	-3.31%	+1.03%
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 Drawdown Current decline from peak	-0.11%	-0.11%	0.00%
Average Drawdown Average peak-to-trough decline	-1.34%	-1.03%	-0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.39%	0.34%	+0.05%

Volatility

RPIFX vs. FFRAX - Volatility Comparison

T. Rowe Price Institutional Floating Rate Fund (RPIFX) and Fidelity Advisor Floating Rate High Income Fund Class A (FFRAX) have volatilities of 0.57% and 0.59%, 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

	RPIFX	FFRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.57%	0.59%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	1.73%	1.72%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	2.37%	2.38%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.76%	2.88%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.80%	4.13%	-0.33%

RPIFX vs. FFRAX - Expense Ratio Comparison

RPIFX has a 0.57% expense ratio, which is lower than FFRAX's 0.98% expense ratio.

Dividends

RPIFX vs. FFRAX - Dividend Comparison

RPIFX's dividend yield for the trailing twelve months is around 7.00%, more than FFRAX's 6.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFRAX Fidelity Advisor Floating Rate High Income Fund Class A	6.78%	7.12%	6.69%	7.24%	3.57%	2.47%	3.56%	4.86%	4.42%	3.77%	4.14%	3.42%
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 FFRAX in my portfolio?

RPIFX and FFRAX have a correlation of 0.34, 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 FFRAX?

FFRAX has higher volatility (0.59%) compared to RPIFX (0.57%). In terms of maximum drawdown, RPIFX dropped -25.10% vs FFRAX's -22.21%.

Which has better risk-adjusted returns?

FFRAX currently has the higher Sharpe Ratio (2.45 vs 2.43), 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.